There are now 40 yr and 50 amortization programs available and interest only programs. So a person can afford the home they are wanting....If you purchase a home, you can go 100 percent of the selling price (depends on credit) and if your credit is 560 or higher you will have no problem. The 40 / 50 or interest only will lower your payment. You did not mentionn where you are located in (state), check out my website and if I can be of assistance, let me know - Good Luck.
2006-06-26 11:27:35
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answer #1
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answered by W. E 5
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Looking at your question, You Need to Research!! Don't be taken to the bank by someone. The advertised price for a payment of $650.00 is before tax and insurance so plan on it being twice as much. Many new home builders have move in for $0 down (you will have closing costs $3000-5000). You can negotiate for them to pay some of these and if not then try the next builder. Some homes (used) can be bought with little down, a first and second mortgage and some closing costs. Spend time looking in your area, some subdivisions can have the same floor plan for $10,000 less than the other. It depends on location, lot size, amenities. Watch out for the mortgage firm, a broker adds his commission onto it just for finding it. Go to a bank or a new builder has a mortgage company. Ask questions, take advantage of free upgrades. If you use a Realtor (used) make sure they show you plenty of homes in your market price and with the features you want. If you don't think they are doing a good job fire them. Shop the interest rate, too. Your $15,000 (or at least what isn't needed for closing and that can change at the last minute too) can be used to buy things for your new home. Be careful not to buy furniture or a new car before closing because your credit score will go down. You might not qualify for as much money and you might not get your house. You might also pay a higher interest. Good luck.
2006-06-27 13:15:27
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answer #2
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answered by AggieMom 2
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Are you first time home buyers? Most state have special mortgage programs for first time buyers that offer below-market interest rates. Your real estate broker should know about these and be able to put you in contact with someone.
Make sure that you do not spend too much on a house. The price of a house is only the beginning of many expenses to come.
Real Estate taxes keep going up. You will need to do maintainence on your home and eventually you will need to replace the roof, furnace, A/C, etc.
2006-06-26 05:07:27
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answer #3
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answered by ps2754 5
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Stay away from NJ then. First time home buyers usually get a better rate depending on the state. When I bought my house 2 years ago, I took a slightly higher rate to avoid the PMI (private mortgage insurance). You will need to pay PMI if you can't put down 20%, but WAchovia gave me a rate of 5.8% and eliminated the PMI. I took it because you can write off the interest but not the PMI.
Good luck, housing markets today are pretty sucky! Try lending tree.com
2006-06-26 05:12:55
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answer #4
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answered by jetskichick25 3
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I may be able to assist you, I am a mortgage broker who works with over 100 lenders nationwide and offer several programs that will fit almost any situation.I specialize in Re-Fi's, Purchases, Home Equity Lines and Home Owners Insurance. Please feel free to contact me Jcorreahq@yahoo.com I will go through everything with you and answer any questions you may have about the process. This is at no obligation to you and if nothing else will educate you on how everything works and what you qualify for exactly! I look forward to hearing from you! ~Joseph
2006-06-26 14:16:49
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answer #5
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answered by jcorreahq 2
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You might try a condo or a manufactured home. If you are located in California, more specifically: Riverside, San Bernardino, San Diego or LA counties call The Pelican Group Realty @ 1-888-601-3970. We offer financing for single family residences and manufactured homes on a permanent foundation. Please call to see what we can offer you.
2006-06-26 05:49:54
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answer #6
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answered by UCRPanaman 2
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Not only are 40 yr. loans available, but there are now 50-year mortgages and interest-only required payment mortgages.
2006-06-26 05:25:45
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answer #7
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answered by KL 5
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