I heard there are first time home buyer programs,my credit is so-so.
2006-09-01 10:10:25 · 10 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
There are first time homebuyer programs out there. Unlike what some other people on this forum have told you, you don't even have to have a score of 625 for 100% financing adn great rates.
FHA should be your first choice to consider. Since you are a first timer, it would be best to stick to a really plain, 30 year fixed mortgage. Don't get into any ARMS or buy-downs just yet. Even though ARMS are great loans, they are not fit for an unexperienced homeowner.
If you would like more information on these type of loans, you can contact me anytime with questions at timothy.kazee@americanhm. com and I would be more than happy to help you out with any questions.
Good luck!!!
2006-09-01 17:11:45 · answer #1 · answered by Kaz 3 · 0⤊ 0⤋
The most crucial thing is to interview your agent or realtor. Housing bubble has attracted an army of "get money quick" realtors/agents.
On a different note, would you consider delaying your purchase a few months? In most area of the U.S., housing price stopped going up as inventory continues to build up. It is normal to see a correction as a boom that lasted for several years.
If you are investing new money in to real estate, this may not be a good time as the potential return on investment is small compare to the high risk of lower home price.
If you are doing a side way move, meaning you are selling one to buy another one, then it is acceptable.
Nothing is absolute, but housing market is very likely undergoing a correction and this is only the beginning. Some say this would be a soft landing (0 to 10%). Some say a big crashing is coming (10 to 20%).
http://money.cnn.com/2006/08/24/news/economy/newhomes/index.htm
http://money.cnn.com/2006/08/23/news/economy/homesales/index.htm
2006-09-01 10:49:53 · answer #2 · answered by Price is what you pay for value. 3 · 0⤊ 0⤋
There are first time homebuying programs out there. First start with your bank, ask them about their program, and contact others and ask them about theirs too. Do not give them your personal infomation. Just interview talk to the mortgage lenders and see whom you'd like to work with and who has the best program for your needs. As long as you have progressively accumulated a positive in your credit history as in 2 years, you may be a very good applicant for a first time homebuyer.
2006-09-01 11:13:49 · answer #3 · answered by Anonymous · 0⤊ 0⤋
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2016-12-06 03:00:29 · answer #4 · answered by salome 3 · 0⤊ 0⤋
If you have a decent credit score like 625 and above you can get a zero down payment loan. I would call a Broker and they can negotiate the best deal for you.
If you want to live in Warner Robins, GA. I am selling my house. email me if you are interested.
2006-09-01 11:23:53 · answer #5 · answered by Anonymous · 0⤊ 0⤋
before you will go look at any houses- go and get pre-approved for the mortgage. this way you will know if you qualify , for how much and how much your payment going to be. there is many programs for first time home buyers and this is your first step you should take.
2006-09-01 15:20:42 · answer #6 · answered by bianca 4 · 0⤊ 0⤋
Nightmare Mortgages
They promise the American Dream: A home of your own -- with ultra-low rates and payments anyone can afford. Now, the trap has sprung
http://www.businessweek.com/print/magazine/content/06_37/b4000001.htm?chan=gl
2006-09-01 18:44:08 · answer #7 · answered by BrokenRomeo 5 · 0⤊ 0⤋
Ask the realtor for a CDA loan. Its for time buyers
2006-09-01 10:17:00 · answer #8 · answered by Anonymous · 0⤊ 0⤋
I'd contact a realtor before you do anything. A really good website to browse local real estate/real estate agents is: http://www.idxbroker.com/news/256_IDX,_Inc._Introduces.php
just click on your state and you can check out local agents/homes/rentals really easily. Good luck!
2006-09-01 10:47:03 · answer #9 · answered by Anonymous · 0⤊ 0⤋
Contact a local mortage broker who will educate you on the process.
2006-09-01 10:18:32 · answer #10 · answered by ? 3 · 0⤊ 0⤋