is there any programs for down payment assistance for buying a house?

Question

I have poor credit, about a 520 score. But i hear anyone can by a house if you have a down payment.

Answer 1

Go to these websites

http://www.nehemiahcorp.org/

http://www.fanniemaefoundation.org/...

http://www.fha-home-loans.com/

http://www.freddiemac.com/

Talk with a broker, a broker underwrites for many company's (I underwrite for 150 companies) so I only have to pull credit 1 time, and they look at my credit. A single lender (not a broker) has programs available, but they may not be able to help you and your situation, so you go elsewhere, and than that person pulls your credit (see what I mean.) If you shop, your credit is pulled and that is considered a soft pull, for a 30 day period. Just like shopping for a auto, it is good for 30 days. If you apply for a credit card, that is considered a "hard" pull and it drags down your credit score. When looking for a home, please do not apply for a credit card, Department Charge Card, Gasoline Card or make any major purchases, like a auto, etc. This will pull your credit down.


Try to find someone (broker) that will pull your credit one time, and submit your loan application to company's that will go off his credit report. By the way, a loan application is called a 1003, and they will issue you a GFE (Good Faith estimate, with-in 3 days, that is per the RESPA laws, and the TIL (Truth in Lending). The GFE will tell you the up-front closing cost associated with your loan. The TIL will tell you the terms, rate associated with your loan. This is a estimate only - not the final - but it does help you figure things out.

Answer 2

Lender will give you money for sure. Probably charge you a higher interests rate and extra insurance on the loan for not having the down payment or good credit.

Would you consider delaying your plan? As housing market continues to slump, it might save you 10% simply by waiting for a few months. Another way to look at it, you can increase profit by 10% when you are ready to sell it.

http://money.cnn.com/2006/09/08/real_estate/caught_in_the_bubble/index.htm?postversion=2006090814
http://money.cnn.com/2006/09/05/real_estate/Ofheo_home_prices/index.htm?postversion=2006090514

As housing market continues to slump, if you don't plan to delay your plan, please interview several and pick a good realtor or agent.

Bad ones will talk you into buying the largest property at your credit limit. Good ones will find you a good deal (Sellers are offering discount and incentives now).

Try to stay away from Adjustable Mortgage, because 30 year fix mortgage rate is very low right now. There is no reason to use Adjustable loans except fatter commission for loan agents.

Interests only loans are not good iether. Mortgage payment consists of two parts: interests and principal. Interests are like rent, which doesn't add to the equity to your house. It simply disappear as your pay it. If you want to use interests only loans, might as well rent, especially during market downturn, because housing price won't appreciate.

Finally, for tax benefits, talk to your CPA or tax accountant. Do not consult finance with realtors or agents. They get commissions when you sign the check!

Good luck!

Good article when you want to put in bid, negotiation.
http://biz.yahoo.com/brn/060909/19463.html

Answer 3

Yes. Join the Armed Forces, and you will get help in improving both your credit score and getting a NO DOWNPAYMENT LOAN.

Of course, if you have a down payment, you can buy one. Why don't you pay off your debts, call the credit agencies to see how you can improve your score?

Answer 4

Any down charge assistant courses are interior sight, so a realtor or interior sight lender could desire to be waiting to direct you if any courses are obtainable on your section. They was rather uncomplicated, yet numerous have run out of earnings the process the previous couple of years -- nevertheless confirm to ask. you are able to not get "presents" for a down charge until it comes from a confirm and you will could desire to have a letter putting forward that it extremely is in fact a contemporary. you are able to request that a broking assist you with ultimate expenses, yet back, no assure (many will in case you up your purchase value furnish). it extremely is perplexing to have 8k mendacity around (incredibly in case you reside close to the poverty point); although, undergo in techniques that possessing a house could be costly. in the journey that your refrigerator gets fried by an electric powered typhoon, or purely quits working... you are going to could desire to have that 2k to interchange it. If the wind rips off a million/2 of your roof, you will could desire to fork over the few grand to repair the wear. you will get fortunate and stay interior the abode for some years earlier something considerable desires repaired or replaced, or you are able to very own it for some months and finally end up watching 5k in harm... you are able to desire to have earnings fee decrease value rates for those products or you are going to finally finally end up in an extremely undesirable financial undertaking at as quickly as. human beings are not attempting to be rude on right here, it extremely is probably that they have been householders and be attentive to how costly it extremely is. once you're renting, you're purely in charge for the lease -- once you very own, you're in charge for each thing.

Answer 5

Check with Nehemiah Program http://www.getdownpayment.com/ to see if you qualify. They help low income families with downpayment assistance

Answer 6

It depends on where you live. Your best bet is to meet with a nice mortgage broker and ask them. They will know what programs are available to you.

Answer 7

If you are a first time buyer, contact fannie mae or check into habitat for humanity.

Answer 8

go to http://www.firstgov.gov/ You can research all of the programs on the state and federal level.