2006-09-27 06:46:05 · 3 answers · asked by sarahsweetnsassy69 1 in Business & Finance ➔ Renting & Real Estate
If you are a first time homeowner you can take out an FHA loan which would require only 3% down and you can roll the rest of your closing costs in to your mortgage. The mortgage specialist at your bank should know all about this, or you can read up on: http://www.fhaloan.com/
2006-09-27 06:56:28 · answer #1 · answered by Anonymous · 0⤊ 0⤋
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/2006/09/25/news/economy/homesales2/index.htm?postversion=2006092513
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
2006-09-27 21:12:51 · answer #2 · answered by Price is what you pay for value. 3 · 0⤊ 0⤋
Carlton Sheets has a great program..
2006-09-27 06:53:37 · answer #3 · answered by thegirlsnextdoor2005 3 · 0⤊ 0⤋