I need information about buying my first home.?

Question

Can I buy without a downpayment, if so is 20% the only amount I can do.
Are there any programs for first time home buyers.
I live in Chicago, IL.

Would you buy a house if you didn't have a downpayment. I found this great condo in the area I am in now. 2 bedrooms for 160,00.

Answer 1

I recently purchased my first home without anything down except having to pay the closing cost. From what I've seen there are alot of morgage companies that will hep with first time home buyers. You might watch out for some of them though because you will pay higher interest rates that banks. I work for a bank and work with morgages and there are alot of different types. Someone else stated though to stay away from 80/20 loans I agree with them. If possible try to get a VA loan if your a Vet. Even though the VA is really picky with its inspection if they approve you you will get a lower interest rate and it will be fixed. Hope this helps you out.

Answer 2

Avoid interest only or balloon loans, 20-80 loans are awful too, because the 20 percent is usually due in 5 years or less, and it is usally an interest only loan... FHA HUD and VA loans require a %5 downpayment. You can probably go through fannie Mae or Freddie Mac or even a traditonal mortgage with a 20 percent down payment...I suggest reading the homebuying for dummies book, it really helps explain the different types of mortgages out there, to help you make an informed decision. Good luck!

Answer 3

Yes! There are loads of options. If you don't have great credit, you can still get a loan - it just takes a little more patience. If you do have good credit, you will have no problem as long as your debt to income ratio is good. My husband and I both have not so good credit scores, but were able to get into a brand new house with nothing down. We got an 80/20 mortgage, which means that the 20% down payment is actually financed through a second loan. We will refinance in 2 years to get a lower interest rate.

Answer 4

There are lots of different programs that offer 0 down, or low down pmts, and some great ones for first time buyers. Contact a mortgage broker/officer. They can answer your questions and help you figure out the best loan type for your situation.

Answer 5

so a concepts because the commercial employer sorting out, regularly by technique of this time they could have carried out their well-known verification checks. the in difficulty-free words element they regularly might want to do is a very last credit verify on the time they write up the non-public loan records to make particular you have not took on any new charges that would want to result your DTI ratios. you're meant to inform the commercial employer if there is something that ameliorations on your difficulty, pretty if it would want to result your skill to pay. so that you ought to enable them comprehend. yet right here's the element, once you've money reserves and are constructive you are able to get an sufficient job to pay the non-public loan, then you actually might want to guage taking the prospect. bear in mind notwithstanding, once you bypass a sparkling residing house there are continually more advantageous prices the first few months, utilities being replaced, and minor upkeep you locate might want to be carried out, and so on, plus the sheer fee of entering into the hot residing house. once you lose income the first element you want to do is get conservative on your spending, so that you actually might want to take an fairly demanding and severe seem at this. so a concepts as a cosigner, thaat is conceivable, yet that would want to require a thoroughly new loan, so that you would ought to flow by ability of the finished loan procedure all throughout back, so it relies upon on in case you, and the business enterprise, can wait. not basic determination. i desire you locate the perfect one. solid success

Answer 6

Alot of states have special programs for first time home buyers.HUD or FHA are good places to start. I got my home 6mths ago(2,000sq.ft) for no money down and a 5.5% intrest rate. It took alot of time and research but its worth it .If you want more details dont hesitate to ask. hope this helps.

Answer 7

You can use REALTYTRAC.com.There are tons of homes on there for a lot less than buying a new home.Lets face it,you are going to remodel,or redecorate the way you want it right?

Answer 8

There are lots of options unless you have really bad credit

Answer 9

http://www.bankrate.com might be helpful.