mortgage question?

Question

I have a 651 credit score. i have no money to put down, first time homebuyer. i was wondering what programs are available w/no money down. also is a lease/purchase a good idea?

ok i work full time
i am a student full time
i rent currently and have for about 2 years and never missed a pymt.

Answer 1

I work for a mortgage company. There are several other factors involved. Are you currently renting? Your employment? There are many company's out there that will lead the horse to water but not let him drink. You do have several options. I am a Senior Processor for my Company. Feel free to email me your contact information at [e-mail]. I can then put you in contact with one my Managers who could further assist you.

Answer 2

A lease-purchase could work out well. But the deals are complex, because there are actually three different agreements which all must be negotiated at the same time:
- The lease. What rent is to be paid, as well as all the other conditions normally present in a lease, with the added complication of negotiating some portion of the rent to apply to the purchase price if the sale is made.
- The option. This describes the conditions on which the buyer may purchase the property, including the amount to be paid and how long the option is to run. The prospective seller needs to execute and have recorded a Memorandum of Option, which must include a legal description of the property, note that a purchase option exists, and say how long the option runs. This protects the buyer from the seller selling the property to a third party.
- The purchase agreement, How much is to be paid, and in what manner; how title is to be delivered, and numerous other details. Forms suitable for this can be found at a stationery store, and are recommended, as you will not be able to think of all of the contingencies yourself.

It is possible to do all of this stuff yourself, but if you have any doubts, get a professional involved. A mistake anywhere along the way can cost an unbelievable amount of money and headaches.

Answer 3

Your credit is not an issue. If you are ready to buy and you feel you can afford the payment comfortably, then I can get you qualified to buy a home.

You don't even have to pay for the closing costs associated with your loan because you can get the seller to finance the difference.

There are a TON of homes on the market right now and sellers are desperate. Especially new home builders because they have to pay for the homes everyday they don't sell them.

Most banks will typically allow the seller to credit you 3-6% of the purchase price toward closing costs. Some banks will even allow you to walk away with money after closing. The way it usually works is that when you make your offer you ask the seller to credit you X amount of dollars.

Sometimes buyers will add what is needed back into the purchase price. For example, let's say you are willing to pay $100,000 for a home listed at $105,000 but need $1,000 for closing costs. What you would do is make your offer at $101,000 and have the seller credit you $1,000 at closing.

Some sellers and listing agents don't like to work with 100% financing, but a good mortgage professional can make them see otherwise. Please feel free to contact me if there is anything you need.
The thing you really have to look at is what you can get for what you can qualify for and what you will have to pay. The good news is that even though your mortgage will probably be higher than your rent, your mortgage payment is tax deductible.

The other thing to consider is that right now it is a good time to buy becaue Reasl Estate prices are coming down and the rates are still really low.

Overall I want you to know that you can qualify if you want it bad enough, just don't be so quick to get into the first loan that you can get. You do have options and you still can hold out for a good loan.

If you want my help you can email me and we'll put something together.

Answer 4

No problem.

That is a decent score. Now you just have to shop around for the best rate & term possible. Options may be two loans one at 80% and the other for 20%, Some lenders have a 100% loan, and some have 103% to take care of attorney, city and document fees.

Any questions or concerns feel free to contact me.

Thomas R. McKinnon II
Senior Mortgage Consultant

Office: [phone]
Fax: [phone]
Email: [e-mail]

Answer 5

Lease purchase is not a good idea; you qualify for a host of programs that will get you into your house. Take 30 seconds and fill out the free form at

www.totaldebtsolutionsllc.com

and we will have a loan officer licensed in your state contact you.

Answer 6

The final answer to your question is:

YES! You qualify for 100% financing. Lease / Purchase is not a good idea.

Most banks have good first time homebuyer programs. Look into your local city to see if they have programs for low income buyers as well. If you should have any other questions please contact me advice is always free.

Answer 7

Depending on what state you are in many finance companies have a "first time homebuyer program" Wells fargo has a great program called "Home Opprotunities" specifically designed to help first time home buyers. If you hapen to be located in NC shoot me an email I could help you.

Answer 8

I am from Canada so i know that here if you talk to a mortgage broker they can help you out with no fees. Here we do have no money down financing but your beacon score needs to be a little higher. I would talk to a broker you can call them and ask questions that is their job.

Answer 9

Talk to a traditional bank first. They should be able to help you without any problem.