and we only have a couple hundred dollars for down payment but have heard about grants helping you with a down payment and closing cost does any one have any info about them ??
or a website that doesnt sound like jeberish when you read it..
much appreciated
2007-03-05 07:10:44 · 12 answers · asked by angie c 2 in Business & Finance ➔ Renting & Real Estate
In the past 4 months I've helped people purchase a home with the same couple of hundred bucks... Go to you favorite search engine and type FHLA. Call a local lender, not a broker, stick with a direct lender. Ask about FHA loans, let them know you want to receive FHLA grants. Chances are you'll be required to take a class on home buying but you'll get the money. This past Friday my latest client received $9K from FHLA and another $5K from a local program.
2007-03-12 16:47:24 · answer #1 · answered by manny d 3 · 0⤊ 0⤋
While HUD offers several programs that may help, you may also qualify for a Zero down payment loan (100% financing). Check with a lender to see if you qualify. If you are told you do not qualify for a zero down (somewhat unlikely), a small down payment may be acceptable if it is backed up by a loan. If you can't qualify for a loan at all, consider a seller-financed purchase. Contact an investing real estate agent for assistance on this.
2007-03-12 08:25:51 · answer #2 · answered by Jay S 3 · 0⤊ 0⤋
Here are two great sites that are easy to understand, and will give you an arsenal of information to help you negotiate with a bank, lender, or broker.
The first is:
http://www.thetruthaboutmortgage.com
This site covers the basics of mortgage, as well as mistakes to avoid, how to price your loan, what documents you'll need, and how to improve your credit.
The second site is:
http://www.thetruthaboutcreditcards.com
This one is all about credit help, credit repair, how to read a credit report, and much more.
Credit is one of the most important aspects that affects your interest rate, so make sure you spend a lot of time on that site as well.
After you read these two sites thoroughly you should be an expert among your friends, and save some serious money once you find your home.
2007-03-05 07:16:17 · answer #3 · answered by Todd S 3 · 0⤊ 0⤋
Check into getting a USDA loan, we just did that to buy our first house. It gives 106% financing, which pays your closing costs and everything. You do however have to put money into escrow as a "good faith" (average is $1000), which is fine because things like homeowners insurance come out of it and you get what is left. Good luck.
2007-03-05 07:16:25 · answer #4 · answered by Mom2three.5 2 · 1⤊ 0⤋
I am a mortgage loan officer and if your credit score is 620+ you probably qualify for 100% loan with seller carrying second. It is a common practice in Tennessee. I don't know about other states.
2007-03-05 10:43:12 · answer #5 · answered by Cindy 3 · 0⤊ 0⤋
100% financing is going away. There are few lenders out there that do it. HUD or FHA loans are your best form of government backed loans. A minimum of 3% down is needed.
2007-03-12 16:40:13 · answer #6 · answered by Hiddendepths 1 · 0⤊ 0⤋
Get a Buyer Agent and have them put you in touch with Rural Development. The agent will not cost you anything.
2007-03-05 09:47:51 · answer #7 · answered by Anonymous · 0⤊ 0⤋
My tip is learn something about real estate investing. People have been buying real estate with 0 down all the time.
2007-03-12 06:22:20 · answer #8 · answered by Anonymous · 0⤊ 0⤋
Check out the website below - it's ideal for people who are trying to get onto the property ladder.
2007-03-05 09:39:19 · answer #9 · answered by humee 1 · 0⤊ 0⤋
there are companies that allows you 0% downpayment, especially for first time homebuyers....i just bought mine last year for the first time...i negotiated the closing cost with the previous owner so it was included on my offer to them...don't forget it's the buyer's market right now....the only thing i had to come up with is the first year insurance premium.
2007-03-05 07:29:28 · answer #10 · answered by justme 2 · 0⤊ 0⤋