2007-03-07 05:05:18 · 9 answers · asked by roskolewis 2 in Business & Finance ➔ Renting & Real Estate
Call a broker. They work with many different lenders, and each one has different programs that can be tailored to your situation.
2007-03-07 05:51:48 · answer #1 · answered by togashiyokuni2001 6 · 0⤊ 0⤋
Anyone who participates with Fannie Mae or FHA. Both have excellent first time home buyer options and programs. They are federally controlled, to help make that first step - and to help first time buyers avoid the pitfalls. Whatever you do DON'T let anyone talk you into stacking 2 purchase mortgages - usually the second one is interest only. While the payments may seem incredibly attractive, unless you plan to pay extra every month, you will never reduce the principal on the second one and will waste thousands of dollars..
2007-03-07 13:14:37 · answer #2 · answered by steddy voter 6 · 1⤊ 0⤋
Best advice is call banks shop around find out what rates they offer for both adjustible rate and fixed what are closing costs and since u are a first time buyer you should get perks for that. If u are prior military service u may apply for a VA home loan. Most loans run for 15 year adjustable rate and 30 year fixed rate. Fannie Mae loans are also available. Check under US government information center tol free number 1-800-333-4636
2007-03-07 13:13:24 · answer #3 · answered by mmbmw2000 4 · 0⤊ 0⤋
I would recommend a bank. I am a loan officer in IL and we have loans that are for 1st time homebuyers that are currently 5.99% with no points or additional fees up to 97% of the sales price. It is much better than an FHA loan, due to the fact that there is no additional 1.5% cost associated with FHA loans. This program is only available through banks or brokers with banking status. If you are in a different state, checking with a local bank to see if they have a housing department authority program. Let me know if I can be of any other assistance!
2007-03-07 14:41:02 · answer #4 · answered by dan a 2 · 0⤊ 0⤋
Firstplus
2007-03-07 13:08:36 · answer #5 · answered by anal trumpet nice face u hippy 1 · 0⤊ 0⤋
Quicken loans, Eloan, and Choice Finance.
2007-03-07 14:05:34 · answer #6 · answered by Anonymous · 0⤊ 0⤋
I recommend you get a 15yr fixed rate loan with a pymt that is no more than 25% of your take home pay. Otherwise, you will be "house poor" & it will take forever to gain any equity.
2007-03-07 13:08:41 · answer #7 · answered by Tom's Mom 4 · 0⤊ 1⤋
narrowspointemtg.com
Good luck! You can be as low as 575 and still go 100% 1 loan with them.
2007-03-07 22:10:24 · answer #8 · answered by queenvwr 2 · 0⤊ 0⤋
I would recommend NOT to buy right now
2007-03-07 13:08:12 · answer #9 · answered by ? 3 · 0⤊ 1⤋