1) We are expecting a family gift of $2,000 in a few weeks to be put toward the purchase of our new home. Should we see a lender before we collect our entire downpayment or should we wait until we have ALL of the money?
2) We are looking at both Bank of America and US Bank, mainly because both have some great First Time Home Buyer Assistance programs. The question is: have you had a greater luck with either one?
2007-03-26 16:08:53 · 3 answers · asked by FaZizzle 7 in Business & Finance ➔ Renting & Real Estate
Bank of America and US bank are fine lenders, but they aren't the only ones that have great first time home buyer programs. I suggest you also look into government down payment assistance too. In Kentucky the government offers a minimum of $5000 carried as a small short term second mortgage that you never have to pay on and is forgiven 20% per year over 5 years. Every state offers a similar program but they all have income limitations since the aid is meant for middle to lower income buyers. Usually the larger local banks are approved to help you with these government programs so if B of A and US B have a local presence ask them about it. Or, after you pick my answer as the best, write me and tell me what state you are in and I will direct you to a website with more information.
Personally I have never dealt with Bank of America for loan (despite the daily credit card offers they send me ...ugh), but have worked with US banks a number of times for the sake of my clients and have had nothing but nice things to say about them. The bottom line is you should go ahead and speak to a mortgage broker today,at the very least you will know you are prequalified and also be able to realize what your monthly payment will resemble and the price range of the house you will be able to buy. Good luck!
2007-03-26 17:11:51 · answer #1 · answered by linkus86 7 · 0⤊ 0⤋
Meet with a lender ASAP to get an idea of what is going on and what you will need. I would meet with a lender at both places and compare your options. Choose the best bank for you. Other people have other situations and problems that they run into that you may not. Plus some lenders have better personalities than others. You don't want to deal with someone who's all stiff and no fun.
2007-03-26 16:24:26 · answer #2 · answered by J 4 · 0⤊ 0⤋
credit unions tend to pay greater interest on low-priced rates and might charge much less on loans. additionally they are extra probably to advance credit to first timers. a substantial situation with a credit union is the constrained kind of branch places of work and that they often have not got the prolonged hours that a substantial economic corporation, including BOA can provide. for the reason which you will in all risk be going off to varsity next 300 and sixty 5 days, it would desire to be lots much less annoying to maintain the BOA -- branches everywhere in the country.
2016-11-23 18:16:33 · answer #3 · answered by ? 4 · 0⤊ 0⤋