Can you give me details like what they require for downpayments and requirements for income? Any advice would be appreciated. Thanks in advance
2007-03-28 05:01:44 · 7 answers · asked by DGBrandy 2 in Business & Finance ➔ Credit
Yes, we got a first time buyer loan when we bought our first home. There are lots of programs and assistance for first time buyers if you qualify. Check to see what programs your state offers to see if you can obtain downpayment or closing cost assistance or even a competitve loan interest rate.
Check out the site below for more info. Good luck!
2007-03-28 14:49:23 · answer #1 · answered by S C 3 · 0⤊ 0⤋
That all depends on your credit score as to what they require down and as far as income there are a lot of different mortgage programs out there now. I know for a fact that most lenders charge mortgage insurance if you put less than 20% of your own money into the loan, some lenders will do what they call lender paid mi, but increasing your interest rate. As far as the ratios for income I am not sure, I work in the closing end of the real estate business. Word of advice shop around don't trust everything that mortgage brokers tell you, be prepared for surprises at closing. That way if something happens (extra fees, etc) you will be prepared for it and if it doesn't no big deal.
2007-03-28 12:08:22 · answer #2 · answered by tmjgmw 2 · 0⤊ 0⤋
Some companies require a 20% down payment. Depending on your score we offer a zero money down. Ask for a prequalification for a home and shop around for the best rates. Contact me if you have anymore questions.
2007-03-28 12:08:12 · answer #3 · answered by Phil H 2 · 0⤊ 0⤋
I got one through Fifth Third Bank. My credit score was 732. It was 100% financing and I DO NOT have to pay PMI insurance either, but I paid all closing costs. It was fairly easy.
2007-03-28 12:36:47 · answer #4 · answered by Fun N Sun 4 · 0⤊ 0⤋
i think that the below website will help you to find the right solution and you will get full details
2007-03-30 01:12:27 · answer #5 · answered by jack 2 · 0⤊ 0⤋
Shoot me a email to msmith@premierloangroup.com, and I'll see what we can do!
Marty
2007-03-28 12:22:52 · answer #6 · answered by Anonymous · 0⤊ 0⤋
i tried but i was failed
2007-03-28 12:04:47 · answer #7 · answered by siva k 2 · 1⤊ 1⤋