Help on first time home buyer?

Question

I dont have really any money for down payment, my credit rating is 780 and i make decent money, can i still get a home without a downpayment,

Answer 1

There are several loans that you might qualify for with a credit score such as yours. To eliminate the PMI from your mortgage most mortgage brokers will get two loans for you.

One is for 80% of the cost of the home and the other is for 20% of the cost of the home. Your second mortgage will be at a higher rate than your first mortgage, but the advantages is that the interest is tax deductable for both loans, where if you had one loan and that loan had PMI, and if you earned a certain amount of money annually then the PMI would not be tax deductable.

For any and all tax consultants please speak with your tax consultant.

Look in your telephone book find a local mortgage broker, call and set up an appointment so you can complete a mortgage loan application. This is gonna take awhile so prepare yourself.

He will need several documents and lots of information. I will get you started so locate the following and have them available so you can take them into his office or fax them to him

#1 Two years of federal income tax as well as the W-2's

#2 One complete month of pay stubs

#3 Six months of bank statements from each bank you are currently using to include any statements from your 401-k plan.

Once he completes your application he will then run a credit report to find out your credit scores.

Your credit scores will determine your interest rate, the loan program you are qualified for, how much you will have to put down on the property if anything. Some qualify for a 100% mortgage, you might be one.

Now is the time for you and the mortgage broker to sit down and figure out the best mortgage program for you. You guys will discuss the amount a lender will allow you to borrow to purchase a house, the interest rate of the loan you are qualified for and several other things. Make sure you ask all your questions at this point. Once this is done he will then issue you a pre-approval letter.

Once you have your pre-approval letter you are now prepared to find a real estate agent to look for a house to purchase.

When you find a property to purchase the real estate agent and mortgage broker will walk you through the rest of the steps necessary to close. You will sign a purchase contract, an appraisal will be done on the property top prove value.

A few days will go by 7-10 after which you will be called to sign your loan docs so you can now move into your new home.

I hope this has been of some use to you, good luck.

"FIGHT ON"

Answer 2

With a credit rating of 780, you should be able to get either a loan with PMI (private mortgage insurance) or 2 loans, 1 for 80% of the price and one for 20% of the price. However, you will probably have a slightly higher interest rate.

It might be better to 'play house' for a year or so - figure out what your new housing costs will be, including mortgage, PMI or 2nd mortgage, property taxes, insurance, repairs & maintenance, higher utility costs, etc. Determine how much more that is than your current housing costs. Put the difference into an untouchable savings account for a year. If you can live for a year without touching the money, you will have some money saved up for a downpayment and/or closing costs, and will have proven to yourself that you will be able to afford the house.

If you are worried about 'throwing money away on rent' - when you buy, especially with 100% financing, you are throwing money away on interest - it's the rent you are paying for the money you borrowed.

And the tax benefit isn't that big. You already have a standard deduction of $5300 (single) or $10600 (married). Any amount of interest and/or property taxes paid below that isn't going to help you at all on your taxes. Anything above that will still only get you pennies back on the dollar.

Answer 3

Yep, there is a program on the Home and Garden Channel that you should watch called My First Home. It is on Monday Nights I think, and talks about the buying of a first place. You can definately qualify without a down payment, but your payments will probably be higher without one. Congratulations, i'm going through the same thing hopefully next year. =)

Answer 4

pass see a community very own loan officer - this is unfastened - to tell you the way you may desire to finance to work out what works best for you - additionally make certain you get a Realtor - or somebody who sells mobiles - you will could desire to make certain you very own the land - because of the fact this is in a community - are there any regulations for that association/community which you will no longer stay with? What are the regulations in case you have chose to pass the cellular someplace else later? additionally, cellular financing is amazingly different than properly-known financing - bigger expenditures of pastime & greater $ down - until you get a lender that makes a speciality of modular or cellular domicile revenues and seem for an affidavidt of affixation - makes the domicile properly worth greater if this is wheels are bumped off and this is completely on the floor/land. bear in innovations additionally, that a cellular has much less resale value later (i does no longer purchase a cellular) i could purchase a properly-known stick equipped domicile - greater useful expenditures and private loan thoughts.

Answer 5

if you are a first time home buyer there is probably a loan that fits your needs even without putting a down payment.. your credit score is excellant i do not see it being a problem! below are some home buying tips that may answer more of your questions.. hope it helps
http://www.hughkice.com/PageManager/Default.aspx/PageID=1981986

Answer 6

yes you can. but you shouldn't. The housing market is going to crash in the next 2 years, so don't buy right now. Just wait, and then you will pay less.

Answer 7

Yes...a 620 or better gets you a 0 down...all you need is a job and income tax returns.

Answer 8

yes, as long as you qualify, but you will need to pay PMI..