How to get a house for first time?

Question

I heard about goverment help for first time home owners and need to know how I can apply and how it works. A new house would be nice but a used one in good shape is also good. I don't have anything right now for downpayment and won't for a while cause I have 2 kids- 22 months and 2 months and wife doesn't work. Should I get a loan if I can before I try the home thing or how do I get all of that with my situation? I am not thinking I will get anything for free but want some real advice and info please, thanks.

Answer 1

Look in the yellow pages under Mortage Brokers.

Go in and have a sit down meeting with them. Tell them what you want to do - how much you can afford for mortgage payments, etc - and let them help you with the paperwork necessary to get your new home.

Good luck.

Answer 2

I like to see everyone become a home owner. Check with county services for anything you can get for the children. Contact a mortage company--they should know government progrms to help you pay the loan back. I must warn you---if you did not pay your bills--on time gona have problems. Defaults on loans---got problems. If your wife has bills she did pay--problems. If you are both clean--no problems.

According to your income the mortage company will tell you how much money you can spend on a house and it will be approved and you are a home owner when you find a house. Any time payments will detract from your ability to make mortage payments. Before going for financing settle up all your debts example ---car---boat---credit cards---anything you owe money for. DEBT FREE

Write a contract for straight 30 years mortage. There is other contracts but 3 years later the payment is not so kind There are out of pocket expenses---get cash from someone--get another job. . Buy Insurance---pay into first years escrow account to pay property tax and insurance annually.. Go thru the home in question 5 or 6 ttimes and NOTE all damage to be used to dicker over the price. Or have them fix. it. Nothing is ever discussed with the home owner. The selling realator is the go-between Unless you are dealing with the owner--owner--owner. not his brother or uncle. No hand shakes everything is in writing.

When you find a house go see the mortage lender and all arrangements will be made by them for closing. They will pay the owner the money. at closing and you have the keys to move in on closing. Closing could take a couple weeks.or a few days. Their is no provision for the old home owner to get a month to move out. When you close the land--house--garage--and everything belongs to you. YOU HAVE THE KEYS

If he can't move out knowing that their is a closing date--HE WILL NEVER MOVE OUT. Call the police and have them forceable removed.
Or before closing enter into a written rental agreement FOR $3000 a month IN ADVANCE what ever is appropriate for your city if it is not appropriate raise it higher with a damage $3000 deposit and their are pets add a $500 nonrefundable pet deposit
NO FEELING SORRY-the mortage payment is due on the first of the month and you will not be able to enjoy living in your house. Besides if your in a rental the rent is due plus the mortage.
If he still is crying--just remember he just made $100,000 when he sold the house. Don't let them walk on you . For $3000 he will move out in a hurry. Cause it is due again next month. Because you collected 6 months of rent and will refund any portions he did not use. This is all written ou at the CLOSING in the contract and all money will be held in escrow from the sellers final check. Their is an old saying..

IN GOD WE TRUST AND ALL OTHERS MUST PAY CASH.
..................................Good Luck

Answer 3

There are a few ways to do this.
Your first move is to look thru the phonebook & find a realtor who specializes in 1st Time Buys, many advertise in those "Homes for Sale" magazines you find in grocery stores, etc. Find one that doesnt sound like a used-car dealer, bad news. Find one who has a good reputation. Yes, you should be able to get a house for nothing down or very little down! Their are gov. programs too. You probably should try for what's called an: 80/10/10 Mortgage. This way you will finance the whole thing and you WON'T have to pay MORTGAGE INSURANCE -- which is a rip-off !!! Mortgage Ins. does not protect you or do anything for you, except steal your money! It's ins. for the lender to pay the mortgage incase you default (don't pay your mortgage).
Getting the 80/10/10 will pay your downpayment for you and therefore you WILL NOT be REQUIRED to pay M.I. !!! People who have 20% down or use the 80/10/10 do not have to buy M.I. -- when you talk to a realtor mention you WILL NOT THROW YOUR hard earned money away on M.I. -- money you could put toward the PRINCIPAL on your mortgage !!! Tell her or him you need & want HELP finding a MORTGAGE (like the 80/10/10) that will keep you from paying M.I. , if the agent doesn't know what you're talking about or seems unconcerned with your concerns -- find another REAL ESTATE AGENT --- there ARE good ones, intelligent ones out there, but you may have to look a bit ! When you find a helpful, intelligent, informed, and able Realtor -- he/she will put you in touch with some good lenders who will show you how to get that house w/o costing you M.I. and get you the best interest rate!!! THIS IS THE BEST TIME in ages TO BUY A HOUSE !!! You should also keep your payments to no more than 1/4 of your income (1/3 at the very most & that's pushing it). You dont want payments so high that you cant pay them in hard times (and there are always hard times). Try to get your house ins. & your property taxes included in that, as most people don't save up for these things & get caught short when they come due each year. You will probably be able to get a house for less than the rent you're paying now! Things ahve really come down in price lately! I saw a 3/2.5 with pool & direct Gulf Access in cape Coral Florida that went for $319K yesterday !!! They were $500k last year !
Make sure you find a house that looks or is modern, has a greatroom w/ stainless appliances, has 3 or 4 bdrms (pref. 4) and 2 to 3 bathsand a 2-car garage. Don't get a pool unless you live in these states(as in any other states it decrease your resale market): FLORIDA, ARIZONA, CALIFORNIA, TEXAS, S.C., and perhaps GEORGIA, LA., & AL. --- in these states pools are important in the package due to the life-style & the weather. In other states they are a hinderance to re-sale, so don't get one unless you live in one of the above states or have a future olympic swimmer in the family!
A fireplace gives added value in ALL STATES -- including ALL the warm climate states, as we have some cold days & nights too !!! A laundry room is important and a room for an office or that 4th bdrm is where it's at! Try to get it pre-wired for the future if it's a new home & have an electrician update an existing house! Walk-in closets are also very important. I have seen a lot of new houses for sale with all those amenities for under $200k right here in SW FLA, so I know they've got to cheaper elsewhere!
The other way to get a home and to really get it with low cost is to buy bare land & sub-contract out the building of your home! I did it 4 times in my life so far. My 1st home fully carpeted, reverse cycle HVAC, wood cabinets & three bdrms with laudry, cost me $5,500.00 in 1971 -- people who "bought built" houses at the same time paid $20,000.00 to $25,000.00 -- my mortgage was $54.17 a month & was a life saver when the depression & oil embargo took away all the jobs in 1973 !!!!
If you want more help, write me: [e-mail]
Best Wishes, Aunt Barbie NAPLES, FLA.

Answer 4

start by talking to a Direct Mortg. lender or larger bank, you want to get a loan through a company who "funds loans in house", that means they service the loans they create.

You will get a lower rate & lower amount in closing costs.

The mortgage "broker" has to charge more money & a higher rate to "sell their loans" that they create to the larger banks. they are the middlemen

After speaking to the lender (who will be able to educate you about government programs or any Grant programs)
Then contact a Real Estate Agent, preferably someone with 5 or more yrs. exp.
They don't have to a "specialist" in 1st time home buyers.
Agents with 5 or more yrs. exp. should have already sold homes to many buyers, 1st time buyers, 2nd time buyers etc.

They have the exp. to help you find your perfect home.

Answer 5

There is a substantial amount of help out there from the government and from private non-profit organizations. You will need to do some research to help you out here are some links from our research department that will help you accomplish your goals
HUD’s Local Home Buying Programs in each state. From State Governments:
http://www.hud.gov/buying/localbuying.cfm
FHA Federal Housing Administration loan programs: http://www.fha.com/
FHA Rural Housing loan programs: http://www.rurdev.usda.gov/rhs/common/indiv_intro.htm
US Government Housing assistance grants all areas:
http://12.46.245.173/pls/portal30/catalo...
US Government Grants page: http://www.grants.gov/
US Federal Domestic Assistance catalog for all Federal Programs available to State & Local Governments & the Public
http://12.46.245.173/cfda/cfda.html
All government Benefit Programs http://www.govbenefits.gov/govbenefits_en.portal
Department of Veteran Affairs – Home buying programs for Veterans:
http://www.homeloans.va.gov/veteran.htm
Low Income Home Purchase Assistance (Private): http://www.nehemiahcorp.org/
There are more so you might want to go and visit
http://www.realestateformnm.com/ResearchLink.html and browse through all their information links.
I wish you the best

Answer 6

A good place to start is a visit to your lender. To see how much you qualify for or how much you need to qualify. Saving up for a down payment would be ideal. But there are programs that offer no dp. Do a search for your city hall page. It'll list the kinds of programs you have in your area. Good luck!