I spoke with a mortgage broker and he stated we needed to have 2-3% for a down payment on a home or at least this money in reserves. I do not have either and doubt I will be able to save this kind of money. My family cannot help either. HELP!!! I want to own my own home but do not know where to turn. Any suggestions?
2007-06-29 10:43:14 · 9 answers · asked by LadyM 2 in Business & Finance ➔ Renting & Real Estate
I agree with the first poster, there are many ways to do this. Call another broker, I think he/she just didnt give a crap about your loan. Its very possible, call 2 or 3 other companies and lenders.
With the current loans im working on, yours sounds actually easy. Anybody that knows what they are doing can do your loan in their sleep. Maybe your broker only likes hard loans and thought it was too easy.
Seriously call somebody else.
2007-06-29 10:52:36 · answer #1 · answered by financing_loans 6 · 1⤊ 0⤋
If you can qualify for the payment but simply have no savings you can get an 80% loan to value 1st mortgage and a 20% 2nd mortgage and negotiate for the seller to pay your closing costs. If you have a 401K you can borrow money from that for your closing costs.
Depending on where you buy you may be able to get a Rural Housing loan (only available through banks) where you can finance 100% of the loan and closing costs.
All of this is, of course, dependent upon your having excellent credit.
2007-06-29 11:05:25 · answer #2 · answered by mazziatplay 5 · 0⤊ 0⤋
There are some loans for first-time home buyers with 100% financing. There are also lease-to-owns where you rent for the first 6 months. If you pay well, they will use that as your down payment & convert your least to a mortgage. Try talking to a different broker (or several).
2007-06-29 10:47:05 · answer #3 · answered by Anonymous · 1⤊ 0⤋
Do you qualify for a home through Habitat for Humanity?
If you can't save up 2-3% of the home's price, you probably can't afford to have the house anyway and will just end up in over your head financially the first time you need a new water heater, or roof, or one of the many things that goes wrong when you own a home.
Don't get involved with a loan situation where you are in so deep that a couple years out your home is foreclosed on. A lot of the "we'll find a way for you to have a house" lenders end up doing just that.
Good luck.
2007-06-29 11:11:04 · answer #4 · answered by Judy 7 · 2⤊ 0⤋
Don't do it! If you cannot afford a 2 or 3 percent down payment, this home will be a curse to you and your family.
If you do it anyway, be sure to get a 30 year fixed rate loan where your housing costs do not exceed 30% of your gross income.
2007-06-29 12:20:00 · answer #5 · answered by ADAM K 2 · 1⤊ 0⤋
some places will allow you to finance everything, but this is becoming less and less common over the last few months. ask this broker or another broker if it's possible to finance the full amount. some banks still have these programs. i think they are called 106 or 107 programs, or something like that (meaning you are financing 106 or 107% of the home price).
2007-06-29 10:52:01 · answer #6 · answered by A M 3 · 0⤊ 0⤋
go to or treatin going to a different mortgage comp they all have zero down loans its just some companies dont like letting people do it that way i have bought two houses both zero down no money at all until first mortgage payment was due
2007-06-29 10:53:47 · answer #7 · answered by bobby 2 · 0⤊ 0⤋
depends on credit. the program that he is quoting you is a fannie mae program (government backed). there are other lending options available that will take 100% depending on income, credit, reserves. I have 100% financing to 620 credit if need be, if your score is below this mark, 100% is not available. Email me if you have more questions... maybe i can steer you in the right direction
2007-06-29 10:49:56 · answer #8 · answered by Anonymous · 1⤊ 0⤋
financing loans and credit
2007-06-29 10:51:13 · answer #9 · answered by Kimberley 2 · 0⤊ 3⤋