Profile picture for Navycg64

Buying a home?

I am currently renting a townhome for $995/month. I want to buy a townhome here in Charlotte (28273) but Im not sure if that would be possible. Im a first-time homebuyer. I would like to spend about $100K but I have no money for a down payment. 2010 was a tough year for me and Im still recovering financially. My credit is above 670 and my debt-to-income ratio is 17/30. I mean Iknow I will actually save money by buying as compared to renting. Does anyoneknow what my options would be as far as financing? Is it possible at all?
  • October 24 2011 - Steele Creek
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Answers (4)

Hi Navy, indeed you can afford to make regular monthly mortgage payments instead of renting presently. I suggest you reach out to New American Mortgage, Chad Fleener and see what he can do for you. 704-649-3898. He works really well with people and can help you figure out what would be best avenue for you to pursue. I hope this helps you and feel free to call if you need more assistance. Bruce 
  • October 25 2011
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We have programs that we can use with your credit score...also we have townhomes you can purchase in the 28273 area...some are brand new homes. If you need additional help with your credit....we can help you with that also...you can reach me at [phone removed by Zillow moderator]

  • October 25 2011
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Do you have access to any credit unions?  Several of them have 100% financing options.  State Employees Credit Union does for sure but your have to be a member. 
  • October 25 2011
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Profile picture for Sharon Lewis
What I would like to suggest is you get with a local lender and work on fixing your credit. There are a number of ways to do it and that lender would be able to show you how. Thats the way to go. You can also ask someone in your family to purchase the home for you and later on you could buy them out, that way you take advantage of the low interest rates. 
Or ask the lender if someone helped you with the downpayment, would that (in your case) let you purchase. Best of luck to you. 995 a month is a lot of rent to be paying. Keep in mind, the purchase of a home also means you will need to do maintenance, so budget for that,try to get a home warranty attached to the purchase for at least the first year, if you are not buying new.
  • October 25 2011
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