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XYZ Brokerage

Email: ryan@xyzbrokerage.com

Phone: (206) 555-1234

Website: www.xyzbrokerage.com

First Time Buyer

Profile picture for ChrisWood
My wife and I want to purchase a property (single famile / townhome) because we are sick of throwing money away on rent. We have no money to put down, my credit is excellent / good (wife's is ALRIGHT, before we met her credit wasn't that good). One problem is that we have 23k in debt but we pay all our bills on time. Is there assistance for first time homeowners with financing/closing costs? We make a combined income of about 190,000 (depending on bonuses) and we were looking to purchase something for about 400,000.
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July 31 2007 - US

Replies (9)

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jody57

Golden, CO

Contributions: 1
Yes, there is definitely financing especially for those that need money to put down on a home. Thhere is a couple of government programs out there thatcan assist you.
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July 31 2007
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Are there any websites, and what are the restrictions?
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July 31 2007
Chris,

Check out www.mortgageatNOcost.com or visit www.firstpointfin.com

Advantages of both:

*Pay your entire closing costs on purchases of $300,000 or more
*On purchases less than $300,000, agents credit ½ their commission to closing costs.
*Full service real estate representation
*Quick pre-approvals
*Competitive mortgage rates
*No charge on premium rates for no your cost loans
*Fast and efficient closings
*Free pre-approvals (see how much house you can afford)

Contact: Teri Tseng at (425) 882-6031
email: teri@firstpointfin.com or contact@mortgageatnocost.com
or call toll free 24 hours at 1-888-300-0677 EXT 1108

Hope to hear from you!
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July 31 2007
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I will check those site, but is there any government website I can take a look at as well?
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July 31 2007
Profile picture for MelissWa
Real Estate Agent

View my 2 listings

Contributions: 150
yes - go to http://www.fanniemae.com or
http://www.freddiemac.com/
or
http://www.hud.gov/

Fannie Mae and Freddie Mac have some really great programs out there for 0% down or even 105%

Also they are very flexible with their income ratios if you have a lot of debt but have proven to be a responsible consumer.

Contact me if you have any further questions!!
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August 02 2007
Profile picture for Seattle Agent
Real Estate Agent
Contributions: 464
TRY FHA... there are tons of programs out there. Financially, I don't know what area you are in, but if you make $190K, and don't have cash to put down, it sounds like you need to cut your spending habits. If you live 5% BELOW your means for a 6 months, you should have your debt paid off and money in the bank. Then you'll have many more options, higher scores for both of you, and probably save money on your loan.
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August 05 2007
Profile picture for jeremy.b
Contributions: 101
So let me get this straight.... You make nearly 16,000 a month yet you have no money to put down? What on earth do you spend money on each month? You'd only need a month and a half of income to pay off your debts. The fact that you make almost 200k per year yet have no money to put down would scare me if I were a lender.
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August 05 2007
Profile picture for Seattle Agent
Real Estate Agent
Contributions: 464
After I pressed submit, I realized I shouldn't have said FHA....you make too much money for that. Let me know if you want the name of a lender.
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August 06 2007
The best assitance you are probably going to recieve is in the form of a seller contributing to your closing costs. Most Fannie Mae, Freddie Mac programs allow the seller to pay up to 3% of your closing costs. This should be a concept that your Realtor or current Mortgage Banker should be aware of.

Hope that helps.
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August 07 2007
 

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