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First time buyer, married, both teachers, good credit, low down-payment

We are interesting in buying a house in the Irmo area. Am I correct in understanding that because we make greater than $60,400 combined we do not qualify for Category 1 $5,000 downpayment assistance? http://www.schousing.com/images/ProgramGuideCategoryI.pdf

We both have credit scores at 700. Lots of student loan debt, and already paying $900 a month rent. We are both teachers but do not want to necessarily live near where we work.

Are there any good options out there for low down payment? 

We could save a small amount, when I calculate a low down payment, it's hard to get a monthly payment that does not skyrocket with morgate insurance costs. What's the deal on paying an upfront premium to lower the final monthly cost? Is there flexibility in the way those are paid?   

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January 06 - Columbia
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Answers (7)

Where you are looking to purchase will influence what lenders would be good for you.  Let me know where you are looking and then I should be able to recommend someone in your area.

Ed Burrows

J.P. Weigand & Sons

415 E. 4th

Belle Plaine, KS  67013


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January 12
I would recommend talking to a loan officer as well. Please let me know if you would like a list of loan officers that many of my clients have used in the past. Also, with you both being teacher's I would like to look into different programs for educators for this year. I know there was a program last year. Please feel free to contact me so we can talk about it more in detail!
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January 12
Profile picture for Dunes ..
My suggestions....

Check out options at GovLoan.gov
(Provided by the Federal Gov..you can search for specific information, compare options, or take a short questionnaire to determine your eligibility for each program)

Check out the info provided by HUD Buying a Home
(You'll find info/links for local programs ect...good source)

Check out the info on loan programs, complaints, complaints by who/against who ect
CFPB > Consumer Financial Protection Bureau


Remember people are trying to promote and sell Services
Be informed and shop smart

Best of luck to ya

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January 09
If you are interested in looking in upper Irmo area/Dutch Fork Schools, You may find a home in the USDA 100% financing area. This is a fantastic program & if the seller pays some or most of your closing costs, you could possibly go to closing w/very little money required (I've had buyers get a check back at closing!)
Also, there's no PMI insurance, only a smaller monthly fee.
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January 09
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Some loan programs will allow a gift from family for a down payment up to a certain percentage. 
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January 08
Well first off your credit scores look great. They shouldn't cause a strain on your home buying process. I'm sure you've heard of an FHA loan by now, but this is probably your best option. FHA loans are great for first-time buyers. They offer great benefits such as competitive rates, low down payment, low closing costs, and easy credit qualification. The down payment for an FHA loan is 3.5% along with closing cost. This is a relatively low down payment amount. If you are still struggling with the 3.5% I recommend that you look into community grant programs. There are programs that are 99.5% financing. In other words, this covers 3% out of the 3.5% needed of the down payment. It will be very difficult to buy a home without a down payment. Unless you are a veteran or seeking a USDA approved property then you will have to pay some sort of down payment. If you do happen to be a veteran or seeking a USDA approved property, then you should consider a VA or USDA loan which does not require a down payment. Otherwise, the closest thing you can get to zero down payment is with an FHA loan. This type of mortgage only requires 3.5% down along with closing costs, which is a relatively low amount. Also, there are some community grant programs that can cover 3% out of the 3.5% down payment. So the best thing for you to do is to speak with a lender directly to see if you can get started on financing with your situation. There are lenders like myself that would be glad to speak with you to help you get the loan that you need. There would only be a few more details needed to sort out your situation. Well I hope this helps! If you have any further questions or if you would like a loan, feel free to contact me.

Good Luck!
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January 08
Hello!

I think your best bet is to have a conversation with a loan officer.  They will be able to match you with the best loan option for your own needs and requirements.  They also may be able to find other special programs that you aren't aware of right now, that can help you out!
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January 07
 
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