Profile picture for Wbrink12

Home buying

Hello,

I am currently renting and I am feeling the need to buy a home while the interest rates are low.  My max budget is $150,000.   I am looking at a down payment of 8%-$12,000.  Whats the likely hood of being able to get a loan for the rest?  I have good credit and no other debit to my name, car is paid, no school loans. 

Thanks 
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April 27 2012 - US
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Answers (6)

Contact a lender who can look at your full financial profile and give options as the best type of mortgage for you. Given your brief posting you seem to be a good candidate for good terms. The best of luck!
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April 27 2012
Profile picture for Dunes ..
You may be interested in giving this a Look

Provided by the Federal Gov.
Find the Right Loan, you can search for specific information, compare options, or take a short questionnaire to determine your eligibility for each program. GovLoan.com

and this

The Fed Gov has Sites for its Properties for sale
You can check out the Programs they offer
HUD Homes...Fannie Mae
You can find the links to all the Gov sites here...Link

and

From HUD
Homebuying programs in your state

Buying a Home

and

Everyone should read the Information on the Department Of Justice
Anti-Trust Division Web Site about all the options Consumers actually have
New business models are emerging that allow consumers to save thousands of dollars when they buy or sell a home

Good Luck
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April 27 2012
Congratulations on looking making the decision to invest in yourself. You sound like a great candidate for several low down payment loan options. If you have not owned a home in the last 5 years, you may qualify for an FHA loan. That would require a down payment of 3-5%.

If the property is rural, you may qualify for a USDA loan with financing up to 100% of the value.

The best thing to do, is to find a Realtor in your area. A Realtor should have a network of lenders that they know and can help you find the right loan product for you. 
Good luck.
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April 27 2012
With the calculators you have to add in PMI since you will not have 20% down payment.  Upfront PMI is 1.75% and monthly PMI is loan amount x 1.25%/12 months.  Try to get the seller to pay the upfront PMI cost in the closing cost.
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April 27 2012
You sound like an excellent candidate to get a loan...maybe FHA is the way to go for you, but definetly talk to a mortage lender.  And talk to more than just one because some can do things other can't.  Good luck.
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April 27 2012
Profile picture for wetdawgs
Do you have an income?

You can tinker with various assumptions related to mortgages by clicking on this link. or the "how much house can I afford"?

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April 27 2012
 
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