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Answers (8)
- Johnny James, "Palmdale Mortgage"
- Contributions:406
take the first time home buyer course in your area and learn a ittle about the process.
- William Elkins, "welkins1818"
- Contributions:1
Hello,
As a first time home buyer it is wise to go with a full service brokerage firm. this way they can educate and guide you through the Real Estate and the loan side. Are you in the market to buy right now?
As a first time home buyer it is wise to go with a full service brokerage firm. this way they can educate and guide you through the Real Estate and the loan side. Are you in the market to buy right now?
- Scot King, "PacificWestCapital"
- Contributions:45
put down what you can afford without breaking the bank. If you qualify for FHA financing, go with the 3.5 % and keep your money in the bank. Until values have turned around for sure, I'd keep my money in the bank earning a return.
- Sherri Sherpy, "MN Mortgage Mom"
- Contributions:476
minnielu, talk to a lender about your credit. If your scores truly are low, you are going to have to put a plan together to rebuild your credit. Most lenders require a minimum of a 620 credit score, while others have raised the minimums even higher. Get a plan started now and stick to it. It can take time, but there is no reason you can't be a homeowner in the future! Best wishes.
- minnielu
- Contributions:2
I want to become a home owner my credit is not that great but i am paying a large amount in rent when i know that I could be purchasing a house for the 1,000 dollars that i pay in rent each month. Can you tell me what should i do?
- Sherri Sherpy, "MN Mortgage Mom"
- Contributions:476
That depends. Your credit scores, debt-to-income ratios, down payment, employment and income all play a major role in getting approved for financing. Talk to a loan officer.
As far as down payment, FHA allows as little as 3.5% down, VA is 100% financing, as well as USDA if you are purchasing in an eligible "rural" area.
Down payment assistance may also be available in your area through specific counties or through state bond programs.
As far as down payment, FHA allows as little as 3.5% down, VA is 100% financing, as well as USDA if you are purchasing in an eligible "rural" area.
Down payment assistance may also be available in your area through specific counties or through state bond programs.
- Linda Rozales, "Lrozales"
- Contributions:245
Your downpayment will be determined by your income and FICO scores. As a first-time homebuyer, you may qualify for a 3.5% downpayment. You also need to check out with your city and county if they have any downpayment assistance programs for first-time homebuyers and majority of the time payments are deferred, meaning no payment is due for a certain period of time. Lastly, if you are a veteran, you could also be qualified for a 100% financing. Go to a direct lender within your area and get pre-approved.
- Kyle McCormick, "RockyMntStatelender"
- Contributions:23
I'm a first time home buyer - Can I buy a place on my own?
How much should a first time home buyer put down?
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