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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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January 20 2010 - Salinas
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take the first time home buyer course in your area and learn a ittle about the process.
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January 23 2010
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?
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January 23 2010
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.
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January 22 2010
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.
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January 22 2010
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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?
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January 22 2010
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.
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January 20 2010
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.
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January 20 2010
Its always best to talk to a mortgage professional. They will help with all the parts of getting a loan. Best to talk to a couple.
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January 20 2010
 
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