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I would like to a have a home. I have steady and high income but need help for a low payment. Where

Please help. i new information about  low cost or no low payment for a mortgage?
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March 24 2011 - O'Fallon
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Fannie Mae & Freddie Mac both have great programs.  Some of them include an extra amount for fix up or repairs.  These programs are for the homes on their forclosure homes on the market that include a home warranty if you purchase them.  If anything major goes wrong with the home in the first year the home warranty will repair or replace it for a small deductible (approx $50 - $75).  Many times they have already replaced the appliances (stove, refrigerator, dishwasher and sometimes event he washer and dryer).  Their loans have small downpayments also.  Here is a link to their websites:  Freddie Mac - Homesteps http://www.homesteps.com/homebuyer/
Fannie Mae
http://www.homepath.com/

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June 10 2011
Like the others say check with a mortgage professional to see what's available. USDA has zero down program usually out side of cities.
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April 02 2011

Please, begin by talking with a local mortgage person that works in down payment assistance programs such as are available in O'Fallon, St Charles and St Louis Cities.. although funds are limited in some ares... and MHDC , yes .. , is a great alternative if you have not saved your 3.5% typical down payment... so they can help you get qualified for some of these alternative assistance programs if you call them directly!  choose a local lender familiar with state programs !
good luck

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April 02 2011
Key Bank still has 0% down program if you have high credit scores and steady income. http://www.key.com
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March 25 2011
I think you may mean "low down payment."  There is a program called MHDC, in Missouri, that will offer a forgivable loan for down payment assistance.  Unfortunately, there are income limits and you say that your income is high.  You will want to speak to a banker or mortgage broker, and see what your options are. Good luck!
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March 25 2011
Profile picture for wetdawgs
You are in the perfect stage of life to plan step by step how to get a home.  Currently you have the steady high income, a great first step.  Next step is to start saving your minimum 3.5% down payment and perhaps 3% closing costs.   At the same time, save up the slush fund for home maintenance - plan on 3 to 5% (minimum) for the first year.  

The next step (after doing all that saving) is to start talking about preapprovals.

It is far easier to purchase a house than keep a house.   Don't hang yourself in that trap.
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March 24 2011
A mortgage professional is the best person to seek advice from.  They can ascertain the best program for you and the amount you can afford.

FHA loans currently have the lowest down payment rate.
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March 24 2011
Profile picture for the_country_hick
If you have an income that is both steady and high you have a problem. Your spending is eating up all of your income or else you would be able to have a good down payment available.

A friend of mine is "house poor". He bought a place. Some things happened he could not anticipate. Now he is wishing he could afford to replace the front steps. They should be replaced. If the roof leaks or anything expensive happens he will be in serious trouble.

Buying a house can be worse than buying a car. With a car if you need to replace the engine and transmission it looks like a lemon.

With a house you could buy it and shortly after find out you need to replace the foundation and furnace. It happened to a friend of mine. Then the roof could need replacing and the electrical go go bad. The plumbing could break, the septic may need replacing and the list goes on. It could happen 3 days after you buy, in 10 years, or longer.

If you can not afford to handle repairs you can not afford to buy. If you can not save up money now you should not buy until you can save money.
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March 24 2011
Do yo mean low downpayment? Your best bet is an FHA loan which only requires 3.5% of the purchase price as the downpayment. If you are simply looking for a low monthly payment, you can control that by selecting a home with an affordable and lower price and also make sure you keep an eye on the taxes. They are higher in some areas, and that can really affect your monthly payment.

Good luck! It's a great time to buy a house.
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March 24 2011
There are a variety of loan programs available - and if you have good income and good credit there are plenty of options.  A mortgage broker can help you identify what programs fit your particular needs.

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March 24 2011
 
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