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Im a new home buyer and am looking for a house in the 60k range

I currently have a good job, but have no money to put down due to hospital bills, but am making progress everyday
  • October 15 2013 - Harrisburg
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Answers (9)

Discuss your situation with a good, experienced lender and find out what options you have. If you do not know an excellent mortgage loan officer, then find a good local realtor, who can recommend some good lenders.

  • October 15 2013
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Good compensating factors are taking into affect when getting approved for a loan. Like a good job, etc. There are several programs for the first time home buyers that you really do not need much for a down. Take the USDA for instance, ZERO money down, NO MPI (mortgage insurance payment) and on top of this, closing costs of a maximum of 6% can be negotiated for the seller to pay. Talk to a professional in your area and see what programs are available for you. In my area BUYERS buying USDA, come in with NO MORE than $1,000.00 out of pocket expenses.
  • October 15 2013
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Have you looked into an FHA loan? An FHA loan is a popular mortgage because it only requires a 3.5% down payment. If you can save up to cover that along with closing costs, then you will have a better shot for a mortgage. Also, be aware that lenders will look at all aspects of your finances including income, debt, credit score, employment, assets, etc. I recommend you speak to a lender like myself who would be glad to help you get the loan that you need. So if you have any other questions or need a loan, please contact me through the information on my profile page. I hope this helps and good luck!
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Profile picture for kerigray
Go and find a good Realtor in your area.  They can help you find a reputable lender who can help to get you pre-approved.  There are all sort of first time home buyer programs such as bond money, Rural Development loans etc.  A local lender will know what avenue you need to take.
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You can use grants to help pay for your down payment, but it would probably be better for you to wait until you're in a better financial state. You'll need a 620 credit score & about $5k for your down closing costs. 
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Speak to a local lender who will be able to help you understand your buying power- also some cities and communities offer down payment programs that will help the 1st time home buyer, your local Realtor will be able to help you on this information or lender.

Best of luck!
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  • October 15 2013
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Profile picture for Andrew Malak
Before you start looking for houses talk to a good loan officer. If you have high bills it might not fly.
  • October 15 2013
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Harrisburg,

Contact a Realtor in your area. They can help you understand the home buying process, financing and credit.

There should be no cost to you to talk with a Realtor.

Good Luck!
  • October 15 2013
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