Profile picture for CamrynM

My husband isn't a first time homebuyer but I am. Would we be able to qualify for anything?

  • December 24 2013 - US
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Answers (9)

Profile picture for CamrynM
Thank you for all the posts and advice. We reside in Utah and looking for a home in Utah County. I will google and shop around for it. I know a little about Loans, I was a Loan Processor but only know FHA cuz that's what I strictly did. I didn't know programs were starting to go away and that some lenders didn't do things. Well it looks like too from Cory Bannerman comment our price range of 200,000 will not be feasible since we don't want to be paying around 1,500 a month on a home. I will have to drop the price then to get a starter home.
  • December 26 2013
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This is a good question, applying for a grant is absolutely on a local town level, some are a basic no interest bearing grant, others are more of a loan.  Some states offer low income housing loans but the person you are dealing with needs to be signed up with the state for that specific program.  The question for you is going to be if you receive such a grant will it come with strings forcing you to use a specific loan program that may or may not have other downsides. 

Also note that most "first time buyer" programs that are offered by lenders are named such simply for marketing, most have no difference from any other loan.  The FHA requires 3.5% as a minimum down payment 100% of which can be gifted to you.  Conventional loans used to be able to do 3% but now are restricted to 5% for a down payment none of which can be a gift(unless you are putting down more than 5%).  USDA offers max financing at 100% which if combined with seller paid closing costs would make it possible to buy a house with almost 0 out of pocket.  Also the USDA offers reduced MI as well.  Last is the VA loan 100% financing again but with no MI at all. 

As an aside, I say this only to make sure you are looking at the whole picture.  Your mortgage payment of a $200,000 mortgage will yield a payment in the neighborhood of $998 not including taxes insurance and Mortgage insurance.  I cannot speak to your property tax rate but i would assume for a loan this size your payment will fall between 1500-1600. 

Last try to remember that just because the bank says you can afford a payment does not mean you actually can.

Good Luck and Merry Christmas!
  • December 24 2013
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Profile picture for nwhome.us
It's actually a little bit more than just being "local" wetdawgs. The lenders who promote these programs are certified in them and most lenders aren't.  They just don't generate enough income on an individual basis for many to get involved. The loan officer has to have another motivation for certification. The loan officer's company also has to be certified.

I like your idea of searching for "down payment assistance" but if we knew the state of the poster, we'd  very quickly find if it is available in the state..
  • December 24 2013
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Profile picture for wetdawgs
Down payment assistance grant programs tend to be local, therefore, with a lender who knows your area well you may be able to find some options.  If in your shoes, I'd probably start by googling something like "down payment assistance in MyTown, My State".   The limitations of "first time buyer" and income, pay back requirements etc should be defined on the website.

The mortgage calculator and affordability calculator on Zillow can be useful for rough numbers.   Your lender will help you  refine them, for example define PMI requirements and the costs associated. 
  • December 24 2013
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Profile picture for nwhome.us
I think what you are referring to are the grant programs and most "run of the mill" lenders won't know much about those programs.

What state are you in?
  • December 24 2013
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Profile picture for Shane Torres
Most first time home buyer programs have expired. But there are a few companies that do loans with 3% down. 
  • December 24 2013
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Profile picture for CamrynM
Just want to see if we could get a grant or help with the down payment. We have roughly 3% to put down on a home that is about $230,000 (that is the price range we have been searching in) but are wanting to keep our payment around 1,000-1,200 a month. We don't want to become house poor but are wanting a house we can grow into for a family. I know you shouldn't buy a house that is more than 28% of your income or then you have the rick of becoming house poor.
We just got the information to send over to the lender for prequalifying.
  • December 24 2013
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Profile picture for wetdawgs
What sort of benefits are you hoping for as "first time buyer"? 

Have you reviewed options with your lender?
  • December 24 2013
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Many first time home buyer programs are not just for true "first time" buyers. They often apply to somebody who has not bought a home for x years and is not currently a homeowner. You really need to talk to two or three mortgage specialists in your area, direct lenders or brokers, rather than just banks, ti find out what is possible.
  • December 24 2013
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