Profile picture for Daniael21

Should it be this hard just to find someone to talk to...

I have never bought a home before. I have found a property and I know the issues that come with it. But I really want this house. Why is it that because I am not asking for more then 100,000.00 people don't want to talk to me. I have contacted a bank and they were rude. I contacted a mortgage loan office and they where no help. They are telling me that there isn't help with downpayments or closing so it isn't worth my time.....What is the right thing for me to do?
  • December 07 2013 - Phenix City
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Answers (11)

Profile picture for blub blub blub
Credit score in the 500's.....simple.....you don't qualify.

Even to go FHA, you would need to be in the 640's.

There are no longer any programs with no money down.  Best would be 3.5%

Credit score would still need to be better than 640

House must pass FHA inspection for approval

Sounds like there are too many strikes against you right now.
  • December 28 2013
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Profile picture for Daniael21
Ok I found out a few things since I was here last time. I finally found someone to talk to and my credit score is low. Its not from bills unpaid but from not having open accounts on my credit. My score is in the mid 500's. I have been doing some reading online and people are saying there is home loans for people with low credit scores. my problem is there is no other information as to who. Anyone have any ideas who I should talk to? I am working on my credit, but I was looking to get out of this place and on my own with taxes which usually come around mid february. Thanks for any advice.
  • December 28 2013
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Profile picture for blue screen exile
By the way, for a while Fannie Mae and Freddie Mac were offering financing for their Foreclosure home inventory they had to liquidate, but as of the middle of September this year, both require a minimum of 5% down now.

Fannie's program:
http://www.homepath.com

Freddie's program:
http://www.homesteps.com
  • December 09 2013
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Profile picture for blue screen exile
"I need to get a direct loan to help me." -

A "direct lender" as compared to a "mortgage broker" can loan lower amounts, as the broker must set a fixed percentage with each lender for their "markups" for writing the loan.  At $100k and under, it is harder to find mortgage broker than can write the loan.

That was what several of the posts on this thread already said... a local Credit Union, or local bank may be able to write the loan for small amounts a lot easier.  Often those loan officers are on "salary" with the financial institution, rather than getting compensated separately for each loan they write based on a percentage of the loan amount.
  • December 09 2013
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Profile picture for Daniael21
I am having a hard time getting a loan according to one i talked to today because of the house.  I told him I am open to other homes though. He said that I need to get a direct loan to help me.  I thought there was help for first time home buyers but I am having a problem finding it. My credit is not bad but not good. I have things paid off but I don't have things like credit cards it is hurting my credit according to some. I am hopeing to have something picked out and if i have to have a down payment I can use taxes for the prices I am looking at. Its just getting someone that will help me. I am a mother of 3 just trying to make things better.....Thank you for all your advice!
  • December 09 2013
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Profile picture for blue screen exile
There were lots of "nothing down loans" being offered in 2004 and 2005, due to HUD policy and encouraging lenders to do so.  Most of those programs have been discontinued and are no longer available.

Nothing down loans are still available for Veterans through the VA loan program.  $100 down payment loans are still available through USDA, but only select properties in select locations qualify.

Closing costs can be rolled into the loan a number of different ways, or a seller can offer a closing cost concession if they are anxious to sell, or you offer a higher purchase price.

Down payment assistance is still available for those with lower incomes that qualify through local housing departments and some non-profit agencies.  Go to the local housing department in your city or county and ask what programs they have available for low income buyers.  They should be able to walk you through the options, but sometimes there are waiting lists.
  • December 09 2013
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I am sorry for the bad service you are receiving but each lender is different so I recommend that you don't give up, but keep contacting lenders for help. Is there a particular problem that you are having that is preventing you from buying the house? If so, please share or contact lenders like myself so we can try to help you. I hope this helps and good luck!
  • December 09 2013
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Profile picture for wetdawgs
When looking for loans for less than $100k, local banks and credit unions tend to be the best bet. 

I recommend walking in the door and chatting with a loan person at one of these institutions.  While phones and E-mail may be more convenient, there can be tremendous benefit in face to face communication.  Go in with a positive attitude, and be polite and listen carefully.  Even if you get the same message, aim to identify a strategy to help you achieve your goal rather than be frustrated.

What actions have you taken to find down payment assistance programs in your community/state?   Do you qualify by income,  credit scores, and debt/income ratios?     It doesn't matter what "alot of people" did because we know nothing about their financial matters or when they purchased, it matters what you are qualified for and what is available at the time you apply.

I'm sorry several lenders were rude when you contacted them.  
  • December 07 2013
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I suggest you talk to the many people who told you that they never put a penny down and ask them to refer you to a lender that will go along with that. I have never known it happen!
  • December 07 2013
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Profile picture for Daniael21
thats the thing I don't want 100,000. There are programs out there for down payment assistance and closing cost. I talk to alot of prople and so many have told me that they never put a penny down so i ask how and its always the same answer through your mortgage company or a bank.
The thing is no one has told me anything they are rude then don't send the paper work they say they will send to my email or never call back. I don't know where to start cause no one will listen and actually take the time to explain.
  • December 07 2013
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Profile picture for wetdawgs
Help us understand a bit better.  If I read your message properly, at the moment you don't have money for a down payment nor do you have money for closing costs but you'd like to purchase a house.    Did I misinterpret?

What is the right thing to do?   It sounds like the lenders have told you, even though it isn't the message you wanted to hear.   Work on saving up that down payment plus closing costs (and more for a slush fund).  Then, I'm sure you'll find a local lender who is willing to consider a loan of ~ 100,000.
  • December 07 2013
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