phil answers:

There are a wide range of programs available for down payment assistance. Your loan consultant should be able to give you an overview of all of them. Ask about special state bond programs, and any federal assistance programs. I think Ameridream and Dreamhouse are both national but I am certain that will be some that are local for you.

Also ask you loan consultant about 103% and First Horizon’s 107% loans. The rates are slightly higher but they will also cover some or all of your closing costs.

phil answers:

Check out this site. Www.hud.gov – for first home buyers grant search with search engines.

phil answers:

Contact the Welfare Office and the County Housing Authority and the Veterans Service Officer of the counties in Fla. That you want to move to. They have the information you seek and pass it out to their clients. You may not qualify as a client for them, but the information is public and you may find something that will help you.

phil answers:

First of all work with a reputable real estate licensee. In almost all cases the licensee is paid by the seller if they have the listing or by the agent that has the listing. However to help you research what is available to you here are some research links from our research department that might be able to assist you in knowing what is available to you
Affordable Housing opportunities: http://www.flhousing.org/
Teachers Housing opportunities: http://www.teachinflorida.com/jobCenter/housing.asp
First time home buyer programs: http://www.floridahousing.org/home/
Down Payment Assistance programs: http://www.floridahousing.org/home/homebuyersrenters/fthb/downpaymentassistance.htm or http://www.americandreamdownpaymentassistance.com/state.cfm?code=FL
Orange County Downpayment Assistance Program: http://www.orangecountyfl.net/cms/DEPT/growth/housing/programs/afford.htm
Buena Suerte

phil answers:

The best way to go right now is in a 30 year fixed FHA program. Rates as of today were right around 5.250 which includes all qualifying cost rolled into the loan. Remember you can only go FHA if you can put 3% of your own money down.

If not, than you need to look into the 30 year fixed MyCommunity or the 30 year fixed Home Possible program.

Good luck towards home ownership and let me know if you have any questions.

phil answers:

Hello:

First of all you need to review your budget, to see how much you can afford to pay on your new mortgage payment.

There are various factors that you will need to consider as for instance, price, area, number of bedrooms and bathrooms.

As for the programs, there are lots of programs, but the way the mortgage industry is going through, the banks are getting more strict regarding they way you will qualify for a new financing specially if you are a first time home buyer.

Your credit is very important at this point as that will be your presentation with the lender to see how good or bad you are responsible making monthly payments.

It will help if you come up with some down payment to make stronger your application.

If you have documentation as for instance, pay stubs, w-2 or 12 month bank statements that will be a plus; depending if you are w- 2 wag earner or if you are self employed.

Rates are depending to various factors and some of them will be: % of financing (100%, 97% 95%, etc.) fico score,

Good luck

phil answers:

Go to www.Bankrate.com and you can enter your info. To see what you qualify for. There’s lot’s of other good information there too. You WILL want to educate yourself because the loan process is SO difficult to analyze. For example, the GFE (Good Faith Estimate) is a jumble of numbers that have very little to do with reality. You’ll want to study about closing costs and who pays what. Be sure to go for a fixed rate. ARM’s (adjustable rate mortgage) are the reason so many people have lost their homes to foreclosure.

You’ll also want to learn the difference between a Conventional loan, vs. FHA, FMAC, etc. Get a copy of your credit report from all 3 reporting agencies so you can start cleaning up errors and getting other things pd. Off. It will be worth the time and work, and don’t make any big purchases until AFTER you buy the house. Every time someone pulls your credit it lowers your score. Good luck and be careful looking at first home buyers grant. See if you can find a loan officer you can trust, someone that you or someone else knows for being honest.

This is also a really good site.

Http://www.zillow.com/Home.htm

phil answers:

Bank of America would have many of the same “First Home Buyer Mortgage” programs that every other lender that utilizes Fannie Mae/Freddie Mac loan products does. To get into some of the really good FTHB programs, consult with your state housing authority. In Iowa and Wisconsin, for example, the programs are administered by IFA (Iowa Finance Autority) and WHEDA(similar agency). Many of these are true First  home buyer mortgage programs; down-payment assistance loans/grants, very attractive interest rates and caps on closing costs. Most of the major lenders in your area would know about what your state has to offer and that’s where I would ask first; your Primary Financial Institution (Credit Union or Bank or reputable Mortgage Banker/Broker).

Many people get hung up on First Home Buyer Mortgage programs  and ask for it up front. In truth, this can be an open invitation to an unscrupulous mortgage person to put you into the same loan as they would anyone else and charge you a higher Origination/Discount/Broker fee for their “extra” trouble. Do not be fooled with this. Having been in the mortgage business myself for many years, I have seen this first hand.

Bank of America is going through some major changes. A few months ago, B.O.A. Became a major share holder in Countrywide, with the backing of Berkshire/Hathaway and Warren Buffet (Geico man). Most recently B.O.A. Expressed interest in aquiring an even bigger stake in Countrywide and many insiders believe they will end up with a huge chunk of CW.

Ultimately, you should look and your Primary financial Institution first for your mortgage advice (not a realtor for heavens sake) and for first home buyer mortgage as it is about who you have a relationship with and who you trust. If that is B.O.A., then go there. If not, go to your credit union or bank where you have your other accounts. Chances are they will help you as much as anyone make the best financial decisions.

phil answers:

There are a few things that can happen, but normally if you have reached this stage of the approval, you would normally be ok.

You should and have the responsibility to stay abreast of the procedures as they unfold. So you should get the telephone numbers or all the professionals involved in your transaction. The title company, escrow closing agent, loan consultant, real estate agent, insurance agent and any other you have had contact with.

Make sure that if there are things needed from you, make sure you get them to the requesting party immediately. This will prevent unnecessary delays in your Transaction.

Always ask if things are going ok and if there is anything necessary for you to do. Find out when the loan docs are to be prepared and ready for your signature.

Make sure when you do sign loan docs you have spoke with your loan consultant to find out the interest, length of the mortgage, monthly mortgage payment, late penalty.

Now when you sign your loan docs they should match exactly what you and your loan consultant discussed. If not please don not sign the loan docs, call your loan consultant and discuss t his discrepancy with him/her.

Signing the loan docs will lock you into the first home buyer mortgage with no way out. So make sure everything is correct on the loan docs.

Once the loan docs have been signed you should find out when the loan will fund that this the day the lender will wire the mortgage to the title company.

You should make sure you are in contact with with your closing agent to set up a date and time for your closing.

The main thing is to stay in constant contact with those that are helping you and not wait for them to call you. They are working for you and you are paying them in the form of fees and points.

I hope this has been of some use to you looking for first home buyer mortgage, good luck.

“FIGHT ON”

phil answers:

If you could get a FHA loan the minimum required down is a 3.5% out of $140K that would be $4900. On a $140,000 loan the monthly payments would be with a 7% (worst case scenerio) fix interest rate would be is $931.42. You have to add taxes to that $931.42 monthly payment which vary froms state to state. In CA it is about 2% which would be aroud $230 extra a month. So you guys are probably seeing a total of about $1200 a month. That is totally duable with both your incomes. Ask yourself if one of you guys loses their work can the other one make the payment? Good luck.

Also you may have to get Private Mortgage Insurance (PMI).
PMI is extra insurance that lenders require from most homebuyers who obtain loans that are more than 80 percent of their new home’s value. In other words, buyers with less than a 20 percent down payment are normally required to pay PMI.

phil answers:

Yes there is a way, some banks allow you to do what they call “stated income, stated assets” that is a program that allows the borrower to state their income to whatever (within reason) to make them qualify for the loan. The down side is the intrest rate is a little higher than normal usually about .50 of a %. With that kind of down payment I could get him into a home fairly easy, and depending on his credit score he may not have to put all of his money down. Email me if you are intrested, i can give you more advise or even help you out with it.

phil answers:

Now there will probably be many that will disagree with me but here goes….

I’m a Realtor and I have experience first hand as the market and the mortgage industry was changing. The brokers were not able to close deals as often (didn’t say they couldn’t) as they could in the past.

Brokers shop for loan products and lenders already have them. And most of all, the brokers which are able to get you a loan through a traditional lender, has their cut in the process fees.

My advice is to get through an online site such as bankrate.com (I’m sure there’s others) and see who has the best rate and go talk with them about their closing cost fees to compare. It’s a little work, but you will save in the end.

Lastly, as I represent sellers and an offer has a pre-approval from a mortgage company, I don’t give it the same consideration as a direct lender.

phil answers:

No. An investment mortgage is regular. If it is not owner occupied it is an investment, pretty simple to understand.

phil answers:

Try to get information on the internet for a 100% loan and for first home buyer mortgage.

phil answers:

First home buyer grants and programs vary from county-to-county.

THE best way to find out is to check with the county where you live AND the county and municipalities where you think you are going to be living.

Thanks for asking your Q! I enjoyed answering it!

 

phil answers:

Tampa certainly is a nice place to live. My in-laws lived there in the winter. People sure seemed friendly there – I bet it wouldn’t be difficult to get the specific answers you need about first time home buyer programs just by asking at a few lenders. If they can’t help you, I’ll bet they’ll refer you to a lender who can.

About down payment assistance – if you can emotionally cope with governmental bureaucracy, HUD ( www.hud.gov ) can definitely help you. Their ADDI (American Dream Downpayment Initiative) program is wonderful. They have other programs, too, as do many State and Local governments.

There are a lot of “charitable” down payment assistance programs out there. Most of them require the seller to fund your down payment AND they charge you, the buyer, a fee! Why not just goto the seller yourself directly and put a clause in your Sales Agreement that the seller shall give the buyer $xxxx.xx at closing? Oooops, that’s a question, and I’m supposed to be giving an answer. Sorry.

My parents used to tell me: “You only get one chance to make as first impression.” Similarly, you are only a first time buyer once! There are many fantastic deals on mortgage loans that are only available to first time buyers. Ask around. Local banking/lending communities tend to be helpful and unselfish (“we don’t have a good program for you, but ____ does.”)

My website has many articles about these very topics. Please feel free to contact me through the site and ask any more detailed questions you may have.

One last thing: DON’T DELAY in applying for the down payment grants! As soon as you start thinking about buying a home, get going on your grant process. HUD, or just about any other source, does NOT evaluate your intended property when deciding whether or not to give you money for your down payment, just your individual “qualifications.” A common requirement (which was not a problem for me… Or almost anyone I knew) is that you cannot make very much money.

Best of luck to you.

phil answers:

Http://grants.gov/ great link for gov. Grants.
Http://www.nhhfa.org/rl_links.cfm
http://www.hud.gov/local/index.cfm?state=ny
http://www.usa.gov/

hope these help
GOOD LUCK!!

phil answers:

On a federal level your tax money is not going to buy anyone houses. There are no federal grants to increase the profit margin of buyers.

Any first home buyer grants you might qualify for would be local, to your state, county of city. I only know of 2 counties in the country with grants right now. That does not mean there aren’t more though.

Your LOCAL lender, in your city, will know about every program available to buyers where you are. You need to ask them, they will know if you qualify as well.

phil answers:

You can look for FHA, HomePossible, MyCommunity mortgages…..they help all the first time homebuyers who want to get first home buyers loan

phil answers:

There are non-profit agencies that will give you money for downpaynt/closing costs. A lot of times you’ll need to attend a home buyer education class, which is good to do anyways before they give you money. Talk to a Realtor who can point you in the right direction since you can no longer use ameridream/nehimiah and such. A good lender should also know where to send you. To play it safe go to a bank/mortgage lender and NOT a mortgage broker. ( I don’t have time to explain.. .just trust me on it.)

One more thing.. Depending on where you live…. HUD homes can be purchased for $100 down, you can ask for closing costs when you send the offer… And hud will give you $2500 for closing costs! I have sold 7 HUDs where the buyer’s got a check at closing. You still need to put a deposit (which you get back) and pay for inspection and possibly an appraisal.. But that’s only around $500 to get a house! You can’t even get a car for that these days.

phil answers:

As long as you are approved and purchase a property prior to Apr 30, 2010 and close on this sale by Jun 2010, you are qualified for the first home buyers loan (program). The sale must not be between relatives.

Buying a house is a step by step process, this is the first step you should take in order to purchase a house. The rest of the steps will fall in place, no matter the type of property you are purchasing.

In order to find out the type of loan programs you are qualified for you will have to fill out a loan application, with a mortgage broker, which you can find one in your local telephone book.

Make sure this mortgage broker or mortgage banker is able to do government loans such as FHA and VA loans if you qualify for one.

He will fill out this application, which takes awhile so grab your favorite beverage and sit down. Once you have completed the application, he will run your credit report which will have your credit scores. These credit scores will determine your interest rate.

The amount of your monthly debt payments you are required to pay as per your credit report and the amount of mortgage you can take on based on your income will determine the amount of house you will be able to purchase.

When you speak with the mortgage broker about first home buyers loan you will need the following documents to complete the loan application, there will be others, but this will get you started.

#1 One month of pay stubs for each person that will be on the mortgage.

#2 Six months bank statements from each bank in which you bank as well as statements from any 401K from you place of employment.

#3 Two years of federal income tax along with the W-2 that match.

Once he has all that he need to do he can then issue you a pre-approval letter so you can purchase a home. In this pre-approval letter will be the amount of house you are qualified to purchased.

Once he gives you this pre-approval you may now find a real estate agent to find yourself a home or he might have a referral.

Now make sure before you get your pre-approval you and your mortgage broker go over all your options as to the mortgage programs you qualify for, the interest rate, monthly payments.

If you are getting a FHA, fixed rate, two loans to eliminate PMI like an 80/20 or one loan, if you are qualified for and approved for a 100% loan.

You should select the loan that best suit your financial condition at the time. That could be an adjustable rate loan. It could be a fixed rate loan for 5 or 10 years and then adjust. Some adjustable rate mortgages only adjust once.

Make sure your mortgage broker explain all your options so you may make an intelligent decision.

What might be good for one person might not be good for you, in other words just because your friends and all your real estate buddies are telling you about the great fixed rate they got, your financial situation might call for something else.

So select the best option with first home buyers loan for you and your financial situation.

You should also get a Good Faith Estimate (GFE) which will indicate the cost you will have to pay for getting this loan. It will also indicate the amount of your down payment.

Once you have found a home the real estate agent will then prepare a contract for you and the seller to sign.

Your mortgage broker will now order an appraisal to show proof of the property value.

The mortgage broker might ask for additional information or documentation, don’t get all up tight this is normal, just supply the information or find the documents needed.

After the appraisal has been completed you will be called by your mortgage broker to sign your loan docs so you can take possession of your new home.

Before signing any loan docs make sure they say exactly what you and your mortgage broker went over when you decided on what mortgage program was best for you.

I hope this has been of some benefit to you, good luck

“FIGHT ON”

phil answers:

It will be easy enough for you toget it BY YOURSELF. If your fiance is in debt, do not put him on it. My wife and I got aa 147,000 dollar loan and our income together was around yours. Our credit was a little higher, we could have gotten a bigger loan if we had more credit history.

phil answers:

As a first home buyer planning to build, you will either get $21,000 (under the new grant) or $14,000 (under the old grant) as you’re building. You would get $7,000 under the old grant and $14,000 under the new grant if you were purchasing an existing dwelling. It does however depend on when you signed your contract. If you have approval from the bank, yet have not signed, I’d say you will be eligible for the new grant, but I would double check as to the exact date the new grant comes into effect, you wouldn’t want to miss out by a day or two.
You do not automatically receive the first home buyer grant if you are a first home buyer, you must lodge an application and will then be assessed (the assessment is pretty much just making sure this is your first home, you should be right.)

phil answers:

No such thing as a grant for that there is an $8000 first time homebuyers credit from teh Govt – you have to close on the house by Nov 30, 2009.
You still have to have very good credit, and enough income to afford the mortgage and you will need 10-20% of eth house price for down payment and closing costs.

There is no guarantee you will be approved for anything – if you qualify, you better start the process if you want to close by the end of November-in can take several months to find the right house, agree to a sales price, get a mortgage, inspections, appraisals, title search, schedule closing, etc

phil answers:

The two grants probably would not impact one another. However, I would still check with your State housing program to see if you can apply for a first home buyer grant and if applying for the school grant would cause any issues.

Good luck!

phil answers:

There is no such thing