Mike Yun, Broker
Jameson Real Estate
Please remove me now from recipient of updates that are initiated from this question and string of answers. Thanks.
YOU MUST GET GOING ON THIS NOW. Deadline for your home purchase and escrow closing is closing fast ... and is November 30, 2009. Contact your REALTOR today and get going for your home purchase and qualify for this tax credit.
Harrison K. Long
Realtor and broker, Explore group, Coldwell Banker Previews, Irvine, CA.
I would recommend contacting a broker or lender who is FHA approved to get pre-approved as soon as possible. A pre-approval is a commitment to lend from a bank. This commitment to lend allows for borrowers to close very quickly once a home is found. When a borrower has a commitment from a lender, it can drastically improve the negotiation of a sales price with a seller since it is as close as a borrower can get to actually having the cash in hand to pay for a home.
Finally, keep in mind that FHA rates are not determined by the Federal Housing Administration, but rather the individual lenders who are approved by the Federal Housing Administration to approve FHA mortgages. Therefore, be sure you're getting the lowest FHA rate possible.
I hope this information helps. Best of luck!
Total Mortgage Services
Sr. Loan Officer
You can get specific information, compare options, or take a short questionnaire to determine your eligibility for each program. (Hud, FHA, Rural Housing, Veterans ect.)
Good luck, Dunes
Based upon the limited information you provided, chances are pretty good. You would be looking at an FHA loan, assuming you are not a veteran and do not have your certificate of eligibility.
If you want to get into specifics, don't hestitate to contact me.
Senior Vice President
3933 75th Street
Aurora, IL 60504
Keep in mind you receive annual tax benefits owning a home.
National Featured Realtor and Consultant, Mortgage Loan Officer, Credit Repair Lecturer
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1. Extremely competitive interest rates
2. Lower downpayment requirements
3. Ease of qualification
In addition to these three items, there are a few areas where FHA usually excels. For example, if you are looking to purchase a home that needs upgrading (common these days with all the foreclosed and distressed sales, and reduction in developer activity), you may find either the streamlined 203k or 203k after improved value mortgages very useful. These programs are much more common now, many of the best deals on the market are distressed and have difficulty fitting into the normal residential mortgage program. They allow you to purchase a home, with a low down-payment, borrow the money to make necessary repairs or renovate, and have no payments for six months to complete construction. Afterward, the loan is recast into a traditional FHA mortgage. There are a few conventional lenders I know of with a competitive product, but their credit score requirements are much tougher. My construction group works with FHA 203k Programs, but many don't. 203k requires that the contractor have funds to start and gets reimbursed through the 203k program via a draw schedule, so keep this in mind if you have a contractor, or plan to act as your own GC.
Individuals with a large down-payments and very high credit scores may find the conventional market appealing. It really is, as mentioned by a few agents earlier, a conversation you should have with a few lenders. Construction loans in the conventional market are very tough to obtain.
Keep in mind that the FHA is a little tougher to navigate in the condominium market. There are some changes looming regarding FHA approval, spot approvals, owner occupied rates, etc that will greatly affect buyers ability to use FHA financing in condo purchases. Working with an experienced agent and a knowledgeable lender is crucial.
I refer a few trusted lenders to my clients. A lender who excels at 203k may not be the same one who excels at conventional lending. Talk to a few to get all your options.
Either way, best of luck and feel free to contact me with any questions.
Find a Realtor who is knowledgable of 1st time homebuyers and the proggrams available and you should be successful.
If your looking for a condo, it may be more difficult to find a building that qualifies for FHA and if you want a house, you might not be able to get a short sale or foreclosure if they need a lot of work because FHA is picky about the condition of the property. FHA 203K loans can also be a possibility for a property that needs work and this lender has much experience with those also.
Remember to request a "Good faith estimate" from each. This is a written account of rates and programs that are quotes to you by the agent.
The Eckler Team