Hi Tyler!

If you go to my website, www.buyanewhomeinaz.com, I have listed some great info for first time buyers. There are lots of advantages to buying right now, as many sellers are even offering down payment assistance, closing costs assistance, all appliances and blinds, etc. Many mortgage programs are going away, however, due to the more stringent lending guidelines....and there is a possibility that the down payment assistance programs like Ameridream and Nehemiah will also be gone soon. If you want to get into a home with little out of pocket, you should not delay. Email me at randy@buyanewhomeinaz.com and we can come up with a game plan.

Thu Feb 28 2008, 14:48

Hi Tyler,

You have some things to consider. First off, congrats on jumping into this market. Remember it’s not timing the market that makes you money, its time in the market that sets you apart from the rest. And you can quote me on that. You can apply for a first time homebuyer bond. I would recommend contacting myself, who specializes in first time home buyers. Or if you already have a mortgage consultant, than ask him about looking into that 5% grant. There are a couple options to consider. You can also look into FHA financing. This would require a 3% down payment, but the program accepts gifted funds or even the seller can contribute 3% for you. If you need that type of negotiator I can help with that too .
I have had many clients go through 3% assistant programs. A couple that I have worked with are Nehemiah and Ameridream. FHA loans are real big right now and are making a comeback after the sub prime meltdown. FHA originated during the depression to help save families from losing their homes. Lose lending guidelines made FHA obsolete over the last decade or so, but they offers low interest rates and goes as high as 97% on Loan-to-Value. Remember, these programs are not credit score driven. It’s more employment and income driven.

If you have any questions you can contact me and I can point you in the right direction and assist with the structuring of this loan.

Scott McGrane
Senior Mortgage Planner and Credit Specialist
First Choice Financial Services
602.374.2312 ext 222-office
781.367.2492-mobile
602.374.2305-fax
scott@firstchoicefinancialservices.com
www.firstchoicefinancialservices.com --coming soon

Mon Feb 25 2008, 10:53

The government is offering 5% grant money for a first time homebuyer in Maricopa County. There are certain income and purchase price restrictions.

Wed Feb 20 2008, 15:56

Real Estate Agents are your best resource for looking for homes and heping you in that regard. However most agents are not trained to understand the complexity and day-to-day of programs and ,that is why they always they ask us mortgage advisors what works and what the guide lines are in this ever changing market. The FTHM ( First Time Home Buyer) has goverment guide lines and most of realtors are profound in their ever changing terms) So please ask a qualified mortgage advisor were you stand.

Mon Feb 18 2008, 23:05

Tyler,
The advice given is great. I love FHA and VA loans. Also look into government grants for closing cost. If you work as a city or county employee you can find some great resources at there HR department.

The single best advice I can give is, to make sure you have a Realtor you trust go with you to get pre-approved. At least have them set it up for you.

Sorry, I know some will disagree but it is simple math. You will get the best deal from a mortgage pro that is expecting repeat business from an agent. If you walk in cold or email an internet lender it is a roll of the dice. Also make sure after you get an idea of what you can afford, to get a “good faith” statement with title and escrow fees. Have your agent and mortgage pro go over every charge in detail so you aren’t sort handed at the closing table.
I love first time home buyers, good luck sand have fun…it is fun.

Mon Feb 18 2008, 21:55

FHA and VA looks at your employment income for the last two years for W2 borrowers, Seld employed need tax returns. No FICO score needed by most lenders. However, most weight is on no 30+ lates on trades the last 12 months. If you have 30 day lates letters of explanation will be needed, A debt to income ratio of 36/43% for manual and up to 36/50% for automated DU/LP underwritting. Installment debt with less than 10 months left are excluded from the ratio. If you have any questions call me at 1-800-442-3474 Al Vallecilla Sr Loan Officer Windsor Capiatl Mortgage.

Sat Feb 16 2008, 13:30

Tyler, there are programs out there geared towards first time home buyers. I would start by checking with a qualified mortgage specialist and ask him/her what programs would apply to you. It will depend on your income, your credit score, the price of the home you are looking to purchase, how much you have for a downpayment, etc. If you need more specific help or you need the name of a lender to talk with don't hesitate to send me an email. Good luck.

Rck Dobbles

Sat Feb 16 2008, 09:02

go to a government loan specialist in your area.FHA loans.

Fri Feb 15 2008, 22:15