Since this is the second time in a day that I have seen answers come through on this.... I thought I would take a second to point out that this question was from May. It's great to see so many people willing to help someone out, and reassure them. I'm guessing that at this point Ammie has probably already found a solution, and answer to her question.

Warm regards,

Mel Wagner, Broker/Realtor
Coldwell Banker Mtn. West

I understand your reluctance in talking to a loan officer after all we have read and seen on TV about people being steered into loans that were not good for the borrower. People were convinced that adjustable loans, some allowing the borrower to make minimum monthly payments that increased the borrower's principal. The good news is that most of those unscrupulous folks have left the business. Also, lending institutions have tightened up their lending practices. You will need to talk with a loan officer to find out if you qualify and that person can help you straighten out any weaknesses in your credit record. There are many good loan officers in the Salem area that work outside 9-5 and would love to work with you. I have some listed on my website with other service providers I recommend.

Hello,

If you have not owned a home within the last 3 years, take advantage of the $8,000 tax credit. You have until December 1, 2009 to close.

FHA is a good way to go but I read you have a few thousand saved up. Our zero down program will allow for lower credit scores and even a bankruptcy as long as it's been discharged for 2 years or longer. It is a true 30 yr fixed loan so you won't have any surprises after closing. The program has no pmi (private mortgage insurance) which will save you more money than FHA. Lastly, the seller can contribute up to 6%, of the purchase price, so you can keep your money and use it for improving the home you are purchasing.

I am available evenings and weekends as well and can easily work with your schedule. You can view the daily rate for this program on our website http://www.ambientlending.com

Have a great day!
Crystal Beard
Ambient Home Lending
Toll Free 877-777-9763
Lending throughout the State of Oregon

Hi Ammiegirl808 - I am dual licensed as both a Loan Officer and Realtor and would be happy to help. You can log onto my website at http://www.LetUsGuideYouHome.com 24/7 and fill out your loan application and we can handle all paperwork via email, regular email or I can meet with you at a time that's convenient for you.

Depending on where you are wanting to look for your home in the Salem area, we may be able to find something that works with the USDA Rural Home Loan program. No down payment is required and there is no private mortgage insurance so it helps keep your payment down. It's an awesome program! 2nd option sounds like you'd be looking at an FHA loan as others here have mentioned. It will require a 3.5% down payment. Both programs will allow sellers to contribute money to your closing costs so with the USDA loan, it's possible we could get you into that program with almost no out-of-pocket costs. It doesn't work right in Salem, but if we can looks on the outskirts or towards Dallas, Brooks and stay close around Salem, the program is available.

Hope that helps!
Kelly Gebler
Loan Officer & Real Estate Broker
Sunset Mortgage Co. & Keller Williams Realty

Not all of us keep banker's hours ; ) Applications can always be taken over the phone and documentation can be faxed or e-mailed. Getting pre-qualified is a good idea this way you are not wasting time looking at houses you cannot afford...

With 3.5% down you can go with an FHA loan, credit needs to be above 620, there are a few lenders that will go down to a 580 but you will pay in rate. A Good Faith Estimate won't be in Good Faith without pulling credit, if you feel the need to shop lenders do it within' a few days and all inquiries will count as one where your score is concerned, make sure quotes done at the same time as pricing changes sometime a couple times a day.

Don't let the rate and fees be the only influence in your lender decision listen to your gut and chose someone that explains everything and makes you feel comfortable.

Best of Luck!!

Ammiegirl808 that is great that you a looking to buy your first home. Right now is better then ever to be a first time home buyer. With an $8,000 credit that the federal government is offering, low interest rates and low home prices you should have a great opportunity to buy. Feel free to give me a call, I have a couple lenders that I work with that would be more then happy to let you know what your options are.

Sean Keene
Keller Williams Reality
skeene@kw.com
503-508-4389 http://www.SeanKeene.com

Great Answer! Wow you got some super advice.

Here is the thing. I recommend speaking to more than one source. Try a good local Mortgage Broker, maybe a credit union, and than a larger bank like Wells Fargo or B of A who have lots of programs and money to lend. You need to look at FHA for sure.

You also must specifically ask each lender for a GOOD FAITH ESTIMATE and to "NOT PULL" your credit until you feel good about the options they have offered to you and if they feel the likelihood of success can be good for you.

It is a Great time to be in the market so do what you can to get in and buy!

Best wishes;

Dirk Knudsen
Re/max Hall of Fame

Ammiegirl808:
Congratulations on your decision to pursue buying your first home! Because interest rates are low, special incentives exist (the recent First-Time Home Buyer's Tax Credit), motivated sellers, great housing supply, and lower housing prices ... you've chosen wisely to start your buying process now.
As a mortgage lender, I can tell you that you do not need to be concerned about contacting most lenders during the old-fashioned "banker's hours" or 9 to 5 working day. Most conduct business outside of their offices during extended hours and on the weekends. Also, because the advantages of technology, email, texting, faxing and etc. make "after-hours" possible for business work as well, most lenders are more than happy to work with you in these types of situations.
You mention that your credit is not good due to your divorce, but without actually running a current credit report it will be hard to assist you with any concrete ideas or guide you toward any particular lending program. With the real estate industry in its current state, now more than ever, almost every major component of the buying/lending process is dictated by your credit (FICO) numbers. Until a lender knows those actual numbers, it will be hard to proceed further. The fact that you have been able to save money in this economy speaks very well for you, as does your steady employment. Both of those accomplishments will definitely contribute to the success of buying your home.
My suggestion? Again, don't hesitate to contact a lender soon. The communication may take a little longer given the hours you work, but it can be accomplished either by technological devices or on the weekends.
By starting the process immediately, you accomplish your goal sooner. If there are still credit issues, your lender will assist you in addressing the issues and raising your credit scores. Once in the actual process, the lender you choose to work with will provide you with a complete accounting of the costs and expenses of a loan. They will assist you with pre-qualification, processing, and transaction closing. I would suggest that you find and work with a lender that will provide you continuing services( through their mortgage planning services) after your loan is closed. This service can contribute greatly to your financial future and financial health after purchasing your home.
Keep in mind that the tax credit available to First-Time Home Buyers is available only for purchases made and closed by December 1, 2009. I'd hate to have you tarry too long and miss out on taking advantage of this great benefit.
If I can answer any questions, please do not hesitate to write again. Best of luck to you ...
Gene Mundt, Professional Mortgage Banker
Chicago Bancorp

Also, there are some really great programs out there for first time homebuyers. There is even an $8000 tax credit that you may qualify for. If you would like some information on that tax credit I would be happy to email you some information on that also.

Hi Ammiegirl808,

You can start off by speaking to someone by telephone to find out what options may be available to you. They will ask you some basic questions about your credit history, income, outgoing bills, etc.... Most mortgage brokers are willing to meet after hours to accomodate buyers. If you would like some recommendations to some great mortgage brokers/lenders, you can send me an email to melwagnerbroker@msn.com and I will email you names and contact information.

If your interested, you can search the MLS for free on my website which is referenced below. This will give you a good idea of what homes are currently available in the price range you are comfortable with,.

Good luck!! Please let me know if there is anything else I can do to help you!!

Warm regards,

Mel Wagner, Broker/Realtor
Coldwell Banker Mtn,. West
503-931-1846