Home Buying in 90280>Question Details

Reyna, Home Buyer in Los Angeles, CA

First Time Buyer, not much of a credit line.

Asked by Reyna, Los Angeles, CA Mon Mar 23, 2009

I want to buy a house in Lancaster, Ca. it is going to be my first time buying a house. But , i only have about 2% for Down Payment for the house. I dont have much of a credit line but i would like to know of a program that can further assist me.

Help the community by answering this question:



I am not sure about California but Missouri is offering a program to first-time home buyers that works in conjunction with the $8,000 credit being offered from the government. Basically, the program allows the buyer to take the amount of the tax credit from the Federal government out as a loan from the State which must be payed back when the buyer receives the credit from their tax return. It works like an advancement and there are penalties if the money is not payed back after the buyer receives the credit from the federal government. The great thing about it is that this advancement allows you to get the money right away to use towards a downpayment or closing costs. There may be a similar program in your state. The website for the program in Missouri is:
Web Reference: http://www.mhdc.com
0 votes Thank Flag Link Mon Mar 23, 2009
If possible the remaining 1.5% can be a gift to complete your minimum downpayment of 3.5%.

There are a couple of other programs that can assist you but more information is needed. Feel free to contact me if you like.
0 votes Thank Flag Link Mon Mar 23, 2009
You need to contact a mortgage broker who can review your entire file and discuss your options with you. Many families who want purchase a home take on part time jobs assist in savings towards a down payment many lenders require 3.5% or more based on many concerns of person financial records.


~ National Featured Realtor and Consultant, Lecturer regarding Credit Repair, Mortgage Loan Officer
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Mon Mar 23, 2009
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