If you are a first time homebuyer....... Call Commerce Bank. They have a first time homebuyers plan which you may qualify for, and only have to put 5% down + closing costs of course. The interest rates are nice too. It works similar to FHA, but they have thier own rules and regulations, etc. Call, it won't hurt and it certianly could help.

Why not structure the transaction in a different way. 1st, inquire BoA of more conventional options, then approach other lenders for comparison; request a GFE from each lender. You may discover that downpayment requirements will differ from lender to lender and from product to product. Next, restructure the transaction so that you are getting a Seller's Assist to defray some of the soft costs that will accompany your deal; this may actually result in lower costs than the 'No Fee' loan.

Your Realtor should be guiding you through this aspect of the transaction.

Consult your buyers agent to get referred to another lender to see if there is another program that can help. This work probably should have been done ahead of time so there would be less obstacles but it could still work. Contact us via our site below - we answered your other questions as well. Solutions are out there - you just have to know where to go.

It depends on many factors. I am a mortgage broker, so i do not have one set of guidelines.

Call me at 215-852-4469.

I went with a local credit union and just closed in the beginning of july.. 5.19% interest with 5% down in a stable market and 10% in a declining market. There were income restrictions on this but I don't think I could have beat this deal since I didn't qualify for FHA since I already owned a home under FHA. Shop around!

Congratulations Ronnie! I would call a mortgage broker since they can shop your loan around to several different banks and get you the best rate.

Ronnie,

FHA only requires you to put 3% down. Your debt to income ratio will still have to be within the standards. If you know your monthly debt I can let you know you qualify and at what rate. I'm in the office now 856-685-1651.

Ronnie,
Most Lenders have tightened their guidelines.I have several Lenders with different criterea. I would be glad to shop your loan around and see if anyone else can do better. Feel free to contact me. The best of luck to you!
Michael


Michael D Delp
Mortgage Pro
4802 Old Bethlehem Pike,
Telford Pa. 18969
Ph- 215-453-1025
Fax- 215-453-1012
Cell- 610-762-0318
michaelddelp@aol.com
michaelddelp@verizon.net http://www.mortgagepro.instantlender.com

Don't go through the banks. Find a good mortgage broker. Look for FHa and first time home buyer programs (if you are one). Also, don't get a vehicle loan until after the purchase of the home. This may actually harm your credit.

Banks will have you jumping through many hoops...

Call Wells Fargo or another lender. Ask about FHA. Not sure why they want 15%, sounds high.