Home Buying in Brockton>Question Details

Chris, Home Buyer in Brockton, MA

I am going to be a first time home buyer. I am wondering what kinds of loans/programs are available. I am

Asked by Chris, Brockton, MA Fri Jun 27, 2008

also considering purchasing the home with a friend and I know i have better credit than he does. What are the risks i have with doing so? How can i protect myself?

Help the community by answering this question:

Answers

10
BEST ANSWER
Hi Chris:

Congratulations on your decision to buy a home now. Given the decline in prices and the lowest interest rate in years this can be a great time to buy. The government's new tax deduction makes it even more adventageous for a first time homebuyer.

Especially for first time homebuyers there are many programs available. If you are thinking of buying in Brockton there is a great program for short sale or bank owned properties. This program has a lower interest rate, closing costs and down payment restrictions.

There are many other programs which vary by your circumstances, such as income and credit score. You mentioned that your friend's credit was not as good as yours that is something that could be discussed and possibly fixed.

I do alot of work with first time homebuyers and would love to work with you. My experience can help you navigate the financing and purchasing procedures. Give me a call at 774-766-8439 and I would be happy to speak with you.

I look forward to working with you,

Barbara Brant
Realtor, LMC
Debbie Blais Real Estate
cell 774-766-8439
0 votes Thank Flag Link Mon Feb 23, 2009
There are a number of first time homebuyer programs nationwide that are currently available. Check with American Home Grants Down Payment Assistance Program http://(www.ahgfunding.org). With respect to the risks involved in buying property with a friend, you will need to consult with a real estate attorney who will be able to give you advice on how to protect yourself in this situation.
Web Reference: http://www.YvonneBaker.com
1 vote Thank Flag Link Fri Jun 27, 2008
Hi Chris As a First Time Home Buyer have you been keeping current with the Housing Stimulus Bill which was signed by the President this week, a key factor for you is the $8000 credit offered if you meet the criteria. Please check out my website http://www.8000credit.com - I would be happy to answer any questions you have or refer you to the proper source, this is a wonderful time to be a first time homebuyer due to the $8000 Credit, vast selection of properties, motivated sellers, and of course the favorable interest rates. Any questions please contact me.
Web Reference: http://8000credit.com
0 votes Thank Flag Link Sun Feb 22, 2009
Chris, as Ken states, stay clear of buying a home with a friend as a co-borrower - especially if his credit is worse than yours.

Here are some links to some useful sites with information for first-time homebuyer programs in Massachusetts:

MassHousing at https://www.masshousing.com/portal/server.pt?open=514&ob…

Massachusetts Housing Partnership at http://www.mhp.net/

Housing and Urban Development at http://www.hud.gov/local/ma/homeownership/buyingprgms.cfm

I trust you'll find the information contained in those websites beneficial.
0 votes Thank Flag Link Fri Nov 28, 2008
Hello Chris- I am a Mass and NH mortgage lender and in fact I just put on a Homebuyer Seminar a few weeks ago. The main points I would say regarding your situation, as far as buying a home a getting approved for a loan are-
1. I would stay clear of buying a home with a friend as co-borrower and co-owner- for many reasons.
2. If this friend has worse credit than you, the bank will only use his FICO/ credit score in determining their loan approval. So you may not qualify with him, and if you do- it will be at a higher rate and higher fees.
3. Depending on the town, (not Brockton), if you buy in a small town there may be available 100% financing programs still around.
4. More than likely, you will need to come up with a minimum 3% down payment- for an FHA mortgage. Some or all of that 3% can be gifted from a relative if needed.
5. Rates have gone up twice today. The market is very volatile. Once you find a place and get an offer accepted, you need to check with your mortgage officer and see if it is a good time, right at that moment, to lock in your rate- for 30-45 days usually.

If you need any further help with any of that, or maybe even a pre-approval, please feel free to contact me.
Thanks, and Good Luck,
Ken L.
0 votes Thank Flag Link Fri Oct 10, 2008
Hi Chris:

I am a Realtor who does alot of work with first time home buyers and would be glad to work with you. You can give me a call at 508-946-0444.

Barbara
Debbie Blais Real Estate
0 votes Thank Flag Link Fri Oct 10, 2008
I'm also a first time homebuyer and several people recommended I take a homebuyer seminar. I registered for one this month. These seminars educate buyers about finance opportunities and other perks for the first time buyer also tips on budgeting, insurance, closing, etc. Google Homebuyer seminar and your town to find one in your area.
0 votes Thank Flag Link Tue Jul 1, 2008
When a foreclosure say "owner occupied", it is talking about the buyer. Most Real Estate companies have agents who are educated about foreclosure purchases. First time home buyers have many options for programs. There is Ameri-Dream, Step-Up, First Step, depending on what area you live in. If you purchase a foreclosure,or any other home, there are tack-on loans, such as 203K, that will allow you to borrow money for re-hab purposes for a home in need of repair. Your best bet is to find a great Buyer Agent, one with an ABR, to help you navigate your search!
0 votes Thank Flag Link Fri Jun 27, 2008
You are correct. . . any questions pertaining to risks, rights and remedies with respect to the purchase and sale of real estate will have to be answered by an attorney. Have patience and you will find the right property for you and your friend. Good luck.
Web Reference: http://www.YvonneBaker.com
0 votes Thank Flag Link Fri Jun 27, 2008
I thank you for the info. I looked at that site, and there is a restriction that limits the use of the program. The house need to be "owner occupied" so i'm assuming foreclosures are right out of this equation. I'm not sure that will work as I am seriously considering looking at foreclosures. Also, I understand i will need to talk to an attorney regarding how to protect myself. But what are the risks i assume when purchasing with a friend? How difficult can it make selling? etc... Should the attorney also be who i ask that?
0 votes Thank Flag Link Fri Jun 27, 2008
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer