Understandably, first time home buying can be a bit intimidating. My recommendation would be to consult with a mortgage lender to get an idea on what amount you'd be prequalified for (and how much that translates to in terms of down payment). I work with Century 21 in Coral Springs and we have an in-house mortgage lender that can help you understand the numbers - easily and at no obligation. The whole process of pre-qualification can take as little as 15 minutes; it will help you understand your budget, how much you can afford, and how much down payment you would need to consider. Please contact me for further details, I'd be glad to help.
CENTURY 21 City Real Estate
4500 University Dr.
Coral Springs, FL 33065
Best of Luck,
Century 21 tenace
Susan Penn, PA, SFR, CDPE http://about.me/HomesForSale_SusanJPennPA
EWM RealtorsÂ® | A HomeServices of America Company | An Affiliate of Berkshire Hathaway
2000 Main Street, Suite 103 | Weston, FL 33326
T: 954.306.7337 | C: 954.557.5993 | F: 954.515.0200 | email@example.com | http://www.ewm.com
As a Mortgage Broker who knows more than 99.9% of the rest, look below at this consumer's post and contact him as unlike most of these realtors, he seems to know what he's doing!
Stephen Webber, Home Owner, 98260
You may be able to purchase a home for no money down if you are a first time home buyer and if you have a good agent they will negotiate the seller to pay the closing costs for you.
It looks like you already got a lot of answers related to the mortgage. Now, if you haven't found the right Realtor yet, give me a call. I am a long time Coral Springs resident and I can guide you through the entire purchase process. I have helped so many first home buyers achieve their dream of home ownership. I was a first time buyer once, so I know how confusing the process can be.
I do work closely with honest mortgage professionals that can help you get the loan too. Beware of some offers that seem too good to be true. Some brokers offer to include part of your closing cost in the mortgage but they bump up your interest rate. It may not be worth it!
Hablo Espanol - Falo Portugues
Coral Springs/Parkland Office
Feel free to call me or email if you'd like my help as I'd be happy to help you.
Coral Springs REALTOR
Keller Williams Realty
Your first step is to find an experienced ethical loan officer to help you. Its important to find one who has experience with the loans, grants and assistance available for first time home buyers. Not all lenders and loan officers work with all of the loans and the loan officers will often only recommend the loans they have available. So its important you find all of your options. Sometimes finding the right loan officer determines weather you will be albe to buy a home or how nice of a home you can buy. If you go to the web site Your-Road-Home.com you will find a method outlined for you to help you interview and select a loan officer. After you have read the articles and gather all of the information than come back to Trulia and post your requirements and use the Consultation porcess that is explained in detail on Your-Road-Home to select a loan officer. The articles on the site explain the process of financing and buying a home step by step and it is important to get the steps of buying a home in the right order. The articles are numbered to help you with the best order. And there is an article on credit that will serve you well. Than come back to Trulia. Many good loan officers availabe. Good Luck, Stephen Webber
.....Honestly Steve, after reviewing them, I donâ€™t think we can do any of these. We are pretty vanilla, Straight FHA VA conventional. I will keep your flyer and if I run across anyone we can't help I will send them your way. thanks
1) 100% LTV- USDA/12 mo. into Chapter 13 BK is OK
2) 100% LTV- VA/can pay off debts on purchases too
3) 99% LTV- FHA
4) 96.5% LTV-FHA
5) 97% LTV- No PMI/MI and No 1.75% FHA FEE
6) 95% LTV- No PMI
7) 95% LTV- CONDO purchase
8) 90% LTV- No PMI-2nd Home
9) 90% LTV- JUMBO w/cc
10) 85% LTV- NO PMI Super Jumbo
11) 80% LTV- Invest. Prop.
STATED INCOME ALT loan programs: http://www.StatedIncomeAlt.com
12) 80% LTV- FIX nâ€™ FLIP Invest. Prop.
13) 80% LTV- NEW- Stated Income Alt
14) 75% LTV- NEW- Foreign Nationals- Stated Income Alt
15) 75% CLTV-NEW- after Short Sale, BK or Foreclosure
16) 70% LTV- Soft and Hard Money -Stated Income Alt
17) 55% LOT/VACANT LAND LOANS (by case basis)
18) COMMERCIAL PROGRAMS (many programs available nationwide)
Pro Option Mortgage/Florida
Ph: 888 662 4404
Prior Service U.S. Marine Corps
great question and there is bound to be a very wide array of answers. lending guidelines seem to change more frequently than the weather but we may have an answer for you. We work very closely with 2 lending partners who have 100% financing available, as long as there is room you can even wrap 4-6% closing costs in to the loan. This saves your cash for other expenses such as moving, new furniture etc. Some will say this is a USDA program that works only in rural areas such as Lehigh Acres. But they would be dead wrong! It is available in all of Lee and Collier Counties. You can find a little more information on our website, but i would suggest a consultation in order to get the full overview.
Neil G. Blair-Bennett
An earnest money deposit is the amount of money paid to secure a purchase contract. It is part of your down payment and is generally dictated by local custom. The EMD can vary from a small amount such as $100 or $500, to a larger amount such as $1,000 to $10,000. It is money that can be at risk if a buyer defaults on the contract, known as liquidated damages. It shows you have good faith intentions to buy the home.
Types of Minimum Down Payments
The amount of minimum down payment required will depend on the type of loan that you choose. Each mortgage loan type carries its own guidelines. Gone are the days of 80 / 20 combo loans and liar loans, also known as stated income loans. Today, underwriters closely scrutinize a borrower's ability to repay the loan. They don't want borrowers to overextend themselves and end up in foreclosure or a short sale down the road.
Minimum Down Payment for a VA Loan
A VA loan, created by the government in 1944, is one of the best deals going in America. It offers competitive rates and attractive terms to past and present military members of our armed services. The best thing about a VA loan? No down payment. That's right. Zero down to qualified vets.
Minimum Down Payment for an FHA Loan
Another government program, the FHA loan, has been around even longer than the VA loan program. FHA loans have been part of the American mortgage system since 1934. The minimum down payment requirement for an FHA loan is 3.5%. For a $100,000 sales price, the minimum down payment is $3,500. There is also an MI premium that can be folded into the loan.
Minimum Down Payment for a Conventional Loan
Most conventional loans are fixed-rate mortgages. These types of loans have offered flexible down payment plans in the past but the push for the future is to increase the down payment minimums. While 100% loans are not available, typically you can find, with a high enough FICO score, a loan for a 5% down payment.
There are also 10% down payment and 15% down payment loans. All 3 of these types of loans involve PMI. As time goes on, the push will be for a minimum 20% down payment. With 20% down, there is no PMI.
Conventional wisdom says you should put down as much as you feel comfortable putting down to buy a home. Generally, more is better than less. But don't wipe out your savings account to do it. You will still need to have funds set aside for a rainy day and for things to buy after buying a home.
Here's a very good one: Lisa at 561-400-9478 (cell)
Lisa owns her own company and she know what she is doing!
Meir Aloni & Team
CRS (Certified Residential Specialist)
CDPE (Certified Distressed Property Expert)
RECS (Real Estate Cyberspace Society)
Successfully selling Broward County since 1986!
Direct phone# 954-338-5220 http://www.WeSellBroward.com
All Star Realty Inc.