Home Buying in Reynoldstown>Question Details

Rosalyn, Other/Just Looking in

Want to buy a home but no down payment. Where do you start?

Asked by Rosalyn, Mon Jun 18, 2012

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Rodney Mason’s answer
There are a variety of down payment assistance programs depending on your actual qualifications.

Getting Pre-Qualified is the first step. You can submit a Pre-Qualification request online at http://www.rodneymason.com.

Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing
0 votes Thank Flag Link Tue Jun 19, 2012

You'll find several flyers on downpayment assistance at the link below. Looks like you're interested in the Reynoldstown area. Please be sure to click on the Atlanta link on the left side of the screen for a pretty good breakdown on the programs available there. I serve most of Metro Atlanta, including Reynoldstown, and would appreciate the opportunity to serve you. If you are not currently working with an agent, please call on me to get the process underway.

Solomon Greene
REALTOR® Keller Williams Realty Atlanta Partners
(678) 775-2677
1 vote Thank Flag Link Tue Jun 19, 2012
How far to you want to drive? Find a lender who will do USDA loans, if you are not in the military or a vet to qualify for a 100% VA loan. A USDA loan has low rates & fees to help you get into a home, but there are geographic borders where your home be within.

Good luck,

Roswell Moore, CMPS
Certified Mortgage Planner
480-422-5095 direct

We are a Direct Lender, Mortgage Bank where we originate, process, underwrite, fund, AND SERVICE our loans, in-house, with FHA (starting at a 580 score AND still only 3.5% down), FHA Streamline loans (NO minimum credit score, NO appraisal required) Go Green rehab loans, HomePath, Investor Friendly (10 financed properties), VA, USDA, Jumbo, Conventional, plus, we allow Escrow Hold-Backs!
0 votes Thank Flag Link Mon Jun 18, 2012
There are a number of downpayment assistance programs available to you qualify. If you purchase a HUD foreclosure you may qualify for $100 downpayment. Other programs can provide can provide up $4000 or $5000 in assistance if you can put $1000 dollars of your own money down. In the City of Atlanta, you could quality for tens of thousands of dollars. Income limits apply to the programs. I can assist you with information on the programs and then can provide loan officers who are experienced in these programs. Please contact me if you would like more information.

Galt Porter
Real Estate Consultant
Solid Source Realty, Inc.
Member - Atlanta Commercial Board of Realtors
CPDE - Certified Distressed Property Expert
REOS - Foreclosure REO Specialist
RESS - Short Sale Specialist
State Registered Real Property Appraiser
Office 770-475-1130 X8837
Cell 770-529-6922
0 votes Thank Flag Link Mon Jun 18, 2012
10 Ways to Prepare for Homeownership

1.Decide what you can afford. Generally, you can afford a home equal in value to between two and three times your gross income.

2. Develop your home wish list. Then, prioritize the features on your list.

3. Select where you want to live. Compile a list of three or four neighborhoods you’d like to live in, taking into account items such as schools, recreational facilities, area expansion plans, and safety.

4. Start saving. Do you have enough money saved to qualify for a mortgage and cover your down payment? Ideally, you should have 20 percent of the purchase price saved as a down payment. Also, don’t forget to factor in closing costs. Closing costs — including taxes, attorney’s fee, and transfer fees — average between 2 and 7 percent of the home price.

5. Get your credit in order. Obtain a copy of your credit report to make sure it is accurate and to correct any errors immediately. A credit report provides a history of your credit, bad debts, and any late payments.

6. Determine your mortgage qualifications. How large of mortgage do you qualify for? Also, explore different loan options — such as 30-year or 15-year fixed mortgages or ARMs — and decide what’s best for you.

7. Get preapproved. Organize all the documentation a lender will need to preapprove you for a loan. You might need W-2 forms, copies of at least one pay stub, account numbers, and copies of two to four months of bank or credit union statements.

8. Weigh other sources of help with a down payment. Do you qualify for any special mortgage or down payment assistance programs? Check with your state and local government on down payment assistance programs for first- time buyers. Or, if you have an IRA account, you can use the money you’ve saved to buy your fist home without paying a penalty for early withdrawal.

9. Calculate the costs of homeownership. This should include property taxes, insurance, maintenance and utilities, and association fees, if applicable.

10. Contact a professional real estate agent. Find an experienced professional who can help guide you through the process. Once you are ready to purchase, feel free to contact me.

Fred Yancy, Broker
Crye-Leike Realtors
(678) 799-4663
0 votes Thank Flag Link Mon Jun 18, 2012
You've got to have a hight credit score, and you've got to pay down as much of your other debt as possible. You've got to practice good credit habits and find a lender who is willing to lend to you.
0 votes Thank Flag Link Mon Jun 18, 2012
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