Home Buying in 53207>Question Details

Eric Brunner, Home Buyer in Greendale, WI

What is the best way for first-time home buyers with little money for down payment, but good monthly income, to buy a home? (specif. a duplex)

Asked by Eric Brunner, Greendale, WI Tue May 22, 2012

Help the community by answering this question:


Troy Miller’s answer
Landmark Credit Union also has a first time buyer program as well where you can get in for as little as 3% down but don't have to deal with the FHA headaches!

There are deals to be had in the market. You should consider working with an agent and have them represent you as a buyers agent...they will work for and negotiate on your behalf and put YOUR interests first!

Troy Miller, ABR, RNG
1 vote Thank Flag Link Tue May 22, 2012
Find an acceptable FHA approved development and you can obtain a Mortgage with as little as 3-3 1/2% down.
1 vote Thank Flag Link Tue May 22, 2012
There are several loan programs that you should qualify for on a single family. I'm not sure why as a first-time home buyer you would want to saddle yourself with that responsibility. Your bank is going to look at overall income and it is still difficult to get financing on multi-families for first-time buyers. If you are considering this for an investment, I'd like to talk with you. I work in Greendale and the surrounding suburbs all the time. And I'd be happy to help.
0 votes Thank Flag Link Wed May 30, 2012
I think your best bet would be doing a rent-to-own type of deal, also known as a lease option. We do this a lot in other states. If you have the regular monthly income, & qualify , and have a little money for a down payment, (or a fee for the option or right to buy), then you should be able to find a deal. There are several investors who advertise for buyers of rent-to-own properties. I'd say look in Craigslist and backpage.com at the real estate for sale, and you should be able to find something, or a company that can explain it all to you and guide you.

Good luck!
0 votes Thank Flag Link Wed May 30, 2012
Find the right loan program. They are many grants and programs offered by various banks.
0 votes Thank Flag Link Mon May 28, 2012
Okay that you for the answers everyone
0 votes Thank Flag Link Fri May 25, 2012
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