Home Buying in Brandon>Question Details

sara, Home Buyer in 33511

Are piggyback mortgages a things of the past?My husband and I are interested in purchasing a home in Brandon

Asked by sara, 33511 Wed Dec 24, 2008

for 180,000(way under budget considering out income is over 113,000 a yr,we have little debt and good to great credit. Our problem....we have currently only have about 2000. for a down payment. I am aware they used to do piggy back mortgages to supplement for a down pymt but is that just a thing of the past? Are there other programs out there for down pymt assistance?

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Starting Jan 1 FHA will require 3.5% down payment however there are other options such as gift funds from a blood relative. You should seek out a qualified mortgage specialist to help you. I've used Al Shariati from Manhattan Mortgage Corporation in the past he is very helpful and not pushy. If you'd like you can email him at ashariati@mmcloans.net.

Good luck!

Jeff Gould
0 votes Thank Flag Link Mon Dec 29, 2008
Sara,
Call and speak with a loan officer at the bank you do business with. Starting the 1st of the year, FHA requires 3.5% down or $5,400. in your example. I doubt with your income you qualify for down payment assistance but if you or your husband have not owned a home in the last 3 years you will qualify for a $7500. tax credit from the IRS good if you purchase before July 1, 2009.

You can use gift funds if your parents are able to help.

Good luck and get to saving.

Phillip.Moody@PrudentialNetworkRealty.com
0 votes Thank Flag Link Sat Dec 27, 2008
Mortgage broker is your best resource who can review your financial files, however majority of loans require more of a down payment. 80/20 loans are thing of past.
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Wed Dec 24, 2008
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