Home Buying in Downers Grove>Question Details

DEE, Home Buyer in Illinois

What programs would you suggest for a first time buyer with not so good credit and small down payment?

Asked by DEE, Illinois Sat Jan 3, 2009

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8
My buyers like the FHA program. You do need 3.5% down, but sellers can help with closing costs. Get approved for a loan - not just prequalified. This will help you to know exactly what you can afford! Make sure you have a good faith closing cost estimate from a lender.
Web Reference: http://www.maryvolk.com
0 votes Thank Flag Link Wed Jul 8, 2009
D,

We would like to weigh in and support the notion that FHA may be a very wise choice for your needs.

Good luck
0 votes Thank Flag Link Sat Mar 7, 2009
D, FHA mortgage financing may be the right solution for a first time homebuyer. As mentioned already, FHA mortgage financing requires at least 3% down payment; the down payment can be gift money from qualified sources or grant money from qualified sources. Securing a mortgage, especially FHA, requires an experienced mortgage professional who can quickly prequalify the first time buyer reviewing these four factors: (1) credit (2) earned, reported income (3) liabilities (4) down payment assets. To your benefit, it is best to consult with a mortgage professional who you know, trust and or referred to you.
0 votes Thank Flag Link Sat Mar 7, 2009
D, You can go to this gov.site to see all the available programs. It will also ask some general questions to see which ones you might be eligible for.

http://www.govloans.gov/govloans_en.portal?_nfpb=true&_p…

http://www.ofheo.gov/PublicInformation.aspx?Nav=136
This site will give you a lot of information on mortgages and loans, credit, fraud alerts, ect..very good information here.....

Looking through these sites will give you leads to local programs and give you a good start IMHO..

Best of luck, Dunes
0 votes Thank Flag Link Sat Jan 3, 2009
D- From what you've said so far I would say FHA is your best bet. Best to talk to a loan officer to dig deeper and make sure this is your best path. Good luck!! Below is a link to help you out.
0 votes Thank Flag Link Sat Jan 3, 2009
I'm a license loan officer and Realtor. FHA requires 3.5% down and with a 580 (or close to it) credit score.


Call me with questions.

Jim 630-774-9933
Web Reference: http://ekerry.com
0 votes Thank Flag Link Sat Jan 3, 2009
Contact a mortgage broker who can review your financial records, credit score, debt ratio, employment history, means of down payment. Loan officer can determine which loan program works with your short/long term goals. Keep in mind purchasing a home you receive annual tax benefits. Great time to purchase
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Sat Jan 3, 2009
Sounds like an FHA would suit your needs. If you would like me to refer a buyer agent to help you get started and work with you through the buying experience, let me know. I'll be happy to help.


Lori Rossi
Lori.Rossi@Nemoves.com
0 votes Thank Flag Link Sat Jan 3, 2009
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