Question Details

E, Home Buyer in 54115

I'm a first-time buyer with excellent credit but no down payment.

Asked by E, 54115 Thu Mar 27, 2008

What can I expect when I talk to lenders? It will be not me alone but my fiancee as well.

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BEST ANSWER
Hello,

My fellow Real Estate professionals have both given you excellent suggestions, in my opinion. As a Designated Nehemiah Specialist, I would suggest you visit Http://www.getdownpayment.com and take the Online Homeonwership Education Course, as well as familiarize yourself with the Nehemiah program. The Nehemiah Program can assist with not only downpayment but also closing costs. Ask your realtor and lender about the Nehemiah Program and express your interest in participating. All the best in purchasing your first home! Exciting isn't it?
Web Reference: http://SoldByBasco.com
0 votes Thank Flag Link Thu Mar 27, 2008
fha should not be a problem. You can get the down from the seller through ameridream.
Web Reference: http://getprequalified.com
0 votes Thank Flag Link Thu Mar 27, 2008
Thank you everyone for your great answers! I gave the "best answer" to Chubasco for directing me toward the Nehemiah Project. I have already begun the Homeowner Education Course, and I can see that it will be beneficial. I am very excited as this seems like the 'right time' for us with regards to purchasing our first home.

-Erica
0 votes Thank Flag Link Thu Mar 27, 2008
The good news is that many lenders will find a program that will work for you. You've worked hard to have good credit and it will be rewarded! Ask any professional, respected Realtor in your market and they will put you in contact with a good lender. Working with a lender that is recommended by a successful Realtor, is a wise move, since those lenders want continued business from their Realtor business associates and will make sure that their customers (you!) are happy. They want you to get a good loan and make sure that it closes. Good luck and start shopping. It's a great time to buy!
Web Reference: http://www.maxvogt.com
0 votes Thank Flag Link Thu Mar 27, 2008
Hello,

I recommend you contact a Realtor that maybe someone you know can refer, then ask the Realtor if they can recommend a lender to you. In turn, the lender should make an appointment with you and figure out what monthly payment you are comfortable with and pre-approve you for a certain amount so that you can start looking for homes in that specifed amount. You can interview a couple of lenders if you like, and ask them for a good faith estimate, and compare the two, to see which lender you are more comfortable with.
0 votes Thank Flag Link Thu Mar 27, 2008
Hi. Choose a lender that will work with your real estate agent in communicating your financial needs. You can either get a 100 loan or ask seller's for 3% downpayment assistance. You may also ask for a certain amount of closing costs to be paid by the seller. Of course, you need to take into consideration the amount you offer as a purchase price when asking for other costs to be paid. Good luck on purchasing your first home!
0 votes Thank Flag Link Thu Mar 27, 2008
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