Looks like you have some solid advice from the local REALTORs already so I'm not going to repeat the same advice...my advice is. just don't listen to "NON REALTOR", "Just Looking" from the USA. Listen to the advice of a REALTOR who makes his or her living in the area you are interested in.
"What if you loose you job?"...seriously?
If you have 20% down congradulations you can afford a better house. If you don't then, "YES" you can find an FHA loan that allows you to only put 3-5% down.
It's a buyer's market right now and we don't know how much longer it will last. Interest rates are good now. In six months they could be lower but I believe they will be higher.
Century 21, REALTOR
It's as simple as this. If you can qualify for a loan right now, as stated by others below, an FHA (Gov't backed) loan is the way to go for yourselves, first time buyers.
All you need to have is 3% of the purchase price for the down payment.
You can ask the seller to pay all of your closing costs, and in this market they usually will conceed to at least some, if not all of it. All my clients have been going that route.
If you want to buy a house for $100,000, all you need is about $3000 in cash.
Also, right now if you buy in Indiana you can qualify for a 1 time $5000 tax credit. Ask for details on this. This is only available to first time buyers in Indiana, and it expires early next year.
Hope this helps!
Century 21 Scheetz - The largest and top selling firm in the state of Indiana
317-702-2881 - Cell
At this time the downpayment for FHA financing is 3%. There will be an increase to 3.5% in coming months.
This will be your best option for the lowest rate with the least amount of money down.
Check for first time home buyer programs in your area also. There may be grant or bond money available through the state or below market interest rates.
If you have the money my advise would be to put 20% down and do a 15 year mortgage. You will have your house paid off so much earlier and have equity right away. If I were your Realtor I would ask for closig cost asssitance if you were comming with 20 percent down. 5K is a good number for closing costs especially if you are not asking for assistance. I appauld you husband for wanting to put down 20 percent. Make sure you talk to your mortgage rep about a 15 year loan. Also please call me with any other questions
Office 317 883-3333
a very good question and one that I have heard from several people in the last couple days. To own a
home that will qualify for an FHA loan, my Dad was Director of FHA for 20 yrs, you need only put down 3.5% of the purchase price. Closing Costs typically run 3% of purchase price. However, I have negotiated
for the seller to pay the closing costs for my buyers many, many times. You are probably hearing
financial consultants saying this is a great time to buy a home. It certainly is. Everything is in
your favor - a buyer's market and low interest rates. If you would like to meet me and talk over a cup of coffee, or walk through a few homes together, give me a call. Best of Luck, Marita Topmiller 513-4652, firstname.lastname@example.org
You may certainly qualify for an FHA loan, which requires a 3% of your own funds into the transaction, which may be gifted. (This will be going up to 3.50% in January) In addition, USDA loans allow for 100% financing, based on property and income eligibility. There are many areas in Indiana that are eligible.
Both loans allow for seller assistance towards closing costs.
Please feel free to contact me and I will let you know which loan you qualify for. I am a direct endorsed HUD underwriter and have been doing government loans since 1992. It would be a pleasure to assist you in meeting your finacial needs.
I wish you and your husband good luck! There are many good deals out there.
United Mortgage Corp
Right now I don't know if I can help you or not, however if you can give me about 25 minutes of your time to help you clarify your goals and what is important to you, you will then have a place to start, whether you work with me or another Realtor. The there is still FHA 97.5% and seller paid closing cost, in fact for HUD bank owned homes there is currently a $100.00 down program for first time buyers.
Best of luck,
CENTURY 21 Realty Group I
I would be happy to answer all your questions.
I have over 21 years of experience in the mortgage lending business.
FCM Direct Lenders.