No closing costs
No down payment
No perfect credit
Lowest, fixed interest rate for 30 years
Use the closing costs you receive from the seller to buy down your interest rate
Take out extra money to remodel a home, buy new appliances and more by having it added to your loan
My sister purchased a home with the NACA program in December of 2007. I promise that they delivered everything they promised with their loan product. Their funding comes from Bank of America.
My sisters interest rate is 3.8% fixed for 30 years. My client last week closed on a home at 1.6% fixed!!! She did put additional money down.
Right now their interest rate is 5.6% (just checked for you) - and everyone receives this rate regardless of their score. I also just checked to verify that it is offered in your state and it is in Kansas City and St. Louis, MO.
I am purchasing my next home with a NACA loan and I have excellent credit!
Promise me you will at least check in to it! It will be a blessing to you!
--Donâ€™t Buy a Car, and apply it to any major purchase that would create debt of any kind. This includes furniture, appliances, electronic equipment, jewelry, vacations, expensive weddingsâ€¦
--Donâ€™t Move Money Around
When a lender reviews your loan package for approval, one of the things they are concerned about is the source of funds for your down payment and closing costs. Most likely, you will be asked to provide statements for the last two or three months on any of your liquid assets. This includes checking accounts, savings accounts, money market funds, certificates of deposit, stock statements, mutual funds, and even your company 401K and retirement accounts.
If you have been moving money between accounts during that time, there may be large deposits and withdrawals in some of them.
The mortgage underwriter (the person who actually approves your loan) will probably require a complete paper trail of all the withdrawals and deposits. You may be required to produce cancelled checks, deposit receipts, and other seemingly inconsequential data, which could get quite tedious.
Perhaps you become exasperated at your lender, but they are only doing their job correctly. To ensure quality control and eliminate potential fraud, it is a requirement on most loans to completely document the source of all funds. Moving your money around, even if you are consolidating your funds to make it "easier," could make it more difficult for the lender to properly document.
So leave your money where it is until you talk to a loan officer at http://www.openontheradio.com
PS, donâ€™t change banks, either.
fore more first time buyer tips you can look HERE >>> http://www.davidvannoyjr.com/buyer-first-time.asp
Daily Real Estate News | July 22, 2008
Congress Ready to Nix Seller-Financed Loans
Congress is expected to pass a housing package this week that
eliminates seller-financed mortgage programs.
Under these programs, nonprofit organizations finance the down
payment for buyers, then home sellers repay the organizations.
Millions of people have bought homes this way, but the Federal
Housing Administration says the foreclosure rate on these transactions
is four times higher than it is on its other transactions.
The Senate version of the housing bill banned seller financing;
the House version did not. Negotiators crafting a compromise bill
have agreed to follow the Senateâ€™s position, which is also supported
by the Bush administration.
"No insurance company can sustain that amount of additional costs
year after year and still survive," Brian D. Montgomery, the FHA
commissioner, said in a recent speech.
But supporters of this kind of assistance say the system may have
its problems, but because it is vital to low- and middle-income buyers,
it should be fixed, not abandoned.
Source: Washington Post, Dina ElBoghdady (07/22/2008)
As interest rates on mortgages continue to rise and down payment assistance programs are being cut,
buying a home with no down payment will become more difficult; if not impossible.
My advice is to find a realtor to help you now; waiting to act may indeed leave you and your child out.
The first thing that any home buyer should do is contact a Realtor who specializes in your local market. This is especially imperative for any first time home buyers. You will be pleasantly surprised how much easier your outlook on buying a home will be. A Realtor will be able to create a buyer plan that meets your particular needs along with setting you up with a reputable lender to find out what kind of payment is best for you. It is all small steps from there all the way to closing. Best wishes!
If you feel apprehensive or intimidated when talking to mortgage lenders, bankers, and finance people, ask your realtor if s/he will go with you for support. (most will)
Take with you to the appointment:
2nd picture ID
Passport & visa if not citizen of US
checking & savings account statements for last 6 months
Paycheck stubs for last 3 months
Copies of rent receipts, utility bills paid, insurance bills, credit card bills, auto loans, school loans
If you are liable for child support, this will need to be disclosed.
Many of the Downpayment Assistance Programs were changed, some cancelled, last Monday.
Talk to 3 of the mortgage lenders listed to see what one has in comparison to the other.
You may want to ask your realtor which ones s/he thinks might have the best offer for you.
Congratulations on making the leap from renter to homeowner!
You will find some sellers who are willing to negotiate closing closts and often first time buyers can get loans with little to no down payment. Good luck to you!!!
Right now is a favorable time for home buyers. Interest rates are still low, sub-prime loans have been minimized, and sellers are motivated to sell so that they too can purchase a new home!
I specialize in working with first time home buyers. I advise you to first settle in your heart, mind and spirit that you deserve to own your own home. I often encourage my first time home buyers to increase their faith levels, prepare and educate themselves about the home buying process and then MOVE FORWARD!
People who are renters, are afraid to move forward and become homeowners because they listen to the media and other external noise. But, think for a moment...no matter if the market goes up or down "YOU DON'T BENEFIT EITHER WAY" because, you are renting without any return on your money.
If you purchase NOW, and get a good, fixed interest rate mortgage you will be SAFE regardless of what happens in the market. My advice is to make sure that you choose a home that you can comfortably afford with minimal repairs (something updated would be nice). Choose an area that is clean, safe, with good schools and the possibility for good re-sale value (should you decide to sell one day).
The key to being a smart and successful home buyer is to prepare (which you have) and educate yourself about the home buying process. You have good credit and should qualify for a good interest rate. There are so many programs that will help you with your down payment and/or closing costs. VISIT: FHA.com for (down payment grants) available.
Don't be afraid, and if you do become afraid..."Do It AFRAID." - Joyce Meyer
You can do it! I believe in you!
The only thing that is hindering you is fear, not the market. Noone can 100% predict what's going to happen with the market in the next 3 months. All you can do is make a good, wise decision based on the facts and good information that you have RIGHT NOW - things are favorable for you NOW. Live in the NOW and trust God's provision for you and your child's future.
I would love to hear from you or answer any additional questions that you might have. I have created an excellent first time home buyer website with tons of valuable "how to" information on the home buying process plus, motivation and inspiration for your home buying journey.
I wish you much success and blessings in your new home!