Home Buying in Boynton Beach>Question Details

Shane & Karen, Home Buyer in Boynton Beach, FL

With the market like it is today, how hard or easy is it to get a mortgage for a first time homebuyer?

Asked by Shane & Karen, Boynton Beach, FL Fri Nov 30, 2007

My wife and I have been married about a month and are saving for our first house in Boynton Beach. We both are working but only have about 10k saved and counting. Are there any programs or special types of loans for first time buyers in our situation that are not too risky or overwhelming? Are we less likely to be approved or get a better rate because we are first tiemers?

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Answers

17
Hi Shane,
There are definitely 30 year fixed rate programs that are available for first time homebuyers. You should contact your bank or a mortgage broker to see if you qualify. They will need to review your credit, income, job history, etc to see if you can be approved.
Being a first time homebuyer will not affect your approval or rate provided you qualify for the loan. It is your credit history, income, down payment amount, loan amount and monthly debt that will affect your approval.
I suggest you apply for 100% financing. In today's buyers market, your realtor should be able to easily negotiate for the seller to pay your closing costs so you will have no money out of pocket. Then you can keep your 10K in the bank so you have an emergency fund.
1 vote Thank Flag Link Tue Dec 4, 2007
Shane, Now is a great time to buy. My first suggestion is to speak to a Professional Realtor. Inventories are very high right now and it is a true Buyers Market. Second I would speak to a Professional Licensed Mortgage Professional. I one myself and I am based not far from in Palm Beach Gardens.
Credit, Job History, Money are all part of the puzzle to a home Mortgage. For people to quote 100% financing without looking at the whole file is a mistake.
If you would like more information without pressure you can call me.
1 vote Thank Flag Link Sun Dec 2, 2007
Now is a great time to buy! There are many good first time home buyer offers currently available. Yes, there are options that are conservative and safe that will protect you and your family from predatory lending practices. Your approval will depend on several factors including your income-expense ratio. There are also three types of mortgage loans that you and your mortgage banker or mortgage broker will want to consider: 1. FHA-insured mortgage loan, 2. VA-guarantee mortgage loan and 3. conventional mortgage loan. Feel free to contact us with any questions, comments and/or concerns.
Best,
Mark Palace, CEO/Founder
Palace Properties International, Inc.
http://www.PalacePropertiesOnline.com
321.773.5611
321.704.9305
1 vote Thank Flag Link Sun Dec 2, 2007
Shane,

Lenders these days want to see buyers with good credit.

For the most part, the better the credit, the better the loan terms and interest rate.

Whether you are a first time buyer, or have purchased before makes no difference to the lender.

There are, however, loan programs available for first time home buyers and for those who have not owned in the previous 3 years.
This link shoud be helpful.
http://www.hud.gov/local/index.cfm?state=fl

If you choose a loan with a fixed rate instead of an adjustable rate, your principal and interest payment will not change over the life of the loan. Expect taxes and insurance costs to fluctuate.

Best of luck.
1 vote Thank Flag Link Fri Nov 30, 2007
You've really got some great answers from the other agents. Yes there are a lot of great programs out there for first time homebuyers. Wells Fargo actually have some of the best programs avaliable right now. The best thing for you to do is contact a loan officer. They will be able to give you all the information you need and to tell you what your best options would be.
0 votes Thank Flag Link Wed Jun 4, 2008
Dear Shane and Karen there are FHA Loans available in our area that give you 97% Loan to Value so you would need 3% Down Payment either out of pocket gifted fund or a Down Payment assistance Program that the Seller can Participate in. I have a client now purchasing a $225,000.00 home with the seller conceeding 6% my Buyer will come to closing table with 4000.00 out of pocket and a 30 yr fixed mortgage that is assumable and has no prepayment pelnaty.

I hope this helps you, if you need more information feel free to call me for a no obligation consultation.

Sincerely,


Juan A. Oliva
Florida Licensed Mortgage Broker
Asap Mortgage and Investments
561-719-3094 Direct
561-969-9087 Fax
http://www.asapmortgage.org
FHA Approved Broker
Member Florida Mortgage Brokers Association
Member National Mortgage Brokers Association
Web Reference: http://www.asapmortgage.org
0 votes Thank Flag Link Wed Jun 4, 2008
There is no real 100% in Palm Beach County without Seller Concessions. That means that the seller has to be willing to work with you to make the deal work at $0 down.

Rates for First timers are great right now... there aren't a lot of "risky" loans available for first timers because lenders just cut them off entirely.

There are some properties that are easier to get higher loan to value deals done than others - and it really just depends on YOU. I would be happy to work with you and show you how to make your situation work.

I am a full service real estate professional and I can help you with the best in service for both real estate and mortgages.

David Podgursky - Realtor
Licensed Mortgage Broker
561-504-6949

also check out my website
0 votes Thank Flag Link Tue Jun 3, 2008
You can still get 100% financing through fannie mae and freddie mac. I think it is a great time for a first time borrower to get into a property. I hear some of the Fannie Mae My Community Mortgages may be disappearing. I wouldn't wait to long.
Web Reference: http://getprequalified.com
0 votes Thank Flag Link Sat Dec 15, 2007
Judith is correct in most of her statements. However, there still are 100% financing programs for first time homebuyers. FHA will not do 100% financing, however, by using a down payment assistance program you can get very close to 100% financing. FHA will allow gift funds and down payment assistance funds to be applied to the required down payment. However, most of the down payment assistance programs are no longer approved by FHA. There are a couple that are approved until March of 2008.
My Community and the Fannie Mae Flex programs are some other options for first time buyers.
0 votes Thank Flag Link Sat Dec 15, 2007
i'm a mortgage trainer...some of these answers are no rite
fha is not only for first time buyers(it's for anyone who will move into the house)
your fico can be as low as 500
forclosure after 2 years ok
bk after 2 years ok
grant programs...free down payment assistance programs

rite now their is no 100%

BRANCHLENDAMERICA.COM....JUDITH
0 votes Thank Flag Link Sat Dec 15, 2007
Buy today at below market value, with 3% down (FHA loan subject to qualifications). Or, maybe there is a MORE FAVORABLE plan for you as first time home buyers, and if so, I'll find it for you. Important qualifying factors are credit, employment records, documentation proof for both of you for the lender to determine your ability to pay. Let me find you the best possible program. Email marilynfjacobs@gmail.com. THIS IS THE TIME TO BUY. I read, "market going up; market going down"; but as a Realtor (with Lang Realty), I'm selling properties... at very good values... and as a Mortgage Broker (with Iberia Mortgage Corp., Lic. Correspondent Lender), my clients are getting very good deals with interest rates so low right now. Your BEST INVESTMENT is a home that will appreciate in equity value for you. Happy to be of help... and I can find you a great property as well as a great mortgage plan. There are many good values right now in Boynton Beach. Some say that with a Presidential election looming up next fall, "things will soon be going uphill," and if history repeats itself, that is what will happen. This MIGHT BE THE MARKET LOW, from now until summer. You can go to http://www.MarilynJacobs.com, click on EXPLORE THE AREA, go to Boynton Beach and click on appropriate categories for photos and descriptions of communities. My affiliates include a PROVEN home inspector, title company, home-owners insurer, and anything else you will need in the process of buying your house - I'm a Real Estate Consultant - "one stop shopping." That takes the stress off of my buyers and sellers... as everything is well taken care of. My commitment, my knowledge, my dedication, my experience and my savvy equal excellent results for my clients, and as "smooth a sailing" as possible between the purchase contract and the closing.
0 votes Thank Flag Link Tue Dec 11, 2007
Shane and Karen,
there are still PLENTY of great 1st time home buyer programs available, requiring little or NO money down. In most cases you can even even negociate that the seller pay ALL of your closing costs, right now. PMI is also now tax deductable. (and temporary)

This is a great time to buy now, because it is a buyers market and the deals are there just waiting for you guys, and you have 'the pick of the litter' as far as homes go...
0 votes Thank Flag Link Mon Dec 10, 2007
There are some great deals for lst time home buyers and the market is very favorable for buyers with an abundance of inventory. Interest rates are low and seller's are eager to sell. It sounds as if you are going in the right direction. Call me or e-mail me to discuss your individual situation.
MANNY REYNALDO
Realtor/Mortgage Broker
Prudential Florida WCI Realty
561 703 6311
Mreynaldo@2bocahomes.com
http://www.2bocahomes.com
Web Reference: http://www.2bocahomes.com
0 votes Thank Flag Link Sat Dec 1, 2007
There are a lot of great first time buyer programs available to you....some with 100% financing. Your best bet is to contact a local mortgage broker and compare all options available to you. ait's a great time to buy. Good luck!
Web Reference: http://www.cindihagley.com
0 votes Thank Flag Link Fri Nov 30, 2007
Cindi Hagley…, Real Estate Pro in San Ramon, CA
MVP'08
Contact
Hi Shane, the market today offers overall better conditions to buy than in a few years ago, as interest rates are still low and the prices very attractive. Also, sellers are motivated and most of the times willing to help you with seller's contribution towards your closing costs. The fact that both you and your wife have income is also a positive factor. Now, depending on your credit, you might qualify for a 100% financing. Have you checked the rates available with your bank ? You could ask for a pre-approval and see what type of programs they have available. There are some banks in the area that are also helping with closing costs, depending on credit/income. You can contact me for additional information, I would be glad to help you further. karina@lealusa.com 561-350-3503
Web Reference: http://www.karinaleal.com
0 votes Thank Flag Link Fri Nov 30, 2007
Hi Shane,

I am a realtor and real estate advice writer (who has been quoted in Money magazine, More magazine, etc.) and I generally answer questions on here to let people know about my book.

But since you asked a mortgage question, I'm going to direct you to Carolyn Warren's book. It is about mortgages written by a mortgage insider, and I have never given it to a client or friend who hasn't thanked me profusely. See web resources below.

Best
Alison Rogers
author, "Diary of a Real Estate Rookie"
http://tinyurl.com/2ag28z
0 votes Thank Flag Link Fri Nov 30, 2007
Shane -

Believe it or not you are part of the best client pool in the real estate market. I wish you wanted to buy a home here in Minnesota :) There a great programs for you and they can be overwhelming when they are presented to you and your wife. The best way to find out what fits you and the property you want to purchase is to ask a mortgage broker. Mortgage brokers can (this might sound strange) shop you around to find you the best rate from a number of investors (lenders, banks etc.). Find a good realtor in your area and they can console you with all the in's and out's to help you save money and make good choices. A good agent will have a reputable lender they work with often. This is important because we do not want you to be sitting at the closing table wondering if the funds are going to go through or not (on the day you are scheduled to close). The internet is great for finding a number of things but I have heard of too many things that have gone wrong with internet lenders. Consult your friends, family and co-workers and see had a superior experience and go for it.

Good house hunting!
0 votes Thank Flag Link Fri Nov 30, 2007
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