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Brooke Rhodes, Real Estate Pro in Mechanicsburg, PA

Realtors - What banks are you using with good first home buyer programs?

Asked by Brooke Rhodes, Mechanicsburg, PA Tue Oct 2, 2007

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Hi Brooke,

Bank of America, Wells Fargo and Chase all have great programs. However, the success of a smooth transaction will also rely heavily upon the loan officer, and the branch that you are working with. As good as I think each of these lenders can be, each has also delivered headaches when the communications between the lender and agent, title co, attny was weak, or, moreover, the communication between the lenders depts was weak. I always advise buyers (and agents) to learn about the programs that a lender can offer, and also to interview and qualify the loan officer.
1 vote Thank Flag Link Tue Oct 2, 2007
Deborah Madey, Real Estate Pro in Red Bank, NJ
MVP'08
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It all depends on your median price and median income for your area. Here in sunny, gorgeous fall day, Sonoma County, The Greatest State of California--our median home price is $540,000 with median income of $60,000. That don't compute!! Granted, we are many homes under the $500,000 mark now adays but still, it's tough to qualify at these prices. Most of the programs we have fall way short. The BofA "Acorn" program works somewhat in our area. The California Assoc. of Realtors is pushing hard for the feds to kick up the "conforming rate" to a whopping $650,000! We have much "Alt-A" loan scenarios out in our area so the higher conforming rate is key. However, you can't get around the median income as this will keep affordability low. Employment and Higher Wages need to catch up to our prices or vica versa!! Prices NEED to come down. The "credit crunch" did a whupping on our sales for September--down 44% over the year before! Oooouch!
0 votes Thank Flag Link Tue Oct 2, 2007
Brooke~

Alot of my clients have been using the PHFA (PA Housing and Finance Agency) loan. There is an approved lender list at their website: http://www.phfa.org

Some other clients have used the first time buyer bond program offered by our county, where the interest rate was even better than PHFA.

Both are excellent programs if your buyers meet the qualifications.
0 votes Thank Flag Link Tue Oct 2, 2007
Brooke:

For first time homebuyers there is one for sure that can be used anywhere in USA. The company is California Federal Credit Union. (Email me if you need contact info) The program is called The Helper Program. Like most credit unions, they have different rules than banks therefore have different programs.
0 votes Thank Flag Link Tue Oct 2, 2007
Wachovia has a few excellent programs for first time homebuyers with little or no money down.
Web Reference: http://www.dianeglander.com
0 votes Thank Flag Link Tue Oct 2, 2007
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