Lee Collins

There are still a few options out there for you. There is a program called Down Payment Assistance (DPA) that is going away on Oct. 1st. There are VA loans that are 100% and a few others.

It sounds like you need to speak to a few loan professionals that can help you look at all of your options. Maybe there are some bond programs or other incentives that you can take advantage of.

I would recommend that you speak to a couple loan professionals you can trust and have them get more information from you and what you would like to do, and they can give you clear and direct answers.

Fill out a free no obligation infomation form on http://www.lendethics.com and be contacted by only "approved" loan professionals. - Fri Aug 15 2008, 00:03

Wow. It is amazing what people are doing these days.

FHA is going to require you have an A/C unit and working pool. The appraiser would note both of these items on their inspection.

I replaced an A/C unit on a 1500 sq. foot home and it was about $4,500.

Best of luck! - Thu Aug 14 2008, 23:57

I think another great idea is to team up with a loan professional(s) in your area. The loan guidelines have changed dramatically and are still changing weekly. You need to work with a loan professional that has gone through these times, and can help you market your homes with financing ideas. Remember, very few people pay cash for homes, they need to know if they can qualify and what that house is going to cost them each month.

Working with a loan professional will help you move listings and help you work with qualified buyers!

Good luck, although you only need hard work and a positive attitude! - Wed Aug 13 2008, 18:02

It comes down to finding a loan professional that can review all of the loan options and programs specifically for you. The answer to your questions will come with reviewing your overall situation and financial goals with a loan officer you can trust.

It is one thing to qualify for a loan, and another one to be able to afford it. Make sure you are getting into a loan that will not adjust. Ask questions about your property taxes, home owners associations and all other payments that could possible change. Also consider the cost of gas for your car and utilities for your home.

I don't want to talk you out of buying, because this is an absolutely great time to buy. I want to make sure you buy something you can afford for the long haul, because when you buy in this market; you need to make sure you can afford it comfortably. It is no secret that with the housing market the way it is you will not easily be able to refi or sell. Get a loan you can handle today and for the long term.

Any one that helps you with your home loan should be walking you through all of these questions and concerns. - Wed Aug 13 2008, 17:54

Hello Jj,
You are asking very specific questions to unknown answers. However, a true loan professional will be able to help you figure all of this out as the answers are available. The exact details of the tax credit and some of the other details of that bill are still a bit unknown.

In my opinion NOW is the time to find the right loan professional. It is true that now is not the right time to look for the "best rate", but it is time to find the loan professional that is right for you and will help navigate you through these uncertain and quickly changing times.

I would ask for a referral from a friend or family member to a loan professional, it is best to talk to 2-3 so you can get a feel for what they have to say. Not all loan professionals are created equal.

When interviewing loan professionals, ask them your questions:
- Have you “recently” closed loans with buyers in my position?
- Will you keep me posted on the new bill, such as the tax credit?
- Is the TaxSmart program available? If no, are there similar programs?
- What are my options on down payment, closing cost, etc?
- How long will it take to get a pre-approval?
- Do you charge an application fee?

Hope these points’ help. Good luck, and find a great loan professional. That loan professional works with true real estate professionals so you can rest assure you have the right team on your side! - Tue Aug 5 2008, 10:16