Instead of being backed by the Federal Government, a Conventional loan is backed by Fannie Mae or Freddie Mac(which are controlled by the government, go figure)
Requirements are a bit mor rigid on credit than FHA and high scores are more important.
Do you not have a loan officer? They can explain the difference between Conventional and any other loan program you qualify for.... more
Consult with your Realtor, you need someone to evaluate your choices and make suggestions..also sme builders are offering upgrades at no cost.
Contact me if you would like to hire a buyers rep...someone to protect your interests and $$$$.
Mattye P. Smith
Colonial Real Estate... more
first step is begin the prequalification service, if they have a lender that is already done loans in that project or subdivision, it will be easier for you as they already have the informatiuon they need as far as the project. Yes you should hire a buyer broker to represent you,. i would ask friends, relatives or coworkers who they can recomend, if no one can help then interview some in your area, find someone who is compatable with you. Make sure they will take their commission from the listing broker so it doesnt cost you anything more. Between the buyer broker and the mortgage company they can assist you with first time buyer programs in your area. good luck... more
The following is from my BLOG posted in February:
" In case you missed it, the USDA has a home loan program for rural areas (web site). The USDA Rural Development’s Rural Economic Development Loan and Grant program is outlined in a January 2009 news release.
No-interest loans and grants are available from the $48.5 million available to spur development in rural areas of the country. Applications must be received by March 31st for the 3rd quarter funding and June 30th for the 4th quarter funding. The application procedures and other information can be found in the December 29, 2008 FEDERAL REGISTER, page 79438.
While this is just a brief heads up on this federal program, it may be exactly what you need for your new home purchase. Make sure your real estate agent knows all about it. "
As always, call me at (210) 273-9082 with any questions, without obligation.
Please visit my blog and use the links to research some more. Also, call your local lender who will be able to assist further.
Dominick Dina, Broker/owner
Christian Realty San Antonio... more
good afternoon lucy..no, quite the contrary....i have been a mortgage rep in michigan for going on 15 years....the advantage a broker has over a bank, is that the bank has one set of programs...their's!.....a broker has numerous lenders that creates the flexibility to direct a loan to the investor that will most likely accept your circumstances and fund your deal.....most all mortgage investors that fund loans through mortgage brokers have some sort of uniqueness and niches about how they underwrite which makes using a mortgage broker much more likely to fund your deal than a bank...you may feel more comfortable talking to two or three by phone before giving any of them your personal info, just to get a comfort level with their experience and expertise........best of luck to you..bob mcclure- success mortgage partners- plymouth, michigan.......... more
Fox & Jacobs a Centex company. Well respected.
It really boils down to what you like.... But you will get more square footage for your money with Fox & Jacobs than some other builders.
Have you picked a local realtor? You really should.... they will know who is building in the area.... more
Unless your entire file is reviewed and etc. difficult to make a professional comment. If a loan officer stated he could exclude your husband take that route.
National Featured Realtor and Consultant, Mortgage Loan Officer, Credit Repair Lecturer
Follow me on Twitter: http://twitter.com/Lynn911
I can refer you to a Keller Williams office in Fate if you like. The agent there works with an excellent
lender who can answer all of your questions and help you get pre-approved. Please go to my web site
www.janabsolom.com and email me and that way I can talk with you. I also know an excellent credit
repair agency that can help you.... more
Contact a lender to see what is available financially. You may realize that your credit needs to improve to get a good rate. However, rates are so low right now, you may still find it's affordable and move forward.... more
Lucy, didn't you post another question a few days ago? A REALTOR is a memeber of the National Association of Realtors and is regulated by a code of ethics. Here is a great link to better explain: http://www.texasrealestate.com/web/4/43/index.cfm/ Plain Real Estate Agents are not bound by this code. I have never ran across a real estate agent who was not a REALTOR. It may be as simple as representation, and how each introduces themselves to a client. I personally consider myself a Real Estate Consultant, as my clients are clients for life. Cheers, Paul... more
Depending on your location, there may still be some bond money programs. These are still allowable by FHA because they are real gifts and not money laundered thru a charity and really paid by the seller.
These bond money programs come and go and have income restrictions.
Currently, FHA's 3.5% down is as good as it gets!!
The program also allows for 'real' gifts from family or charitable organizations. What you are hearing about going away are just the 'Seller Funded Down Payment Assistance' programs.
So, no, the builder cannot 'get around' the down payment issue.... more
You can pick whomever you want for a lender. However, some builders illegally tie incentives to the use of their very own mortgage company.
Your realtor may be able to look into local bond money programs for down payment assistance. These will have income limitations as well as geographic locations.
Good Luck!!... more