First-time home buyer options?

Asked by ducksinarow, Dublin, OH Thu Dec 30, 2010

My husband and I are looking to buy our first home in North Columbus sometime next spring/early summer. Are there any additional options that may be available to us as first time buyers? I have some friends that got a special FHA loan because they were first time buyers, what are the qualifications for that? Does it still exist? I wish we could have moved when the credit was still around but we had a wedding to pay for!

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James Deskins, Agent, Worthington, OH
Thu Dec 30, 2010
BEST ANSWER
Hi Ducks,

There are several options out there for first-time buyers, some that come and go. It would take sitting down with an agent or a loan officer to figure out exactly what is best for you. You probably do not qualify for down payment assistance of any kind because of your income. FHA requires 3.5% so that could be your best option. If you can come up with 5% you can save some closing costs because conventional financing is cheaper but you need at least 5% down. There are other factors to consider as well: time on the job, credit score, debt ratios, etc. I counsel all of my clients on what I think is best for them before we even start looking at homes.

Mike (first answer) said you should use an agent that has a lot of experience with first-time buyers. I agree. Almost all of my clients are first-time buyers AND I only work with buyers so I've got more experience with helping buyers than most agents. I done hundreds of transactions, all with only buyers. I am VERY familiar with the areas you are interested in. Most of my work is in North Franklin County and Delaware County. I lived in Westerville for many years and know it well. I live in Delaware County now and my kids go to Olentangy schools. And I've done several transactions in Dublin and Sunbury and have friends in both communities as well.

If you really want to get your ducks in a row (which obviously you do) check out my website, which was designed especially for home BUYERS and go to my Facebook page and my blog (from my website) --you'll get tons of useful information for buyers. If you have any questions feel free to contact me off-line and I'll be glad to answer any question you or your husband have. I promise not to pressure you or try to sell you anything. My information is always free.

Good luck!
Jim
0 votes
Carol Toronto, Agent, Powell, OH
Thu Dec 30, 2010
It is good that you are keeping your options open. It will give you greater flexibility. Do not know where you work, but if it is not too far Sunbury is such a nice and very new area. Also, the little town is so quant, but there are new developments and shopping nearby. Happy to help you in your home search, visit my website: http://www.caroltoronto.com and email me your contact information. Maybe we can get together after the holiday,
Web Reference:  http://www.caroltoronto.com
0 votes
ducksinarow, Home Buyer, Dublin, OH
Thu Dec 30, 2010
We are interested in southern Delaware (Powell, Lewis Center- Olentangy Schools), Eastern Delaware (near 521 and 36/37- Delaware Schools) and we're slightly interested in Sunbury. I'm not sure we could afford Dublin (at least the area I would want to be in). We've considered northern Westerville and Worthington as well.
0 votes
Carol Toronto, Agent, Powell, OH
Thu Dec 30, 2010
After working with many first time home buyers, can confirm you do have more than the standard FHA programs to consider. Talking to a lender is your best bet in finding the right solution. Many programs and many situations to consider. I work with 3 lenders who are very strong in the market. Recommend not working with anyone who does not have a wide variety of programs available to them. Currently working in the Powell Office, with influence in Dublin and Hilliard as well.. Are you interested in staying in Dublin? Southern Delaware county (Olentangy Schools) has a lot to offer. To assure a smooth transaction, you should find an experienced Realtor familiar with the area you want to be and let them connect you with the right sources.
Web Reference:  http://www.caroltoronto.com
0 votes
ducksinarow, Home Buyer, Dublin, OH
Thu Dec 30, 2010
Our credit is good, we are in the process of paying off some debt (we were told we should only be utilizing 40% max of our available credit when negotiating with lendors). Our combined household income is approx $80k. On the flip side, because we're being so aggressive with the debt, we won't have much for the down payments (approx 3.5-5%) if we stick with the price range we are comfortable with ($180K-$210K). Is there any particular type of loan that would best suit our needs?
0 votes
Lenderbradfo…, , Cleveland, OH
Thu Dec 30, 2010
Amy, Your question does not present that much information so it is very hard to give you any detailed information. FHA Loan are not for only First Time Buyers. There is a program that is available to assist with down payments here in Ohio, Check out http://www.ohiohome.org as there are Income Limits and prior ownership of a home may be a factor.
0 votes
Mike Malvey, Agent, Fort Collins, CO
Thu Dec 30, 2010
Hi Amy,

The best plan is for you to find a realtor who has a lot of experience working with first time home buyers and who knows lenders that also specialize with first time buyers. There might be down payment assistance programs in your area as well as 100% financing options that you might want to look at as a possibility depending on your goals and situation. In my area, I host 2 first time home buyer classes each month with a lender to help educate people on the process. Would you be interested in me referring you to a similar realtor in your area? Send me an email: HomeBuyerClass@MikeMalvey.com
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