Hi! we are first time homebuyer, and we want to get the best deal as much as possible. We want to know if what kind of Home Loan should we apply for.

Asked by MG, Florida Mon Sep 13, 2010

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Pat Argo, CRS…, Agent, Mims, FL
Fri Sep 17, 2010
As an experienced agent for almost 4 decades, I understand my job as an agent. I specialize in hlping you find the best home to fit your needs, budget and financing. It is my job to be knowledgeable about loans, as well as what firms may best represent you for the TYPE of home and loan you need. An experienced and ethical lender will help you determine the best loan program(s) for your needs.
There are some really great buying opportunities in today's market/ The problem I see is that most of the buyers looking at distressed properties will find it difficult getting their kind of loan through with a lender owned home who is selling as is. Even with a cash buyer, it sometimes talkes weeks or months to get an answer. So you have to be patient. You have to be flexible. You need to listen to an experienced lenders commendations to clean up any problems you may have and be truthful in all answers. Most people these days may have a glitch or two in their credit. A good lender can help you clean it up!
The Home Loan you and your household need will usually be dictated by the location, condition and type of home/property as well as your own financial abilities and resources. Being qualified upfront is a good first step before you even start looking! It is really tough when you fall in love with a home that will not qualify for any of the loans You could qualify for!
1 vote
Anna M Brocco, Agent, Williston Park, NY
Wed Sep 22, 2010
The type of loan will depend on your overall finances, assets, credit score etc.--visit with any qualified loan officer(s)--after reviewing your overall finances he/she can make a determination as to the loan product that best suits your needs--then go from there.
0 votes
Cynthia White, Agent, Merritt Island, FL
Wed Sep 22, 2010

There are some great programs in Brevard County with Bond Money. Rates as low as 4.99% and Down Payment Assistance up to $5,000.00 with Minimum credit score of 620 for FHA,VA and USDA loans. I work with a great Mortgage Loan Specialist . She can close loans in 30 days once we have an execute contract. Use my website below and search for properties that fit your needs. Please call or email and I will have my Mortgage specialist call you. Don't wait this Bond Money is First Come,First Served.

Good Luck
Cynthia White
321.652.1974 Direct

Search the MLS http://cwhite.islandandbeachteam.com/
0 votes
Dp2, , Virginia
Fri Sep 17, 2010
The short answer is: it depends.

There's no one-size-fits-all type of loan or deal.
0 votes
Wed Sep 15, 2010

you have several options at your disposal.
USDA- a wonderful 100% loan with No mortgage insurance with an option to finance closing costs without raising the sales price or asking for seller concessions. Qualifications: 620 min score, property must be in USDA eligible area,household income cannot exceed a certain amount ( i think it's somwhere around 70K, depending on the area of FL). Has a guarantee fee of about 2% that can be put on top of the loan. Really good rates!

FHA - Requires 3.5% down, Upfront mortgage insurance of 1% (eff. october 4th), monthly Mortgage Insurance, credit score 620 min. property must be in a decent condition. Decent rates.

VA- an option for veterans ( very similar to USDA)

Conventional ( Fannie, Freddie)- 20% down ( can be less but rates are not good with less than 20% down, you'd be better off going with FHA), no Mortgage Insurance. Min scores vary, but are higher than FHA or USDA ( 640 to 660), more streamlined process. Great rates!

Let me know if you'd like to discuss this more and get pre-qualified. We do it for free- just give us a call at 239-206-4500. I can also give you a rate quote- our rates are really good right now.

Good Luck!

Elena Ollick
Amerivest Realty
Faith Home Loans
0 votes
Michael A. D…, , Brevard County, FL
Mon Sep 13, 2010
Good Morning MG,
My name is Michael DeGel. I have lived and worked in the North Brevard area for over 20 years. There has never been a better time to buy a home, especially for the first time home buyer. There are a couple programs for first time buyers to help with down payment and closing cost. I have an email flyer that a preferred lender has sent me to distribute and I would be happy to send it to you as well. Please feel free to visit http://www.HomeInCentralFlorida.com or email me directly at Mike@HomeInCentralFlorida.com. I would be happy to assist you in any way you may need. Have a great day!

Michael DeGel, ABR,GRI,SFR
The Amato Group, Inc.
3760 Curtis Blvd #604
Port St. John, Fl. 32927
direct: 321-514-8144
0 votes
Maggie Hawk, Agent, New Smyrna Beach, FL
Mon Sep 13, 2010
You've gotten some good advice so far from both Scott and Angel.

I would also add that you might want to investigate the possibility of qualifying for a USDA loan. The US Department of Agriculture provides housing programs that help low- and moderate-income families to buy a home in a rural area.

The term "rural" is used somewhat loosely, and you may well have places in your area that qualify. Some of the programs are available to families that earn up to 115% of the median income for their area. The loans are 30-year loans, and there is no required down payment.

MG, take the time to talk to a local lender, who can tell you more about these programs. And good luck with your home search.

Warm regards,
Maggie Hawk, REALTOR
(386) 314-1149
Watson Realty
0 votes
Scott Godzyk, Agent, Manchester, NH
Mon Sep 13, 2010
MG your best bet is to meet with a local and trusted mortgage broker, they can prequailify you at no cost, they will look at your credit plus your financials and let you know if there are any programs that you may quailify for. They can show you the costs and benefits of the different types of loans.

Please see my blog with more tips and advice on how to get a mortgage
0 votes
Nice Profile, , Miami, FL
Mon Sep 13, 2010
Dear MG. My suggestion for first time buyers and a limited budget is an FHA loan. With the new guidelines FHA is an easier process, with a super low down payment, option to finance repairs, and the mortgage insurance is now only 1%. Not only that, if you are using a family or friend as your Realtor, FHA allows them to put part of the commission as down payment. Now if you have the 20-30%, then consider a conventional loan, the lower the monthly payment the better. There are a lot of great deals out there but I always recommend to concentrate on the monthly payment. Visit my website and request a brochure on FHA loans, it will help in making the decision. Also contact your bank if you have a good long relationship with them and check their options. Good luck and if you need me to recommend a local agent near you, I will be glad to help you.
Web Reference:  http://www.forsaleagent.com
0 votes
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