What are the 1st time homebuyers options now?

Asked by Jon, Saint Paul, MN Wed May 28, 2008

No money down?

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9
, ,
Tue Oct 27, 2009
First time homebuyers can purchase a home using an FHA homeloan. They only require 3.5% downpayment and the seller can pay up to 6% of your closing cost and prepaid tax and insurance. With the tax credit up to 8000 you can amend your 2008 tax return and get the 3.5% downpayment needed to purchase a home...
0 votes
Voices Member, , Red Wing, MN
Tue Oct 27, 2009
As a first time homebuyer you still have some good choices. FHA with the 3.5% down is going to probably be your easiest. If you could get a gift for the downpayment from a family member and then pay them back with the $8000 tax credit you would get (if you qualify for it and if it gets extended) that is one way to get in with zero down. There is also USDA financing with zero down, there are HUD programs that allow $100 down, CASA is a program that just upped its amount form $3000 to $5000. If you are a veteran you could also qualify for zero downpayment. BUT PLEASE REMEMBER no money down does not usually meant you wont need money for other things such as closing costs and pre-paid items.

The reason the money down programs have disappeared is due in part to to many people buying homes who shouldn't have. You may need money for the little things like deposits on electric and such.

If you are interested you can shoot me an email and I can get more in depth about products such as casa and The Woodbury First Time Home Buyer program.

sean@spectrafinancial.com
0 votes
Aaron Dickin…, Agent, Champlin, MN
Thu May 29, 2008
In addition to the gift programs via FHA, there is also "My Community Mortgage" through Edina Realty Mortgage/Wells Fargo and 3% down via MHFA's Minnesota Mortgage Program (MMP). MHFA also has a program called CASA for specific borrowers in underserved market segments that can provide $3000 in funds as well.

All of these programs are limited in eligibility and only some loan officers can do them. Private message me if you need referrals.
Web Reference:  http://www.AaronSOLD.com
0 votes
Debt Free Da…, , 85260
Wed May 28, 2008
You best bet it to do an fha loan with a gift from ameridream.

http://getprequalified.com/article_list_mortgage_fha_financing.php
Web Reference:  http://getprequalified.com
0 votes
Bob Mowen, Agent, Washington Depot, CT
Wed May 28, 2008
Now is the BEST time to consider buying. Interest rates are low, inventory is high, and sellers are willing to make deals including owner financing in some cases.

Good Luck!

Bob Mowen
Realtor, GRI, ABR
William Raveis Real Estate
33 West St.
PO Box 1853
Litchfield,CT 06759
860.567.6125 office
860.485.4094 mobile
860.318.0134 voice mail/fax
860.567.6129 office fax
Licensed in Connecticut
mowenb@raveisre.com
http://www.raveis.com
http://www.bobmowen.com
http://www.bobmowen.net
0 votes
Mike Drikakis, Home Buyer, Oakdale, MN
Wed May 28, 2008
Down payment assistance program are a good start, however, you need a knowledgable mortgage broker who understands the guidelines placed on down payment assistance programs such as nehemiah. Most realtors won't realize that you can't increase a purchase price to offset the cost of the "gift" if the original list price hasn't been reduced, that is an automatic denial of nehemiah and most down payment assistance programs. Just having the unit appraise for value isn't enough, the purchase price can not be above original list price to offset the "gift" or FHA will deny the file. Just a heads up
0 votes
Rosie Derryb…, Agent, Paradise Valley, AZ
Wed May 28, 2008
Jon,

If I was a first time home buyer I would start by looking into an FHA loan. Every county has different FHA loan limits that they will lend up to. Recently many have increased! If you do not have enough money tucked away to put 20% down, not a problem. I just had a buyer close on a home doing an FHA Loan and the Seller agreed to "Gift" the down payment to my client (Buyer). Make sure that if the Seller agrees to do this, and increases the purchase price some to make up for "the Gift", that it will still appraise. We did not have any issues, but be aware.

Good Luck and Best Regards!

Rosie Derryberry "ABR"-Accredited Buyer Representative
Realty Executives ~Premier Marketing Group
RosieDerryberry8@aol.com
480-703-7673 cell
602-368-9226 fax
0 votes
Sandy Shores, Agent, Melbourne, FL
Wed May 28, 2008
Jon,

You may want to check on the FHA website. I have attached a link that lists the types of first time home buyer programs currently available. Also, check on the Department of Housing and Urban Development website to see what programs they have.

Often times local cities and counties provide some excellent first time home buyer programs. Be sure to contact your local county courthouse or city to determine if there is anything available that may suit your needs.

Best wishes.
0 votes
Don Tepper, Agent, Burke, VA
Wed May 28, 2008
Lots of options. Others here will mention FHA with seller contribution, Nehemiah, AmeriDream, and any local programs in St. Paul. A good mortgage broker can advise you on those.

Further (not a plug) I'm finishing an e-book on how to buy without getting a new mortgage. Most are no (or little) money down. Among them: subject tos, lease-options, lease-purchases, deed for trust, wrap mortgages, and equity sharing. Even borrow the commission from your Realtor.

Good luck.
0 votes
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