I would answer your question with another question: if you can't afford a down payment, how will you pay for home ownership expenses such as replacing the roof, heat/AC, electrical problems, etc?
There are some no down payment loan programs as well as other programs that give buyers down payment assistance IF you meet the required criteria for income, etc.
However, buyers need to also consider the costs associated with home ownership that come after the purchase.
Please think long and hard before committing yourself to the purchase of a home if you have won't have an "emergency fund" for all the small and large maintenance issues that come with owning a home.... more
You likely already have financing in place - but we are talking to tons of people in North Carolina who are being told that there's no more USDA Home Loans available! Not True! We are closing USDA mortgage loans every week! Some of the larger banks stopped doing them - but we have them available and would be glad to help those who want to use this financing. Steve and Eleanor Thorne... more
An FHA 203k loan is offered by the federal government to help people buy and repair homes that need rehabilitation. I found a site which will give you a detailed guide and other valuable information about 203k loan. Check out http://www.cfs203k.com.... more
Well one advantage is certainly no down payment! The last VA loan I closed, the buyer actually walked away from the table with money! I'm working another VA right now with someone who had several options and chose the VA route. A lower interest rate is quite possible as well. Let me know if you want to explore this option further, I know a lender that can get you VA approval in as little as a day!... more
There are lenders like myself that are able to consider your circumstances by accepting an offer letter. Although, there will be other factors that we will have to look at as well. There are also loan options that do not require income verification. These types of loans do not require you to have an official verified income document but it will require a higher down payment. I suggest that you don't give up on looking for a lender yet. There is a right lender for you that can work with your situation. So keep contacting lenders like myself to see if there is anything that could be done. I would be glad to speak with you to see if I can get you started on a loan. If you have any further questions or if you would like a loan, feel free to contact me. Good luck! Brian Nguyen Sr. Mortgage Banker Phone: 949.667.2887 firstname.lastname@example.org... more
I know that the current financial climate in the mortgage world is not very friendly. However, if you contact our HomeServices Lending Mortgage Officer, Ms. Sharon Swift, I know without a doubt that she will provide you with the best advice and assistance. Her office phone number is 336-510-4444 and her mobile number is 215-3260. I am sure that she will be able to help.
I consulted with our HomeServices Mortgage Officer, Sharon Swift, and she was unable to find any reference to a $9,000. grant program. She did mention the Home Owner Tax Credit Program, which is now expired, that was not as much as $9,000. However, depending on your occupation, financial status or credit score, you may be eligable for any number of Mortgage Programs. I suggest that you contact Sharon at 336-510-4444, and discuss your situation and let her guide you through the mortgage qualification process. This is usually the first step towards buying a home. The pre-qualification process helps you determine the right price range for your home search. Your offer on a home is required to be accompanied by a mortgage pre-qualification letter from your lender. That way the seller knows that your offer is serious and you are qualified to afford the home.
I hope this helps with your question.
Tom Heslin, P.A.
Prudential Yost & Little, Realty
This is a shame but I know some lenders are hardcore on these type things. Try this. Ask if they will accept the two prior years. If you had not filed April 3rd, 2013 and instead filed for an extension, this would have been what would have been requested and acceptable at most lenders.
Please do keep in mind that the lender has overlay requirements that vary as well. One lender may have min score of 600 and another 620 or 640. FHA also has new guidelines as well in regards to medical bills. Please be sure to shop lenders before making a decision. They are other products beside FHA to consider: USDA, Homepath, etc..
Please let me know if you would like me to send you some resources in regards to financing.
Both excellent programs for what they offer. The USDA of course is rural only. There is a link on their website that allows you to enter the address of a property to determine if it qualifies. But it is difficult to say which is "better" without knowing your specific needs. Talk to a few lenders and ask lots of questions. Most people do not realize that the lender may have their own guidelines that they super impose over the federal guidelines that may change the parameters that you would need to meet (i.e. credit scores, reserves, etc...). Good luck!!... more
The cost of your PMI premium varies based on loan amount. In general, percentages between .5 and 1.25 can be expexted. PMI on a $100,000 loan could add $41.00 and $104.00 to monthly house payments. Credit history, amount of down payment and loan type contribute to calculations so consult a lender for a personalized quote based on individual circumstances.... more
As the others have said...please contact an attorney. For a while land leases were popular ways to sell a home and this is exactly how it's done. You keep an unrecorded deed and the new owners pay you and you pay the mortgage...but there are so many things that can go wrong, and this is just one of them.
I hope you can get some good legal advice and move forward.
If nothing else mentioned below helps one idea might. Buy some credit. Take some money you have in a bank already and get a secured loan with it. That means you pay the bank to borrow your own money that you can not use. But after several months or years you will have built up credit. If you could get a credit card and pay it off completely every month that would also help. Never carry a balance or pay late.... more