The first thing you should do is contact The Neighborhood Assistance Corporation of America ("NACA"): https://www.naca.com/nacaweb/index_main.aspx?language=un. NACA is a non-profit, community advocacy and home ownership organization whose goal is to build strong, healthy neighborhoods in urban and rural areas nationwide through affordable home ownership.
They have the LOWEST MORTGAGE INTEREST RATE IN THE MARKET, DO NOT REQUIRE A DOWN-PAYMENT OR CLOSING COSTS!!! Be careful about other posts from bankers and realtors, for there answers are based on personal interest rather than YOUR INTEREST.
BY THE WAY, IF YOU USE NACA and are saving down payment monies, you can apply those monies to the NACA mortgage and thus lower your mortgage rate. For instance, if the current NACA mortgage rate is 3.5% and you can lower the rate by using the down payment.
Your credit score is not the tool they use in determining mortgage eligibility!!! Rather, they look at up to date payment history for rent, car or other debts and work with the potential home owner. The local NACA office is on Delaware Avenue and they have home ownership work shops on a weekly basis. Please go to the page, I listed above, and you can read more about this wonderful organization yourself!! My mortgage rate in a little over 3%, plus they did not charge me Private Mortgage Insurance (PMI), which can easily ad an additional $100 or more, per month, to your mortgage cost. You can contact the local NACA office at 716-834-6222
Meet with a Local Mortgage Banker to get prequalified for mortgage financing. The Mortgage Banker will review all facets of your loan request to answer your questions with regards to the types of loans and maximum loan amounts you could qualify for.
Get a referral to a good, local, real estate attorney. Call the attorney, retain the attorney so you have her information handy when you make an offer. Having that information at time of offer helps you demonstrate to the Seller how serious you are, and they will consider your offer with more interest.
Line up a Home Inspector. A good home inspector will scare the heck out of you: that's what you pay him for! But you'll concentrate on the fundamentals of the property: roof free of leaks, plumbing, heating and electrical up to code and in good working order. Again, when you make an offer and you have your Home Inspector ready to go, your offer will be considered with much more interest by a Seller because you truly have your "ducks in a row" and your preparation demonstrates your serious attitude about conducting the purchase transaction in a timely manner.
Find an experienced Local Realtor who works in your desired shopping area. A serious pro Realtor will refuse to show you homes until you are Prequalified for mortgage financing. Don't take offense! That Realtor doesn't want you to be disappointed and wants you to have a smooth experience as you shop for your new home.
Put together your Team of real estate professionals and shop 'til you drop!
PowerHouse Solutions, Inc.
1010 Northern Blvd. Suite 234
Great Neck NY 11021
Licensed Mortgage Banker â€“ NYS Dept. of Financial Services
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The NYSAR Housing Opportunities Foundation is offering $2,000 to first time home buyers.
Visit this link:
Nothnagle Realtors PropertyCtr
Right now there are no programs that I know of from the governement to give away free money for home purchases, but both M&T bank and Evans Bank have great programs for people who are looking to purchases their 1st home for assistance with the down payment and closing cost.
If you have any other questions please feel free to contact me
There are many ways of assisting first-time home buyers with closing costs that still require the buyer have at least a minimum investment/down payment in their new home. Therefore, saving for down payment is an important and necessary first step and you are doing the right thing.
Since your work history includes part-time college and, I assume, full-time employment, it would probably be best to discuss the facets of your status over the phone. Please call me Monday morning so that I can assess your current preparation to purchase a home as well as any further steps that may or may not be necessary.
Licensed Mortgage Professional, NMLS ID 7054
R & R Funding, Inc.
Lancaster NY 14086