I am looking to buy a 2 family home i have only $5,000.00 saved .How can you help a first time home buyer.?

Asked by Teresa, Brooklyn, NY Wed Mar 11, 2009

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Fajardo Dela…, , Flushing, NY
Fri Mar 13, 2009
BEST ANSWER
Teresa
The other agents have gave you sound advice by
safing a little more money.
If you have 5% of the purchase price or less for a down payment
FHA will now be a superior choice for many homebuyers. We can work on
helping you achive your goal of homeownership.

Here is my website http://fajardodelacruz.realtors.officelive.com
or my e-mail delacruz.fajardo3@gmail.com
My Direct # 347-813-1290
Hope to hear from you soon.
0 votes
Antolin Du B…, Other Pro, New York, NY
Tue Jun 19, 2012
Bring that 5k and two fish to Jesus, because you need a miracle.
1 vote
Trevor Curran, Mortgage Broker Or Lender, Great Neck, NY
Tue Jun 19, 2012
Dear Teresa,

I'd love to sit down and chat with you to complete a thorough Prequalification. I'm a Local Mortgage Banker and I've been helping HomeBuyers for 22+years here in the NY Metro region.

In the Prequalification meeting we'll review the building blocks of a successful mortgage application: IAC or Income, Assets, and Credit. Then we can determine the loan programs we can offer you and the programs that are the best fit depending on your family's goals and financial lifestyle. I'll also guide you through the entire process of buying a home, from finding a great local Realtor, to making an offer, home inspections, contract signing, loan process and closing. My clients get a personalized "First Time Buyer's Seminar."

I'm accessible seven days a week and I make house calls, so give me a call today and we can get you on your way to homeownership!

Trevor Curran
NMLS #40140
Office: 516-829-2900
Mobile: 516-582-9181
Fax: 516-829-2944
PowerHouse Solutions, Inc.
185 Great Neck Rd, Suite 240
Great Neck NY 11021
Licensed Mortgage Banker – NYS Dept. of Financial Services
NMLS#3528
http://www.phsloans.com
1 vote
Uncle Steves…, , Sacramento County, CA
Fri Mar 13, 2009
Move to another state were home prices are more reasonable!
Web Reference:  http://www.fhaloanagent.com
0 votes
Alen Moshkov…, Agent, New York, NY
Thu Mar 12, 2009
Come on People.....

Teresa. I'm sorry but $5,000 won't buy you anything in New York, even in an area where no one wants to be.
Please do your self a favor and save more.
Even if you can get approved for 100% financing, why would you want to take that risk? This is why WE ARE WHERE WE ARE. 103% financing, People used to buy and get money back. That's insane and not normal.
Speak to a mortgage broker once you know how much o fa house you think you can realistically afford and have him or her break it down to monthly payments. It will give you a good idea of what you will be getting into.

Good luck to you.
0 votes
Everett Perry, Agent, Fresh Meadows, NY
Thu Mar 12, 2009
100% financing is available with http://www.naca,org

check them out, when you are qualified give me a call and i will get you a great house. look at my website and you will see the type of houses that we renovate and resell.
Web Reference:  http://www.uvpinc.net
0 votes
Bill Eckler, Agent, Venice, FL
Thu Mar 12, 2009
Teresa,

These are difficult times for lenders for a number of reasons. From a buyers perspective lenders are looking for a higher level of security with their lending practices and that transulates into larger down payments.

You might want to consider looking for a lease options opportunity where you could rent with the option to buy and in the meantime......keep saving......

Good luck
0 votes
Thomas McGiv…, Agent, Farmingville, NY
Thu Mar 12, 2009
teresa - $5000 in brooklyn?

Keep saving - i don' t care what type of financing you get - but with that little backing you - it's risky.
Web Reference:  http://www.2familyhomes.com
0 votes
Mitchell Fel…, Agent, Brooklyn, NY
Thu Mar 12, 2009
If you are a veteran there are mortgage programs available where you can buy with no money down. You would still have to have good credit and the income nessessary to substanciate the loan. If you not a veteran then the lowest down payment you can come in with would be 3.5%. If you are working with $5,000.00 total, this means the maximum purchase price for you would be about $142,000.00. It will be very hard if not impossible for you to find a two family home in Brooklyn for this type of number.

If you need more information, please contact me, I would love the opportunity to help you!

Mitchell Feldman
Madison Estates & Properties, Inc.
Office: (718) 645-1665 Cell: (917) 805-0783
Email: MFeldman@MadisonEstates.com
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