Is 3% enough down to compete to buy a $249k home in branford?

Asked by Wendykoegel@yahoo.com, Richmond, CA Tue Jan 7, 2014

Help the community by answering this question:

+ web reference
Web reference:

Answers

5
, ,
Wed Jan 8, 2014
Hi Wendy,

Fannie Mae used to offer a 3% down conventional loan but they stopped in November when DU Version 9.1 was released. Here are the guidelines : https://www.fanniemae.com/content/release_notes/du-do-releas…

LTV/CLTV/HCLTV Ratio Cap Lowered to 95%
DU Version 9.1 will reflect lower maximum LTV/CLTV/HCLTV ratios for standard and MyCommunityMortgage® (MCM®) fixed-rate transactions secured by a 1-unit primary residence. Those transactions will be subject to a maximum LTV/CLTV/HCLTV ratio of 95% (instead of 97%). DU will continue to allow CLTV ratios of 105% when the subordinate financing is a Community Seconds® mortgage.

You'll need at least 3.5% down for FHA loan unless you're a Veteran or you buy in an area that's eligible for the no money down USDA mortgage which 06405 is not.

Please check out my recommendations here on Trulia from some of my past clients by clicking the following link.

http://www.trulia.com/profile/johnburke/#__rec


Please feel free to contact me for more information or help.

John Burke
Senior Mortgage Banker
Peoples Bank & Trust Co.
(877)228-9069
NMLS # 787231
1 vote
Greg Hanner, Agent, Waterford, CT
Tue Jan 7, 2014
Joanna Is correct. There are actually first time home buyer programs that might work - CHFA with USDA however there are income/location limitations that may impact applicability for use at that location. I'll defer to lenders who specialize in those types of loans. Jill Carini of DRB has worked wonders with many of my buyers who have low down payments.

I strongly suggest that you work with a Buyer's Agent so your interests are protected. You can do so with no out-of-pocket costs to yourself. If there's anything else you need, don't be hesitant to ask. Educating yourself is the best way to reduce stress when buying a new home.

Hope this info helps.

Greg Hanner, Broker, REALTOR, e-Pro
1 vote
I believe you can initiate a mortgage and purchase before you make the physical move, but it has to be for your primary residence. That would require you to travel here to find a desirable property. I'll defer to Jill who you can contact via the Web Reference above on exact timing. Welcome back to CT.
Flag Wed Jan 8, 2014
Also, I live in the Bay Area, California. I am from Milford, CT and my family is in CT. Could I take a first time home buyer program here or should it be in CT, after I move there? Thanks for the recommendation and referral to Jill!
Flag Tue Jan 7, 2014
Joanna Martin, Agent, Guilford, CT
Tue Jan 7, 2014
A lot depends on what type of mortgage you are going for and the lending institution. With an FHA loan you could put down as little as 3.5%, but the property must meet FHA standards. Also, your credit rating will affect your eligibility for any loan. If you'd like into on home in Branford that are in this price range, I'd be happy to send them to you or go to my web site at http://www.YourHomeSearches.com for complete access to the CT Multiple Listing Service.
1 vote
Thanks, Joanna. Would you know if this home meet FHA standards, or how do I find out? MLS#: M9143160
Flag Tue Jan 7, 2014
, ,
Wed Jan 8, 2014
Wendy, Chris & Greg,

I stand corrected. Chris is listed in the NMLS. I will edit my previous answer and delete that part.

Here's the thing, If Chris had properly represented himself in his profile including his NMLS number there wouldn't be any confusion. Secondly, the link to Chris's profile with CBC, http://www.cbcnationalbankmortgage.com/loan-officer_chris-ha… show his NMLS number is 831806 but when you look that up in the NMLS it comes back as Jay Volles who also works for CBC National Bank.

If you can offer a conventional loan with just 3% down, great tell everyone which program it is.

I provided links to substantiate my position while you've done nothing but call me an idiot & a clown which really just illustrates your immaturity and inability to adequately defend your position or statement.

I provided a link to my profile here on Trulia with recommendations from some of my past clients which also shows my extensive history of answering questions on this site. That establishes my credibility. Where did you establish your credibility, Chris?
0 votes
, ,
Wed Jan 8, 2014
Hi Wendy,

Unfortunately, Chris Hazlewood has mislead you.

Number one, he isn't a mortgage broker or a lender. If he were he would have a Nationwide Mortgage Licensing System (NMLS) number like I do. As you can see by clicking the following link, he does not: http://www.nmlsconsumeraccess.org/Home.aspx/SubSearch?search…

By contrast, here are the search results for me in the NMLS: http://www.nmlsconsumeraccess.org/EntityDetails.aspx/INDIVID…

As you can see by clicking the link, I am in fact a lender & I work for Peoples Bank & Trust Co.

Number two, Fannie Mae stopped allowing 3% down back in November when DU Version 9.1 was released. Here are the guidelines : https://www.fanniemae.com/content/release_notes/du-do-releas…

LTV/CLTV/HCLTV Ratio Cap Lowered to 95%
DU Version 9.1 will reflect lower maximum LTV/CLTV/HCLTV ratios for standard and MyCommunityMortgage® (MCM®) fixed-rate transactions secured by a 1-unit primary residence. Those transactions will be subject to a maximum LTV/CLTV/HCLTV ratio of 95% (instead of 97%). DU will continue to allow CLTV ratios of 105% when the subordinate financing is a Community Seconds® mortgage.

So you'll need at least 3.5% down for FHA loan unless you're a Veteran or you buy in an area that's eligible for the no money down USDA mortgage which 06405 is not.

Please check out my recommendations here on Trulia from some of my past clients by clicking the following link.

http://www.trulia.com/profile/johnburke/#__rec


Please feel free to contact me for more information or help.

John Burke
Senior Mortgage Banker
Peoples Bank & Trust Co.
(877)228-9069
NMLS # 787231
0 votes
@John Burke, sorry to say but you were WAY off base flaming Chris Hazlewood (who I do not know). Your post above is WRONG as you didn't do the correct search. Chis' full name is Christopher and his NMLS license can be verified easily if you tried that: http://www.nmlsconsumeraccess.org/EntityDetails.aspx/INDIVIDUAL/462434
I stand by my recommendation for Wendy to deal with a local warm blooded lender like Jill who knows the area and can make herself available to meet in person. Best wishes to all.
Flag Wed Jan 8, 2014
@John Burke, sorry to say but you were WAY off base flaming Chris Hazlewood (who I do not know). Your post above is WRONG as you didn't do the correct search. Chis' full name is Christopher and his NMLS license can be verified easily if you tried that: http://www.nmlsconsumeraccess.org/EntityDetails.aspx/INDIVIDUAL/462434
I stand by my recommendation for Wendy to deal with a local warm blooded lender like Jill who knows the area and can make herself available to meet in person. Best wishes to all.
Flag Wed Jan 8, 2014
@John Burke, WOW good catch....maybe, I'm not sure though. Clicking on Chris Hazlewood's profile shows he "currently serves as CEO of Purchase Application.com and the National Director for the Agent Investment Project.".....that sure seems different than his signature's title "Senior Banking Officer" which might lead some to think he works directly for a bank. Google his name and you find his NMLS: 831806 http://www.cbcnationalbankmortgage.com/loan-officer_chris-hazlewood.html
Flag Wed Jan 8, 2014
Search Advice
Search
Ask our community a question

Email me when…

Learn more