Asked by Wayne, Florida Thu May 29, 2008

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Javier Rodri…, , Florida
Wed Jul 9, 2008
Wayme there are many different funds available for first time home buyers. There are even programs right now that may offer up to 9% seller contribution. WHat that basically means is that you are putting down a minimal amount to buy a place. Its kind lof like renting a place without paying any security deposit or anything upfront and starting your rent payments the next month...but in this case you are owning! IF you have any questions feel free to contact me. My name is Javier. Take a look at the company website for more info. Take care!
Web Reference:  http://www.leonmortgage.com
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Royce Ann Ke…, Agent, Kansas City, MO
Fri Jun 27, 2008
Our brokerage has excellent connections with several Lenders I highly recommend three in my working area. mcgnorth@aol.com, slarkins@firstsecurity.com
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Todd Chang, , Fort Lauderdale, FL
Thu Jun 5, 2008

If you are looking for free money I would contact the Housing and Community Development Division, where you can get up to $60,000.00 for free, there are certain income limitations and purchase price limitations for each individual city. They will give you up to $60,000 that you do not have to pay back. You can qualify for Government Grants SHIP, HOME or CDBG program in Broward County call 954.765.5311 where you will have to attend a class from HUD called the Community Home Buyers Program before you are allowed the Grant. If you are in Dade then Miami Dade Housing 305.250.5238 As with any free money program from the city there is a lot of red tape so if you want to know if you will qualify for the funds give me a call 786.556.8633 TODD or Visit my website http://www.houselendersinc.com/ I will let you know if you will qualify for these funds.

1. Please select a mortgage company that you would like to apply to for a pre-approved mortgage loan and see if you are eligible to receive purchase assistance funding. As a part of the pre-approval process, the lender will review the First Time Home Buyer Program and State Housing Initiatives Partnership (SHIP) Program guidelines to see if you meet the established criteria.

2. You must attend a Community Home Buyer Workshop that is held twice a month. Your lender will register you at the appropriate time.

3. Once the lender provides you with written loan approval, the lender will submit your loan package to the Housing and Community Development Division. Your assigned staff member will contact you to schedule an appointment for Income Certification. Be advised, the Income Certification process can take up to four weeks to complete.

4. It is important that you are available to come to our office in a timely manner to make an application for these funds.

Down payment assistance (State Housing Initiatives Partnership, Home Investments Partnership, American Dream Downpayment Initiative) are funds that are available on a first come, first served, first qualified basis. These funds can be used for part of your down payment and closing costs. Down payment assistance amounts can vary. The down payment assistance program will be explained to you when you meet with staff at the Housing and Community Development Division to complete your application.

5. As soon as you have found a property and have a signed real estate sales contract, please provide the mortgage company a copy of the contract.

6. The Housing and Community Development Division's staff will work with you and your lender, realtor, and the seller to coordinate your closing.

7. At your closing, you will be required to pay a one percent (1%) origination fee payable to the Housing Finance Authority of Broward County. This fee must be paid from your own funds and cannot be waived.

Qualification and Selection criteria:

Applicants will be selected on a first come, first served, first qualified basis within income groups; however, you may experience a lengthy wait for funds if you choose to apply for this assistance
Applicants can not own any other residential property
Applicants must attend a Community Home Buyer Workshop
Applicants must make a mortgage application with the Housing Finance Authority’s First-Time Home Buyer Program’s registered lenders. Applicants using non-participating lenders must meet or exceed the First-Time Home Buyer Program terms

Broward County’s Median Income is $64,000(Effective February 2008)
(Household Size) Extremely Low (30%) Very Low (50%) Low (80%) Moderate (120%)

1 $14,950 $24,900 $39,850 $59,760
2 $17,100 $28,500 $45,550 $68,400
3 $19,200 $32,050 $51,250 $76,920
4 $21,350 $35,600 $56,950 $85,440
5 $23,050 $38,450 $61,500 $92,280
6 $24,750 $41,300 $66,050 $99,120
7 $26,450 $44,150 $70,600 $105,960
8 $28,200 $47,000 $75,150 $112,800

New Construction: $429,619
Existing: $429,619

If you do not qualify for that program at the beginning of the calendar year there are grants for Teachers, Policemen, and Firemen available. They usually run out of funds by May so you want to go to the Home Buyer Workshop in November because the classes get full.

If none of the above works then FHA allows for a 3% Seller Contribution and a 3% Gift funds for the down payment. So a total of 6% so you will not have to bring any money out of pocket. I use the Nehemiah Program to gift the funds from the seller. The Nehemiah program used to be expensive and time consuming. It is much easier now. Call me if you have any questions

Call Todd 786.556.TODD (8633) or Visit my website http://www.houselendersinc.com/ I will let you know if you will qualify for these funds.
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hello tood i was wondering is there any advice on fixing my credit my debt is less than 4,000 and im trying to get a house but i want to fix that problem first any advice will be helpful thanks
Flag Thu Apr 11, 2013
Julie Jensen, , Fort Lauderdale, FL
Mon Jun 2, 2008
Most lenders offer loans to first time home buyers, the important thing to know is that this program has some requirements that other programs don't. For example one of them is that the buyer must have a rental history that can be documented. The best thing to do is to contact a mortgage company rather than a particular bank; the reason is that during these tough times many lenders are going under and you might find near the closing that the bank will not fund your loan.

Another reason to use a mortgage company is that they use the same credit report with the different wholesale lenders they send your application to. This protects you if, like on the above example, the bank went out of business and now you have to reapply with another bank, by the time you reapply your credit score is no longer what it was at the begining, it' a lot lower. That might prevent you from qualifying for that very low interest rate at that particular 95-100% loan, or disqualify you completely.
Mortgage brokers who are approved with many lenders, usually know ahead of the public which ones are in trouble months in advance, and they try to avoid these lenders. Email me if you would like more information.

Julie Jensen, Realtor
Prudential Florida 1st Realty
Direct Line 954-288-2429
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ShondaCampan…, Agent, Jacksonville, FL
Fri May 30, 2008
There are a lot of programs out there for first time homebuyers. Wells Fargo offer some of the best. My advice would be to contact someone with Wells Fargo or Gibraltar Mortgage. Wells Fargo powers Gibraltar. Email me if you would like a list of some great loan officers that I have dealt with concerning first time Home Buyer Programs.

Shonda Sauls,REALTOR®
Prudential Network Realty
(904)260-4300 #625
Shonda.Sauls@Prudential Network Realty.com
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Bill Eckler, Agent, Venice, FL
Fri May 30, 2008

We would recommend you take the initiative and contact the county of interest yourselves for this important information. When money is available there are normally criteria to qualify, applications, verifications, and waiting lists involved.

Good luck,
The "Eckler Team"
Century 21 Almar and Associates
Venice, Fl 34285
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Debt Free Da…, , 85260
Thu May 29, 2008
You can get a gift of equity from ameridream. The seller must be willing to contribute it however. Your realtor can negotiate this for you.
Web Reference:  http://getprequalified.com
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Myke Atwater, Agent, Santa Rosa Beach, FL
Thu May 29, 2008
Linda is absolutely right, and some lending institutions don't do a lot of first time homebuyer programs--if you are not working with a realtor, interview a couple and ask them who they recommend for a lender and what kind of help is available. It differs from county to county, depending on how much money is available in that market. Find a good realtor, and you will probably find a good lender for your situation. As the buyer, the realtor services do not cost you anything--seller pays the commission. So, take advantage of the services of someone who you trust. Good luck, and happy home hunting!!
Web Reference:  http://www.MykeTriebold.com
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Linda Strick…, , 33062
Thu May 29, 2008
Hi Wayne,
The first time home buyer programs and community bond money is harder to come by these days. The FHA loan programs allow 'gifting' which does help somewhat. You can also get seller concessions up to 6% & of course you'll always find people/programs that will 'creatively' find alternatives. My best advice is to get your credit score in tip top shape and speak with a GOOD mortgage professional about laying the groundwork for a mortgage. I'd be happy to point you in the right direction. Call or email me anytime.
Linda Strickland
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