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Forgivable Loans All Locations : Nationwide Real Estate Advice

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Fri Jan 21, 2011
Ranj Mohip answered:
My client's have worked with them in the past. I believe that the clients went through a traditional lender for the first, and a second (forgivable loan) was given by IDHA through NHS. NHS held up the closing by 30 days. It wasn't a very smooth transaction.

The information in this answer provided by Attorney Ranj Mohip is general information and is not intended as legal advice, nor does the attorney intend to create an attorney-client relationship with any reader by answering this question or otherwise contributing as a member of Trulia.com.
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Fri Jan 14, 2011
Gerard Dunn answered:
Jeff -

There are sometimes LOCAL programs that will allow you to purchase a home without a down payment. Often - it is piggybacked on FHA loans. A local jurisdiction will supply the down payment as a grant or a loan.

Check with a local Realtor in your area to see if there are any of these programs available in your area.

Sometimes there are restrictions on income - geographic area and housing type - so be sure to ask these questions.

Good Luck!

Gerry Dunn
Associate Broker
Serving Maryland, D.C. and Northern Virginia
703-216-9100
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Thu Oct 7, 2010
Cameron Piper answered:
Furbal,

Loan modifications are a long and frustrating process and from my experience, rarely worth it - in the end, the lender still wants you to pay them all of the money that you owe them. Renting to owe in your situation is also a difficult scenario because it leaves you with your current home (and mortgage), and credit being shot loans will be difficult for a while so you will need to find a landlord willing to rent for some time. Especially if you current mortgage is foreclosed.

It sounds like you can afford the house now, but you have some dinged up credit - why not stay?

Cameron Piper
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0 votes 18 answers Share Flag
Mon Jun 28, 2010
Christine Moran Realtor & Notary answered:
If you have good credit and steady income more options will be available to you. You can start with your local bank to get pre qualified and discuss which loan would best suit your needs. ... more
0 votes 11 answers Share Flag
Wed Mar 31, 2010
Heather Peck answered:
Hi Stephanie - The bad news is that even though FHA doesn't have any credit requirements, the lenders that offer FHA loans won't finance someone with a credit score lower than 620, and some now require 640.

Down payment assistance programs are great, but you still need to be financable. It sounds like you need a credit repair program that will not only improve your credit score but help you build new credit. Let me know if you'd like some suggestions of good programs for that. Then you could take advantage of programs and prices when the opportunity presents itself.

Your only other option is to buy from a private party who may lease option to you, but you'll need some kind of option deposit, and you won't qualify for the tax credit in time.

Wish I had better news for you. Please don't hesitate to contact me for the contact info on the credit repair program I send my clients to that need assistance.

Heather Peck
Rosen & Company West
702-595-7380
LasVegasExpert@yahoo.com
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0 votes 2 answers Share Flag
Fri Jan 1, 2010
Leigh Hays answered:
You may be able to purchase a home with an FHA loan. FHA loans are really great options for less than perfect credit. Typically you will still need to have 620 credit score along with 2 yrs. steady employement. Your best bet would be to find a lender in your market who can help you see if this would be an option for you. Most lenders will work to help you improve your credit score if you need to increase it qualify. I would encourage you to find a lender who has an office locally and someone you can sit down and talk to about your specifics versus going online. Many times a lender may know about additional down payment monies/grants/programs which you may qualify. Good Luck! ... more
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Wed Jun 20, 2012
answered:
The only one I know of is VA loans. If you have a VA certificate of Eligibility and receive VA related disability benefits, you do not have to pay a funding fee. This includes all disabled vets receiving VA benefits. ... more
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Sat Oct 24, 2009
Phyllis Logan asked:
We would like to put a more efficient heating and cooling unit in, new carpet and vinyl siding
0 votes 0 Answers Share Flag
Sat May 8, 2010
davidwbrower answered:
I am a realtor who specializes in foreclosures. I'd be happy to work with you. Please contact me and we can discuss your goals and move forward.

Sincerely,
David Brower, Associate Broker
Crye-Leike Realtors
678-982-9600
david@davidwbrower.com
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0 votes 11 answers Share Flag
Fri Sep 11, 2009
Steve Ferguson answered:
The first step in the process is to determine if you qualify to purchase a home and how much home you can afford. You do this by contacting a lender that will walk you through the loan application and credit pulling process. I work with borrowers and realtors all over the state and I would be more than happy to help. If you are willing to contact me then I can email you information that explains who we are and how we operate. I wish you the best of luck on your home search and I hope to hear from you very soon. Have a great day.

Steve Ferguson
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Sat Jul 18, 2009
Tammie Seldon answered:
You can get an FHA 203k or a conventional renovation loan. Both loan programs require a 620 credit score however the maximum loan to value ratios differ. With the FHA 203k product, the maximum loan amount is 96.5% and the first $5,000 must be spent on major repairs such as electrical, plumbing, flooring, roof or HVAC. With a conventional renovation loan product, the loan to value ratio is 95% however it can be reduced based on the type of property that is being purchased and the location of the property. Unfortunately, there are no grants to assist with renovations. There are grants through the state of Georgia for downpayment assistance however they cannot be used in conjunction with a FHA 203k loan and are used for low to moderate income households. ... more
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Wed Sep 9, 2009
Dale Weir answered:
Wed Apr 22, 2009
answered:
I hear rumor that one is being worked on by TDH. http://www.tdhca.state.tx.us/
Don't know if anything will come of it.

Are you trying to avoid using VAs 100% financing?
0 votes 4 answers Share Flag
Sun Jun 21, 2009
laurie cass answered:
0 votes 14 answers Share Flag
Mon Aug 27, 2012
Susan Chen answered:
Hi,

If you contact Dale Biaggi he will be able to answer any questions you may have. He is an excellent mortgage professional and he knows about every program that is currently on the market. You can contact him at 800-648-2901. If you need any help finding properties feel free to contact me.
Best Regards,
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0 votes 2 answers Share Flag
Thu Feb 5, 2009
Dana Schuster answered:
it's not in the cards right now. You would need sufficient income to make the monthly payments and pay for taxes,insurance & maintenance. Although there are programs in some communities for down payment assistance & some that offer 100% financing,this funding is limited. You would need a good credit score & a work history of 2 years to qualify. This is not a grant,the assistance has to be paid back over time. FHA does not take your credit score into account(do not know if this is an issue with you) but requires a 3.5% down payment. I suggest you continue to work and save as much as you can for a down payment and the other related expenses that come with home ownership. Get a 2 yr. work history & build up some credit history.In a year from now,look at your situation again and see if you are in a better positiion. ... more
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Wed May 8, 2013
Other/Just Looking answered:
Lending answer:

3.50% is now the minimum down payment.

Acceptable sources are:
-Borrower's own funds
-Gift from an immediate family member
-Local, State, or Federal gov't grant
-Charitable grant
-Proceeds from the sale of a prior home

Unacceptable sources:
-Borrowed funds
-Money from the seller (even if funneled through a "grant" company
-Money from any parties with an interest in the transaction
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0 votes 16 answers Share Flag
Tue Jan 6, 2009
Scott Godzyk answered:
You should contact a local and trusted mortgage broker, stay away from the internet lenders. the loan officer will be able to prequailify you at no cost and let you know what program you qualify for, what the benefits of each are and what it will cost for down payments and closing costs. good luck with your search. ... more
0 votes 9 answers Share Flag
Fri Jul 29, 2011
Scott Godzyk answered:
Sharon the loan officer needs to review your credit score and financials to qualify you into one of the programs. Underwriting has changed so much even in the last month that there is no one size fits all program for everyone. You need to have a certain credit score, make a certain amount of money and meet their qualifications. You should sit down with a local and trusted mortgage broker, stay away from internet lenders. There is no cost for them to prequalify you. Normally the down payment assistance works in conjunction with programs like fha. I hope this helps and Good luck with your loan ... more
0 votes 8 answers Share Flag
Sat Oct 18, 2008
Keith Sorem answered:
Donna
You need to listen to your Realtor. They are closest to the situation and can best advise you.

If you need legal advice talk with an attorney.
0 votes 9 answers Share Flag
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