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New home buyer assistance


Johny Utah

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I cant remember who you contact, fannie mae foundation perhaps, but usually the money goes for inner city home purchases, or lowincome if memory serves, but the alotted money runs out each year faster than most fill out the paperwork. I was told not to even entertain the idea when I purchased my first home. Its been awhile so who knows how much of my answer still is true.
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Here is something for you. If you have a realtor [ even if you are buying a new home] . The home builder will give the realtor a couple of percent of the purchase price . Don't know why . Work something out with a realtor so that they will split the 2% with you. That will be some extra cash. The money has to come from the realtor and not the builder.
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When we bought our first home we applied through Ameridream. It gets you 0 down and all that. Just what a first home buyer usually needs. Kinda sucks that you end up with some mortgage insurance that you have to pay. Ours was like $50 per month added to the payment, but it is removed after the first 5 years of the loan.

If you want a really great realtor talk to Sid Huck with Remax. I can get you a number if you want. He's selling our current home, was our realtor for the land purchase to build our new house and he's advising us on the construction of our new home.

 

Some say home prices are gonna be comming down in the next 2 years.

 

Evan

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It looks like I might be out of luck then. I always thought that everyone got some kind of help if they were a first time buyer. Wether it be something for a down payment or a low interest rate.

 

Right now I don't need a realtor. Thanks for offering his number though.

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My dad is a broker (Al Stamper Realty) and can usually figure out a way to get you a no down payment if you are a first home buyer.

His name is Al , 868-1990. He was telling me about some bond money the other day he could get for me cause I'll be buying a home this summer. He's helped several of my friends get their first homes w/ no money down. Just tell him you're a friend of Sam's if you call. He can just give you some advice too if that's what you're looking for.

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Look into FHA (this is a government INSURED loan, not a grant), Fannie Mae, Freddie Mac and there are some others you can look into. Just do a guick google search and you will come up with a few.

 

Are you in the Military? Because you can get sepcial financing that way too.

 

FHA is probably the way to go.

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My dad is a broker (Al Stamper Realty) and can usually figure out a way to get you a no down payment if you are a first home buyer.

His name is Al , 868-1990. He was telling me about some bond money the other day he could get for me cause I'll be buying a home this summer. He's helped several of my friends get their first homes w/ no money down. Just tell him you're a friend of Sam's if you call. He can just give you some advice too if that's what you're looking for.

 

Agreed. I used Al Stamper for buying my first home and he did a kickass job, plus, is very good with communications. When I do this again, I'll use him if he's willing to deal with a house being bought in BFE :)

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A good realtor should get you new home buyer assistance. if they don't know anything about that run the other way fast. I gave you his name because I know he knows his stuff. If you got a realtor and our asking on here for info then your realtor needs to do some reading.

 

BTW to anwser your question more directly. Yes there are alot of programs avalible to home buyers. Tons of them some aren't as good as others. Get a knowledgable realtor they can save you thousands.

 

Evan

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My dad is a broker (Al Stamper Realty) and can usually figure out a way to get you a no down payment if you are a first home buyer.

His name is Al , 868-1990. He was telling me about some bond money the other day he could get for me cause I'll be buying a home this summer. He's helped several of my friends get their first homes w/ no money down. Just tell him you're a friend of Sam's if you call. He can just give you some advice too if that's what you're looking for.

Al is a great guy, and was my buyer's agent when I bought my house. He also sold my friend/former roomate's house when he moved to FL.

 

I just did the standard 3% down with a convential loan for my place.

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I just closed on my first one on Friday.

 

I did $0 down 30 year fixed at 5.75% with no second mortgage. I said Id never pay PMI but is less than 50 bucks/mo and is now tax deductible.

 

The home I purchased is a HUD home meaning an FHA insured loan that was foreclosed on. (FHA is a pain in the ass, If you can avoid that loan.. do) I bought it well under market value and am rehabbing it with out of pocket money with the intention to resell it in a little over a year.

 

I have a broker that can probably work something similar on conventional home if you would like. PM me if you'd like more info.

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FHA is a pain in the ass, If you can avoid that loan.. do

Yeah, FHA has certain minimum property standards that the house must meet, and they can be pretty strict. From what I've heard, FHA's are easier to qualify for, but if your looking for a cheaper home, fixer-upper, or foreclosure, you might have problems getting FHA.

 

Speak with some different lenders and see what they can offer you- you may be able to find one that will offer 0% down with low interest on a conventional loan. Like others mentioned, you will have to pay higher mortgage insurance (PMI) per month with no down payment (around 40-50 bucks).

 

Compare closing costs also- they can vary quite a bit between companies. Sometimes you can even negotiate with the seller to have them cover closing costs, but most likely they'll be less flexible on the price of the house.

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FHA is certainly a good deal but can be a pain as was mentioned. For no money down, NO pmi, market rate, and no huge inspection process(like FHA) I suggest Fifth Third Bank. It's called their "professional program" and it's not specific to first time home buyers. Also, has NO income restrictions. You do need good credit, decent debt to income and decent time of employment. :)

 

foxystealth - Why are you here? Did you used to live in the Columbus area? Surprised to see someone else from 3si here.

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foxystealth - Why are you here? Did you used to live in the Columbus area? Surprised to see someone else from 3si here.

Whoops, I forget that I never changed my profile...lol. I'm living in Lima. Moved here from MN about a year and half ago.

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