Johny Utah Posted March 4, 2007 Report Share Posted March 4, 2007 I am looking to buy my first home. I have heard of grants for downpayments for first time home buyers. Anyone know who I can contact about that? Or a web site? I have searched already can't find anything. Thanks Quote Link to comment Share on other sites More sharing options...
wnaplay1647545503 Posted March 4, 2007 Report Share Posted March 4, 2007 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. Quote Link to comment Share on other sites More sharing options...
lawnman Posted March 4, 2007 Report Share Posted March 4, 2007 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. Quote Link to comment Share on other sites More sharing options...
Tractor Posted March 4, 2007 Report Share Posted March 4, 2007 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 Quote Link to comment Share on other sites More sharing options...
Johny Utah Posted March 4, 2007 Author Report Share Posted March 4, 2007 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. Quote Link to comment Share on other sites More sharing options...
Gergwheel1647545492 Posted March 4, 2007 Report Share Posted March 4, 2007 for the first time home buyer you get $0 down, and an interest rate of about 6.25% normally the best interest rate you can get is around 7% but the state helps you out on the interest payments. Quote Link to comment Share on other sites More sharing options...
wnaplay1647545503 Posted March 4, 2007 Report Share Posted March 4, 2007 for the first time home buyer you get $0 down, and an interest rate of about 6.25% normally the best interest rate you can get is around 7% but the state helps you out on the interest payments. Is this some sort of new program? Quote Link to comment Share on other sites More sharing options...
Buck531 Posted March 4, 2007 Report Share Posted March 4, 2007 It should still be around. Ask your real estate agent about Government Bond Money. We got an FHA loan locked in at 6.49% fixed for 30 years. At the time (in 1999) rates were around 8% or so. Quote Link to comment Share on other sites More sharing options...
SamZman Posted March 4, 2007 Report Share Posted March 4, 2007 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. Quote Link to comment Share on other sites More sharing options...
T Rex Posted March 4, 2007 Report Share Posted March 4, 2007 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. Quote Link to comment Share on other sites More sharing options...
MrMeanGreen Posted March 4, 2007 Report Share Posted March 4, 2007 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 Quote Link to comment Share on other sites More sharing options...
Tractor Posted March 4, 2007 Report Share Posted March 4, 2007 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 Quote Link to comment Share on other sites More sharing options...
T Rex Posted March 4, 2007 Report Share Posted March 4, 2007 and whatever you do... Just say NO to interest only loans! Quote Link to comment Share on other sites More sharing options...
Nitrousbird Posted March 5, 2007 Report Share Posted March 5, 2007 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. Quote Link to comment Share on other sites More sharing options...
Johny Utah Posted March 5, 2007 Author Report Share Posted March 5, 2007 Thanks everyone, I am working with a realtor. I have not asked her about any first time home owner programs yet though. I will now. I have only asked my bank. They don't work with any programs. Quote Link to comment Share on other sites More sharing options...
iwishiwascool Posted March 6, 2007 Report Share Posted March 6, 2007 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. Quote Link to comment Share on other sites More sharing options...
gaewsky1 Posted March 6, 2007 Report Share Posted March 6, 2007 The Columbus Dispatch had a story on the front page of yesterdays paper (Monday) about first time home buyers. Didn't really read it because I already have a house, but you may want to check out the article. Quote Link to comment Share on other sites More sharing options...
foxystealth Posted March 8, 2007 Report Share Posted March 8, 2007 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. Quote Link to comment Share on other sites More sharing options...
BloodRed Posted March 8, 2007 Report Share Posted March 8, 2007 From what I have heard, a good realtor will know good ones that can help you out. My parents finally bought there first home last summer. Got around $7K and used that as the down payment. Quote Link to comment Share on other sites More sharing options...
smokinHawk1647545499 Posted March 8, 2007 Report Share Posted March 8, 2007 try OHFA it can piggy back on any other loan. when i did it they offered 5.95% with no down payment assistance, or 6.15% with them giving you 2% down Quote Link to comment Share on other sites More sharing options...
iwishiwascool Posted March 8, 2007 Report Share Posted March 8, 2007 try OHFA it can piggy back on any other loan. when i did it they offered 5.95% with no down payment assistance, or 6.15% with them giving you 2% down good call. This is what I did at 5.75%. 1% origination though. Quote Link to comment Share on other sites More sharing options...
Hilbillyhomeboy Posted March 8, 2007 Report Share Posted March 8, 2007 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. Quote Link to comment Share on other sites More sharing options...
Johny Utah Posted March 8, 2007 Author Report Share Posted March 8, 2007 I will have to look into OHFA. I missed the article in the dispatch. I just read your post too. I'm too late now. Quote Link to comment Share on other sites More sharing options...
foxystealth Posted March 9, 2007 Report Share Posted March 9, 2007 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. Quote Link to comment Share on other sites More sharing options...
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