New Homebuyer Questions

**JSF** · 03-03-2009, 12:27 PM

I am looking to purchase my first home and my bank wants 11% down. is there any first time buyer programs that yall know about that could help me avoid trying to come up with that amount?thanks yall

**agentsranking** · 03-03-2009, 03:43 PM

Talk to your bank/loan officer about obtaining an FHA loan. If you qualify you'll put much less down; I believe it's 3%. Another option it to have the sellers pay your closing costs.

**JSF** · 03-03-2009, 05:00 PM

thanks alot i will try that asap

**Business with Greg** · 03-05-2009, 06:14 AM

USDA is 0 down (Best Option - No Mortgage Insurance)

FHA down payment varies but you must contribute a 3.5% minimum salutatory investment. This investment can be a gift from a relative. If you buy a HUD home you can do $100 down.

Fannie Mae Homepath is 3-5% down with no mortgage insurance. No Appraisal. Select Fannie Mae Foreclosed Properties. www.homepath.com for a list.

Most of the time it is a 2.25% down payment but if you do that then you need to pay 1.25% of the purchase price toward closing costs. Or another scenario is putting 3.5% down and having the seller pay all the closing costs. Either way you break it down 3.5% must come from you.

Both programs allow the seller to pay up to 6% of the purchase price toward your closing costs. (USDA is actually unlimited but the lenders cap you at 6%)

**sawa0018** · 07-22-2009, 05:51 PM

I have to agree with Greg. When we were looking for home financing, we stumbled on the USDA home loan program and it

**Chris Moll** · 07-23-2009, 11:38 AM

As stated in prior threads, FHA will allow 3.5 percent down, however, if you are a veteren, VA loans offer 100% financing with no Mortgage Insurance required.

Alternately, conventional or 'conforming' loans require 10% down in most states, however, in certain states you only need 5%

What state do you live in?

chris

**Sabir** · 07-23-2009, 10:01 PM

I am looking to start own property buseness. any idea regarding this is more than will come.

**khemraj** · 07-24-2009, 05:31 AM

Hello Sir,

How can I find out house for rent ?

**RyuukoGo** · 07-24-2009, 07:39 AM

Does Texas have any programs like we have in CA?

http://www.affordable-housing.org/in...nt-assistance/

**minnesota-mls** · 07-24-2009, 11:01 AM

There are a number of really top, top first time home buyer programs. If you haven't done so already, plug in with a lender that specializes in this niche. With so many affordable homes for sale on the MLS here in MN, we are seeing first time buyers come out in droves! However, not all lenders are created equal. We work with Alec Grebis here in Minnesota. He does an awesome job. Thanks again and happy house hunting!