what are the options for the first time homeowner? Do we need to make a down payment?

I just got a new job and our lease is expiring in September. We are not interested in renting but do not think we will have enough for down payment.
(0) | asked by: Annejela Dieudonne | share | 18 months ago | Report
2500 characters left
Answer Tips: Share your knowledge. Be on-topic . Refrain from self-promotion.
* Refer to our community guidelines.

Answers

Viewing Answers 1 - 11 of 11
answer by Michael Dominguez    |   Visit My Website   |   Contact Me
There are many loan programs out there for first time homebuyers. I work with a number of lenders that can definitely help you with this process.
0
0
Answer Helpful?
12 months ago  |   Report   |   share
answer by Robert Barnhardt Sr.    |   Visit My Website   |   Contact Me
There are several options for downpayment assistance for first time homebuyers. The best place to start is with an experienced Realtor who has a network of lenders that know how to get the job done for you! I have a network of lenders that can advise you for down payment assistance, no downpayment loans and also some special programs that give downpayment assistance. Its a great time to buy! With the right help, you could be in your home before your lease expires!
0
2
Answer Helpful?
18 months ago  |   Report   |   share
answer by Akin Cakir    |   Contact Me
Your realtor may be able to assist you put in contact with a experienced Mortgage Lender. Your mortgage lender will provide you all the options you may have as a first time home buyer.
0
0
Answer Helpful?
18 months ago  |   Report   |   share
answer by Karen Smolarek    |   Visit My Website   |   Contact Me
You may not need a down payment. There are multiple programs that allow the Home Buyer to receive 100% financing. It's always important to talk to a Real Estate Professional as soon as possible to figure out all of your options. Giving your self enough time to plan can be the difference between buying a home or getting your dream home! Happy House hunting.
0
0
Answer Helpful?
18 months ago  |   Report   |   share
answer by Douglas Salmon    |   Contact Me
Start by speaking with a Realtor who can guide you to an experienced loan officer. That can make all the difference. You may be pleasantly surprised. If your a Veteran you may qualify for VA 100% financing. The USDA also offers 100% financing to qualified Buyers, however this is available only in specific USDA designated areas. You do not need to be a first time Buyer to take advantage of either of those two programs. Certain local areas like Middletown meet the USDA criteria. The second item you should discuus with your Realtor and Lender is the closing costs associated with buying a home. Sometimes the Seller of a property will pay some or all of the Buyer's closing costs. Your lender or Realtor can calculate those costs. Your Realtor can include those costs as part of the negotiations in your offer.
0
0
Answer Helpful?
18 months ago  |   Report   |   share
answer by Phoebe Turner    |   Visit My Website   |   Contact Me
THE BEST THING for 1st time home buyers to do is call a few mortgage brokers. Usually you will get the best mortgage broker's from the Realtor you've been talking to. Depending on a variety of factors, such as what your current debts and current earnings are, you may need little to get to settlement. However, the lender usually wants to see that you have a certain amount of money in your accounts at the time of settlement.
0
0
Answer Helpful?
18 months ago  |   Report   |   share
answer by Patrick Manning    |   Contact Me
There are many products available to you right now. I would speak with a mortgage broker or banker to learn more about how you qualify and what type of down payment may be needed. Just like car lots each financial institution has different products so be sure to browse and find a trusted professional you feel comfortable with. Be sure to ask them about the affects of a reduced down payment on mortgage insurance. This can have a significant impact on your monthly payment. Good luck!
0
0
Answer Helpful?
18 months ago  |   Report   |   share
answer by Amanda Tracy    |   Contact Me
Your first step is to definitely speak with a mortgage specialist. There are opportunities that are out there for closing cost assistance and money toward down payment. Working with first time home buyers is a specialty and speaking with someone, such as myself could help!
0
0
Answer Helpful?
18 months ago  |   Report   |   share
answer by Phoebe Turner    |   Visit My Website   |   Contact Me
Depending on your annual income you may qualify for PA or DE state grant money as well as $2000 Federal Tax credit.
0
0
Answer Helpful?
18 months ago  |   Report   |   share
answer by Phoebe Turner    |   Visit My Website   |   Contact Me
Depending on your annual earnings you may qualify for grant money from the Delaware State Housing Authority (google them) AND you may qualify for a $2000 Federal Credit.
0
0
Answer Helpful?
18 months ago  |   Report   |   share
answer by Michael Kelczewski    |   Contact Me
Most mortgage products require a 5-20% down payment in addition to financing charges-- I would recommend speaking to a Loan Officer.
0
0
Answer Helpful?
18 months ago  |   Report   |   share
Please read Homes.com's Questions & Answers Community Guidelines.