topic Re: first time home buyers in Mortgage Loans

first time home buyers

chevyman — Wed, 02 Oct 2013 00:55:37 GMT

Any one know what the requirements are for the first time home buyers loan

Re: first time home buyers

DallasLoanGuy — Wed, 02 Oct 2013 01:16:41 GMT

There is no such thing as a FTHB loan.

There are things about being a FTHB that are good.... like down payment assistance eligibility.

Re: first time home buyers

chevyman — Wed, 02 Oct 2013 02:11:47 GMT

OK so if I take home about 1400 a month is buying a home possible

Re: first time home buyers

DallasLoanGuy — Wed, 02 Oct 2013 02:16:45 GMT

45% of that can be mortgage payment + other debt payments.

do you know what the real estate taxes are in your area.... that affects payment a lot

do you have a pmt in mind for a mortgage?

or maybe a purchase price?

Re: first time home buyers

chevyman — Wed, 02 Oct 2013 02:25:50 GMT

Taxes run about 1200

Re: first time home buyers

DallasLoanGuy — Wed, 02 Oct 2013 02:28:32 GMT

what are your other debt payments?

if you know how much the taxes are... you must have a property in mind? what is purchase price? how much can you put down?

Re: first time home buyers

chevyman — Wed, 02 Oct 2013 02:35:25 GMT

That's what I have found as an average around here for houses in the in the 45 to 60 range

Re: first time home buyers

chevyman — Wed, 02 Oct 2013 02:36:24 GMT

Other debt is student loans at about 250 a month

Re: first time home buyers

DallasLoanGuy — Wed, 02 Oct 2013 02:55:32 GMT

you might be able to carry $45k with no down payment.... ddown payment raises that

not $60

you will have to work with a local bank.... or even a national bank

mortgage brokers cant do loans this low.... they would lose money

big banks might do these.

your debt ratios are very high.... see if you can find some down payment assistance(dpa) to cover some down payment(raising your purchasing power) and hopefully it would cover some closing costs too

look at your local city/county/state websites for their programs.

some local lenders might be able to point you to them..... or a realtor might be able to as well.

do you think you are considered in a rural area?

Re: first time home buyers

chevyman — Wed, 02 Oct 2013 03:13:32 GMT

No totally in town I have a lot of old bad debt to pay off first and want to pay student loans down a lot that will give me time to save up for a down payment

Re: first time home buyers

StartingOver10 — Wed, 02 Oct 2013 23:16:38 GMT

Chase does loans that low.

Since the property is in town there might be a down payment assistance type program for you. Google for 'down payment assistance + your town name' to see if anything comes up. Usually they are county/city/state programs that have income limits.

Re: first time home buyers

Anonymous — Mon, 24 Feb 2014 18:35:50 GMT

First time home buyers will get loans easily. However, just because you’re a first time home buyer doesn’t mean you should use a first time home buyer loan, these loan programs have restrictions and strings.

Mod Cut - Links removed.

Re: first time home buyers

dtjones052209 — Mon, 24 Feb 2014 18:37:26 GMT

@Anonymous wrote:
First time home buyers will get loans easily. However, just because you’re a first time home buyer doesn’t mean you should use a first time home buyer loan, these loan programs have restrictions and strings.

Mod cut - Links removed.

I have never heard of a first time buyer loan program, but i have heard of first time homebuyer DPA (Down Payment Assistance) Programs and true there will be some stipulation that you would have to meet. I seen some here in Texas that require you to remain in the property for 10 years minimum and you must help contribute to the next person's construction. State counties have money set aside for stricken areas that they are trying to rebuild and have income requirements for the assistance. OP i would just say google like Dallas and SO said for down payment assistance programs in your state and city. Good Luck !

Re: first time home buyers

Anonymous — Tue, 25 Feb 2014 13:54:48 GMT

Re: first time home buyers

Anonymous — Tue, 25 Feb 2014 11:39:21 GMT

Mod deletes your link once so your response is to repost it...