topic Re: first time buyer programs in Mortgage Loans

first time buyer programs

Anonymous — Thu, 06 Dec 2007 02:07:32 GMT

I am new to the board. My husband and I are planning to buy a home next year. All of our credit scores are over 700. We have $20,000 for a downpayment and we are looking to buy a home( townhouse) in the $300 - $320,000 range.

My question is are these programs for first time home buyers really good? I heard there were programs to help with the down payment or with your PMI. For example Nehemiah or SONYMA.

We are in our fortys and never owned a home. It took a few years to get our score back on track.

So please advise us. Is there really help for the middle class to get a home? We live in N.Y.

Thanks so much

Mary

Re: first time buyer programs

ShanetheMortgageMan — Thu, 06 Dec 2007 05:23:47 GMT

If you fit the income limits of SONYMA then it's a good loan program for homes in NY. Nehemiah is a down payment assitance program and I don't believe they offer mortgages, Nehemiah is often used for the down payment assistance on FHA mortgages.. it requires the seller to participate, basically they ask the seller to give them money and in turn give you the down payment, as FHA prohibits the seller from giving the buyer the down payment, however with a non-profit agency like Nehemiah there is a roundabout way of getting that down payment from the seller. The "first time homebuyer" programs usually have income restrictions, so if you have decent income and have good credit, you are probably fine just using a normal conforming loan program for the purchase. $20k down on a $300-320k home is a solid down payment, really wouldn't need to put more than 5% down unless you wanted to.

Re: first time buyer programs

Anonymous — Thu, 06 Dec 2007 15:24:16 GMT

marymonet26 wrote:
Hi

I am new to the board. My husband and I are planning to buy a home next year. All of our credit scores are over 700. We have $20,000 for a downpayment and we are looking to buy a home( townhouse) in the $300 - $320,000 range.
My question is are these programs for first time home buyers really good? I heard there were programs to help with the down payment or with your PMI. For example Nehemiah or SONYMA.
We are in our fortys and never owned a home. It took a few years to get our score back on track.
So please advise us. Is there really help for the middle class to get a home? We live in N.Y.

Thanks so much

Mary

Sonyma is a good program but it is income driven. Also they do provide a grant for up to 5000.00 towards closing costs but it isn't one thats forgiven after 5 years. They add.50 towards your rate. Another thing is that even if your income falls in the required range they also have limits on how much the house can costs. If you live in the NYC/L.I area then your fine because they go up to 500,000 on a purchase but if your in upstate ny near Albany you would be 20,000 - 40,000 over. Also Sonyma requires you to pay 1 point

Message Edited by steelfan on 12-06-2007 07:24 AM

Re: first time buyer programs

Anonymous — Fri, 07 Dec 2007 21:00:08 GMT

Shane,

do you know any first time buyer programs in nj

Re: first time buyer programs

ShanetheMortgageMan — Sat, 08 Dec 2007 22:28:59 GMT

Not any specific mortgage programs per se, but here are some down payment assistance/grant programs:

Atlantic City Casino Reinvestment Development Authority (CRDA) Brighter Tomorrow Home Loan Program (HLP) 26,900 (609) 347-0500

Burlington County First Time Homebuyer Program (FTHP) $3,500 (609) 265-5072

Camden First Time Homebuyers Program (FTHP) $3,500 (856) 757-7284

East Orange Homebuyers Purchase Program (HPP) $10,000 (973) 266-5416

Gloucester County Homebuyers Program (HP) $10,000 (856) 384-6986

Hudson County First Time Homebuyers Program (FTHP) $20,000 (201) 875-5581 J

ersey City, First Time Homebuyer Program $25,000 (201) 547-4793

Monmouth County First Time Homebuyers Program (FTHP) $10,000 (732) 431-7490

Ocean County First Time Homebuyer Program (FTHP) $7,000 (732) 929-2054

Vineland Strategic Neighborhood Assistance Program/Urban Coordinating Council Home Ownership Assistance Program (HOAP) $2,500 (856) 563-5376

Re: first time buyer programs

Anonymous — Sat, 15 Dec 2007 01:48:45 GMT

How about 1st time buyer programs in CO, Shane?

Message Edited by honeybrook1 on 12-14-2007 05:48 PM

Re: first time buyer programs

ShanetheMortgageMan — Sun, 16 Dec 2007 04:51:49 GMT

Colorado Down Payment Assistance Programs

Arapahoe County Home Ownership Program (HOP)
$20,000 (303) 738-8065
Aurora Home Ownership Assistance Program (HOAP)
$10,000 (303) 360-0053
Colorado Housing Assistance Corporation Creating Affordability Now 65% to 80% AMI Down Payment Program (CAN)
$5,000 (303) 572-9445
Colorado Housing Assistance Corporation Creating Affordability Now Below 65% AMI Down Payment Program (CAN)
$5,000 (303) 572-9445
Colorado Housing Assistance Corporation Downpayment Assistance Disability Program (DAP)
$6,000 (303) 572-9445
Colorado Housing Assistance Corporation Federal Home Loan Bank Program (FHLB)
$3,500 (303) 572-9445
Colorado Housing Assistance Corporation Mortgage Assistance Program (MAP)
$5,000 (303) 572-9445
Colorado Springs Affordable Homeownership Program (AHP)
$10,000 (719) 387-6714
Del Norte Neighborhood Development Corporation Savings Plus Individual Development Account Collaborative (IDA)
$10,000 (303) 477-4774
Denver City and County - Newsed Community Development Corporation Barrio Aztlan Homeownership Program (HAP)
$10,000 (303) 534-8342
Denver County Colorado Housing Assistance Corporation (CHAC) Barrio Azatlan Home Ownership Program (BAHOP)
$10,000 (303) 572-9445
Denver Del Norte Neighborhood Development Corporation Barrio Aztlan Home Ownership Program (HOP)
$10,000 (303) 477-4774
Eagle County Downpayment Assistance Program (DAP) 5 Year Deferral
$10,000 (970) 328-8771
Eagle County Downpayment Assistance Program (DAP) Monthly Interest Payback
$10,000 (970) 328-8771
Eagle County Downpayment Assistance Program (DAP) Property Appreciation
$10,000 (970) 328-8771
Fort Collins First Time Home Buyer Grants Program
$9,000 (970) 221-6595
Glenwood Springs Board of Realtors Affordable Housing Fund (AHF)
$2,000 (970) 945-9762
Jefferson County Stride Home Ownership Program (HOP)
$5,000 (303) 275-3450
Larimer County Home Ownership Program (LHOP)
$7,900 (970) 667-3232
Longmont/Boulder County Down Payment Assistance Program (DPA)
$9,000 (303) 441-3987
Multi Counties West Central Housing Development Organization Regional Ownership Assistance Down Payment Program (ROAD)
$11,800 (970) 874-8204
Multi-Counties Del Norte Neighborhood Development Corporation Savings Plus Individual Development Account (IDA)
$3,000 (303) 477-4774
Northeast Colorado Housing Inc. Homeownership Down Payment Assistance Program
$5,000 (970) 542-0955
Pueblo County HOME Downpayment Assistance Program (HDAP)
$25,000 (719) 584-0817
Pueblo Neighborhood Housing Services Repayable 2nd Mortgage Program (SMP)
5,000. (719) 544-8078
San Miguel County- San Miguel Regional Housing Authority Down Payment & Closing Cost Assistance Program (DPCC)
$10,000 (970) 728-3034
Summit County - Town of Dillon Employer Assisted Housing Program (EAHP)
$10,000 (970) 468-2403
Summit County Down Payment Assistance Program (DPA)
$11,772 (970) 453-3557
Summit County Employee Housing Assistance Program (EHAP)
$10,000 (970) 453-3404
Summit County Summit Housing Authority Downpayment Assistance Program
$3,000 (970) 453-3557
Weld County, High Plains Housing Development Corporation Downpayment / Closing Cost Assistance Program (DAP)
$4,000 (970) 352-1551

Re: first time buyer programs

Anonymous — Wed, 19 Dec 2007 16:05:31 GMT

WOW!

Thanks, Shane. I've hit a little bit of a stumbling block. I'm trying to see if I can qualify for a home on my own. My DH has the income, but his scores are 573, 623, and 649-mainly due to a couple of tax liens on his reports (he owes around $10,000). My scores are 707, 700, and 664, but my income is low. (I'm a teacher sub, off in the summer...)

I know I missed the boat because of this subprime mess, but is there anything out there that can help me get this on my own? I've also thought that maybe we could use our earnest money to pay his tax bill, then we could do it together if we could get the IRS to quickly report the liens as released. Then we could use one of these programs to get money for a down payment. We're kind of pressed for time, though...the owners of the home want us to close by Dec. 31.

What do you think?

Re: first time buyer programs

ShanetheMortgageMan — Wed, 19 Dec 2007 22:59:24 GMT

If your income can qualify alone then you'd have a shot, but if not, many of those "low doc" loan programs are being eliminated by lenders because they are presenting too high of a risk. December 31st is only 7 business days away (assuming 24th/25th are off days)... do you not have an approval yet? Kind of cutting it close. Can you get your earnest money back if you can't close in time?

What is the sales price, your income, your monthly debts, and how long have you been subtitute teaching for?

Re: first time buyer programs

Anonymous — Thu, 20 Dec 2007 00:32:07 GMT

Sale price of the home is $285,000. We have $15,700 in earnest money. My income fluctuates depending on how often I'm called. One month can be $400, $1500 the next. Everything else was fine, they said, have the credit but my income is too low. His income is a good deal more, but this old tax issue has popped up, which is why they tried to see if I would qualify alone. The tax liens need to show released, apparently. I'm not sure how fast this process takes. I've been a sub for 5 years or so, a Para before that in the same school district. Combined monthly debts around $1100.

If we don't close in time, we can extend the lease/option, but we would lose $5000 of the option $ if we can't close by the 31th.

Re: first time buyer programs

ShanetheMortgageMan — Thu, 20 Dec 2007 18:38:06 GMT

I see the tough decision you have. The only documentation type that would be an option for you is called a "No Ratio" doc type, which is where income is left completely off the application, there are no debt ratios to worry about, but there is a reasonability test performed to determine if the occupation could reasonably meet the debt payments. For a substitute teacher, with $1k/mo in debts, and a $269k mortgage amount, I think underwriter's might find it unreasonable for you to be able to support all of those debts alone by yourself though. Further, this "No Ratio" documentation type is being eliminated by a lot of lenders as of late... there are still a few that still offer it though. Minimum 5% down is required, but most are requiring 10%.

As far as just qualifying with your husband, you might not need a down payment assistance program if you can qualify for 100% financing... so then you'd be able to use the earnest money to pay off the tax liens. You don't have to pay it and get them to show it as released, you could just have it paid at closing (title company deducts tax lien amounts from earnest money at closing and disburses it directly to IRS). If your loan amount fits within your county's FHA loan limit (https://entp.hud.gov/idapp/html/hicostlook.cfm) then you can use one of those down payment assistance programs I mentioned, otherwise normal conforming programs (unless MyCommunity or HomePossible, which have income restrictions) don't permit down payment assistance without you putting down the first 5% from your own funds.

Re: first time buyer programs

Anonymous — Thu, 20 Dec 2007 22:54:48 GMT

Thank you, Shane! Oh, and I think I typed that wrong-the combination of our debts is about $1000. By myself, just $369. Even so, the home payment is a lot by myself. My husband makes about $8000 (why he didn't take care of this debt, I don't know), so I really want to get this tax biz out of the way. I will take this info to my mortgage lady and see what she says. This may work!

You're something else...thanks a lot!

Re: first time buyer programs

ShanetheMortgageMan — Fri, 21 Dec 2007 00:40:21 GMT

You are welcome! Hope one of those options works out for you.

Re: first time buyer programs

Anonymous — Fri, 21 Dec 2007 14:25:01 GMT

This is great information.

Do you know of any first time home buyer programs in Maryland?

Re: first time buyer programs

ShanetheMortgageMan — Fri, 21 Dec 2007 18:46:24 GMT

Annapolis Homeownership Gap Financing Program (GAP)
$40,000 (410) 269-1222

Anne Arundel County Arundel Community Development Services Inc Mortgage Assistance Program (MAP)
$25,000 (410) 222-7600

Baltimore Buying Into Baltimore Home Sale Program (BIB)
$3,000 (410) 396-4606

Baltimore City Employee Homeownership Program

$3,750 (410) 396-3124

Baltimore County Incentive Purchase Program (IPP)
$3,000 (410) 887-3803

Baltimore Empowerment Zone Housing Venture Fund Program
$5,000 (410) 396-3124

Baltimore Neighborhood Housing Services of Baltimore Inc Closing Cost Loan Program (CCLP)
$5,000 (410) 327-1200

Charles County First Time Home Buyers Settlement Expense Loan Program (SELP)
$4,000 (301) 934-9305

Cumberland Neighborhood Housing Services Closing Cost Grant (CCG)
$1,000 (301) 722-6958

Rockville REACH Program (DAP)
$7,500.00 (301) 590-2014

http://www.dhcd.state.md.us/Website/home/index.aspx

Re: first time buyer programs

Anonymous — Fri, 21 Dec 2007 20:32:02 GMT

...In northeast Louisiana?

Re: first time buyer programs

Anonymous — Sat, 22 Dec 2007 00:01:50 GMT

http://www.mdhomeprograms.com/ probably the most comprehensive of the sites.... http://www.mdhomeprograms.com/program/all_programs.php?op=all

yes, I am a Realtor - and WH certified. There are MANY good programs and many variations....

Message Edited by Lady_Scarlet on 12-21-2007 07:01 PM

Re: first time buyer programs

ShanetheMortgageMan — Sat, 22 Dec 2007 00:57:35 GMT

Jefferson Parish First Time Homebuyer Assistance Program (HAP)
$20,000 (504) 736-6267

Lafayette First Time Home Buyer & Closing Costs Revolving Loan Fund Program (FTHBP)
$5,000 (337) 291-8433

New Orleans Neighborhood Housing Services Downpayment and Closing Cost Assistance Program (DCCA)
$3,000 (504) 899-5900

New Orleans PRIDE Down Payment & Closing Cost Assistance Program
$3,000 (504) 524-5533

Orleans Parish Central City Housing Development Corporation TANF Home Ownership Assistance Program (TANF)
$2,500 (504) 522-4273

Shreveport Homebuyers Assistance Program Participation Initiative (HAPPI)
$40,000 (318) 673-7503

http://www.lhfa.state.la.us/programs/homeownership/first_time_homebuyer.php

http://brgov.com/Dept/OCD/Housing/hap.htm

http://www.monroehousing.com/services.htm

http://www.ci.shreveport.la.us/dept/cd/neighrev.htm

http://www.jeffparish.net/index.cfm?DocID=1132

http://www.tpcg.org/Housing_Human_Services/index.asp

Re: first time buyer programs

Anonymous — Sun, 23 Dec 2007 00:45:59 GMT

Wow I'm happy my Shane certified list came through. Kinda upset that the Monroe, LA page was less than satisfying. The only info provided is a phone number to call for more info. Kind of expected in this day in age to find a little more general info (maybe income brackets etc.) on the web page. Oh well. I am looking through the LFHA page and that seems interesting. Once again thanks for the help.

Message Edited by berraco58 on 12-22-2007 04:45 PM

Re: first time buyer programs

BBYGRL — Sun, 23 Dec 2007 03:00:05 GMT

Hi Shane-

How about programs in Southern California? Thanks!