first time buyer programs

[ShanetheMortgageMan]

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.

[Anonymous]

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!

[ShanetheMortgageMan]

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

[Anonymous]

This is great information.

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

[ShanetheMortgageMan]

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

[Anonymous]

...In northeast Louisiana?

[Anonymous]

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

[ShanetheMortgageMan]

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

[Anonymous]

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

[BBYGRL]

Hi Shane-

How about programs in Southern California?  Thanks!