first time buyer programs

[ShanetheMortgageMan]

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bevy1234 wrote:

Do not try first time buyers in mississippi... Called a lender about 2 months ago..  and rude is the nicest word that comes to mind.. Told him about adj goss income, then he pulled my credit and said scores look good , but I am not supposed to discuss this but you have a couple of old collections and 1 late on a sallie mae that is in deferment...  Also you have not had credit long enough only 6 years ago your student loan was open....  Then a little chuckle from him and he said we can loan you the money at 35% down at 10.5 or something percent...  I asked him if he accidently pulled the wrong score...  at the time I was looking at a 635 or so middle score.. I then asked about first time buyers and was told I did not qualify .. I asked why and he said he could not discuss FHA loan qualifications wih me...

I think this is why mortgage companies are tightening up and the foreclosure rate is thru the roof... IDIOTS IDIOTS and more mortgage $5.00/hr IDIOTS

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Yeah you really got to watch who you work with, can't just call up any random mortgage company.  Make sure who you are working with takes the time to explain everything to you and more importantly, wants to work with you.  You can determine all of that even before a credit check is done.

[ShanetheMortgageMan]

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youme44 wrote:

Hi Shane..you give really great advice and would appreciate any help you can throw my way.

My boyfriend and I would like to purchase a home after our current lease is up (Apr 2009) and with all the information out there (internet, friends, family etc..) it is getting a little confusing..

My Fico score is 680. Annual income is 40k. Debt of about 5k in CC debt. 3 credit cards. 20K in school loans.

His Fico Score is 500. Annual income is 32k. No CC Debt. 0 Credit Cards. He had 2 collections which were paid off. 20K in School loans. He only has about 1,000 debt (IRS/Dentist Bills)

Where do we begin? I know we have to work on increasing out Fico Scores. We have little in savings (3k) and would like to find REAL programs that can help.

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What is your sales price range?  What are the minimum required payments on the credit cards & your student loans?  Are your student loans in repayment or are they deferred?  If deferred, for how much longer?  Perhaps you might be able to qualify on your own.

What is on your boyfriends credit that is bringing his scores down to the 500 level?  What is the story with the IRS debt and when did that happen?  Is he on a repayment plan?  Federal debt usually needs to be taken care of but let me know.

[ShanetheMortgageMan]

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stee0616 wrote:
Hi Shane! What about first-time buyers programs in NC? Thanks in advance.

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Asheville Neighborhood Housing Services, Inc. of Asheville Single Family New Construction Program (SFNC)
$25,000 (828) 251-5054

Cumberland County First Time Homebuyers Program (FTHB)
$25,000 (910) 323-6112

Durham First Time Homebuyers Program (FTHP)
$20,000 (919) 560-4570

Gaston County Homebuyers Assistance Program
$3,500 (704) 866-6756

Greensboro Affordable Home Loan Initiative Program (GAHLI)
$5,500 (336) 373-4146

Hickory 1st Time Homebuyer's Program (FTHB)
10,000. (828) 323-7414

High Point Homeownership Assistance Program (HAP)
$10,000 (336) 883-3347

Iredell Statesville Housing Authority HOME Program Funds
$15,000 (704) 872-9811

Orange County HOME Downpayment Assistance Program
$25,000 (919) 644-3056

Pasquotank County, Community Homebuyers Assistance Program (HAP)
$3,000 (252) 335-3702

Wilson County Affordable Home Ownership Program
$5,000 (252) 399-2230