first time home buyers

[bct]

I'm currently shopping for a home and a mortgage.

I've been waiting for a while to take the plunge, trying to get my scores up.
I have done that, and now I'm shopping for a mortgage.

where is the best place to go for 1st time home buyers?

[wolffkelly]

what you are trying to get, and how soon you want to close. more specific please.

[taiarain]

What do you mean by best place? Are you looking for the best place to get a mortgage?

Taia

[Lyricb]

I would go to your bank or credit union and have a sit-down chat with a mortgage consultant. They can pull your credit file and let you know if you're on the right track.

[Mrs Wolfie]

There are many, many programs available to first time home buyers. Yes, you must have good credit and you need to have at least 3% down. There are some 100% financing available but the interest rates are pretty high. If you are in the states, your local HUD agency would be a good place to start. Otherwise, check with your local real estate agent and see if they have successful mortgage lenders they have dealt with. All big banks have programs- shop around to find the lowest interest rate. As for what you would qualify for, no consultant can tell you unless you apply and they can pull your credit.

[FetznJtown]

I would try Lending Tree. They can give you a good idea as to what you qualify for.

Know that any mortgage inquiries completed within a 2 week period will only count as one inquiry on your credit report. The reporting agencies know that people shop around now and give you some time to get different options.

I would stay away from any ARM mortgages, bad news. Your payments can jump several hundred dollars a month when the rate changes. We are buying our house with 0 down and no PMI by using an 80/ 20 fixed rate mortgage. We are paying closing costs out of pocket, but have known people who got them bundled into the mortgage too.

[Mrs Wolfie]

Yes, for many, an 80/20 is a great product. You can also look into an 80/10/10 or 80/15/5 which, in essence, is the bank takes a first lien for 80% of the purchase price, then opens up a second lien for 10% and the borrower then brings in 10% of their own funds (or 5%). These programs also avoid mortgage insurance and can be really competitive, rate wise.

[Raquelita]

I recommend searching for 'first time homebuyer' programs in your area. My husband and I used one and it paid for closing costs, 7% downpayment (we had to provide 3%) and a bunch of home repairs - it was awesome!!!

[derdo]

Yes!! Nice information that you have shared with us.
Thank you very much

[rachael24]

Yeah I tend to agree...I would check your area for a professional in your area.