Equity Home Loans - what kind of home loans are out there for first time buyers?

what kind of home loans are out there for first time buyers?

we are looking at a house in southern california. it is our first house. we pay 1500 for our apartment right now, and everyone is telling us we should buy while the market is low. we havent even talked to an agent yet but we found a really cute starter home for 250,000. we dont really have money to put down, but we were told we can still look. are we wasting our time?

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call around to a few banks. They can tell you about any first time home buyer programs that are out there. Most states have bond programs. Not sure what your state would have to offer.
Step #1: Look into First Time Buyer programs. Call the county, town and municipality where your interested in living and ask. Step#2: Read ALL the literature you get AND follow the directions - step-by-step. If there isn’t any First Time Buyer program: Your first step should be to get pre-approved for the mortgage. Arrange for an appointment with a loan officer at a savings & loan or a federal credit union. These lenders tend to have lower fees and rates than mortgage companies or full service banks. Bring all the applicable information about any open and closed loans. You should be as honest as possible. Ask about a 30 years or longer, fixed-rate, positive amortization, no pre-payment penalty, open-end mortgage. This means: You have 30 years or more to pay the mortgage. It has an interest rate which never changes through the term of that mortgage. Some of the payment will always be applied to the principal amount of the mortgage It can be paid off at any time without any penalty. And it can be paid off at any time. Step #4: After getting pre-approved, take a ride through those areas where you can comfortably afford to make those mortgage payments. Make notes of the "For Sale", "Sale" and "For Sale by Owner" signs in those areas. Ca;; those people to make appointments to see those properties. IF you meet an agent you feel comfortable working with, continue working with that agent. He/She should be able to get you through the great majority of those properties you're interested in seeing. Thanks for asking your Q! I enjoyed answering it! VTY, Ron Berue Yes, that is my real last name!
Unfortunately there are just very few options for you in this market. Most of California is considered distressed at this time therefore requiring even higher down payments. FHA is a very good first time homeowner type of loan but they do require a minimum of 3% into the transaction. Seller can contribute 6% of the closing cost after the buyers 3% has been met, Check out the below website for more information. Hope it helps
Try Bank of America - they have a 1st time homebuyer loan where you put 5% down, and they pay closing costs, and there's no PMI.
Nope, you are doing the right thing. Some mortgages will allow the seller to contribute to your down payment and closing costs. First, you should find a good Realtor that has the patience to deal with FTHB. Everyone has their strengths and some do not work well with those that need alot of help through the process because this is their first home purchase. There are too many good Realtors out there to put up with a lazy one. Have that Realtor give you some recommendations on a lender that can assist you with a mortgage. Also, feel free to shop for your own local lender who may know of programs in your area that you can qualify for. Since the majority of what you repay is interest, and interest rates are creeping up, it makes sense to take advantage of the lower interest rate and the buyer's market.
Hi, You can speak with a mortgage banker or broker to see about the first time home buyer loans. I live in Southern CA (North San Diego County) and am a Realtor here. I usually have my first time home buyers get a loan pre-approval with a major banker. I work with a first time home buyer specialist who knows the mortgage programs, and also the city assistance programs that can be used. I know some areas here qualify for as much as $45K in assistance. There are plenty of deals out there right now, but you will want to work with someone who can walk you through all of them. There are Bank Owned Properties, which are great bargains, but may have some work needed. There are Short-Sales, which also can be bargains, but you may wait for a long time while the bank decides how much they are going to sell the home for. You don't want to go in blind - speak to a Realtor in your area that you feel comfortable working with. You don't pay their commission, the seller of the property does. Your really need someone on your side. Good luck - and have fun! Tamara - www.tntsellhomes.com
Well, a couple of things you might want to consider.I've had good luck here...http://homeloan.online-assistant.info/best-home-equity-loan-rate.html
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