What are the basics for using a down payment assistance program to buy a home?
461132
I am a mortgage specialist.  Many communities use these grant monies to induce people to move into certain areas of a city or state.  General restrictions are that the home owner must live in the property for 10-15 years.  If you sell or refinance within that period, generally the grant amount must be repaid back to the municipality that granted it.  If you need more information, please contact me at wwi_2@yahoo.com
145885
Start by getting a credit card-a gas card will even work. Just charge a tank of gas or so every month on it and pay it off as soon as you get the bill. This will start helping you to better establish credit. You may want to go ahead and talk to a real estate agent. You don't pay them. All of their fees are paid by the sellers of the house. They can go ahead and tell you what to do to build up your credit and get you pre-approved. Sellers deal more readily with pre-approved people because they don't have to wait as long to finalize the deal. My realtor helped me find a state program that gave me a $2500 down payment assistance loan that had to be paid back at $36 a  month for 7 years. I ended up getting into my house with only $300 out of my pocket if you can believe it!
77751
There is so much to do.  We just went through it for the 3rd time.  buying a house isn't a fun thing.  it is stressful but rewarding in the long run if you do your homework.  \n\nYou don't need to have a realestate agent.  We bought all three homes without using our own personal agent and we also sold both of our homes without any agent.  What you DO need to have, is a good lawyer to handle all the paperwork and contracts.  ( ours cost about $800) small investment but very worth it!!\n\nI would start looking for a home AT LEAST 3 to 4 months in advance of when you actually want to be moved in.  The hunting part can take 2 to 3 months even longer if your picky/ or there isn't much to choose from.  Then comes the closing process.  This is the time you get the mortgage loan, the title, the home inspection, and all other legal stuff out of the way.  Finally you will be ready to close on the home.  This is the day that was set by the bank, you and the seller for the ownership to change hands.  \n\nYou will need to have enough money in your bank to cover the down payment you will be putting - along with closing costs.  the average closing costs are about $5,000 to $8,000.  So you need to be ready for that.  \n\nI would suggest not to get in too deep. don't go for interest only loans, they are a bad idea.  If you can't afford a house with a regular fixed rate mortgage you should probably hold off until you are finacially ready.  \n\nThere is just so much more than what I posted above.  If you are serious about buying a home - you should start researching it many months in advance so that you will not be in over your head and get taken advantage of. \n\nGood luck
573512
Wow, some interesting responses. \n\nHome mortgages are complicated, it is sometimes easier to buy a house than a $2,000 car on credit. \n\nFirst you need to realize that in order to buy a home with a mortgage loan there are really two approvals that need to take place, 1. Your Personal Financial Picture 2. The Property. There are many lenders that will give you an approval based upon just a few minute talk on the phone... but truthfully that is not an approval, but a pre-qualification. It means nothing without aplying that info to a peticular loan and that also means finding a property. \n\nThere are many loan options out there that allow little or no downpayment to be made. FHA loans do allow a small down payment amount of just under 3%, but FHA limits are going to be lower than 700,000 unless you live in a REALLY expensive area, and even then I doubt they would go that high (FHA Limits are different from county to county nationwide, though usually less than $300,000 unless it is a multi family home.) FHA loans do allow gifts from Non-profit groups, family members etc to pay the downpayment. But that is really the exception, not to say it is the only loan option available there are still others. \n\nBut getting 100% loan is often much easier. There are many ways to do that and they don't all cost an arm and a leg. \nYou can find a 1 loan 100%, 2 loans 80% plus 20% (this allows you not to pay mortgage insurance). There are however other loans that don't ask where you got your down payment and companies willing to give you that money to help you close (all to receive a fee from the seller for doing it) Contact me and I can help you.\n\nBest of luck to you!
857843
Most states have a first time homebuyer program available for people who have never owned before, low credit score are acceptable, your income must be below a maximum guideline.  Low interest rates and immediate second morgtages for closing costs are usually available.  Chech with you local banks, they will know what programs are available.\nGood Luck!
1158614
If you are asking about purchasing a HUD home (a home that was repossessed by the govt. because the owners defaulted on a FHA loan), I would advise you do do your homework. In most cases, but not all, these homes are in need of repair. Unless you are really handy or have a friend or relative who is, you might want to think twice about purchasing a HUD home. Make sure you hire a ASHI certified home inspector to go over the home completely, top to bottom, so you'll know how much work the home really needs. \n\nIf you want to bid on a home, you'll have to contact a Realtor to submit the bid for you. You can go on the website HUD.gov to search for homes in any area. Your Realtor will be able to assist you with all of the required disclosures and contracts. Make sure you are pre-approved when you do bid or you'll risk being fined if your loan won't go through.\n\nThere are other avenues you may want to pursue if you are a first time buyer. Check with a Realtor in your area and they should be more than happy to assist you. Good Luck !!
18669
If it is anything like the program in MS, then there are companies that give you credit (a certain % of your rent) towards the future purchase of a house.  I know that down here you have to pay some fees to do this.
98978
No money down is not the problem. It is the bad credit. I have financed a lot of people with no money down. Seller credit buyer for re-occuring and non-reoccuring closing cost. Add that amount to your initial offer of the property. I am in the state of CA, therefore you need deposit when you make the offer, and money for inspections, unless you have the seller pay for all inspections. You need to fix the credit so that you can get a good interest rate.
469050
FHA requires full documentation of income, 2 years of Employment, and decent credit(usually 580 or above but I've gotten exceptions on lower credit scores).  You might also want to look for some grants that actually pay the 3% down-payment that is required.  FHA has made some great changes to their guidelines and I believe they are going to make a strong comeback.  I work in the mortgage buisness(Correspondent Lender) so please feel free to contact me for more information.
554469
1.How to properly finance a mortgage, downpayments etc without going in over your head.\n\n2. How to buy an income property: the pros and cons\n\n3. the "Art of the Deal": how to negotiate\n\n4. Contracts: who does the agent really work for?
627188
I don't know the details about the 'home ownership accelerator' program that you're referring to, but remember this: banks are out to make money.  They may seem like they have your best interest (no pun intended) in mind, but they're out for profit.\n\nI'm not trying to put down banks, just remember that they aren't out to save you money.  \n\nThe best home ownership accelerator program is to \n1) get out of debt\n2) save cash for a downpayment\n3) get a 15 year mortgage\n\nI hope this helps.  \n\nScott.....
358219
www.naca.com\n\nThey are a non-profit organization that helps people in your situation.  They will work with you to improve your credit and get financially stable (though your own hard work, mind you!).  They do their own lending.  So when you are ready to buy, you work with a NACA approved realtor and NACA funds the deal.  You don't need a big downpayment and their rates are usually a little less than a bank would charge you.  \n\nThey got their money through a settlement against Fleet Bank for predatory lending.  Their whole focus is on helping people get their foot in the door of owning their home because it's one of the biggest ways to stabilize yourself and get financially secure.  Good luck, hope the info helps!
94422
Get on the phone and get good faith estimates. It will take a while to give them all the info but may be well worth it. Get at least 5 if you really want to be sure you have a good deal. You might also try a mortgage broker, they can take your info and hook you up with the best lender they have access to for your particulars.\n\nThe problem with strictly trying for a lower rate is that someone can give you higher fees and a lower rate no problem. \n\nIf you are not financially savvy and just love crunching numbers into the wee hours of the morning with your spreadsheet program then just compare the APR of each offer. This is actual percentage rate which takes the fees into account. \n\nThe same lender can give you multiple options if you have a particular need such as fewer up front costs. They can raise the rate to lower the fees in the for of points. Then you can compare apples to apples between lenders and see who really has the best offer.
117310
NO! Keep in mind though that for every $1000 you put down, it only lowers your monthly payment by $7.00!!! I found that by negotiating not only the price, but the monthly payment you are comfortable in making, is easier than you think, and if all you have is $5000, than work with that.  In todays market, it's all about making the sale, and they will figure a way to please you to make that sale.  Plus, there are programs out there to help you with the down payment AND the closing costs, and if you live in the home for a minimum of five years, you might not even have to pay that back. Ask your Real Estate Agent or bank for the information. Good luck!
41577
As little as possible is often the most popular idea. However, it is wise to put down enough to make sure the property income will service the debt payments and taxes. You don't want to be paying out of pocket evey month unless you really need the loss for tax purposes. \n\nMost banks or savings and loans will require between 20 and 30 percent down payment in the US. The lenders are looking for the property to break-even or have some positive cash flow based on their projections income and expenses. The appraiser is often asked to make these estimates. However, I have purchased investment property with nothing but closing costs out of pocket using hard money lenders. I've even borrowed more than the purchase price when the appraised value was much higher than the purchase price. I have also run across some credit unions that loaned 100% for borrowers who had a good track record with the credit union. It's all in the deal.
233081
Bank of America has a program for Teachers.\n\nTeacher Flex®\n\nFull-time educators or employees at the elementary, secondary or college/university education level, including administrators, librarians, counselors, administrative support and custodial staff. Part-time teachers are also eligible. \n\nProgram features & benefits\nAvailable nationwide. Available in every state, including the District of Columbia, for purchases or refinances. \nLittle or no down payment. To purchase a single-family home, all you may need is $500 from your own funds at closing. The remaining down payment and closing costs can come from a gift or other sources. \nFlexible credit guidelines. You may not need an established credit history. All you may need is a favorable 12-month payment history on four monthly bills. \nNo income restrictions. \nFree and discounted banking services. You may be eligible for a variety of discounted or free banking services when you have a mortgage with us. \n\nHope it works for you.
699754
Home Inspection by an independent inspector (not one associated with the real estate agents involved).\n\nGet pre-approval for your loan.  Only buy a house that will amount to payments of no more than 33% (less if possible) of your monthly income (Don't get an interest-only loan).\n\nTake a look around awhile before buying.  Don't jump on the first house.  Think about it a couple of days.  Make an offer that you feel comfortable with.  Don't go over your head.\n\nExpect to have to purchase all the little things that you don't need when you rent, if it's your first house (Lawn mower, trimmer, water hose, landscape plants, curtains, basic household tools, etc.)