CHFA home loans for first time buyers, how do I qualify?
470309
I am assuming that you are referring to Connecticut Housing Finance Authority. Whether you are or not (CA and CO) they are all basically the same. You either have to be a first time homebuyer or not have home ownership interest with in the last three years. The only exceptions to this is 1) if you are purchasing with in a census targeted location with in the state 2) Recently divorced and can produce documentation of the separation. \n\nOther areas that you have to be concerned is that there are income and sales price limits for specific locations based on township and/or targeted census locations. \n\nThere is a lot more information, but I am not going to post it, but you can either email me if you have any more questions. You can also go to their website at WWW.CHFA.ORG.
90159
If you have no credit, its almost like having bad credit. Nobody will want to finance you because you have no history. Your best bet would be to go for a HUD home. They will build a home for you or give you a standing home in good condition and they will work out a payment that meets your budget. It was designed for people in simaler postitions. There is also Section 8 houseing that you can look into. There are probably waiting lists for them. Other than that you could get a realitor to point you in the right direction.
133645
I would talk to a lender and see what you pre-qulaify for as a first step. Sometimes lender can combine a first and a second for a 95% loan.\n\nAre you a vet, if you are you could be approved for a 100% VA Loan.\n\nSome cities have programs that can assist. Check with your local community to see what may be avialable.\n\nSave per month, do not charge a bunch of accounts new cars, charge cards, this will impact your FICO score.\n\nBe determined and cntinue to learn about the local market.\n\nPerhaps you may wish to line up with a good agent.\n\nBest to you.\n\nps. I bought my first house for $8,000 at age 23
2569
FHA loans for first time home buyers do offer some no money down loans. Talk to your loan officer of choice. These loans may have higher interest rates, and certainly include PMI (premium mortgage insurance) that will increase your payments.
598578
Being there a innumerable ways to begin establishing your credit and to buy a house with no credit established, I will offer you a couple ideas for both.\n1.The best way to purchase yourself a house with no established credit is either from an owner financed, lease to buy, or first time buyers program.Many people now are selling their own homes or purchasing homes and selling them as investment realty properties.Look in your local newspaper real estate section and contact owner financed offers,in these cases the owners carry the note and generally only want a down payment, and proof of income.Lease to buy offers you the opportunity to purchase by making lease payments to the owner and then deed the property in your name when the purchase price has been paid,in this case make sure lease payments are credited to the purchase price in the event you come into some money at some point and want to pay the full balance before the lease is up,bare in mind the lease option will have a shorter term.The FHA and VA offer first time buyer programs and many homes qualify, you can only use the first time buyer FHA once, to use this method contact a realty agent and tell them you are a first time buyer and want to go with a FHA qualified property , usually only proof of stable income and job history is needed as the government is trying to bolster the economy and help people buy a home.Department of HUD in your state is a great place to look for value properties that qualify for FHA loans.\n2.Establishing credit is not near as difficult as it once was,you of course must be over 18.Department store cards like Jc Penney, Sears, Dillard's, ect, are the easiest to get,many banks like orchard and household,and capitol one offer low limit starter cards too (visa & mc).Buying a car and making 6 -12 consecutive payments works well too.The best way is credit cards of any type that are unsecured,secured cards don't mean a thing.Be prepared to maybe pay a little higher interest rates or get lower limits to start with but that will immprove as you make payments.Be sure to make payments on time and at least minimum.Try to pay the balance every month, and never let your balance exceed 50% of your limit.You can also get loans at smaller loan companies like beneficial,american general and such if you have a car or something you can use as collateral,and then make your payments.The important thing is get them reporting good stuff about you to the credit bureaus.Remember your just trying to get in the game and as you build your credit history and score better rates and offers will start coming to you in the mail.Of course you must have a job or proof of income and stable history of at least 6 months to a year to do any of these things we've talked about.There are some ways around this but thats a little to creative to condense into a short yahoo answer.Good luck and try a few of these things they will work for you , we have all been there.
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.
576019
I think you have a lot to take into consideration here. First and foremost you should know how your credit report looks if you have a spouse you'll need his too. You'll also need W2's from the last 2 years from your job,tax W2's will do, proof of income and earnest money to put down when you sign a contract at least but no more than $1,000.00. The most important thing to look at right now is the interest rates. The better your credit the better the rate you'll get. Please go to a local bank or other surrounding banks and see if they could lock in a low interest rate for you why you shop around. They don't have to know exactly when you're going to buy. When buying your home always ask the seller to pay for your down payment and closing costs. The way to do this is to give him or her close to the asking price when you bid and stipulate in the contract that they are to pay your down payment and closing costs. Usually if they are getting close to full asking price they'll take the offer because they were leaving room to come down anyway. When looking at homes don't show to much emotion especially if you really like a house because if you do they'll know you really want it and they may not be willing to negotiate with you. Showing a lack of interest while your in the home is always better, even though you're dying inside to make an offer. It'll be in your best interest to wait till you talk to the realtor if you choose that route to show your enthusiasm. You can always buy a forsale by owner home too! It's less complicated and easier all the way around. The seller will and should be the one to get the lawyer to handle everything. This is quite simple, because you can call the lawyer and see how everything is going to. They do the appraisal, title search, closing and anything else that needs recorded and done. Before you know it you'll be sitting in your new home. I'd start now so you have everything in order. The loan already approved is the most important thing of all. Ask some people who have mortgages with banks not mortgage companies for referrals. Mortgage Cos. have a lot of hidden fees that you have to pay where as a bank doesn't. Good Luck...Happy House Hunting.
913356
there are lenders here for people with limited credit experience\nhttp://www.wesayes.com
208849
A mortgage is an encumberement on a property, which represents the money borrowed to assist with the purchase of the property.\n\nTo qualify for a real estate mortgage in the U.S. you need to have the following:-\n\n1) Source of income - your eligible loan amount is tied to your level of income i.e. wage, business income, rental income, retirement, trust funds etc. You need to show income for the last 2-years.\n\n2) Sufficient and fair credit history with a score acceptable to lender - In the U.S. no one will give you any money if you have NO credit history. No credit is WORSE than bad credit. The minimum credit score varies from lender to lender. You need to have a credit history that is at least 1-year old...some lenders may need 2-3 years.\n\nThat's a good place to start. Find a mortgage broker or deal with a financial instituion directly and they can fill you in on the rest...i.e. level of downpayment needed, loan costs, real estate closing costs etc.\n\nGood luck!
1109749
http://www.lendermark.com/i_want_to_buy_my_first_home_564.htm
770819
350 is the theoretical lowest, but with years in the finance business I have never seen a score below about 400.\n\nIf you have a score under 500 your not going to get any type of credit.  You'll need a 580 to get a home with no money down and a high interest rate.\n\nAt 620, you'll start to qualify for conventional home financing, possibly with no money down, depending on your area and situation.\n\nAt 680, you'll get 100% home financing pretty easily, but at 720 you'll be nearly assured of it.\n\nOver 720 in home financing is steller credit and you'll be able to get just about anything you desire.
74186
You can purchase a home and fulfill your mother's dream. You should go to a first time home buyer's seminar, a bank in your area might be having one soon. You can also look for information on low interest government programs at www.Fanniemae.com and www.Habitatforhumanity.com these are two programs that I know of. You should probably be the one to apply because of your age and income. You may also be able to apply together. Your income is quite low, so you may have to get a part-time job to supplement your income to be eligible. Can't hurt to look into all your options. Good Luck.
568663
Try contacting your local Housing & Urban Development office or FHA office.  They've got some great programs for first time home buyers available IF you qualify.  When buying a house--look before you leap, measure twice and cut once, easy does it and save for a rainy day are all good rules to follow!  Why?  Just because a house has a great bathroom doesn't make it a great investment--look honestly at it.  Does it need a lot of fixing up?  Are there any hidden things wrong with it?  Get an inspection done by a qualified building inspector before you buy!  Make sure this house is going to fit your need for space for at least the next 10 years.  Most affordable loans are for 15 to 30 years--is there enough room for the family in that time?  Don't want to get stuck needing to add on in a year and not being able to afford to or not having the room to add on because your addition will exceed your property lines!  Don't go into massive debt for a house--yes it's a big investment and a big responsibility, but don't go buying a palace if all you can afford is a mobile home!  Save your money!  Every penny you can save will help you out and help lower your debt--if you apply it wisely!  That extra money from Aunt so & so--add half of it to the next monthly payment.  Put the other half away for home repairs--you never know when you'll need to call the plumber or the electrician or some other repairman!\nGood luck and happy home hunting!
369971
Yes, although the most popular is an FHA loan that most mortgage bankers carry.  Go to http://www.hud.gov/ Here you will find answer to many questions as a first time home buyer.  I purchased my first property with an FHA Loan and even though the paperwork is a little more, it is the way to go due to the low down payment required.  Also look for a bank with "FHA credits" this can lower the money required at closing.
1144600
FHA guarantees loans for first time home buyers and can often offer solutions even to people with bad credit.  Shopping around for a good realtor and lender if very important.\n\nAsk friends and family who they have used.  In the market as it currently sits, almost anyone can get a mortgage, everything depends on how much you want to pay and what property you want.\n\nWhen looking for homes, make sure your realtor knows that you are a first time home buyer and interested in FHA loans since only certain houses qualify for them and some will be automatically ruled out.\n\nWhen shopping for a lender (don't JUST go with the one the realtor recommends but DO at least check them out), inquire about FHA loans and what type of points and interest would be available for someone with a credit rating of X.  find out what your credit rating is from the 3 major credit bureaus BEFORE you shop for a lender.  You want to know what they are going to be seeing before they do.\n\nThe more information you have the better.  Don't be afraid to ask questions or to walk away if it isn't what you want.\n\nStandard disclaimer: This is not legal advice nor financial advice.  If you wish to have legal or financial advice, you shoudl contact a licensed professional in your area.
33185
In certain circumstances builders may offer incentives to buyers in general.  They may be in the form of allowances for closing costs or improvements to your new home.  \n\nAs a first time homebuyer with no mortgage history you are the greatest risk to a lending institution especially if you seek to borrow 100% of the price of your new home when purchasing.\n\nThe best step to take is seek the assistance of a mortgage professional who can provide you with multiple solutions to your lending needs and answer your many questions concerning your first home purchase.  \n\nEmail me and I'll send you a free Homebuyers Handbook in .pdf format.
982858
The co signer will dictate the loan amount and terms based on his/her ability to qualify. If they qualify for a $35K loan you can get it.\n\nHere is some additional info. Hope this helps.