Im a first time home buyer...?
494664
Hello,\n\nIt is usually a lot of work to buy foreclosures.  I believe it needs some experience in home hunting, dealing with problems in such properties and handling complex situations. As you must have seen the problems could be deeper like structural or just aesthetic.\n\nThe reason why bankers and foreclosure "vultures" do it well is their seasoned approach to this.  It is a specialized trade in itself.  For an inexperienced buyer, you will get properties that only the professionals let go. That implies that it is no more cheap for the problems that it has in it.\n\nIn my opinion a good way to buy such a property would be to work with a Realtor with an expertise in Foreclosure properties and he agrees to work with you as a Buyers Agent.\n\nDisclosure:  I am a Licensed Realtor in California and work with Century 21.
172551
my credit score is 650 and i've been told thats in the fair to good category. \nit pretty much depends on how much income you have compared to how much debt you have.\nalso if this is your first home, you should be able to get special financing and a low interest rate( usually from a bank)\noverall, i would say you have a great chance of getting your loan, as long as you can afford $700-$1000 a month for mortgage.
798902
have you considered buying.. if this is the going price for what you are looking for, in your area, then you could probably buy a home.. besides there are many 1st timer gov money (lot free $). programs you can web search or check with a realtor... i have no problem in paying a realtor their commission they work hard for it you too may want to talk with one ( i suggest using a well established firm.\n\ni would suggest that you check for the sellers list, owners  where you shop ect (network your desire to buy a home )
466623
1) Do not contact 'motgage guru' since on a purchase there is NO RIGHT of RECESSION; period. You only have a 3 day recession on a refinance of your primary residence. Adding a HELOC to a primary residence is a refinance transaction.\n\n2) It sounds like your getting the shaft... Either cancel if possible or start yelling! Once you sign those docs they are set in stone.\n\n3) On a HELOC the rate is based on the prime rate. When you received your GFE the prime rate may have been lower and then it increased since you got the GFE; currently prime is 7.75%.\n\nWhat it kinda sounds like to me is that your HELOC has an introductory teaser rate for a couple of months at 6.625 or there abouts but with the fully indexed rate at 12.3%. What the 18% is telling you is the maximum interest rate cap on the loan. If you take your 12.3% and subtract out the prime rate you have a margin of 4.55%. What this means is that when ever prime goes up or down, add 4.55 to the current rate and there you are.\n\nIf you want to speak to me in some detail about your deal I maybe able to assit you with a much better product.\n\nKevin\nkruorock@firstratelending.com 866-562-6838 x 106
335911
If you've had a good job for 2 year a 620 mid and good rental history you could get a 0% down 1st time home buyers program but do it soon rates are shooting up!!!!!!!!!!!!
418660
That is about right, but look for a little more than 10K. It varys from state to state, and from bank to bank. Don't be afraid to ask your lender. Infact, when you get prequalified they should give you an estimate on your closing costs including home inspections and other misc things.
645965
Depending on how much your credit "sucks" and the state that you live in, would determine if you can purchase a home. However, I would start checking on FHA or state bond programs to get financing for your house. Research on your own, because most Realtors don't like them, because there is a lot of paperwork. Mortgage brokers don't like them because they can't make as much money on them. Go to your state website and look for the housing department. Most states have them, you just have to look. If you have any questions, feel free to contact me directly.
770122
The time is now! I started on October 4th hopping by December 4th When my lease is up i was already out. Well Today is November 20th and I still haven't found my home, the good thing is my loan is already approved, the only thing missing is the house and the long wait between negotiations  and appressal. \n\nMy advise is, get pre-approved or approved FIRST, then start house hunting. The most important thing is to get approved for the best loan before the hunt, which is the easiest part. \n\nMy third application took 30-minutes over the phone with my bank and within 4-business days I was sort of pre-approved.  My original loan amount was for $300,000 which got decline by the underwritter, so I had to talk to him and settle for a $260,000 loan., But a week later, it was finally approved.   \n\n\nSince my original loan amount was decline, I had to look for homes withing that price range in another part of the state. Where I currently live, Homes start at $300,000 and they tend to be small, and needing a lot of work.\n\nMy bank  was my third and last lender, after trying with Credit Suisse which gave me 100% financing at 5.375% then change the terms to 7. 850% for 3-years fixed and 27-years variable without notifying me. \n\nThe second attend was with Quicken Loans, which was a complete waste of time. BTW, if you valued your sanity, AVOID Quicken Loans!\n\nA fixed interest mortgage is the best to go, you don't want to go for one of those "Interest Only" you hear so much about. Thouse will lead you to a foreclosure within 3-year.\n\nFor a 100% financing loan your mortage payments will start the first day of the month 2-months later, mine is set for February 1st. 2007. The monthly payments will  include Principal, Interest, Taxes and Insurance.
504969
You should search yahoo answer first.  Similiar questions have been asked before.\n\n- Get pre-approval from a lender\n- Get a realistic estimate of the house you like to buy\n- find a realtor
1084515
Really straight forward:  no unsecured debt.  If you have credit card debt get rid of it.  Use your 25K if necessary.\n\nNo car payment - pay off any installment loans you have.  Use your savings if necessary.   You wil then be able to save expedentially each month.\n\nWhat kind of house are you after with $75K down?  That's a huge down payment for a first time homeowner of any age!\n\nYour first house should not be your dream house, it should be one that you can sell in 5-7 yrs to the next first time home buyer.  \nMake sure the location supports the property.  Buy the smallest/least expensive house in the best neighborhood.  \n\nDon't buy the biggest/most expensive house on the block...lose out on equity potential.
595011
There are plenty of options available to you.\n\nThere is a great free report at http://www.first-time-homebuyers-loans.com that will point you in the right direction.  It is very helpful, but to big to copy it here.\n\nGood luck,\n\nGreg
95958
I had and FHA loan for my first house and it worked out great.\n\nhttp://www.fha.com/
10605
Hi I'm looking to buy a place also. You are somewhat younger then me, I'm 25. I think that a house is always a sound investment for people who can stay in one place for a long time. I would suggest talking to a real estate broker about your finances. But the real question you should ask yourself is, “At this young age am I ready to stay in this home for at least 5 years?” If the answer is no then I would continue to rent.
578591
Doing your own research can you get you a really good idea of what your house would be worth. Do research on what properties in your area are selling for. Same number of rooms, baths, same approx size, fireplace, porches, basements, ect. Get as close as you can. Make sure you check what the houses are selling for and not what they are marketed at! \n\nThat said, it won't help you much other than to know if it would be worth paying someone to do a real one. Banks most likely won't accept your appraisal when you go to (re)finance.
1082974
My husband and I were truly blessed we we bought our home. There is a program called Ameridream and if you are a first time homebuyer or a minority, the government will cover your downpayment. No gimmicks or paypacks. It was awesome. We saved 5k on the downpayment. We got an interest rate of like 6% and if we did a 80/20 the rate would have been 7.5%.
611970
you should spend the money to speak with a real estate attourney. the mortgage may become/probably will become your responsibility.
928894
First, don't get forced into the builder's preferred financing unless the incentives make it worth your while! If you can, find a loan rep who will get you pre-approved somewhere. Yes, you do have to give the builder a deposit of some sort (or it's called a good faith deposit). Hopefully your loan rep will explain everything to you in plain language and through the whole process. You may want to contact a company "Home Loan Experts" who helped me a lot! They can shop for the best deal for you! Good luck!