First-Time Homebuyer

Cameron, can you please write a detailed first-time homebuyer down payment assistance program for homebuyers? Here are the basic questions:

• Is the down payment assistance program forgivable or NOT forgivable.
• What is the minimum credit score requirements and debt-to-income ratio cap
• What is the mortgage rates and can you buy down the rate
• What is the credit and income requirements? Are there income caps? Is there household income cap?
• What are overlays on top of agency guidelines?
• What type of down payment assistance program is it? Conventional loans, FHA loan, or VA loan?
• Can the Lender’s DPA program be lender paid or borrower paid or is there an option?
• What is the minimum loan amount?
• Are there states like Washington state where the down payment assistance program is not allowed?
• What are the parameters to qualify for the down payment assistance program? Do you need to be a first-time homebuyer?
• Can you have non-occupant co-borrowers?
• Can you be in an active Chapter 13 Bankruptcy repayment plan to qualify for the down payment assistance program?
• Can the down payment assistance program allow outstanding collections and charge off accounts or other derogatory credit tradelines?
• What type of properties can you purchase with the down payment assistance program.
• Do you need to complete a HUD approve housing class or any other courses to be eligible for the down payment assistance program?

Besides the down payment assistance program, do you guys have homes for heroes for police officers and first-responders or any other specialized niche mortgage loan programs.

Shoud I rent a house or buy a house now? I know that you will get way less house for the money but I do not want to get priced out of the housing market and rent forever.

Most all potential home buyers are familiar with looking for homes online and scheduling a visit to view interesting properties with their realtor. Once you pick the home that is right for you, your agent will guide you through completing and submitting a purchase contract.

But what happens after the contract is accepted?

The National Association of Realtors (NAR) just published an excellent summary of the activities that happen between signing the contract and closing on your home.

Agents, please share this Consumer Guide with your clients!

https://www.nar.realtor/the-facts/consumer-guide-steps-between-signing-and-closing-on-a-home?grp=residential&narmail=(STO)%20EdgeUp-DataFeedTemplate&date=11-21-2024&user=3294294&itid=11726886

nar.realtor

Consumer Guide: Steps Between Signing and Closing on a Home

Once you sign a purchase agreement on your new home, there are still several steps to complete before you can finalize—or “close”—the transaction.

I’ve been perusing these boards for the last few days and I was hoping someone would have advice for my situation.
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I have a bit of a scenario for you all. My husband and I are in the process of buying our first home. We both are entirely clueless about the process and are hoping we’re doing this the right way.
We both have excellent credit scores – my mid is 802, his mid is 795. We make over $100,000 per year. The thing is, we don’t have much money to put down. At the moment we have $8000 in our savings account and would like to hold onto as much of it as we can to use on the house itself when we get into it. We would hope for 100% financing incl. closing costs, or 80/20 ideally, if we can get it.
Right now we are pre-qualified for 100% financing through Foxtons and Countrywide. We’ve heard bad things about Foxtons, so we (thought) we decided to go with Countrywide. Right now we only qualify for the 100%, but not the 80/20 as my husband does not have enough lines of credit. I added him as a joint holder on one of my accounts and he’s applied for a CC of his own. Countrywide informed that once he gets his accounts for 30 days we’ll qualify for the 80/20.

We liked a townhouse and made an offer for $260,000. We’re not expecting an acceptance, we are hoping to get the house for $265,000. We close on October 31, so there is still some time.
Reading all the news lately has really scared me about using Countrywide for this. What are our options here? Do we cross our fingers and stick with Countrywide, or should we shop around some more? If so, who should we inquire with? (We tried calling GMAC and were entirely unhappy with the customer service we received, so they are out.) We’re afraid we won’t qualify for a mortgage because we won’t have much to put down. I also worry about too many times our credit gets hit – that will bring down our excellent scores.

What do you think? Ideas?

What is Stopping You From Buying Your First Home This Year?

Prices? Interest Rates? Inventory? Something else?

Let’s discuss

my wife and I have been in our current home for about 15 years. I bought this home prior to our marriage and it’s fully in my name. We are looking to buy a home And keep our current home as a rental property. My wife and I have good credit and she has a decent job making about 80k a year but I am the main bread winner of the family. My question is can she qualify for a first time home buyer in Update New York? and if so could I be a co-signer and she would still qualify?

How do you get into a 1st time homebuyers program? And how do some people pay 0% down on a house being a first time homeowner?