Help Needed

sonthom1 · Joined: 30 Jan 2008 Posts: 1

Am looking for a loan of $220k as a first time home buyer. I have about $10k which would go to my down payment. My credit sc`ore is in the mid 600 and i can go full doc. If anyone can help, let me know. Thanks

wellsman · Joined: 04 Feb 2008 Posts: 16

That shouldn't be a problem. You can always go FHA which is what I would suggest, that way the score is not a factor.

Do you have a home picked out? If not, its best to do a pre-approval with a lender. Then you would give that to the realtor, so it shows you mean business.

banker0679 · Posted: Mon Feb 04, 2008 10:59 pm Post subject:

Also, look into MyCommunity or HomePossible programs.
They are zero down..and have excellent PMI rates if you have a 620 or above.

wellsman · Joined: 04 Feb 2008 Posts: 16

Talking about PMI, Wells Fargo does have a no PMI option on a loan. It only raises the rate by .125%, so if you do the math you'll see it's a lot better to pay the .125% higher instead of the PMI.

banker0679 · Posted: Tue Feb 05, 2008 1:13 am Post subject:

does that apply to 100% financing?

wellsman · Joined: 04 Feb 2008 Posts: 16

banker0679 wrote: does that apply to 100% financing?

No it's up to 95%, didn't they say they were putting down 5%..? If not sorry...

banker0679 · Posted: Tue Feb 05, 2008 1:18 am Post subject:

5% would be 11k......having about 10k...means you have less than 10k.

I guess the borrower is also looking for the seller to pay their closing costs.

wellsman · Joined: 04 Feb 2008 Posts: 16

banker0679 wrote: 5% would be 11k......having about 10k...means you have less than 10k.

I guess the borrower is also looking for the seller to pay their closing costs.

I hope so, otherwise there might be a problem.

Good Luck!!

Haplo · Joined: 20 Jan 2005 Posts: 2406 Location: Springfield, IL

The other thing to consider with the mycommunity and i assume the home possible is that there may be income restrictions based on your county.

lorejj · Joined: 07 Feb 2008 Posts: 1

Their are many programs available and depending on the lender and their guidelines, their is my community but other options as well. Contact your loan consultant to explore your options. [/b]

TheMortgageSellout · Posted: Mon Feb 18, 2008 3:04 am Post subject:

Also, in California you can check out CALHFA loans which offer not only 100 percent financing but additional small deferred loans for closing costs.

mark56 · Joined: 22 Feb 2008 Posts: 3

Welcome to forum!!

imoffers · Joined: 14 Jun 2008 Posts: 2

I think a loan of $220k is not big problem but for a first timer..it is a big problem...

gotroot · Joined: 01 Feb 2006 Posts: 10

Yeah, for a first timer, that's a big loan.

Steve Ching · Posted: Tue Jul 15, 2008 11:29 pm Post subject:

The payment shock from renting to a $220,000 mortgage is normally fairly high.

I would suggest buying slightly outside of the major town areas and obtaining a no MI 100% rural home loan. This will give you the least payment shock and most affordable payments (on a 30 year fixed loan). No down payment means that you may be able to take your $11,000 and pay off credit card or auto debt to really avoid payment shock or bank it in case of the unforseen.

Send me an email or call me and I'll attach a link to eligible areas and some rough guidelines of what you need.

stevesAOF@yahoo.com 425 344 2191

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