Newbie home buyer seeking a first time home loan

[extamukrunner]

lease include the following information with your request:

State: TX
Loan amount: $ 150,000
Property Type: Single-Family
FICO Score: 627 - 648

I make 40,000 with the school district and 6000.00 in coaching which brings up to 46,000 and have

2 car payment


Occupancy:

Non-Owner Occupied

Loan Purpose:
Purchase




Indentify yourself:
As a Borrower,

[DallasLoanGuy]

most of the 'good' loan programs require a full loan application. the loan officer will pull a credit report and then run you thru a system for approval.

have you been doing the coaching thing for 2+ yrs?

[extamukrunner]

I like to know how to go with a good lender, so I can purchase my home if possible.

What type of apr will I get?

[harisrealty]

well countrywide has an excellent program for my community if you qualify for it. you can get a fixed rate...deppends what you are looking for. they also have adjustable rate mortgages with many other lenders....deppends on what you are looking for....what you want your monthly payments to be...through your prequalifications, you can also find out if you have certain trade lines....the car payments is definitely a good thing....your lease papers....ownership interest if you are a non owner occupied.
I hope this helps...its a great forum and if i havent answered your question clearly, there are other experts here that would be happy to help...

[chow's evil twin]

Ever thought about the Good Neighbor Next Door program? You get 50% of of any HUD REO if it's a listed property in the area you serve, and the down payment is $100.00. It has to be a GNND property, but you can even use those with a few other programs with FHA. Bank of America has 100% financing for people employed by the public service sectors, and you don't have to live in a REO.

Ken, chime in anytime

[extamukrunner]

I'll look into that, let me read up on it and then I'll continue to ask questions. thanks to you all

[extamukrunner]

So if I'm interested in a home, where do I go to, do I contact the a mortgage loan officer and I apply with them so I can bid for a house?

Before I bid i need 500 to 2000 grand to bid for the house which could be returned if I don't win the bid

What I don't understand is the second mortgage loan? Can someone explain that one?

[harisrealty]

well one contact could be bank of america directly, but a mortgage or loan officer would be more then willing to help you out with that kind of government loan....
as for the second mortgage, my guess is your doing a split, like an 80/20 or Heloc, so theres usually one large lump sum loan, say for 100K, and 80% may be at 7.5% interest, and the remaining 20% may be the remaining 20,000 at most likely a higher interest rate..just to give you one example. Its 2 loans totaling to one.
Good luck and i hope you qualify.

[Haplo]

The 2nd mortgage on the GNND programs is actually a forgivable debt that has it's 'principle' reduced for each year that you stay in the property. So, if you purchase it at 50% of the value, the other 50% is listed as a 2nd mortgage with no interest and no payment. Annually, the amount is reduce until eventually it becomes zero. IIRC it is 1/3 each year (although that may just be our version, I've not used it in a while.)

It may or may not be beneficial to contact the lender directly on something like this. It would be of great benefit to interview the people you'd be working with, just to see if they even have an idea on what the program entails and requires of you, as the borrower. Calling someone up who's never even looked at the program could be detrimental to your purchase of a residence.

_________________
Travis J. Halwachs
Renovation Specialist
217-553-6494

[extamukrunner]

[extamukrunner]

One more question?

Can I go to Wells Fargo apply for the Professional Educators Home Loan Program, and then go to a HUD broker and get a GNND home ? Can I get both? If so how do I go about it?


Do I go to Wells Fargo ask for both?

Or do I go to Wells Fargo and then start bidding with a broker that knows about GNND?

Or if I can only get one? Which program will be the best?

THANKS!

[extamukrunner]

Texas Professional Educators Home Loan Program

The Texas Professional Educators Home Loan Program allocates $25 million for the exclusive purpose of making single family mortgage loans to Texas professional educators who are first-time homebuyers. Eligible participants are classroom teachers, paid teacher's aides, librarians, counselors, or school nurses employed full-time by a public school district in the state of Texas.

The program is available statewide on a first-come, first-served basis for first-time homebuyers to purchase a newly constructed or existing home. Eligible borrowers are able to apply for a 30-year fixed-rate mortgage loan with down payment and/or closing cost assistance. The interest rate and assistance percentage will be determined by current market rates


and the

Good Neighbor Next Door

The Teacher Next Door Program helps make homeownership more affordable for educators. Full-time teachers or administrators of a public or private school or education agency are able to purchase HUD-owned single family homes at 50% of the list price. Homes may also be purchased from a government agency or organization that purchased the home directly from HUD. The home must be located in a designated revitalization area and must be located in the school district or jurisdiction in which the educator works.

Educators do not need to be first-time homebuyers, but they cannot own any other home at the time of purchase. Educators must agree to live in the home for at least three years. If the three-year occupancy agreement is not fulfilled, the educator is required to pay back the amount of the discount.

For more information, call the HUD Homeownership Center at 1-800-543-9378.


So which one do I go to?

Or do I do both?

And if so how do I go about it?

Ok well I'm out for the night I have been doing a lot of reading!

[Haplo]

Well, I'd say contact a lender and ask them which one makes more sense for you.

I'm not familiar with the Texas version, but there are a limited amount of funds available, and it may not be as lucrative as the other option. 50% is pretty big. That being said, the TX version sounds like it's more flexibility in the housing.

So yeah, give someone a call.

_________________
Travis J. Halwachs
Renovation Specialist
217-553-6494

[extamukrunner]

thanks haplo! I'll look into that and will do that...

[extamukrunner]

Darn it

I got a 644 FICO SCORE

but my lender does not know of the programs is she stupid? Who do I go to here in Laredo, Texas that knows about the GNND assistance for teachers?

thanks!