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First time home buyer questions

Here is my question Are there any special deals for first time buyer? how do i know what price house i can get a loan for. how much of a downpayment should i put down? what is the loan percentage now? i'm first time buyer so all the basics info please. by shoshana rosenthal from Huntsville, Alabama. Jan 6th 2012 Reply


Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,944 contributions

Those are all good questions. Not just for you, but for all first time home buyers throughout the country. While there are some national programs that come to mind, there are usually many more local first time buyer programs. What you need to do is contact a local licensed mortgage professional. Give them a full application, and then they can zero in on your exact situation, discuss your situation, credit, wants, needs, goals, programs, costs, etc. This is the only way to properly answer your questions. Need someone like that in Minnesota? Visit www.MNBestRates.com

Jan 6th 2012
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Jan 6th 2012
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Scott Falatach (Falatach)
#46 ranked lender in Maryland - 1 contribution

Shoshan,That is a great question, one which I am sure all first time home buyers are faced with at some point. I find that the first step in the process is to contact a lender directly to figure out what loan program and loan amount you will qualify for so that you can work with your Realtor to find a house within your price range. Interest rates are at all-time lows, there has never been a better time to buy assuming you will qualify for a loan.

Jan 6th 2012
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Elden Alvarez (ealvarez)
#35 ranked lender in Georgia - 16 contributions

Shoshan we have great first time homebuyer programs that you can put as little as 1000 dollars down and will give you 4000 dollars. Max amount you can get is 7500 dollars the grant is forgivin after 5 years. The rates are whatever FHA is priced at which right now are excellent. You can reach me at 678-267-0277 to answer any further questions.Good LuckElden AlvarezMortgage BankerBrand Mortgage

Jan 6th 2012
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,726 contributions

Hey Shoshan... there are a lot of different programs out there right now, far to many to list on this post... Best advice I can give you is to contact a local mortgage broker, not a bank, and apply with them. they have access to numerous lenders and can find the right match to your particular scenario. There are specials out there right now, contacting a loan officer can show you how much home you can afford, the down payments range from $0 to 20%, interest rates are the lowest they have ever been... WilliamAcres.com

Jan 6th 2012
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Elden Alvarez (ealvarez)
#35 ranked lender in Georgia - 16 contributions

I think Joe nailed it perfect. Local banks like my company have the ability to work with the local programs and give you the loan that works best for your needs.

Jan 6th 2012
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Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 1,823 contributions

There are many different programs today to help first time buyers get into a home. To find out which programns are available and which ones you qualify for, contact a local Mortgage Banker/Broker, rather than one of the big banks. Unlike a bank employee, who is most likely just an order taker, a Mortgage Broker/Banker is Trained, Tested and Licensed in all aspects of Mortgage Origination. He/She will have access to loan products of many lenders, not just those of one bank, and can properly guide you. But more importantly, He/She is trained to take a look at the various different options available to you and guide you into the one that makes the best sense for your situation. Don't forget to check out your selected Mortgage Originator at the National Mortgage Licensing System at www.NMLSConsumerAccess.org ~ Bert Carpenter ~ The LoansA2z team of Nova Home Loans. www.LoansA2z.com ~ NMLS # 40586

Jan 6th 2012
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