Home Loan

[ThePunisher95]

I know i asked this question once before but now I am more serious about it, but were and what place is the best to get a home loan? Can I do one without a downpayment?

[princessturtle]

u can do 100% financing ONLY in some rural areas. Buckeye, stuff like that. FHA does 3.5% down. If you do FHA, you have to have EVERYTHING documented. Don't do countrywide. There's multiple issues with them. Besides that, i don't kno of any good lenders. i've never liked any of mine. but, start lookin. ziprealty.com is a great place to start lookin at homes and prices on your own time.

[HIKER]

These days it's almost impossible to get a loan with no down payment. FHA is going to be your best bet for a low down payment. FHA is coming out with new programs every month. One program upcoming if not already released is for new buyers only, a fixed rate of 4.5% for 30 years. That's a pretty good deal.

I deal with about 5-10 different lenders in the valley. I do all their appraisals.

If you find a lender, tell them you have an appraiser. I'll give you a HPS discount...

[princessturtle]

These days it's almost impossible to get a loan with no down payment. FHA is going to be your best bet for a low down payment. FHA is coming out with new programs every month. One program upcoming if not already released is for new buyers only, a fixed rate of 4.5% for 30 years. That's a pretty good deal.

I deal with about 5-10 different lenders in the valley. I do all their appraisals.

damn, i wish i could get that.


If you find a lender, tell them you have an appraiser. I'll give you a HPS discount...
pm me with how much it would cost, cuz imma prob need it.

[BurnTire]

I locked a refi with Metlife at 4.75 about a month ago.

[AZSaleen04]

I've heard that part of the package that is coming out is going to have a 4% interest rate guaranteed by the government for a 30 year mortgage for new buyers.

[evil281]

i hope so because im looking for my first house

[Jacostang]

I've heard that part of the package that is coming out is going to have a 4% interest rate guaranteed by the government for a 30 year mortgage for new buyers.
Yup its one good thing in the "Package" that we are going to jump on for sure!!:yes:

[HIKER]

I believe those rates from FHA are for first time buyers only...

[El Jefe]

I've heard that part of the package that is coming out is going to have a 4% interest rate guaranteed by the government for a 30 year mortgage for new buyers.
I heard they're trying to get it even lower than that

[fazm]

im locked in at 5% for the next 29.5 years (6 months down so far lol)

[wickedcobra]

Im locked at 6.75% for the next 27 years, only if I want upside down by about 200k I'd refinance.....:balls1:

[ttocs]

I bought my house with 0 down in 2001. I can't remember the name of the program but you have to get the sellers to agree to it. When the house is sold they give 3.5% of the sale to a non-for-profit company. The company kept the .5%, and then the remainding 3% was given to pay the FHA down payment. Because it was a non-for-profit donation it was tax detuctable for the seller so they could declair it on their taxes and get it back.

now sure if they still do that now, but it is worth checking into.

[wickedcobra]

I bought my house with 0 down in 2001. I can't remember the name of the program but you have to get the sellers to agree to it. When the house is sold they give 3.5% of the sale to a non-for-profit company. The company kept the .5%, and then the remainding 3% was given to pay the FHA down payment. Because it was a non-for-profit donation it was tax detuctable for the seller so they could declair it on their taxes and get it back.

now sure if they still do that now, but it is worth checking into.


Its not like it used to be back inthe day. They are more strict now. I think FHA still does the 3% down.

[HIKER]

I bought my house with 0 down in 2001. I can't remember the name of the program but you have to get the sellers to agree to it. When the house is sold they give 3.5% of the sale to a non-for-profit company. The company kept the .5%, and then the remainding 3% was given to pay the FHA down payment. Because it was a non-for-profit donation it was tax detuctable for the seller so they could declair it on their taxes and get it back.

now sure if they still do that now, but it is worth checking into.

That's just one of the dozens of wild programs back then. Those are all in the history books today. FHA will not accept any of those these days.

[ttocs]

I had figured it was too good of a deal to last too long and that it had somehow helped to get the market the way it was....