by 71buickfreak » Sat Feb 05, 2005 10:23 am
I don't know who you have been talking to, but you're getting screwed. Your basic standard home lona requires 20% down, total B*llsh*t. Any bank that has a minimum home lona is not a bank I would use. DON"T use a mortgage broker, these places typically add points and charge higher interest rates, use a real bank. A true quality lender will offe you an FHA loan (Farm,Home Loan) These require as little as 3% down. Also, call you town's city hall and ask about a Homebuyer's assitance program. These programs usually offer a certain amount of money to pay for your DP and closing costs, while you pay like 1% (our city offers $3500!) SOMETIMES YOU HAVE TO BUY IN CERTAIN AREAS. Save the money you have for repairs and upgrades. You can use your saved up cash to help fix your credit if you have things you need to pay off. you will need around a 650 credit score to get the prime rate and not have points added. Don't let anybody add points to your loan that's total bullshit. Stay away from modulars. The build quality is much better than before, but you will lose all of your money in depreciation. a site-built home will appreciate almost instantly, a modular will drop like a rock. I have a good friend who paid $45000 for his modular until they were ready to build a house on their property. 5 years later, sold it for 7000. I bought my house 2 years ago at 76000, now its worth a little over 100,000. My payment is 740 a month at 7% on a 30 year note. Don't buy a house unless you are planning on staying in it for 3 years or more, as you won't have any equity built up (typically) as the majority of your payment will go to interest for the first few years. Remember, FHA is the way to go. and look into a homebuyers assistance program. good luck.
I don't know who you have been talking to, but you're getting screwed. Your basic standard home lona requires 20% down, total B*llsh*t. Any bank that has a minimum home lona is not a bank I would use. DON"T use a mortgage broker, these places typically add points and charge higher interest rates, use a real bank. A true quality lender will offe you an FHA loan (Farm,Home Loan) These require as little as 3% down. Also, call you town's city hall and ask about a Homebuyer's assitance program. These programs usually offer a certain amount of money to pay for your DP and closing costs, while you pay like 1% (our city offers $3500!) SOMETIMES YOU HAVE TO BUY IN CERTAIN AREAS. Save the money you have for repairs and upgrades. You can use your saved up cash to help fix your credit if you have things you need to pay off. you will need around a 650 credit score to get the prime rate and not have points added. Don't let anybody add points to your loan that's total bullshit. Stay away from modulars. The build quality is much better than before, but you will lose all of your money in depreciation. a site-built home will appreciate almost instantly, a modular will drop like a rock. I have a good friend who paid $45000 for his modular until they were ready to build a house on their property. 5 years later, sold it for 7000. I bought my house 2 years ago at 76000, now its worth a little over 100,000. My payment is 740 a month at 7% on a 30 year note. Don't buy a house unless you are planning on staying in it for 3 years or more, as you won't have any equity built up (typically) as the majority of your payment will go to interest for the first few years. Remember, FHA is the way to go. and look into a homebuyers assistance program. good luck.