Question by JohnPau2010: Does lenders every give home loans with ZERO closing costs ?
1) Are there any banks which can give home loans without charging us any fees, order abortion etc ?
2)They are already making 3 times our loan price at the end of the 30 years, treatment why do they still take the other fees ? (originating, about it closing….etc)
Then they should give us an option if you stay with the same bank for “x” years we will refund the closing costs
Best answer:
Answer by Ryan M
1) Nope
2) Because if you refi with someone else OR if you pay off the loan early, then they don’t make all that money.
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Question by Renaisannce Man: What are some ways to get closing cost assistance when purchasing a home? I can accept up to 6% from seller.?
I have been approved for an FHA loan. I can come up with the 3% that I have to put down. I have found the ideal home and I have been thinking about making an offer. It is very affordable for me as far as making the monthly mortgage payments but I don’t have the estimated 5K it’s going to cost to settle at this time. I know I can accept gift money…anyone have any other suggestions that could make this work? I do have a real estate agent.
Best answer:
Answer by mister_galager
Make the offer and in the offer ask that the seller pay all closing costs.
It’s a buyers market, information pills and if the home has been on the market for a while, the seller may accept it.
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Question by Lady War: What is the best way to start the home buying process for first time buyers with little or no credit?
I live in GA and I am looking for a home in Douglasville. How do I start the loan approval process?
Best answer:
Answer by Christopher B
Contact a reputable mortgage brokerage. They can run your credit once, viagra and then bounce it off a number of different lenders to see what you would qualify for.
If you have no credit – then you need to get a secured credit card. Spend no more then 20% of the credit amount each month, prescription and then pay it off at the end of the month. Apply for a couple if you can get them – but keep them at no more than 20% of your credit limit, and pay them off at the end of the month.
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FHA is the best type of loan if you have limited funds and limited credit. FHA will allow you to put 3% down and you do not have to have perfect credit, but be aware that not ever loan officer is an expert at these types of loans so make sure you go to someone that has at least 2 to 3 years experience.
If you get the right person he/she will be able to tell you if you have a shoot at getting your loan. Good Luck
Ask your bank to have their mortgage loan officer run a copy of your credit report. Then ask if they know of any first time homebuyer programs that you can participate in. If the lender thinks that your credit is too low, they should direct you to another lender who can take your local bills (telephone, cable, electric, car note, cell phone bill) and use them to assist in creating a credit report for you.
Some people have very little credit because they have been paying their bills in cash or with money orders. Also, call your local USDA office. They also make home loans in certain areas, which is based on your income and the number of people in your family.
In order to find out the type of loan programs you are qualified for you will have to fill out a loan application, with a mortgage broker, which you can find one in your local telephone book.
Make sure this mortgage broker or mortgage banker is able to do government loans such as FHA and VA loans if you qualify for one.
He will fill out this application, which takes awhile so grab your favorite beverage and sit down. Once you have completed the application, he will run your credit report which will have your credit scores. These credit scores will determine your interest rate.
The amount of your monthly debt payments you are required to pay as per your credit report and the amount of mortgage you can take on based on your income will determine the amount of house you will be able to purchase.
When you speak with the mortgage broker you will need the following documents to complete the loan application, there will be others, but this will get you started.
#1 One month of pay stubs for each person that will be on the mortgage.
#2 Six months bank statements from each bank in which you bank as well as statements from any 401K from you place of employment.
#3 Two years of federal income tax along with the W-2 that match.
Once he has all that he need to do he can then issue you a pre-approval letter so you can purchase a home. In this pre-approval letter will be the amount of house you are qualified to purchased.
Once he gives you this pre-approval you may now find a real estate agent to find yourself a home or he might have a referral.
Now make sure before you get your pre-approval you and your mortgage broker go over all your options as to the mortgage programs you qualify for, the interest rate, monthly payments.
If you are getting a FHA, fixed rate, two loans to eliminate PMI like an 80/20 or one loan, if you are qualified for and approved for a 100% loan.
You should select the loan that best suit your financial condition at the time. That could be an adjustable rate loan. It could be a fixed rate loan for 5 or 10 years and then adjust. Some adjustable rate mortgages only adjust once.
Make sure your mortgage broker explain all your options so you may make an intelligent decision.
What might be good for one person might not be good for you, in other words just because your friends and all your real estate buddies are telling you about the great fixed rate they got, your financial situation might call for something else.
So select the best option for you and your financial situation.
You should also get a Good Faith Estimate (GFE) which will indicate the cost you will have to pay for getting this loan. It will also indicate the amount of your down payment.
Once you have found a home the real estate agent will then prepare a contract for you and the seller to sign.
Your mortgage broker will now order an appraisal to show proof of the property value.
The mortgage broker might ask for additional information or documentation, don’t get all up tight this is normal, just supply the information or find the documents needed.
After the appraisal has been completed you will be called by your mortgage broker to sign your loan docs so you can take possession of your new home.
Before signing any loan docs make sure they say exactly what you and your mortgage broker went over when you decided on what mortgage program was best for you.
I hope this has been of some use to you, good luck
“FIGHT ON”