Question by Jennifer: What are some first time buyer options for mortgage loans?
FHA Doesn’t apply for what we are trying to get.
Best answer:
Answer by golferwhoworks
then we need more information as that says very little to me
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Hey Marty, she said FHA isn’t an option. Maybe if you weren’t so interested in spamming the board, you could read the question.
My suggestion is you contact a LOCAL lender, they will know about local programs that you will qualify for. Internet lenders won’t know about local programs.
the options are really up to you. for starters what are you wanting to do.
buy a home or move from your existing home to a larger one.
maybe is it buying a investment property .
next what is your are ability as far as paying for a mortgage.i suggest you you visit a mortgage calculator site such as http://www.mortgage101.com its free and it dosen’t try to steer you to any lenders or things like that
once your there look at whats called debt to income(dti). which is pretty much self explantatory.
so now you pretty much know what you can afford as for as list price.
now hows your credit.if not wanting fha you’ll need to have pretty good credit,no slow pays 30,60,and so., lates on credit cards, mortgage ,and other.if you dont, well you’ll need at least five to ten prcent down payment or maybe more depending on where your located.if this is a first home for you, check local or county or even state goverment for first time ownership info and assistance.also where do you work sometimes employers offer assiatance with closing or down payment expenses.
or are you formerly or currently in the military,if so va has things to offer.
well thats about it , i don’ t know why fha isn’t for you unless your buying an investment or your credit score is below 580 0r 550 IF SO YOUR NOT GOING TO BE ABLE TO GO ANYWHER ELSE UNLESS YOU HAVE ANOUTHER PERSON(s) TO GO ON WITH YOU.good luck and i hope this helps.