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Old 07-02-2008, 12:44 AM
 
2,261 posts, read 5,816,368 times
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Weird question, I just had this beautiful property fall into my lap for a great price, but I have no money for a down payment because all of my cash is tied up in my wedding costs, anyone know of some good programs or brokers(etc.) that could help me figure out how to mortgage this house without a down payment? any help would be greatly appreciated, my wife to be and I love this house and are really excited about the possibility of owning our own home for the first time
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Old 07-02-2008, 12:47 AM
 
Location: Greenville, SC
11,689 posts, read 24,653,561 times
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Ummm...uhhh...you're getting married? How come I wasn't invited? You should invite all of us.
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Old 07-02-2008, 12:50 AM
 
2,261 posts, read 5,816,368 times
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Originally Posted by g-man430 View Post
Ummm...uhhh...you're getting married? How come I wasn't invited? You should invite all of us.
god I wish I could afford it!!!!!!!!!!!
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Old 07-02-2008, 12:54 AM
 
Location: Greenville, SC
11,689 posts, read 24,653,561 times
Reputation: 3429
Quote:
Originally Posted by NoodlesKnowles View Post
god I wish I could afford it!!!!!!!!!!!
I'm not that expensive am I? And what's a home loan? It's where you take money from the bank to pay for a house that you won't be able to pay in full now or later due to high gas prices. LOL. And what's a broker? Is he broke?
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Old 07-02-2008, 08:14 AM
 
2,261 posts, read 5,816,368 times
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Quote:
Originally Posted by g-man430 View Post
I'm not that expensive am I? And what's a home loan? It's where you take money from the bank to pay for a house that you won't be able to pay in full now or later due to high gas prices. LOL. And what's a broker? Is he broke?
i'm serious darn it! can someone please point me in the right direction? thanks for the laugh Gman
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Old 07-02-2008, 09:00 AM
 
Location: Piedmont SC
131 posts, read 694,209 times
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I have heard that BB&T has a great home loan program for first time buyers or for people that don't have a down payment. Check out their program and see if it fits you! Linky: Mortgage Loans – Fixed Rate Mortgages and Adjustable Rate Mortgages at BB&T
BB&T - Affordable and Rural Housing Mortgage Loans (http://www.bbt.com/bbt/personal/products/lowdownpaymentloans.html - broken link)

I will be a first time buyer next year and have looked into this program for my financing. Good luck!
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Old 07-02-2008, 07:06 PM
 
Location: Greer, SC
192 posts, read 427,587 times
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Hi Noodles!

Congrats on your upcoming marriage! Very exciting time for you!

I will say that about a year ago, you could have just about had your choice of no money down loans for a home. Don't know how in-tune you are to the financial markets, but the sub-prime crisis has really caused lenders to crank down on borrowers of all types to minimize their risk. Seems like closing the barn door after the horse got out, if you ask me.

Anyway, assuming you have a good relationship with your local bank, I would start there. Find out what your options are for 100% financing. Then check out places like LendingTree.com to see what pops up there.

Depending on the cost of the home you're considering, you could also look into an FHA loan.

I'm honestly not sure what you'll find. Like I said, a year ago the options were nearly endless; now lenders are more hesitant to do 100% financing.

Hope this works out for the best for you! Keep us posted on what you find.
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Old 07-02-2008, 11:05 PM
 
2,261 posts, read 5,816,368 times
Reputation: 949
Quote:
Originally Posted by rlbarth View Post
Hi Noodles!

Congrats on your upcoming marriage! Very exciting time for you!

I will say that about a year ago, you could have just about had your choice of no money down loans for a home. Don't know how in-tune you are to the financial markets, but the sub-prime crisis has really caused lenders to crank down on borrowers of all types to minimize their risk. Seems like closing the barn door after the horse got out, if you ask me.

Anyway, assuming you have a good relationship with your local bank, I would start there. Find out what your options are for 100% financing. Then check out places like LendingTree.com to see what pops up there.

Depending on the cost of the home you're considering, you could also look into an FHA loan.

I'm honestly not sure what you'll find. Like I said, a year ago the options were nearly endless; now lenders are more hesitant to do 100% financing.

Hope this works out for the best for you! Keep us posted on what you find.
this is exactly what i've been hearing from a lot of people, thanks for the info I do appreciate it, i'll keep everyone posted, currently i've contacted First Palmetto, BB&T, and B of A. as I receive info i'll post it and again thanks!
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Old 07-05-2008, 11:51 AM
 
Location: Pickens County
282 posts, read 748,384 times
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You can call Dave Estes with Carolina Mortgage. His number is 483-6800. Tell him that Sheri Sanders gave you his number. There are ways to get contracts wrote with the Seller paying your down payment and/or closing costs. It will depend on your credit score! I hope this helps. PS: My suggestion is to stay away from LendingTree.com and find someone who is local.
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Old 07-05-2008, 12:49 PM
 
2,261 posts, read 5,816,368 times
Reputation: 949
Quote:
Originally Posted by Sheri Sanders View Post
You can call Dave Estes with Carolina Mortgage. His number is 483-6800. Tell him that Sheri Sanders gave you his number. There are ways to get contracts wrote with the Seller paying your down payment and/or closing costs. It will depend on your credit score! I hope this helps. PS: My suggestion is to stay away from LendingTree.com and find someone who is local.
thanks, I was actually already approved for an FHA downpayment assistance loan through First Palmetto mortgage, now I just need to get the seller to pay the closing costs(3%) and downpayment(3%) but I still feel like i'm out of my element here, lol, my sister in law thinks I should get my own real estate agent to represent me so that I don't get snowed, but I don't know that I want to pay those costs either, any suggestions?
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