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Is your lender a reputable, long time in the business LOCAL mortgage broker who is familiar with many local programs?
Or is your lender with an online company? Or is your lender at your local bank or credit union, and only knows THEIR programs?
If the former, then if your lender isn't any help, there probably aren't any local programs. But if either of the latter, you need to talk to a different lender.
I did talk to a different lender today, and he said there is a program that allows us to only put 1% down. I guess we are just going to wait until we can get the RD Loan.
And how do you even find these? Because my lender is not much of a help, AT ALL.
My DPA programs are in most states including MI. It's a low-revenue loan for lenders, but my take is that I would rather have 50% of something than 100% of nothing.
My DPA programs are in most states including MI. It's a low-revenue loan for lenders, but my take is that I would rather have 50% of something than 100% of nothing.
I pulled these up in less than 2 minutes. It's there, you may have to do a little digging. As you are finding, allocations run out towards year's end. But one thing is clear, you need to locate a knowledgeable loan officer, someone that is familiar with the programs. How do you find this treasure? Start looking closely at Realtor listings. Notice who is posting or advertising about gifts and grants. Then call that Realtor, with the goal to be prequalification by his/her lender. Chances are if you find a Realtor advertising one of these programs, you probably found an expert in the programs or someone with access to an expert. You may have to wait until the next allotment is issued.
I pulled these up in less than 2 minutes. It's there, you may have to do a little digging. As you are finding, allocations run out towards year's end. But one thing is clear, you need to locate a knowledgeable loan officer, someone that is familiar with the programs. How do you find this treasure? Start looking closely at Realtor listings. Notice who is posting or advertising about gifts and grants. Then call that Realtor, with the goal to be prequalification by his/her lender. Chances are if you find a Realtor advertising one of these programs, you probably found an expert in the programs or someone with access to an expert. You may have to wait until the next allotment is issued.
Yes, thank you. The lender I did talk to yesterday was talking about MSHDA. And from what I gather, a lot of these programs are more for the city homes available. I'm hoping to stay where I am.
Thanks for the help! We only have 2 more months before we can get a RD, it's not too far away.
I have just never heard of anyone actually getting any help like that and wondered if it really did happen, even through MSHDA it seems like it's hard to obtain.
If folks would provide their city and state, we can provide more specific information. But without it, only vague and overall general info can be provided.
If folks would provide their city and state, we can provide more specific information. But without it, only vague and overall general info can be provided.
I have found a few programs, they vary by county. There are more funds available for those interested in living in Baltimore City and I am not interested in living there...it's changing but not enough for me to live there. In addition, I have attended homebuyers education classes and I am awaiting my 1 on 1 counseling that is required for most if not all these programs. Not all lenders participate in all programs so, people need to ask about what program works with.
My dilemma is that, I've seen homes that I thought I "loved" go into contract while I wait to complete the homebuyer education required for DPA...I'm hoping I haven't wasted time by waiting around for monies that may NOT be available. I wanted to buy this year or at least by February of 2016...I'm tired of staying with family...I want to be settled in my own place.
Sorry for the overshare...I never thought this would be so overwhelming!
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