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I am in the process of buying a home and I am a first time home buyer... Are there any programs I should be aware of that I can get any discounts...
There are first time home buyer programs out there that can save you money & help you buy the house you want. They've gotten a bit tighter on the requirements, and will want a decent credit score & such. It's all very dependant on your own personal situation, including such details as money available as dwon payment, credit history, etc. Best thing to do is sit down & have an honest & in depth discussion with a professional. You might even want to check out the Mortgage forum here at CD. Talk to a few, to find one you feel really comfortable with. I like mortgage BROKERS, as they will offer options from more than just one lender. Ask for recomendations from your Realtor, friends who have recently purchased, even your own bank. Then sit down & get very honest with the person you choose. That's, in my opinion, the best way to get the real info that's best for your situation.
Last edited by Bill Keegan; 12-28-2007 at 11:18 AM..
Reason: Forgot something
I would suggest calling around a few lenders and finding out the programs that they offer. There are many banks that offer a lower interest rate for first time home buyers (Chase, Wells Fargo, etc.) but they have strict requirements. Perfect credit is a must!!
check your bank first, like bank of america give no app fee program to their customer... some even got 1/4 or 1/2 % lower rate if you are their customer...
I am buying a house through Ryan Homes and if I dont finance through NVR then I lose the discounts they are giving me. This kind of sucks if I can get a great deal through another mortgage broker... Do you know any specific programs where I can save on closing costs or get lower interest rates? My credit score is 725. Is that good enough?
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Join Date: Aug 2007
Location: West Cardassia, NC
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Quote:
Originally Posted by NJStealth
I am buying a house through Ryan Homes and if I dont finance through NVR then I lose the discounts they are giving me. This kind of sucks if I can get a great deal through another mortgage broker... Do you know any specific programs where I can save on closing costs or get lower interest rates? My credit score is 725. Is that good enough?
Several people on the NC forum were complaining about Ryan and the NVR. Are you getting an "adjustable rate mortgage" through them - Be very careful! Do the math calculations - you might be better off without their options discount and getting the cheapest fixed rate mortgage that you can. Check out the NC forum for Ryan homes!
One tip mentioned is to buy a 2br/3br ranch in nice town to start up, after all, young couple may not need huge house till many years later. Then, with nice size property, the ranch can be easily raised to 4/5br 2/3hba 2ga house later at affordable cost since there will be no extra "land cost".
I myself started with a 1br 1ba condo in late 80's when real estate was at the peak, later I bought a bigger home and rent out the condo, the rent happened to be able to cover my one year ARM started with 3.875%, then I strive to pay down mortgage every month as I was afraid of mortgage rate may go up, but, after all these years, mortgage seemed to be capped somewhere.
Now, I am going to do the same thing with low mortgage rate to start on the $1.789m house and may be rent out my house, using the rent to cover the mortgage. When US Dollar depreciated, so would be my mortgage as said I copied from one craislist ads http://www.youtube.com/watch?v=4n3g5...eature=related
Welcome to City-Data.com forum! Make sure to register - it's free and very quick! You have to register before you can post and participate in our discussions with 600,000 other registered members. User profiles and some forums can only be seen by registered members. After you create your free account you will be able to customize many options, you will have the full access to over 15,000 posts/day about local topics and you will see fewer ads. Within the last few months our forum was cited in an article in 15 newspapers.
First time home buyers
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