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Old 04-04-2014, 09:11 AM
 
Location: Toledo, OH
1,725 posts, read 3,127,086 times
Reputation: 1275

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People not in the Mortgage Business really need to be careful stating facts.

There are various and numerous Mortgage Programs out there. FHA loans now require PMI for the life of the loan (or until you can refi) but others out there do not. But there are low down payment programs that DO NOT require PMI. The issue is that it can cost you a higher interest rate in doing so as the lender is taking more risk. Is that worth it?

Bottom Line - Do your due diligence in shopping for a loan. You have about as many options as you do homes now.

Many, many people still like the low down payment programs. When you can finance 40,000 additional dollars at around 4% interest for only a couple hundred a month it, it can give you options.

Good Luck OP - Recommend your Daughter look at some good online sites such as Lending Tree or Quicken Loans to see what her options are. She can just tell them what she is looking to do and let some company try to meet her demands. Just going with your Primary Bank is not always the good financial decision anymore. Too many Companies competing for business.
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Old 04-04-2014, 02:36 PM
 
4,586 posts, read 4,896,221 times
Reputation: 4364
Let's not forget the rest of being a homeowner. Homeownership doesn't start or stop at the buying process.
HOA fees
CDD (depending where she buys)
Repairs (Now come out of the landlord's wallet, after she buys a house they will all come out of her wallet). Home Warranty is useless in most cases.

I get that it is easy to get all blurred into "wasting money on rent" thing, but let's be realistic here...can she really AFFORD to own? If she makes $50k, is single, and has no downpayment, she might be spending on something else, and once she buys a house, whatever that "something else" is will be gone bye bye...

As mentioned above, there are ways to buy a house, the problem here is not the ability to buy it, but more so the ability to own in after buying it.
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Old 04-05-2014, 05:17 AM
 
350 posts, read 274,740 times
Reputation: 849
Again, thanks so much for all the well meaning replies...this is just the start of the journey to homeownership for her. before. One thing I learned from all of you that the down payment doesn't have to be 20%. She does have $3500. in the bank, so as I said, we will see!! Oh, one other question, are the low down payment programs open to townhouses, too? She doesn't want to have the responsibility of lawn maintenance.......and, as for repairs, if she buys, she will enroll in American Home Warranty...here is a commercial for that...we pay $61 per month.......so far, they have replaced a refrigerator (800) for 65., made 6 trips to repair aging central air service (reg price 129.00 per call) 65 each, and just this year, replaced our remote controlled pool pump (4500) for 65...... have checked with home office and when our central air/heat goes out, they will replace. Now, this has been in the span of 5 years so I consider it as important as home/car insurance.
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Old 04-05-2014, 06:48 AM
 
Location: Any Beach/FL
25,268 posts, read 14,222,161 times
Reputation: 10425
Quote:
Originally Posted by TampaKaren View Post
There are a lot of programs particularly for first time home buyers. She would need to attend a class but it's a good idea even if she doesn't qualify for assistance. A family member may also gift up to $5,000 without a major tax event. She really should try and save up some money to contribute as most want the future home owner to have a vested interest in the home buying process. The following has been an add on to our MLS for several years and just recently added a public access site. Start here --> Down Payment Resource | Matching People, Properties and Programs
no programs were available period on this site
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Old 04-05-2014, 07:35 AM
 
Location: East Tennessee
3,927 posts, read 10,639,125 times
Reputation: 5235
Quote:
Originally Posted by tinytrump View Post
no programs were available period on this site
Hi tinytrump. I am not proficient in the public facing website however I just now went to the site (Down Payment Resource, clicked Home Buyers then Check Your Eligibility) and typed Pinellas County, FL into the General Search field then clicked on View Programs. The site displayed 15 results, 14 available programs and 1 not currently available program. When I typed Hillsborough County, FL in the General Search field, I got 13 results. Choosing Tampa, FL in the General Search field and clicking on View Programs returned 17 results. I don't understand how or why you didn't get any program results.

Last edited by TampaKaren; 04-05-2014 at 07:50 AM..
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Old 04-07-2014, 03:25 AM
 
792 posts, read 2,090,426 times
Reputation: 810
Quote:
Originally Posted by indytoflgirl View Post
Hello, looking for advice, web-site or thread about buying home without down-payment. Daughter is single, making around $50K, excellent credit and is tired of paying rent, but she doesn't have a down payment.....wants to live in St Pete where she works.......any help? Federal or state programs? Is it even possible now with the memory of the housing market crash so fresh? Thanks in advance!
Buying a house right now in Florida is a terrible idea. The house flippers have already jacked the prices back up to where they exceed the affordability of the median income of the state. Let the bubble crash again and buy then. That should give her time to save.

Everything is cyclical, especially housing markets.
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Old 04-07-2014, 05:17 AM
 
63 posts, read 115,788 times
Reputation: 70
Anyone who says you have to have 20% down is not correct. While in an ideal world that would be great few of us can really save 20%. At least no one I know of has and I have purchased many homes in my life without 20% down. Now you do have to have some down.

There are a few programs and options as most have mentioned.

Fannie Mae Homepath - this program doesn't require 20%. I just bought a home thru this program. These are fixer uppers and mine was vacant for 3 years before I purchased it. As long as you don't mind elbow grease you can get a good deal thru it. I purchased mine in a super nice neighborhood too. So they aren't all in bad areas.

FHA - 3% down

Pinellas Co has a purchase program - I think another poster mentioned that. You have to go to a class but they allow you to purchase homes with little to now down and can also help finance your downpayment. Pinellas County, Florida, Housing Finance Authority - Frequently Asked Questions (FAQs)

Good luck
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Old 04-07-2014, 08:46 AM
 
3,313 posts, read 4,594,322 times
Reputation: 1838
Quote:
Originally Posted by twgerber View Post
Anyone who says you have to have 20% down is not correct. While in an ideal world that would be great few of us can really save 20%. At least no one I know of has and I have purchased many homes in my life without 20% down. Now you do have to have some down.

There are a few programs and options as most have mentioned.

Fannie Mae Homepath - this program doesn't require 20%. I just bought a home thru this program. These are fixer uppers and mine was vacant for 3 years before I purchased it. As long as you don't mind elbow grease you can get a good deal thru it. I purchased mine in a super nice neighborhood too. So they aren't all in bad areas.

FHA - 3% down
I bet any house in Florida sitting vacant with no AC for 3 years has mold behind drywalls and God knows what else. I wouldn't buy anything like that for my family... only if I wanted to flip this property to make some money.
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Old 04-07-2014, 08:50 AM
 
3,313 posts, read 4,594,322 times
Reputation: 1838
Quote:
Originally Posted by indytoflgirl View Post
Oh, one other question, are the low down payment programs open to townhouses, too? She doesn't want to have the responsibility of lawn maintenance.......

and, as for repairs, if she buys, she will enroll in American Home Warranty...here is a commercial for that...we pay $61 per month.......so far, they have replaced a refrigerator (800) for 65., made 6 trips to repair aging central air service (reg price 129.00 per call) 65 each, and just this year, replaced our remote controlled pool pump (4500) for 65...... have checked with home office and when our central air/heat goes out, they will replace. Now, this has been in the span of 5 years so I consider it as important as home/car insurance.
It's normally higher down payment for town houses - 20%.

There are a lot of negative stories about home warranty companies. I mean these companies are getting something like $500 a year to replace AC unit that cost a lot of money??? They wouldn't be in business with this approach. Considering only homeowners with questionable properties are buying it...
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Old 04-07-2014, 10:47 AM
 
Location: South Tampa
1,163 posts, read 1,831,929 times
Reputation: 1059
Quote:
Originally Posted by EngGirl View Post
It's normally higher down payment for town houses - 20%.

There are a lot of negative stories about home warranty companies. I mean these companies are getting something like $500 a year to replace AC unit that cost a lot of money??? They wouldn't be in business with this approach. Considering only homeowners with questionable properties are buying it...
Umm...what do you think insurance companies (car, home, health, etc) do? That is their business model. Get millions to pay small premiums relative to the potential damage...pay out on incidents that amount to only a fraction of those paying premiums. Rake in millions in profit!!!

Seriously, I also have a home warranty that was transferred to me when I bought the home and it easily paid for itself. Will probably do another year.
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