I need some assistance please :)?
I want to buy a home (will be my first home). The price range I'm looking at is $90,000 - $100,000. I'm in the military and a single mom. As of now, my monthly rent payment is $715. Somehow I feel that I could be paying this amount on a mortgage. Is it possible? And what all do I need to obtain a mortgage? Oh and what if my credit isn't perfect - could I still get a loan?... a reasonable one. And how much should my downpayment be?
- 1 decade agoFavorite Answer
You didn't mention which state your looking it. You actually have a couple of options. But one being that you are in the military and you could be eligble for a VA loan. Not all lenders can do VA loans so you will need to find one that can. In some cases with Va loans you may be able to get in with $1 down (but you do need some funds to put down as an earnest money deposit with the purchase contracted that could be refunded later to you).
Second is if your state or locality has a program for first time homebuyers. It is usually for low to moderate income borrowers and they help with down payment and sometimes closing costs. Sellers can help with the too.
But a bigger issue is going to depend on what is wrong with your credit and how long ago it happened. That is where an experienced mortgage lender can help guide and direct you. Contrary to the Oregon lender's comment, big banks are NOT always better because they usually only offer a few products whereas mortgage bankers and brokers have access to hundreds of loan products. Ask your friends who they used and if they were happy with their lender. Hint, if they don't remember their name don't use them. I am a lender and keep in constant contact with my clients all the time to make sure they are taken care of.
Feel free to ask me any further questions on my email. Good luck and owning is a great option!Source(s): 22 years mortgage experience.
- 1 decade ago
You defintely should not be renting anymore! You can handle payments on that price range! Your credit will determine how much you need to put down and the interest rate! You should definitely talk to a mortgage broker. I can help you if it's in Texas!Source(s): My job!
- 1 decade ago
yea you should be able to get a very good interest loan from the va at a good rate i`d think! Especialy paying that kind of rent now! That will pay a mortage payment easily if you get a loan! First time home-buyers ! usually its 20 percent down, sometimes there are exceptions to! greg
- 1 decade ago
You have different places to look;
on-line - Lending tree (yea it works)
bank or credit union
First thing is you should set the pace of what YOU want , you look at what terms are good, many on line calculators can help you do this. Plus if you feel pushed or rushed, back away from broker. The VA may not offer the best rate shop around.
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- Anonymous1 decade ago
These are exactly the type of questions with which a mortgage broker can help. Your total monthly payment will be influenced by several factors, including the interest rate, the cost of insurance, and the real estate taxes.
Happy to help if you would like.Source(s): http://www.nosurpriseloans.com
- godgedLv 71 decade ago
Please don't go to the bottom feeder mortgage lenders that cannot follow the simple YA TOU. If they are willing to violate the very simple TOU, what other things will they be willing to do?
There are some great military programs available. Check out lenders in your area with names you recognize, like Countrywide. They will get you started on the right foot. (or the left foot if we are calling a cadence)Source(s): Oregon Realtor