first time home buyer – owner loan

November 28, 2011

First time Home Buyer and confused. What is the Difference between an 80/20 and an FHA Loan?

Filed under: First Time Home Buyer — Tags: , , , , , , , , — admin @ 6:06 pm


Question by Dennis: First time Home Buyer and confused. What is the Difference between a 80/20 and a FHA Loan?
I am a first time Home buyer, and my Loan Officer is confusing me about a 80/20 and a FHA Loan. To anybody familiar with these terms, can somebody explain it to me what these two types of Loans are? And which would be advantagous on my split. Thank you.

Best answer:

Answer by ~Concerned~
FHA federal housing authority affialiated with hud.80/20 is 80 % of the loan is pd by one lender and 20% by the other basically meaning you have 2 loans. Known as piggy back loan, just helps you qualify for more of a home. I think your loan officer can answer this better if you ask for a detailed explaination….depending on the home you get would be which loan I would get. But FHA would be a better way as long as rates are good. FHA loans your less likely to have to produce a down payment.I had to add this to knowing which program is right for you will depend on several factors. Consider how much money you have available for down payment. Make sure you sit down with your lender so that you clearly understand your budget before looking for a new home. And when “doing the math” for your own situation, be sure to keep in mind that you’ll likely need to cover expenses like earnest money, mortgage insurance and closing costs for the transaction. On a 80/20. FHA loans your less likely to have to produce a down payment.Sorry I got to thinking about it and had to refurbish.



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November 25, 2011

First Time Home Buying Secrets – Rent Vs. Owning

Filed under: First Time Home Buyer — Tags: , , , , , , — admin @ 6:06 pm


First Time Home Buyer Seminar with Kenn Renner 05
Video Rating: 5 / 5


November 22, 2011

Smart Homeowners Know When To Refinance with David Bach

Filed under: First Time Home Owner — Tags: , , , , , — admin @ 6:05 pm


David demystifies the process of refinancing your home loan. Lean how to calculate the break even point of refinancing your mortgage. Find out what questions you should ask a responsible lender before you refinance in addition to other useful tips about refinancing your mortgage. Remember, homeownership is still the single most important investment you can make in your lifetime. Look for other webisodes in this series by searching for “Smart Homeowners” or visit finishrich.com
Video Rating: 5 / 5


November 19, 2011

GREYHOUNDS RESCUE CENTRE

Filed under: First Time Home Owner — Tags: , , — admin @ 6:05 pm


What do author Jilly Cooper, One Foot in the Grave actress Annette Crosbie and animal trainer Victoria Stilwell have in common? All three are Honorary Friends of Greyhound Rescue West of England (GRWE), which covers Luton and Bedford. GRWE regional homing officer Graham Crick, 64, would dearly love to have 1960s icon Twiggy on board too. But the face of Marks & Spencer is already spoken for as patron of the Registered Greyhound Trust. Graham, a retired printing boss, is absolutely devoted to the four rescue dogs with whom he and his wife Diana partaking their sprawling Bedfordshire home. He’s frequently moved to the point of tears discussing the plight of the gentle breed he’s emanate to know and enjoying since taking in his first greyhound, Amber, in 1988. “They make such perfect pets,” he says, tenderly stroking Rosie, a Borzoi cross border collie whom he describes as “an Essex girl.” Mishka, a Borzoi cross deer traced, is curled up comfortably in an armchair while greyhounds Batty and Jazz nuzzle his hand in the hope of a biscuit. “They’re not like small dogs, they’re not yappy and in your face all the time,” he continues. “Under normal circumstances they sleep most of the day.” He strokes Batty tenderly and says: “She was rescued from an allotment shed with 29 others. She had mange and fleas when we got her. She was a racing dog and if they assume’t keep winning . . .” His voice tails off and his eyes mist over. “Some are injected with bleach. It’s a horrible, slow death
Video Rating: 4 / 5


November 16, 2011

Leaving RE/MAX

Filed under: First Time Home Owner — Tags: , — admin @ 6:08 pm


Members of a RE/MAX office remind an agent who’s leaving about all the benefits of being with RE/MAX. Visit www.joinremax.com today.


November 13, 2011

Q&A: Can I get the 2009 first time home owners tax credit if i have a cosigner?

Filed under: First Time Home Owner — Tags: , , , , , , — admin @ 6:10 pm
first time home owner
by National Library of Scotland


Question by beaz012001: Can I get the 2009 first time home owners tax credit if i have a cosigner?
I live with my fiance who owns a condo, and before we get espouse we desire to buy a house together. My fiance has excellent credit, and i have good credit. Can i have her co-sign on a mortage (so that we can get a better interest rate) and static be able to recieve the 2009 First Time home owner tax credit? She does own her condo!

Best answer:

Answer by Steve D
No – you will be considered co-owners and by her already owning a primary residence means that you will no longer be first-time home buyers. The only way you can qualify is if you can get the mortgage by yourself and do not put her on the title.



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