March 16, 2011
February 6, 2011
Can a first time home buyer still get down payment assistance?
oliveOIL asked:
I know that last year some programs with the FHA ended, is there any new ones or any other ones? We want to buy a house, but just can not save up the down payment. Once we buy a house and build equity we will always have that to use for a down payment, but the first one is tough. Any suggestions??
Charlotte
I know that last year some programs with the FHA ended, is there any new ones or any other ones? We want to buy a house, but just can not save up the down payment. Once we buy a house and build equity we will always have that to use for a down payment, but the first one is tough. Any suggestions??
Charlotte
January 27, 2011
I heared about government grants for down payment in first time home buyer.I need to know how and where to ask?
Ron. asked:
Hi i am looking to buy a house for the first time in nj but the down payment on it is a little out of my hand and i need a financial help. I heared about the government grants that can help my situation but i need more specific details.
Darryl
Hi i am looking to buy a house for the first time in nj but the down payment on it is a little out of my hand and i need a financial help. I heared about the government grants that can help my situation but i need more specific details.
Darryl
December 31, 2010
First time home buyer, I don’t have good credit. Can I still buy a house?
mul4912 asked:
I would like to buy a house and I don’t have good credit, can I still attempt to buy a house. This would be my first time buying a house?
Suzanne
I would like to buy a house and I don’t have good credit, can I still attempt to buy a house. This would be my first time buying a house?
Suzanne
September 13, 2010
July 6, 2010
Purchasing Short Sale Property – A Beginner’s Guide For First Time Home Buyers
Flynna Sarah Molina asked:
Short sale properties are said to be the better option for first time home buyers who wish to push through their plans of acquiring their own house. These properties are somewhat similar but not totally alike with foreclosed and REO houses. Buying short sales require much work from the aspiring homeowner but it is definitely very rewarding once you have successfully bought the house. As you continue with the remaining paragraphs, helpful tips for hopeful homeowners are explained further.
When you say short sale, it is usually defined as buying a property that is lower than the remaining balance of mortgage on the house. It only means that the market value of the house is usually not enough to fulfill the outstanding balance borrowed from the bank or the lending company. Previous owners of such houses badly need to find a buyer so they can pay off whatever balance they have to the lending company.
A short sale deal involves a third party buyer which can conduct the negotiation with the lender to save the original owner from getting a foreclosure. This is a great way to keep the original homeowner from ruining his credit status and get the lesser evil of the very few choices he has. Actually, he only has to choose from foreclosure and short sale. Thus, the best way for those struggling borrowers is to prefer the lesser evil from the two.
Initially, when you plan to buy a house, you need to find the right house that will suit your needs and preferences. To help you make the process easier, try to research using the internet. Local newspapers can also be another good source of property listings. Recommendations and suggestions by your relatives and friends will also keep you posted on the latest short sale properties.
When you are about to begin the transaction, as a short sale buyer, you wild have to confirm with the old owner about your plans on buying a short sale. This also means that if the old owner will not accept your offer of buying the house, then you do not have the choice but to drop the case. The fact that lies behind short sale properties is that this is actually asking the permission of the latest owner to accept your offer, as a third party buyer, to keep him from getting a possible foreclosure. You are also building a business rapport with the lender. This can sometimes pay off the tedious job since lenders start to be lenient with your requests.
As soon as you have successfully obtained the permission, you can go immediately to the loss mitigation and deal with the lender. Inquire about the possible terms and conditions. Then you can now proceed to making a hardship letter. This is one of the most vital requirements since this is where the evaluation process will greatly depend on. This will inform the lender the current status of the previous owner. Keep in mind that this is where the lender will base his assessment if he will allow the short sale process to take place.
Stacey
Short sale properties are said to be the better option for first time home buyers who wish to push through their plans of acquiring their own house. These properties are somewhat similar but not totally alike with foreclosed and REO houses. Buying short sales require much work from the aspiring homeowner but it is definitely very rewarding once you have successfully bought the house. As you continue with the remaining paragraphs, helpful tips for hopeful homeowners are explained further.
When you say short sale, it is usually defined as buying a property that is lower than the remaining balance of mortgage on the house. It only means that the market value of the house is usually not enough to fulfill the outstanding balance borrowed from the bank or the lending company. Previous owners of such houses badly need to find a buyer so they can pay off whatever balance they have to the lending company.
A short sale deal involves a third party buyer which can conduct the negotiation with the lender to save the original owner from getting a foreclosure. This is a great way to keep the original homeowner from ruining his credit status and get the lesser evil of the very few choices he has. Actually, he only has to choose from foreclosure and short sale. Thus, the best way for those struggling borrowers is to prefer the lesser evil from the two.
Initially, when you plan to buy a house, you need to find the right house that will suit your needs and preferences. To help you make the process easier, try to research using the internet. Local newspapers can also be another good source of property listings. Recommendations and suggestions by your relatives and friends will also keep you posted on the latest short sale properties.
When you are about to begin the transaction, as a short sale buyer, you wild have to confirm with the old owner about your plans on buying a short sale. This also means that if the old owner will not accept your offer of buying the house, then you do not have the choice but to drop the case. The fact that lies behind short sale properties is that this is actually asking the permission of the latest owner to accept your offer, as a third party buyer, to keep him from getting a possible foreclosure. You are also building a business rapport with the lender. This can sometimes pay off the tedious job since lenders start to be lenient with your requests.
As soon as you have successfully obtained the permission, you can go immediately to the loss mitigation and deal with the lender. Inquire about the possible terms and conditions. Then you can now proceed to making a hardship letter. This is one of the most vital requirements since this is where the evaluation process will greatly depend on. This will inform the lender the current status of the previous owner. Keep in mind that this is where the lender will base his assessment if he will allow the short sale process to take place.
Stacey
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