jack asked:


Supply and demand. Low interest rates mean the price of houses is bid up – new entrants to the market in their 20s cant get in.

home loan

frickadella asked:


Well, I hear a lot about how unamerican it is and uncapitalist as well – and by the way, its the homeowners fault for buying a home they couldn’t afford. Put aside that OLD worn out idea of fiduciary responsibility, bah, that the bank might have had when giving out loans in the first place and help me understand this: Who wins when so many are foreclosing? The banks lose money, the owner loses the home, and the investors that fund the mortgage market are losing too right… and the communites, the countys and on and on? I wouldn’t expect the bank or investors to restructure solely for the benefit of homeowners, but can’t they just defer partially the payments or find some solution that allows the owner to keep the home and still honor their obligation, just maybe further out?

So I guess my question is, what is stopping banks from doing something when it seems everyone is losing out?

first home owner loan

HouseBuyer asked:


I am a recent college grad..trying to get some extra income and more experience in real estate. I have little to no credit and have have a stable mid level job with about 3-4k for a down payment. I can not get a loan b/c i have no credit history. I am considering in looking for a home that has owner financing. Is that a wise choice? any suggestion or insight would be greatly appreciated. To be honest i am looking for a mid level price range home that needs some fixing. Is this a good way to start?

first home owner loan

pms asked:


Me and my husband went to get a mortgage loan at a mortgage company. We were preapproved for an FHA loan. Later, she told us that we couldn’t start looking for a house until we had some down payment first. I thought that in Wisconsin they offered no down payment for first time home buyers. Now we’re confused, because our friend who just purchased a home not to long ago was given this grant for no down payment. Our mortgage lender told us that the grant for that was no longer available. Now is there such thing as a no down payment for first time homebuyers in WISCONSIN???

first time home buyer loan

yaniece22 asked:


I purchased a house in 2008. In 2004, my husband wanted to purchase a rental property. We have never lived in it, it was purchased as a rental property and tenants occupy it right now. In 2005, he refinanced it and my credit was not good enough to go back onto the loan (it was not a FHA loan), so I was refinanced off. The home that we were actually living in never had my name on it. We moved and closed on new house with a FHA loan with only my name on it. My mortgage broker told me that if you haven’t had a home in 3 years, then you are eligible for the first time home buyers tax credit that will be given this year when doing your taxes. Is this true? Does the rental property count, even if it is within the 3 year window, if we never lived in it? I never claimed anything on my taxes for it, nor interest or first time home buyer program back then when I did my taxes during that year that my name was on it. Can someone help me out with this? Can I put down the first time home buyer credit on my taxes this year?

first time home buyer loan

Eskimo asked:


I own two acres of land that are completely paid off. Will this lower the down payment?

They told me that my down payment would be around 3 thousand because of my limited credit history, but that was before I had this land.

The mobile home is $20,000.

Also – Ive been hearing about this government first time buyer loan. How would this work in conjunction with a mobile home?
I plan on having the mobile home on the land.

first time home buyer loan

Apryl asked:


Our loan officer left for the day and we are trying to budget for options of how much we can afford. We are first time buyers.

Our home loan was approved for $148,265

We are putting 3.5% down

The based price of the house is $143,500

How much money based on this info do we have available for options?

Thank you.
we are Approved

first time home buyer loan

Crimson Goddess asked:


Hi,

Sorry for my bad English. The agent gave me a handout and it quotes Ownership: Corporate. I’m asking this because I’m applying for Home 80 first time buyer to get up to $6000 deferred loan. There are some restrictions about this. First, they note Hud Homes, homes sold under installment sale agreements (owner carry), or homes sold under contract for deed agreements are not eligible for this program. They also told me REO (Repossession Ownership) is not acceptable.

So, I’m confused please explain more for me. Will Onwership: Corporate is eligible or not? Thanks so much for your help.

first home owner loan

VON asked:


I have a coworker who I had spoke with recently whom happens to own several properties in the Pittsburgh area. I understand that Pittsburgh is an okay real estate market but, I worry that he is in over his head. This past year he has aquired three buildings that are two to three units, the loans are arm’s and he has told me that he has not had that much of a positive income because of his tenants owing rent. Recently he has purchased a building that will be a resteraunt and his deal was for another arm for 175, 000 and it was for sale by owner. His home is also arm which it will reach its second year in 2/28 arm and he will have to refinance. he also has two auto loans of greater than 5,000 dollars I am not familiar with real estate but, how likely is he to be successful in a real estate business with all of this debt? I say he is in over his head. Am I wrong?

first home owner loan

JohnPau2010 asked:


- I am a first time home buyer
- just got a contract signed yesterday
- now looking for home loans

- today when i see the rates its round 5.27% (30 yr fixed) zero points

Last week or so when I was looking at rates it was somewhere around 4.76 – 5.0% zero points

Looks like the rates jumped from last week.

Now if I apply for some home loan today can lenders give me last weeks rate ( 4.76 – 5.0%) 30 yr fixed zero points? I haven’t locked or signed any application yet with any lenders yet.

(The rates are approximate – all I wanted to know if Lenders can give me a lower rate as it was last week or so rather than today)

first home buyer loan