OfflineWhat options do i have as a first time buyer? Im really motivated to get the wheels turning I have ten years of home renovation experiance working for someone else. Im ready to do this on my own.
__________________
first time homebuyer
Posted on: Thu, 05/01/2008 - 16:29
Because you are a first time home buyer you have several options. There of course will be more but I will give some ideas:
- FHA offers great first time home buyer loans. You will pay PMI if you don't put enough down though.
- You state and even your city will often offer first time home buyer loans. Many of these may, even in todays market, offer 100% financing.
- Purchasing a duplex or say a fourplex can allow you to purchase more for your money because a portion (70-75%) of the rent that is paid can go towards your income while doing your debt to income ratio for the loan. If you purchase well enough you could get your mortgage paid for without you putting in money.
If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125
FHA is your best financing bet. Can easily be NMD.
FHA, is the way to go for first timers,SULLY.
YOUR HERO, SULLY
Thanks for the info. This will help get me to get started.
What is best way to find FHA homes? What do I look for when I get my list? I'm a little dumb founded at this point all this info, reading and studying has my mind fried so I just need to take it slow and ask the dumb questions first to you guys (bear with me).
There are no such things as "FHA homes". FHA is a loan program in which the Fdeeral government insures the loan.
Any house can be bought FHA as long as the loan falls under the FHA maximum (and the house will appraise for the sale price and doesn't need excessive repairs).
You might be thinking of HUD homes. Check out the website. These are offered first to owner-occupied.
"Obstacles can slow you down, but they can only stop you with your permission." Dean Graziosi (BARM pg 101)
"For I know the plans I have for you," declares the Lord, "plans to prosper you and not to harm you, plans to give you hope and a future." Jeremiah 29:11
For a little about me, welcome to the site, and a few tips for new DG family members, click on this link: http://www.deangraziosi.com/user/3249