Life Best place to get a Loan?

Lono · 01-19-2010, 03:12 PM

Looking at a new job possibly. If i accept it, I would probably want to go ahead and buy a house. We bought our first house about 7 years ago and sold it about 3 years ago. At that time we did some new home owner thing through our bank that didnt require us to come up with a down payment. I'm looking at the 75k and down range. Will be a small town so that price range should be fine. Where is the best place to get a loan with the best % and possibly a no down payment? Is there anything like that out there?

booyaf2 · 01-19-2010, 03:14 PM

Get an ARM loan. Seems like the right thing to do.

GoHuge · 01-19-2010, 03:14 PM

CheckSmart, American Payday Loans?
Posted via Mobile Device

**gblowfish** · 01-19-2010, 03:15 PM

I'll loan you $10.
Compounded hourly interest.
You pay Guido.
And you WILL pay Guido.

ferrarispider95 · 01-19-2010, 03:16 PM

You are going to need a down payment to get a good loan. A conventional you will probably need at least 5% and if you do FHA, 2%.

wild1 · 01-19-2010, 03:16 PM

I get these emails all the time about mortgages, maybe try replying to one of those?

Lono · 01-19-2010, 03:23 PM

I can probably come up with about $3000. I'm thinking FHA is the best way to go? Is it tough to get an FHA loan and has anyone else got one before?

Yes, I'm loan reeruned. Forgive me. Real advice is appreciated.

**AustinChief** · 01-19-2010, 03:35 PM

Quote:

Originally Posted by Lono

I can probably come up with about $3000. I'm thinking FHA is the best way to go? Is it tough to get an FHA loan and has anyone else got one before?

Yes, I'm loan reeruned. Forgive me. Real advice is appreciated.

Step 1: get realtor that you can trust (someone who has been in the industry a loooong time)

Step 2: ask realtor to recommend loan officer that they trust.

Step 3: buy home

**DaFace** · 01-19-2010, 03:44 PM

Quote:

Originally Posted by AustinChief

Step 1: get realtor that you can trust (someone who has been in the industry a loooong time)

Step 2: ask realtor to recommend loan officer that they trust.

Step 3: buy home

This worked well for us, though I've read that realtors sometimes suggest the loan officer that they know the best rather than the one that consistently finds the best rates.

ClevelandBronco · 01-20-2010, 11:21 AM

Quote:

Originally Posted by DaFace

This worked well for us, though I've read that realtors sometimes suggest the loan officer that they know the best rather than the one that consistently finds the best rates.

As a guy who has been involved with a comprehensive financial services firm for a few years now, I assure everyone that DaFace's caution is appropriate.

Bottom line: Assume your real estate agent is looking after his own bottom line, not yours.

chiefs1okie · 01-20-2010, 11:37 AM

Quote:

Originally Posted by ClevelandBronco

As a guy who has been involved with a comprehensive financial services firm for a few years now, I assure everyone that DaFace's caution is appropriate.

Bottom line: Assume your real estate agent is looking after his own bottom line, not yours.

Another tip would be to secure your own agent rather than using the listing agent. They are typically looking to the sellers best interest. If you use your own agent they are going to (generally) help you negotiate a better deal on the home to secure the sale.

wild1 · 01-19-2010, 03:39 PM

Quote:

Originally Posted by Lono

I can probably come up with about $3000. I'm thinking FHA is the best way to go? Is it tough to get an FHA loan and has anyone else got one before?

Yes, I'm loan reeruned. Forgive me. Real advice is appreciated.

Forgive me for speaking out of turn, but if you have difficulty coming up with $3000, are you sure about making a financial commitment that is 20 times that? Maybe taking some time to work up a safety buffer would be good?

No offense... just putting it out there. Obviously do not know your situation.

Bill Lundberg · 01-19-2010, 03:40 PM

There are only 2 ways to buy a home with no down payment now.

1. VA Loan - Are you a veteran?
2. USDA Rural Housing Loan - must be buying in qualifying area and there are income restrictions.

http://www.rurdev.usda.gov/RHS/

Earthling · 01-19-2010, 03:50 PM

Its a buyers market and that works in your favor. Also, with these economic times many people are getting desperate to unload some of their holdings. This all works in your favor. You might want to ask some banks about impending foreclosures and or check into public auctions from the Clerk of the County Court pertaining to houses. If you do get a real estate agent, and the fee is based upon the amount of sale, you can many times negotiate for a lower percentage...never hurts to ask. Good Luck !!

Ralphy Boy · 01-19-2010, 08:27 PM

Quote:

Originally Posted by Bill Lundberg

There are only 2 ways to buy a home with no down payment now.

1. VA Loan - Are you a veteran?
2. USDA Rural Housing Loan - must be buying in qualifying area and there are income restrictions.

http://www.rurdev.usda.gov/RHS/

This
or MHDC (Missouri Housing & Development Commission) Bond Money, where they provide down payment assistance. link

01-19-2010, 03:12 PM	Topic Starter
Lono Starter Join Date: Mar 2005 Location: Mo Casino cash: $9903836	Best place to get a Loan? Looking at a new job possibly. If i accept it, I would probably want to go ahead and buy a house. We bought our first house about 7 years ago and sold it about 3 years ago. At that time we did some new home owner thing through our bank that didnt require us to come up with a down payment. I'm looking at the 75k and down range. Will be a small town so that price range should be fine. Where is the best place to get a loan with the best % and possibly a no down payment? Is there anything like that out there?
Posts: 812

01-19-2010, 03:14 PM	#2
booyaf2 Starter Join Date: Sep 2005 Location: Hays KS Casino cash: $-2234995	Get an ARM loan. Seems like the right thing to do.
Posts: 905

01-19-2010, 03:14 PM	#3
GoHuge The Truth Join Date: Dec 2005 Location: Overland Park Casino cash: $10006072	CheckSmart, American Payday Loans? Posted via Mobile Device
Posts: 3,991

01-19-2010, 03:15 PM	#4
gblowfish Be Kind To Your Pets Join Date: Jun 2002 Location: Glorious Independence, MO Casino cash: $16886178 VARSITY	I'll loan you $10. Compounded hourly interest. You pay Guido. And you WILL pay Guido.
Posts: 41,016

01-19-2010, 03:16 PM	#5
ferrarispider95 She reads at a sophomore level Join Date: Jul 2005 Location: KANSAS Casino cash: $10004945	You are going to need a down payment to get a good loan. A conventional you will probably need at least 5% and if you do FHA, 2%. __________________ www.steerplanet.com Show Steers Directory and Forum www.emporiaks.org Free Emporia, KS Apartment Rental Listings
Posts: 1,493

01-19-2010, 03:16 PM	#6
wild1 MVP Join Date: Feb 2009 Location: 31040 Casino cash: $10004900	I get these emails all the time about mortgages, maybe try replying to one of those?
Posts: 6,935

01-19-2010, 03:23 PM	#7
Lono Starter Join Date: Mar 2005 Location: Mo Casino cash: $9903836	I can probably come up with about $3000. I'm thinking FHA is the best way to go? Is it tough to get an FHA loan and has anyone else got one before? Yes, I'm loan reeruned. Forgive me. Real advice is appreciated.
Posts: 812

01-19-2010, 03:40 PM	#13
Bill Lundberg American Join Date: Jun 2003 Location: Overland Park Casino cash: $10004925	There are only 2 ways to buy a home with no down payment now. 1. VA Loan - Are you a veteran? 2. USDA Rural Housing Loan - must be buying in qualifying area and there are income restrictions. http://www.rurdev.usda.gov/RHS/
Posts: 3,919

01-19-2010, 03:50 PM	#14
Earthling MVP Join Date: Apr 2001 Casino cash: $10008447	Its a buyers market and that works in your favor. Also, with these economic times many people are getting desperate to unload some of their holdings. This all works in your favor. You might want to ask some banks about impending foreclosures and or check into public auctions from the Clerk of the County Court pertaining to houses. If you do get a real estate agent, and the fee is based upon the amount of sale, you can many times negotiate for a lower percentage...never hurts to ask. Good Luck !!
Posts: 5,995