Life Best place to get a Loan? - Page 2

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?

Lono · 01-20-2010, 08:31 AM

Here's another question. Is the govt tax break still on for buying a house? Or is that over?

booyaf2 · 01-20-2010, 08:36 AM

I know it went into effect in November, so I'd think its still going on.

chiefs1okie · 01-20-2010, 08:54 AM

Quote:

Originally Posted by Lono

Here's another question. Is the govt tax break still on for buying a house? Or is that over?

Yes, through July. $8000 First time homeowner, or not on property deed last three years. $4500 for current homeowner looking to move up.

FHA does in fact have very competitive rates and in most cases is lower than any other conventional lender.

Qualifications are minimal with the biggest criteria being 640 mid score and no derogatory credit in previous 12 mos.

Re-Fi cash out loans are also available through FHA for up to 85% of home appraised value.

P.M. me if you have any other questions I can answer for you.

01-20-2010, 08:57 AM

Listen to Okie - my numbers are all whacked.

PhillyChiefFan · 01-20-2010, 09:00 AM

Quote:

Originally Posted by Lono

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?

You may not qualify for the 8k though. As I understand it you must not have owned a home for a certain amount of time, if memory serves me correctly it's 3 years. Check on that though, cause I'm not sure

PhillyChiefFan · 01-20-2010, 09:03 AM

Quote:

Originally Posted by Lono

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?

http://eligibility.sc.egov.usda.gov/...ey=property@11

Check out that website. USDA allows loans with no money down, but they must qualify. Check to see if the properties you are interested in qualify.

Someone else mentioned this, but I have the website cause I looked at the USDA loans as I was house hunting. Hope it helps.

chiefs1okie · 01-20-2010, 09:06 AM

Quote:

Originally Posted by PhillyChiefFan

You may not qualify for the 8k though. As I understand it you must not have owned a home for a certain amount of time, if memory serves me correctly it's 3 years. Check on that though, cause I'm not sure

USDA loans might be the way to go:

Check that site to see if the homes you are looking at are eligible. If they are, you don't need anything down for it (not that I recommend that, just going by what you want).

RD (Rural Development) loans are just as competitive with FHA on rates and are not that hard to qualify for either. Usually a 620 mid score and again no recent history of derog credit. RD loans are generally available outside of metropolitan areas. For example, inside Tulsa city limits you would likely not qualify, but across the street from the city boundary you probably would,

Inspector · 01-20-2010, 09:07 AM

Probably not a popular opinion, but I've always advised my kids to save up a bundle before buying anything - especially larger purchases like cars and homes. Most of them have been able to get into really nice homes and not end up house poor by heeding that advice.

Good luck. Hope it goes well!

Lono · 01-20-2010, 09:14 AM

My wife is saying the same thing as you Inspector. I just hate throwing money away on Rent. I would not have a problem with it if I knew we would save. I just dont think we would. You know how life is, kids always need something, or something always breaks down. Rent is so high these days, i think we can buy a house cheaper than renting.

Great Expectations · 01-20-2010, 09:17 AM

If you go with an RD loan I would look at a couple of different mortgage companies/banks in the area. RD loans can be very good for the borrower, they can also be very good for the institution lending on them so make sure they know that you are rate/price shopping and ask for a Truth in lending statement so you can make a fair comparison.

chiefs1okie · 01-20-2010, 09:21 AM

Quote:

Originally Posted by Great Expectations

If you go with an RD loan I would look at a couple of different mortgage companies/banks in the area. RD loans can be very good for the borrower, they can also be very good for the institution lending on them so make sure they know that you are rate/price shopping and ask for a Truth in lending statement so you can make a fair comparison.

Uhm... good advice, but what you actually want to ask for if comparing offers is a GFE (good faith estimate), as it would have all costs and fees involved with the loan as well as the amount financed and interest rate and payment disclosure... etc. etc.

Bill Lundberg · 01-20-2010, 09:22 AM

Quote:

Originally Posted by chiefs1okie

Yes, through July. $8000 First time homeowner, or not on property deed last three years. $4500 for current homeowner looking to move up.

FHA does in fact have very competitive rates and in most cases is lower than any other conventional lender.

Qualifications are minimal with the biggest criteria being 640 mid score and no derogatory credit in previous 12 mos.

Re-Fi cash out loans are also available through FHA for up to 85% of home appraised value.

P.M. me if you have any other questions I can answer for you.

You're closer, but not quite there. It's up to $8,000 for first time home buyer (a person who hasn't owned a home in 3 years) and up to $6500 for everyone else. The new home must be under contract by April 30, 2010.

Here is a great resource.

http://www.federalhousingtaxcredit.com/

Inspector · 01-20-2010, 10:44 AM

Quote:

Originally Posted by Lono

My wife is saying the same thing as you Inspector. I just hate throwing money away on Rent. I would not have a problem with it if I knew we would save. I just dont think we would. You know how life is, kids always need something, or something always breaks down. Rent is so high these days, i think we can buy a house cheaper than renting.

Yeah, no doubt it aint easy. Especially when the kids have needs to. Over the years we find that our largest budget item is "Misc."....the stuff you don't plan on but happens anyway.

Good luck. Hope you get a great deal on your loan!

Chief Pote · 01-20-2010, 11:14 AM

Quote:

Originally Posted by Lono

My wife is saying the same thing as you Inspector. I just hate throwing money away on Rent. I would not have a problem with it if I knew we would save. I just dont think we would. You know how life is, kids always need something, or something always breaks down. Rent is so high these days, i think we can buy a house cheaper than renting.

You're too impatient. You will not be able to get a loan without a down payment. The mortgage industry has changed...for the better. Those that should have a house can buy one, those that shouldn't can't. You don't even understand how much closing costs will run...do you? Study the process before you start. What would you do if the furnace bit the dust after three months and when you couldn't scrape up enough for the minimum down payment? Go get a credit card and rack up more debt that you don't need...right? Do yourself a favor and save money and then save some more money. Buy a house when you're ready, you'll feel better about the process in the end.

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.

01-19-2010, 03:12 PM
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

01-20-2010, 08:31 AM	#16
Lono Starter Join Date: Mar 2005 Location: Mo Casino cash: $9903836	Here's another question. Is the govt tax break still on for buying a house? Or is that over?
Posts: 812

01-20-2010, 08:36 AM	#17
booyaf2 Starter Join Date: Sep 2005 Location: Hays KS Casino cash: $-2234995	I know it went into effect in November, so I'd think its still going on.
Posts: 905

01-20-2010, 08:57 AM	#19
Phobia Guest Casino cash: $	Listen to Okie - my numbers are all whacked.
Posts: n/a

01-20-2010, 09:07 AM	#23
Inspector MVP Join Date: Jan 2004 Location: K.C. Casino cash: $9914975	Probably not a popular opinion, but I've always advised my kids to save up a bundle before buying anything - especially larger purchases like cars and homes. Most of them have been able to get into really nice homes and not end up house poor by heeding that advice. Good luck. Hope it goes well! __________________ As always, this is IMO.
Posts: 7,917

01-20-2010, 09:14 AM	#24
Lono Starter Join Date: Mar 2005 Location: Mo Casino cash: $9903836	My wife is saying the same thing as you Inspector. I just hate throwing money away on Rent. I would not have a problem with it if I knew we would save. I just dont think we would. You know how life is, kids always need something, or something always breaks down. Rent is so high these days, i think we can buy a house cheaper than renting.
Posts: 812

01-20-2010, 09:17 AM	#25
Great Expectations MVP Join Date: Dec 2008 Location: Joplin, MO Casino cash: $10772338	If you go with an RD loan I would look at a couple of different mortgage companies/banks in the area. RD loans can be very good for the borrower, they can also be very good for the institution lending on them so make sure they know that you are rate/price shopping and ask for a Truth in lending statement so you can make a fair comparison.
Posts: 7,307