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Whats the deal with first time home buyer loans?

Question : Whats the deal with first time home buyer loans?
My fiance and I are wanting to buy our first house. We have heard about first time home buyer loans and that some of loan 100% with no money down. Is that true? If so where do we ask about it? At a bank or what? I dont know the first thing about buying a house, thats why I’m on here asking for peoples opinions/answers.
Also, I live in Nebraska
first time home buyer loans

Best answer:

Answer by audrey j
Glad you ask. I specialize in first time home buyer programs. You may contact me for more information.

This entry was posted by admin on August 30, 2010 at 3:06 pm, and is filed under Loans and Mortgages. Follow any responses to this post through RSS 2.0.You can leave a response or trackback from your own site.

Comments (5)
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#1 written by S C 1 year ago

Many lenders offer first time home buyer programs, which may have a more competitive interest rate.

Also, most states offer first time home buyer programs which include assistance for downpayment and/or closing costs and even a discounted loan interest rate.

Check out the site below to learn more about the programs offered in Nebraska. Good luck.

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#2 written by Quicken Loans 1 year ago

I’m glad you are considering purchasing your first home. It’s a good move and it’s a great feeling to know you own your own place.

Your question about 100% financing (no money down) is correct. Most mortgage companies and banks do offer 100% loans for first-time home buyers. Ask your friends and families what mortgage companies they trust and have worked with in the past. If they’ve done a good job for people you know, they probably will do a good job for you. I’ve included a link below to Quicken Loans First-Time Home Buyers section and you can check it out for great information about things you should consider when buying your first home.

And going with 100% financing for first-time home buyers can be a pretty good idea. By not putting money toward a down payment, you can use the cash for other things such as paying off higher-interest debt (such as the money you owe on your credit cards). This makes good financial sense because mortgage interest is usually tax-deductible (make sure you talk with a tax advisor on what is and what isn’t tax deductible for you) and rates are lower than most credit cards. You may also need that extra money to pay for education or home improvements.

Be careful to sign up for programs that avoid the biggest disadvantage to a no-down-payment mortgage, which is paying private mortgage insurance, or PMI. Usually, anyone who puts down less than 20% of the home’s value usually has to pay PMI. Make sure the mortgage pro you work with gives you some tips on how to avoid paying private mortgage insurance.

Regardless of who you choose to work with, always do your research and ask trusted people for their opinion. Good luck and if you have any other questions feel free to contact me through my profile.

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#3 written by J S 1 year ago

CONGRATULATIONS on deciding to invest in a home. You can find 100% first time home buyers special program at http://www.restructureyourmortgage.com through the end of July. Feel free to utilize our mortgage calclulator, glossary and submit your information to speak with a certified loan consulutant absolutely FREE. Best of luck.

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#4 written by Frank B 1 year ago

I would imagine that in your state there are local no profits such as the one I work with. We do first time homebuyer seminars aproved by hud. Upon completion you’ll receive a certificate that some first time buyer programs require. Here we have down payment assistance, 0 down, credit counceling and more. The other nice thing is that the agents, lenders and companies you’ll work with are pre-screened and will take the luck factor out of things.
Try ACORN, Husing for Hmanity, LULAC Housing, HSN they are all national and may have a chapter in your area.
Good luck, and I hope your first home is a happy one.

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#5 written by foodieNY 1 year ago

Better yet, go to your bank and talk their mortgage advisor there. Talk with someone that you know and trust, they can offer many different types of loans to fill your needs, including first time home buyers, F.H.A., etc.. They can preapprove you at the same time so that you know how much you can afford to spend when you shop for your house. I wouldn’t advise buying your first home through someone who is trolling through this particular part of yahoo answers looking for first time buyers, it’s very easy to get taken advantage of if you don’t know what to expect. Good luck. BTW, if you happen to stumble on a deal of no money down, which is rare if not impossible to find, just be aware that the less you pay down, the higher your mortgage payments will be and the longer your term will be. A general rule of thumb to figure out your mortgage is one hundred dollars per ten thousand borrowed. For example: 100,000.00 loan would be approximately 1,000.00 a month, give or take 100.00 depending on your interest rate. A first time buyer usually qualifies for a lower down payment, like an F.H.A. it’s 3% down as opposed to a standard 10%.

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