topher5150
Dedicated LVC Member
talking to a guy who dose some real estate the other day and he mentioned something about a government program where they pay for your down payment. Has anyone heard of this?
buying a house question
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JoshMcMadMac
Dedicated LVC Member
Perhaps he was referring to an FHA loan? There might be a local or state program in your area that helps cover your closing costs, too.
ford nut
Local nut case
topher5150
Dedicated LVC Member
also is there a way to combine my student loans, and a mortgage into one bill
Gilby959798
Dedicated LVC Member
for my FHA I still had a downpayment...
Raped Ape
Dedicated LVC Member
I have never heard of this, in every instance a note and mortgage is just that, nothing else. You can not combine debts with a note and mortgage, bank is always going to be the sole lien holder. The total debt can not exceed 100% debt to value ratio in a FHA or VA loan, must banks today without you having a premium credit score of 720 or higher and 10-20% reserve in bank will not exceed 80% debt to value ratio. And with the still declining housing market it is hard to even get that. The short sale market is still driving the decline of housing values into the toilet. And most all high risk loans that were intended for the investor that somehow got into the 1st time buyer and primary home market is basically gone. All Freddie Mac and Fannie Mae efforts are to get the risk factor under control anymore. And Freddie and Fannie are so willing to get what they can and without regard to what these short sales are doing to existing home values. Option Arms, Interest only and Negative Amortization Loans are all but gone. 30yr and 40yr fixed rate loans are the norm now, and with a crappy credit score, you may still be able to get a secondary market to give out a 3 or 5 yr fixed Arm.
The only sensible thing to do with Student Loans is compare rates and see where you stand compared to current rates available, and possibly consolidate your loans.
Closing costs are for you to deal with the seller, alot of sellers today are willing to pay your costs out of there capital gain to sale now. The seller pays for title, and realtor fees in most cases and some secondary and risk loans the lender may charge a point or two, and if you are dealing with a broker then you have points from the broker added into the deal. But a anxious seller will pay that for you just to get out of their mortgage, if there is capital to be gained. You will find for the most part a very helpful seller and or a helpful bank that is willing to deal at the table too. Just depends on the house, mortgage history, and seller.
There are often state-run first-time home buyer programs, but if you're going to use them, you need to get on the stick. If they're like the one I used, the agency has a big pile of money, and they dole it out until it's gone; when I bought my house it was early May, and they ran out of money later that same week.
A realtor can often tell you about the programs, but to get the details, talk to an FHA-approved lender (the first-time buyer programs are usually done in conjunction with FHA mortgages).
FWIW, Michigan does have a program to help with mortgage down payments: http://www.michigan.gov/mshda/0,1607,7-141-45866_45870-172114--,00.html
A realtor can often tell you about the programs, but to get the details, talk to an FHA-approved lender (the first-time buyer programs are usually done in conjunction with FHA mortgages).
FWIW, Michigan does have a program to help with mortgage down payments: http://www.michigan.gov/mshda/0,1607,7-141-45866_45870-172114--,00.html