Description
This article is from the NewlyWed FAQ,
by Vicky Larmour vicky@jifvik.org with numerous contributions by
others.
3.2.4) Explore all the options
- First-time/low income homebuyer programs
- your local county office should have more info.
- lease-option
- this means you rent a house and get part of each month's rent
credited toward the purchase price. Get an attorney to review
the contract.
>I just learned this from one of our tenants, who works for a
>mortgage company. FHA loans are designed for buyers who have a good
>credit history but relatively little money in the bank, so the down
>payment is low. With an FHA loan, the seller must also have an
>inspection and *correct* certain common problems such as peeling
>exterior paint, leaking roof, etc. With a conventional mortgage, the
>down payment is higher (more like 20% although not always so high)
>but the credit requirements are a tad looser and so are the
>inspection requirements. There are also ways to finance a house if
>you don't meet the criteria for FHA or conventional mortgages (if
>you make a lot of your income from commission or self-employment and
>have been doing so for less than two years, conventional mortgage
>companies won't like you), but a much larger down payment may be
>involved.
- Wende A. Feller
>There are some loan programs that will let you borrow up to 97% of
>the purchase price. There is also a program offered by the company I
>work for called the GE Cash Saver, and if you have good credit , you can
>borrow 100% of the purchase price. Another option to look into are
>community seconds, which are loans to make up the balance between what the
>mortgage company will lend you and what the purchase price is. Many of
>these programs are forgiveable loans, and if they're not, usually you
>don't start payment on these until you've been in the home 5+ years.
- Joana
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