@Morrow Re: Loan Programs

[Dre]

Hey Morrow!

I saw that you were a realtor and I believe Denita is a loan officer. I wanted to know if y'all knew of any loan programs for teachers and 1st time buyers? At the moment, my pre-qualified loan is through BoA.

He told me about the FHA loan, but my realtor was telling me about a few teacher loan programs. I didn't know if they were just for state residents, or they are teacher loans for ALL teachers.

Thanks for any input!

[cap1kid]

Try this link:

http://www.hud.gov/offices/hsg/sfh/reo/goodn/gnndabot.cfm

[cap1kid]

You might also want to check if you live in an USDA eligible area- 0 money down- 100% financed.

[morrow]

Hey Morrow!

I saw that you were a realtor and I believe Denita is a loan officer. I wanted to know if y'all knew of any loan programs for teachers and 1st time buyers? At the moment, my pre-qualified loan is through BoA.

He told me about the FHA loan, but my realtor was telling me about a few teacher loan programs. I didn't know if they were just for state residents, or they are teacher loans for ALL teachers.

Thanks for any input!

Hi there! Actually Im a loan officer and Denita is the realtor.

In any case, there are several different programs which may suit your needs. With your pre-qualification, were they unable to do FHA? Are you looking for the max possible financing? What specifically did you have in mind?

[Dre]

Hi there! Actually Im a loan officer and Denita is the realtor.

In any case, there are several different programs which may suit your needs. With your pre-qualification, were they unable to do FHA? Are you looking for the max possible financing? What specifically did you have in mind?

I did get the FHA, but I'm looking to really put nothing down at all. The FHA has me at 3.5% down (which I can handle), but I don't want to really liquidate my assets(mostly my ROTH account). I know I get $8K back, and I would put it towards savings and back into my ROTH, but if there is a way I could avoid that...It would make me happy .

My loan officer told me I could do the 3.5% down, but we will tell the seller to pay for the closing cost (which I have no problem with). I just didn't know if there are programs out there I could qualify for. My credit scores are current in my sig., so I'm sure I can still get a pretty decent interest rate if I didn't do FHA.

I just want to keep all my cost as low as possible, and I'm looking for a house that is under $125K; 3-2; one-story.

I hope this helps

[Denita]

Hi there! Actually Im a loan officer and Denita is the realtor.

In any case, there are several different programs which may suit your needs. With your pre-qualification, were they unable to do FHA? Are you looking for the max possible financing? What specifically did you have in mind?

Yep!

[Dre]

My bad, ladies !

[Dre]

UPDATE:

I went ahead with the USDA loan program through KB Home; lender - Countrywide (I didn't know Bank of America was acquiring them next month.)

Anyways, this was the best route for me to go because I didn't want to put a lot of down on a house or pay a lot in closing fees.

Here is a brief on the incentive program for a teacher (some already included in the program):

• $1K allowance ($1K off the house)
  
• 0% down payment
  
• Will pay 3% of the closing cost
  

There were others and I'll find out more on Friday. I'm only purchasing my first house for $119K, and I'm really excited! The house is brand new so I get the warranties and I stayed under my budget! WoW! I never thought really how exciting this is! CRAZY! Still hasn't really hit me yet...I think it will whenever I get the keys in my hands!

UPDATE:

I have actually decided to hit my first goal of the year: Pay of the rest of my credit card debt by August. I am going to do that first, then look into purchasing a house. Thanks for the advice and help though !