Need Adivce Buying My First Home...

First and formost, these days, can you buy a home with lttle to no down payment?

What kinds of programs are there for first time home owners? Also, I am a Teacher, if that helps:)

Where do I get started? My bank is TD Bank. Do I talk to someone there?

As you can see I am clueless, but sick of paying almost $2000 for rent:) However, it's the downpayment we don't have.

HELP!

TIA

Re: Need Adivce Buying My First Home...

I am trying to buy a home, too so I really don't know much, but the less you put down, the higher your monthly payments will be. I also think you have to have a certain percentage to put down otherwise you have some kind of security payment added each month, as well. Maybe you could look for a rent to own type of thing?

Re: Need Adivce Buying My First Home...

if you dont have 20% to put down (which many people dont) you need to may PMI insurance on top of your morgage until you have 20% paid off. its usually a little over $100 a month or something. that part is not tax deductable. you have to put something down, but check with a broker to find out how much. also, closing costs can be hefty so find out what you can budget for that- those 2 are your upfront costs, but ive heard of people working closing costs into their morgage too.
good luck!!!

Re: Need Adivce Buying My First Home...

Some people have been doing FHA loans and they are putting down about 3%.

Re: Need Adivce Buying My First Home...

We are putting down 10% and closing on our house 8/31. We are going with Flagstar Bank and we had to pay PMI...it was about $2000.

ETA: we got a broker to help us find houses...he did everything for us!

ETA: We got a 30 year fixed with 10% down with an interest rate of 4.3%

Message edited 8/18/2010 12:11:30 PM.

Re: Need Adivce Buying My First Home...

I would suggest getting pre-approved before you start looking

there is no such thing as no money down these days- unless you are able to get a VA loan

but even then you would be required to put a good faith deposit down on contract

FHA is the way to go- 3.5% down in the min

continental home loans is the #1 bank for FHA loans- they bank more then any other bank combined

they are more flexible with ratios then traditional banks too

I can give you a few names to call there- I work very closely with 2 Loan officers and I trust no one else to get my clients the best possible rates and deal- there rates and fees tend to be much lower then a wells fargo for example (I just comped the 2 for a buyer)

if you have any other questions or would like a recommendation as a starting place FM me

Re: Need Adivce Buying My First Home...

TD does FHA (the 3.5% down Beth was talking about) go into your branch and ask!