First time home buyer

  • Question : My parents said they'd give my husband and me down payment for a house as a wedding present next month. We want to buy a house as soon as we can but we've only saved about $2,000 so far. Can we use my parents' money for everything or do we have to have our own savings, too? Answer : Congratulations on your wedding and your nice parents. The rules about gift money depend on the kind of loan you want to use to finance your home purc.... Read More
  • Question : My friend told me that FHA loans are only available for first-time homebuyers. Is that true? I rent now, but I owned a home five years ago when I was married to my first husband. I am remarried now and my husband and I want to buy a place but we may not have enough down payment for a regular loan. Answer : First, FHA loans are available to all borrowers who can qualify and who are financing their primary residence. So you don't need to worry about being .... Read More
  • Question : I am a first-time buyer looking to buy a home. I have fair credit and can only put down about 3%. What options are out there for me to own a home? Answer :

    Without knowing more about your credit it is hard to say for sure. But the 3% down payment if exactly what the FHA requires. It seems like you should consider the idea of buying your house with a FHA loan.

  • Question : I have been pre-approved for a conventional loan. Some of my friends keep telling me a FHA loan is better. Can you tell what the difference is and which is better? Answer : Without knowing more it is hard to say which loan will be best for your situation. Check out this resource for the difference between FHA and conventional home loans.
  • Question : My husband and I are looking to purchase our first home. We have no money for a down-payment because we have been in school. Is there a minimum salary that you must make to qualify for an FHA loan, be Answer : In order to apply for an FHA Loan you need to have all the addresses where you have lived over the past few years, your employer's name and addresses for the past two years, plus the amount of your gross monthly salary. You will also need your W2's and your income tax for the last two years. Receiving a loan does not depend solely on your current salary, but also your financial circumstances over the past several years. You will also be required to have at least 3% of your own funds for the purchase of your home.
  • Question : My husband is a Vietnam vet and we are buying our first home. We have excellent credit. Can an FHA loan help us or is it for people with poor or no credit history? Answer : The FHA does help people with poor or no credit history, but it is not solely for them. The best option is to pre-qualify for a FHA loan, as well as other loans, and see what will work best for you.
  • Question : We are being offered an FHA loan where the interest starts at 4% and increases to 5, 6 then 7 at year 4. What are the negatives to this loan? Answer : The negative aspects of this loan include the fact that you need to prepare for an income increase over the years in order to keep your payments up on time. You need to speak with a local lender in order to ensure that your income over the next few years will cover your payments.
  • Question : We have been told that we make too much income for a first time home loan by $1,500. Is there any way around this? Answer : There are several loan programs that have income limits. Usually it is something along the lines of not being over the median income level for the area. There is no real way around this, other than to get a different type of home loan that has no such restrictions.
  • Question : What constitutes a first-time home buyer? Answer :

    A first-time home buyer is defined here.

  • Question : When purchasing a condo on an fha loan, is the up front mortgage insurance or the monthly mortgage insurance waived because it is a condo? I was told one of the two are not applicable to condos. Pleas Answer : Once your condo is FHA approved, then you worry about the mortgage insurance. When buying a condo, there is no up front mortgage insurance.
  • Question : Will a first time buyer get money to buy furniture and pay off bills? Answer : Generally speaking, no. When you qualify for a FHA loan, it is for the purchase of the home and some of the closing costs. There is no extra money available for use. In addition, if you have late bills that need to be paid off, it will be difficult to qualify for a FHA loan anyway.
  • Question : With a credit score of 720, what will my $200k payment be for a first time buyer? Answer : The cost varies according to yearly salary, property tax and a variety of other financial payments that you have to make. If you go to the FHA Calculator on our website, and fill out the information, it should give you the exact payment that you will have to make.
  • Question : With a FHA loan, can a person qualify for the down payment assistance program, particularly a first time home buyer? Answer : Definitely. Many FHA down payment assistance programs are designed to help the first time home buyer.
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