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greenfreak
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Member since 9/06 11483 total posts
Name:
greenfreak
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First time buyer mortgages
Anyone going for less than 10% down, first-time buyer mortgage? DH and I don't know much about them but heard that if we could roll closing costs into the mortgage and put 5-8% down, we might be able to do it.
I just worry about the gap between what we qualify for and the house price. We have excellent credit, but not a lot of savings right now. 
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Posted 10/13/06 4:19 PM  |
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Prudential Douglas Elliman Real Estate
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DRMom
Two in Blue
Member since 5/05 20223 total posts
Name:
Melissa
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Re: First time buyer mortgages
We didn't have excellent credit and did an 80/20. we paid most of teh closing costs out of pocket. But I worked for a title co at the time so got a great deal on the title fees.
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| Posted 10/13/06 4:20 PM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: First time buyer mortgages
most of the first time buyer programs I have seen have a maximum income limit, which is low compared to LI housing prices.
NEFCU has a 97% first time homebuyer financing program, but its an ARM.
other ones I have seen for first time homebuyers have a maximum household income of $75K.
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| Posted 10/13/06 4:22 PM |
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greenfreak
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Member since 9/06 11483 total posts
Name:
greenfreak
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Re: First time buyer mortgages
Damn. Thanks Meaghan, for that info. We don't qualify, if that's the case.
We're still a first-time home buyer whether we make more than 75k or not! 
This isn't going to be easy.
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| Posted 10/13/06 4:25 PM |
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MrsSchwags
Soccer Baseball Lax Mom
Member since 10/05 11240 total posts
Name:
Jennifer
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Re: First time buyer mortgages
we financed 103% and put about 7000 towards closing costs.
We have an 80/20 mortgage.
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| Posted 10/13/06 4:27 PM |
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greenfreak
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Member since 9/06 11483 total posts
Name:
greenfreak
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Re: First time buyer mortgages
I feel stupid asking, but we're just starting this process... What's an 80/20? I thought it was financing 80% and putting 20% down... Guess I was wrong!
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| Posted 10/13/06 4:28 PM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: First time buyer mortgages
the first 80% is a traditional mortgage and the second 20% is financed by a HELOC
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| Posted 10/13/06 4:30 PM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: First time buyer mortgages
Posted by greenfreak
Damn. Thanks Meaghan, for that info. We don't qualify, if that's the case.
We're still a first-time home buyer whether we make more than 75k or not!
This isn't going to be easy.
\
go to www.nassaued.com
I believe the NEFCU limit is higher - but its a 3/1 ARM.
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| Posted 10/13/06 4:31 PM |
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lvlz
LIF Infant
Member since 5/05 271 total posts
Name:
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Re: First time buyer mortgages
We also did an 80/20 mortgage. So technically you have 2 mortgages. The interest rate on the 20% is usually quite a bit higher than the first - but sometimes you can find between 7-8% if you shop around.
This is what we did - so we would have extra cash for closing costs, as well as items we needed for start up (washer/dryer, lawn mower, etc. - those things add up!!)
If you call a bank and ask to speak w/ a mortgage rep, they can give you more info.
Good luck!
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| Posted 10/13/06 4:54 PM |
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Diana1215
Living on a prayer!!!
Member since 10/05 29450 total posts
Name:
Diana
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Re: First time buyer mortgages
I def. recommend speaking to either a bank or a mortgage broker - there are hundreds of programs out there for buyers so it's just a matter of finding the right one for you!
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| Posted 10/13/06 5:26 PM |
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charon54
My two boys!
Member since 5/05 7279 total posts
Name:
Rebecca
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Re: First time buyer mortgages
Posted by Diana1215
I def. recommend speaking to either a bank or a mortgage broker - there are hundreds of programs out there for buyers so it's just a matter of finding the right one for you!
In fact, there are a few banks that are members of this board, and if you put this question on the Businesses Helping Businesses board, they can answer you.
(I do admit, shameless plug for my DH who is a vendor on this board). 
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| Posted 10/13/06 9:48 PM |
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bikramaddict
mommy-to-be
Member since 8/06 4376 total posts
Name:
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Re: First time buyer mortgages
i found "mortgages for dummies" useful...but of course speak to a broker, too.
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| Posted 10/16/06 1:05 PM |
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