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mamamoon176 · Joined: 26 Jan 2010 Posts: 1 1.36 Dollars($)

I have no debt - just a car loan that i pay on time religiously 2 yrs left on it. I want a mortgage to buy a home this summer. I am only looking for 100k loan for my first starter home for my two children. What type of interest/payment am i looking at? I know it is competitive, so who are the best companies to try this with? I am afraid of the fly by nite companies I am getting contacted by. I only want a fixed rate mortgage, no other kind. Any info will help ........thanks!

JKennedySLG · Posted: Tue Jan 26, 2010 6:42 pm Post subject:

At a $105k Purchase Price with 3.5% Down Payment, you'd be looking at about $530-$550 per month for Principal and Interest based on the going rates which range from 4.75%-5.125% depending on your scenario and location. I would recommend working with a Loan Officer whom you feel most comfortable with. Sometimes it's not always the best bet just choosing a "company" as apposed to choosing the individual you will work with. There are a number of educated loan officers here within the community spread throughout the country and I'm sure we'll get you pointed in the right direction even if we're unable to handle your loan. I hope this helps...

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Thanks James, I can handle that down payment and monthly payment no problem, so I feel better now. My goodness you are SMART and handsome as well! When I am ready, can I contact you as well regarding finding a loan officer? I am in Buffalo NY and really don't know who to trust. My family has gone thru banks, but I use Summit Federal Credit Union. Do you specialize in first time home buying at your company? How long is the $8,000
first time home credit available (is it still at all??) I don't want to miss out.

gmakerley · Posted: Wed Jan 27, 2010 9:26 am Post subject:

elizabeth, flattering james won't get you a better rate, you know. of course, he's in your general area, so i'm sure he'll be happy to accommodate your mortgage request. from his posts on this forum, i have to say i'd be prone to say he'll do you right.

virtually all loan officers work with first time homebuyers, so i'm sure you won't have trouble finding one in the event james doesn't. as for the tax credit, if you enter into a contract to purchase on or before april 30 of this year, and close on that home on or before june 30 of this year, you'll qualify for the credit as a first-timer.

there's a little scuttlebutt that the credit may, again, be extended; but that's mere speculation in my mind. i wouldn't want to rely on that only to find out it doesn't get extended; so you may want to begin your search for a home pretty soon so as not to lose out.

it seems you're on the right path, and that's a great way to start.

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