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Caron

Hi Ash,

Welcome to our forums.

Since you've asked about mortgages requiring low down payment and closing costs, I suggest that you look out for FHA insured loans. The FHA has recently increased the loan limits that they insure especially in high cost areas. Moreover, the down payment is also around 3% and seller concessions are allowed on the closing costs.

By the way, can you tell me why you are being denied? did you ask the lenders about it? and have you tried out with FHA loans with those lenders? Just in case you'd like to know how to qualify for FHA loans , go through a discussion on this topic.

Just to let you know, there are a group of lenders in this community who offer a wide range of mortgages to people having different income and credit qualifications, to those making low down payment and also to those putting down good amount of cash. What I suggest is, go for a no-obligation free consultation on the right loan with the lenders here and then discuss the options in our Loan Talk for First time buyers forum wherein other lenders can also place their suggestions. Try this out - hopefully you'll be able to get a suitable financing option.

Good luck

creditforums · Joined: 11 Sep 2008 Posts: 8 3.36 Dollars($)

Hey thats really great.

Generally we forget to question some important queries to the company while applying.

The List given here covers all the queries.

Also very useful.

Posted: Sat Jan 10, 2009 5:40 pm Post subject:

The best thing a consumer can do is do lots of research. All of our sites have some great information. Is something does not seem right, then ask questions. Ask someone here if your lender is telling you something that just does not seem right.

eric1 · Posted: Sat Jan 17, 2009 7:27 pm Post subject:

I agree, ask someone if things do not seem right. In addition, if the loan is for a purchase you should always hire an attorney to protect your interests. In many states, that is not done. People trust the realtors to review the contracts for them.

msnover92571 · Posted: Tue Feb 10, 2009 11:31 am Post subject:

Very nice information Thanks.

williamdona2001 · Joined: 31 Jul 2009 Posts: 54 0.00 Dollars($)

yes, i agree with eric.

most of the time, agreement is drafted by realtors & we blindly believe on it. Instead of that we should hire attorney & try to understand where we are gonig to sign. it helps a lot & avoid most of the problems.

manoj_gopale · Joined: 16 Feb 2009 Posts: 488 0.00 Dollars($)

I think lot more depends on the property value.if it is really a big one and one is taking a big loan then it is advised that one should hire a attorney as most of the time it is really difficult to forecast some future problems so it is a good advice to hire a attorney but cost does matter............

keep in touch.......

gmakerley · Posted: Tue Aug 11, 2009 2:08 pm Post subject:

property value ought to have nothing to do with hiring an attorney to review documents. the transaction is the same and there's no less hazard in a lower-priced property than there is in a higher-priced property.

fredwaltz · Joined: 17 Aug 2009 Posts: 60 1.12 Dollars($)

George,
It is true that one must look after proper documentation of the property irrespective of the property value.

Manoj,
Do you think that there is no risk associated with lower value property? If you think so then I will advice you to go for the property buying through internet.
I hope you got my point.

gmakerley · Posted: Mon Aug 24, 2009 11:58 am Post subject:

don't count on that happening, fred.

Guest

The best advise is to contact a mortgage lender and mortgage broker. The best advise is to contact a mortgage lender and mortgage broker. Find someone that you are comfortable with. Tell them your specific goals and any concerns you have about qualifying for the rate and program you want. A professional will be able to find the product that you qualify for and meets your needs. With mortgage rates where they are specifically on FHA mortgages it is easier than one might think to get a beneficial loan. JoeB

gmakerley · Posted: Tue Aug 25, 2009 7:23 am Post subject:

amen to that, joe.

gunzijjistaff · Joined: 07 Apr 2009 Posts: 712 4.51 Dollars($)

It is Ok for those people who do not have any knowledge of the mortgage and thus they can approach mortgage brokers but for those who are somewhat conversant with the mortgage terms should look on their own as it will save lots of dollars for them and additionally he will get further knowledge about the deal making.

Guest

Your best bet is going to be USDA loans. I cant post a link to the website. But search USDA gov eligibility. You can put the property address there and check if the property qualifies for the loan. If so, this is zero down purchase. You still have to qualify. I really suggest you get in touch with someone who knows about USDA loans.

Syed
Voyage Home Loans

thewretched02 · Joined: 23 Jun 2009 Posts: 115 23.92 Dollars($)

I can honestly say that I've only had positive experiences with mortgage brokers. Every time Ive dealt with them I've gotten a better deal than what was publicly available and often managed to get significant contributions towards conveyancing costs as well.

wouldn't hesitate to recommend them.

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