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 xmljar
Joined: 08 Apr 2007
Posts: 14
9.72 Dollars($)
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 Posted: Thu May 24, 2007 11:13 am Post subject: First time home buyer |
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hi all,
can i get a preferred rate as a first time buyer. I may not meet income requirements as my income is high but i am still a first time buyer. do banks offer specials? pls help me in the right direction |
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mortgage_broker
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| Posted: Thu May 24, 2007 12:29 pm Post subject: |
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It all depends on your current situation. If you have strong credit, a good debt to income ratio and the LTV is good, I personally would be able to get you a good rate.
If you would like more information let me know.
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miller_st
Joined: 17 Jan 2007
Posts: 917
168.95 Dollars($)
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| Posted: Thu May 24, 2007 12:35 pm Post subject: |
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| Quote: | | can i get a preferred rate as a first time buyer. I may not meet income requirements as my income is high but i am still a first time buyer. |
Why you think you will not meet the income requirement despite having high income? Are you talking about fha loans?
Please provide some more details so that we can give better answer to what you would be able to qualify for.
Miller |
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ezmortgageloanz
Moderator
Joined: 06 Apr 2007
Posts: 124
Location: National
37.57 Dollars($)
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| Posted: Thu May 24, 2007 2:49 pm Post subject: |
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As others have indicated, you need to share more information to be assisted further...
What's your credit score?
How much to you want to borrow (i.e. 100%)?
How long have you been employed?
What is your total household gross income---what is your total debt service (how much do you spend on paying debt every month)?
These are only a few of the many things needed from a borrower to determine what loan program is best for them...
First time home buyers can secure between 97-100% financing on their primary residence depending on certain criteria already mentioned.
Regards,
Scott Miller
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www.BadCreditMortgageMakeover.com
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colin
Moderator
Joined: 30 Jun 2006
Posts: 602
Location: Waltham, Massachusetts
112.65 Dollars($)
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| Posted: Thu May 24, 2007 5:20 pm Post subject: |
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Yes xmljar, you should give us some more details otherwise we cannot tell you what would be right for your situation.
do banks offer specials? -> what kind of special offers you are looking for?
There are many different types of mortgage programs which you will have to select from based on what you are looking for. The information you have provided is very less and we cannot guide you properly unless you give us some more details.
Even if we do provide general suggestions, those might not work for situation.
Colin |
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Caron
Moderator
Joined: 19 Jul 2005
Posts: 1562
Location: florida
266.76 Dollars($)
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| Posted: Thu May 24, 2007 11:03 pm Post subject: RE: Special loan programs for first time buyers |
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Hi Scott,
It's nice having you in our forums.
It's true that first time buyers have special loan programs but do you think credit scores always matter? I mean there's the FHA insured loan and then there are conforming loans which are not score driven. FHA approved lenders do offer 97-100% of financing on a borrower's primary residence. But doesn't that require a high interest rate?
Caron
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