realestatemarketingthisweek.com – $8,000 tax credit for first time home buyers with low down payment – Part 3 – We have back in the studio today Mr. Dan Havey.
Dan and I have worked together in the mortgage industry for about 14 years and we are happy to have him back. He has seen a lot of changes in the market and thanks again for being here.
Michael, here is a question I wanted to ask you, there is so much misconception in the marketplace today as far as what is still available for financing. I think a lot of people have this idea that it is impossible to finance a loan or get a mortgage or that you have to be able to put 20% down or have a 720 FICO score.
Can you let people know whats really going on out there? Well you know a lot of things have gone away. There are a lot of those old loan programs that were fancy ways to sell money and finance real property and a lot of thats gone.
The reality of it is, if a person has a minimal amount of money down, there is absolutely financing through the Federal Housing Administration with 3.5% down. You can buy up to about 8000 with only 3.5% down.
Now with Fannie Mae and Freddie Mac, we actually do have a few investors that will allow us to only put 5% down with those and that loan amount maximum is 7000. So there is still plenty of financing for primary residences.
I am a first-time home buyer, and have begun the process by looking at properties, doing tons of research, talking to loan officers and mortgage brokers, and looking at FHA, various state grant programs, and specialized grants. Ideally I’d like to buy a home in New Hampshire and take advantage of the Rural Development Grant.
As I move along in this process, what kind of questions should I be asking, to myself and to the mortgage person / R.E. agent? The basics would be very helpful, thanks.
First, Last and Security = Downpayment on Your First Home Palm Beach County Buyers FHA currently requires 3.5% downpayment 00 Tax Credit to First Time Home Buyers (Updated 2009) Grants and Subsidies are available Energy Efficiency Mortgage information Monthly Workshops
My wife and I are about to start our adventure into real estate. I am looking into a HUD home ( I am in Georgia ) since I am handyman by trade, but not sure about the process of FHA’s or any first time homebuyer perks. Alot of conflicting information on the web.
First Time Home Buyer Tax Credit Assistance and Federal Government Home Loan Program with Low Down Payment on FHA Mortgages. Buy Bank Foreclosed Homes at a Discount. Go To RealEstateMarketingThisWeek.com Part 2 (Excerpt) The median income family can afford twice the median priced home; prices drop over 50% And now I mentioned Dan Havey is back in the studio with us, Dan has done a lot of great things in the mortgage industry. He left us about a year and a half ago, is that right Dan? Yes, I left the mortgage industry in October of 2007. Tell us a little bit more about yourself. As you know I came originally from Wisconsin, where I got a degree in Business Finance and I came out here in 1989 and started working with my brother selling real estate owned-REO, bank owned properties for Fannie Mae, Countrywide, and the Resolution Trust Corporation-RTC which was the government entity that was put in charge of disposing of all the real estate owned by the 1800 S&Ls that had failed. I did that until about 1995 when I moved into the mortgage industry and there for 12 years I worked predominately with bankruptcy attorneys helping their clients get out of bankruptcy and foreclosure. I left the mortgage industry in October of 2007. Now I am working predominately in the arena of marketing for real estate and mortgage companies, helping out companies, just like Im here helping out Michael today, to get people to realize that right now actually is a really good time to buy.
