Posted on: 27th Nov, 2007 08:09 pm
I am looking for a mortgage for about 160k. I make around 65k a year and have a base of 40k and with sales you never know how much you will make in a month. I have payments of about $450 a month. I am looking for a 0% down mortgage and with the lowest monthly payments. I went to a credit union and they offered me an 80/20% mortgage. The 80%was at 6.375 % and the 20% was at 8.125%. They said closing costs would be about 6500 then i asked more about it and they said it needs to be at least $4992.98 for everything but when you add property taxes and home owners insurance it comes to $6500. I was told this was expensive closing costs considering there are other costs assocaited with a home purchase. I was looking at a mortgage of 160k abd this is what was offered to me. I have about 10k to spend on ALL closing costs? Where should I look for the best deal? Please help me.
Rates will be a lot lower than MyCommunity.
FHA requires 2.25% as a down payment..some sellers are willing to gift this to you...most aren't.
Mycommunity is zero down...but you will need a 620 to avoid HIGH PMI payments. The rates are higher than a FHA loan
FHA requires 2.25% as a down payment..some sellers are willing to gift this to you...most aren't.
Mycommunity is zero down...but you will need a 620 to avoid HIGH PMI payments. The rates are higher than a FHA loan
HAVE YOU BEEN LOOKING FOR A LOAN,HEAR IS A CHANCE FOR YOU TO GET A LOAM,CONTACT US
[Contact details deleted as per forum rules. Thanks.]
[Contact details deleted as per forum rules. Thanks.]
If I were in the market for a LOAN, I doubt very much I'd be happy if someone offered me a LOAM. What good is the turf if I don't have the home?
James, I suggest that if you wish to advertise your services on here that you become a registered Lender on the site.
James, I suggest that if you wish to advertise your services on here that you become a registered Lender on the site.
No not any mortgage companies, but if you go to this website they have a lot of links to different places you might check into. You might want the programs they offer they have helped me and they tell you have to buy a house with no money down too. The address is below. The Coming Back Strong programs
I think you should take a single loan instead of 80/20 loan . And now-a-days with the recession there is no chance for 0% mortgage
[Signature URL is removed as per Forum rules.Thanks]
[Signature URL is removed as per Forum rules.Thanks]
There are many people that have never heard of zero down mortgage loans. It is basically just what it says; you literally have ZERO MONEY DOWN for your mortgage. Many people will find this to be a godsend in todays economy. You wont have to save for years for a down payment. With the zero down home loan, you are qualified by your ability to make your monthly payments, rather than how much money you put down. The rates and fees are not necessarily higher either. Most of the time they are lower than conventional loans. You may even be able to qualify for a bigger loan, which means a bigger house, depending on the amount of your monthly payments. And even in today economy when we should be living small, many people still want that big house. Of course there are plenty of people that need bigger homes, due to growing families.
[URL Deleted as per forum rules. Thanks.]
[URL Deleted as per forum rules. Thanks.]
Hi!
Welcome to forums!
Not all lenders are ready to offer zero down mortgages. After the real estate crisis that hit the market, the lenders have become quite cautious about giving loans to people. Unless a person has a very good credit score and excellent income, it's difficult to get a zero down mortgage.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Not all lenders are ready to offer zero down mortgages. After the real estate crisis that hit the market, the lenders have become quite cautious about giving loans to people. Unless a person has a very good credit score and excellent income, it's difficult to get a zero down mortgage.
Feel free to ask if you've further queries.
Sussane
Post Your Comment