Chosen by Asker

You sound like me asking this question 4months ago. I have strong credit and plenty of money with no tradeline open. You can get a agent to do his thing with no money down and cashback at closing. You will need to open a bank account and keep at least 2-3,000.00 in it but still use it to pay your bills and so forth, for at least 3 months and this shows activity but not balancing out. Don't apply for too many credit cards because it shows too many inquires and turn downs, just use that bank account, because they only want to see if you can still maintain your account and handle your business. Don't tell them about your other money's because that agent is trying to get his commission from the sale of the house that you have choosen. Here it is I have purchased my first house , I don't have a job but I have money I don't have no bad credit and my score is above 720, that is good, so the agent is working with me. I have opened a tradeline with WaMu and Target. As long as you got a credit card in good standards you are cool. But I have paid for the appraisail of the house then gave 2,000.00 for the opening of the escrow, then paid another 350.00 for the roof. But not once did I pay any money down and I have signed the papers to the house and I am getting money back. Find the house you want and don't put no money down and let them know that and watch the results. I have done this. In the state where I am. Carlton Sheets tells the truth, just listen too what he says you don't have to attend no siminar, just take what I've told you and go from there because they will make a way for you to purchase the house,because they want your money and their commission.

by reddie

2 years ago

Asker's Rating: 

Do the calculations and see which of the 2 you will be able to save more money on. My best bet is to get rid of the rent that you are paying because you will never be able to get back that rent money. You could be channeling that into something that is yours. Can't you go back home and save for 2 years so that you will have a start?

by Egypt- 2 years ago

80/20 loans are good, but you may want try FHA lower rate and you can receive a gift for your down payment!

by DISA W- 2 years ago

Well, you don't have to fork over big money for rent if you have an agenda to save money. Put some stuff in storage in a friend's garage and make do with a small place so you can save your DP. You may find a no-money-down deal and refi as soon as you can.

by justbeingher- 2 years ago

I would recommend waiting a year and saving money. Do something in your budget to free up some money so you can save it. Another option. I know you don't want to tap savings, but if you have some money that is making a low percent interest, it might be better to use some of it as a down payment if it lowers your interest rate. Remember - you should have some amount of money going into savings every month for emergencies or this sort of thing. If you can't, then you are spending too much elsewhere. Just my 2 cents. Good luck!

by Ray M- 2 years ago

I would do a 80/20 loan, especially if you find a home that you are really excited about and plan to live there for a while. You can refinance both loans into one loan at a future date. The risk in a 80/20 loan is that your second mortgage note will have a high interest rate but it will help you avoid PMI. Depending on where you live, saving up 20% as a downpayment can be very difficult. In areas like Washington D.C where most homes are $400,000 or over, even a 10% downpayment would be over $40,000 once you also include closing costs. We offer free mortgage quotes, if you are interested. Best of luck!

by pioneerlendersmod- 2 years ago

There are many first time home buyer loans out there, and some offer no money down. Interview a few different lenders, compare EVERYTHING, don't be sucked in by a low initial interest rate. Compare closing costs, whether there are early prepayment penalties, consequences for late payments, etc., etc. Lenders are there to make a sale, many are commission baed, so don't be pressured into a loan. Good luck!

by godged- 2 years ago