First time buyer mortgage

Questions and Answers

Help on getting a poor credit first time buyer mortgage?

Q) Me and my partner are desperate to buy a house but we are worried we cannot find a lender to give us a 100% mortgage due to our salary and credit history(neither of us have CCJ'S just defaults etc) We have rented for nearly two years and paid it on time every month, and also have spoken to our rental agency and they said they will give a reference to show how stable we have been on the payments. We are on 28000K combined per annum, and are wondering if anyone knows any lenders that could help us. the properties we have been looking at are 86k and under. thanks so the amount we want is not excessive. emma p.s im not self employed. Also Im in the UK!

A) There are many lender who give 5 x salary etc, if you want advice e-mail me.

anyone know how i can get a first time buyer mortgage??

Q) if i have a ccj on my credit record. its been on there since april 2004...and im still paying it back... but now i need to buy a house....i can afford monthly repayments, but its hard to get a regular mortgage from a bank....

A) It is possible to get a mortgage, but the rates you are likely to be offered would be much higher than the 'typical' rate you would see on posters and adverts. The first link below explains a little more. As you have an uncleared CCJ, you fall into the 'sub prime' mortgage market. There are a few specialists who would loan to you. A mortgage broker would find you the best deal for your circumstances, saving you the drudgery of finding a lender and then the possibility of having an application refused (too many searches on your credit file will also reduce your credit rating). Most brokers will charge a fee for their services (either outright or as commission on the sale they receive from the lender). If you have a good relationship with your bank, you may be lucky - but I would suggest a broker wih a good reputation, such as Charcol.

best first time buyer mortgage 4 people on a low income, i have a garantor.... will this help me get more?

A) Go to an independent Financial advisor - they should NOT charge for and initial assessment. There are other circumstances that need checking so go to see one in your area. DONT go direct to a bank or building society as they will only show you their own products. Good luck

If I rent between selling my house and buying the next one will I get a first time buyer mortgage?

Q) If I can is this a good idea

A) Not sure if it depends on how long you rent for? I did it for 18 months and qualified for a "first time buyer" special offer when I bought my new house.

what is the maximum annual wage i must earn, so as i can apply for a first time buyer mortgage?

A) there isnt a maximum, your mortgage will just depend on what you earn.

As a first time buyer how much mortgage could I get?

Q) My salary is £17k and I could get a couple of grand deposit. Could I get a flat in the region of £55-65k?

A) Most lenders will lend up to 4 times your salary, and some extend to 5 times. Also, if you have special circumstances (e.g. you're earning 17K as a trainee for the next two years, and will be earning £30K after that) then they may lend even more. I've heard stories of people getting cleared for a mortgage of 8 x gross salary. You'll need about a grand for your legal fees, and may be asked to cough up £6500 (10% of a property costing £65,000) to exchange contracts. Because a mortgage isn't advanced until completion, you will either need to find that money, get a bridging loan, ask the solicitor if you can make a smaller deposit, or take out a guaranteed deposit bond (which is an insurance product covering the deposit). When I was in this position, the vendors solicitors allowed me to make a deposit of just £1000.

1st Time buyer - Mortgage advice please!?

Q) Am a first time buyer, looking to buy a property on my own. (In UK )Can anyone give me advice where they got there mortgages, who does good deals, what repayments are like, how much they would lend etc. Thanks!

A) See which bank or building society offers the lowest APR. I know that in the UK, this rate floats around 6%. Check out this website, they offer 4.7% https://www.beatthatquote.com/apply/loans/compare_cheap_loans.html?source=google&keyword=loan If you want go to alliance-leicester in your town, they also have a good rate. Anywhere you go, read the terms and condition well since you may end up to pay higher payments, if they set the interest rate in the mannar that they like. good luck

Can you get a first time buyers mortgage if you are pregnant?

Q) I have just found out I am pregnant and I am about to start a new job on Monday. This is only for a 6 month contract. Will me and my partner be able to get a first time buyers mortgage?

A) Pregnancy isn't a factor. As a pregnant woman, you are considered a protected class and no one can legally discriminate against you in the United States. However, not having a job beyond six months is a factor. If your income is required, you may not get approved for the mortgage, unless you are in a professional field that has high demand. Often, nurses, teachers, etc., get special dismensation since employment for them is in such high demand.

What is the average Mortgage that a first time buyer can expect from a bank?

Q) I am planning on buying a house with my partner we have a combined salary of £50k per year and we are both in full time emloyment and currently have a deposite of £10k. How much can we expect to be offered by a bank and at what level of interest for a mortgage?

A) I would say that you should be able to get a property from about 200-220k. Your average repayments will be about 800 quid a month. If you go onto abbeys website, you can calculate all your monthly outgoing, so you can check you are not paying over the odds.

What is the best type of mortgage for a first time buyer?

Q) This will be a joint mortgage between myself and my partner who are both in full-time work

A) the fact that you are a first time buyer has little to do with the kind of mortgage to get. more important is how much down, how long do you plan to stay in the home, how much is your income, how much do you need to borrow.

Am I too old to qualify for a first-time buyer's home mortgage?

Q) I'm almost 47 years old, a single mom, and looking to purchase my first house. I'm wondering whether I'll be able to get a twenty-year mortgage because of my age, or should I try to find a 15-year mortgage? I'll be a first-time buyer, does this make a difference? Thanks for any help or advice -- I'm really in the dark here!

A) 20 year mortgages don't exist and 15 years are ok IF you can afford them (not recommended) first time buyer only gives you some more mortgage options but with the recent sub prime crapola they are going to be very strict for a while. Stay smart buy what you can afford and you'll be ok. and do NOT GET AN A.R.M.!

brother is a first time home buyer with mortgage question?

Q) My younger brother only makes $14,200 a year (part time student). He has $30,000 cash for a down payment. He has had a repo (truck) and has since cleared the debt. He doesn't owe on any of his credit cards and has no bills other than car insurance, food and rent (approx. $300 total each month). The house he wants costs $100,000. Is there any way that he will be able to get a mortgage? Can his twin co-sign (his credit isn't that great)? Any ideas?? Thanks! rcaines1 I can't through to your em... ?

A) yes there is a way, some banks allow you to do what they call "stated income, stated assets" that is a program that allows the borrower to state their income to whatever (within reason) to make them qualify for the loan. The down side is the intrest rate is a little higher than normal usually about .50 of a %. with that kind of down payment I could get him into a home fairly easy, and depending on his credit score he may not have to put all of his money down. email me if you are intrested, i can give you more advise or even help you out with it.

No Doc, Bad Credit, First time Home Buyer Purchase Mortgage?

Q) I want to buy a single family home in Louisiana for 165,000. I have never filed bankruptcy. But I have a poor credit score, student loans and am self-employed. That's the bad stuff. The good stuff is that I have cash in the bank for a down payment. I could do 20% down but would prefer 10%. I also could get my parents to co-sign but would prefer not to. Is there a way for me to get a mortgage? My plan is to fix the place up and try to sell it. And if it doesn't sell I was going to move in. But it's in a high demand area so I think it will sell. So I'm looking for a mortgage that has no early payment penalties. Any ideas?

A) Don't lose hope if you're looking to buy a home. There are so many different ways to fund a home now, just about anyone with any kind of credit can get into a home, regardless of credit situation. Of course, some will cost you more money in the long run, but a home it's still one of the best investments that you can make, so, in many cases, it's worth it, especially for the first year of ownership. You should shop around, and ask different lenders what kind of programs they have, and if they can help. Try to find a lender that specializes in bad credit mortgages. You can find some bad credit mortgage lenders listed on this page on and off: http://www.axalda.info/bad-credit-mortgage.html

where to find a good mortgage for a first time buyer?

Q) i want to get a loan for 50,000 and for 30 years. i am a first time buyer also the purchase is not through a realtor

A) Talk to a mortgage broker. I can help you find one if you want, just email me. What state are you in. I am licensed in quite a few.

There is home worth 125K,for a first time buyer how much the mortgage of this home will be?

Q) The home is 2Bed/2Bath, about 2500sf, build 1980's. Recent updates on roof and bathrooms. 2 car garage.It is sell by owner for 150k but negotiable. I want to propose 125k for the home for low fixed interst rate, but I don't konw how much the mortgage payment will be for 15 years,20 years or 30 years term?

A) Most real estate sells for 92-97% of asking price, depending upon the region of the country. Therefore, if the property is correctly priced, expect the owner to only accept an offer between $138K and $145K, without owner financing. Mortgage companies determine your maximum available loan amount by the following equation: Total Gross annual income X .28 = A A x .80 =B B Becomes the total annual payment for mortgage, taxes and insurance they will grant. Take this number, subtract the annual tax and insurance cost, then divide by 12. that will give you the monthly payment of the maximum mortgage. Then check an on-line amortization schedule and put in that number and the prevailing rate in your area and you will have the total $ amount. For example you make $50k A year. $50,000 x .8 = $40,000 $40,000 x .28 = $11,200 Annual taxes = $1200 and annual insurance = $500 total is $1700 11,200 - 1700 = $9500 annual, $792 monthly $792 a month = 125,000 mortgage at 6.5% for 30 years.

Are you living in Canada ? Need a Mortgage ? First time Buyer ? visit my website www.mortgagetransit.com?

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What kind of interest rates can I expect on a mortgage(first time buyer)?

Q) Hi, my fico currently is 585 (should increase 25-30 pts in the next few weeks though), my husbands is 675. I make about $50K+, while my husband makes about $30K. I have been told that since I make more, only my credit score matters. I am assuming that i will get a 80/20 loan on an approx $150-$170K house in TX. What rates should I expect if mid score is about 610-635? Thanks for all of the info in advance! :)

A) Well, there are several factors... 1. if your husband can show that his debt to income ration is very low, then he may be able to carry the loan himself... Using only him on the loan with the higher score. 2. if his income is not enough then both can be on the loan, they will take your middle score + his middle score and avarage them. A+B/(2) This score will be 630 (by what you have above). 3. You may be able to obtain financing in your name only. However, I doubt that it will be a conformang loan. There will be heavy closing costs, and more than likely they will offer you only an ARM (Adjustable rate mortgage). What I would do immediately, is first try to clear as many balances on your credit cards as you can... Multiple accounts that carry a balance can lower your score. So, try to transfer your balances to 1 card if you are able. You do realise that an 80/20 loan means that you are putting down 20% and the bank loans 80%. That means that you will have to put down $30,000 - $34,000 by the price range you stated above. Next question is if you have this kind of money just sitting in your savings, then why not pay off all your debt.... this would raise your scores dramaticlly. If you were able to come out in the high 600's (680+) you would qualify for not only a much lower intrest rate, but a fixed rate. You would also qualify for low or no downpayment programs. Finally to answer your question with the scores as stated you are looking around %6.5+ for an ARM, and if offered a fixed it would be around %7.5+ (closer to 8%). If you follow my advice and raise your score you can get a 30 fixed for around 5.75% less if you get your scores across the 700 mark (which would be easy if you paid off all accounts.

First Time Home Buyer -- Who to Go to for Home Mortgage?

Q) I'm looking for a bank or mortgage broker to finance my first home. I don't have much to put down, but was told that some banks would provide 100% financing. (I know it's better to put something down). I have good credit, 0 debt except for a student loan. Who are the better companies to deal with in this area.

A) Try the below company for a 100% loan

I'm looking for a mortgage as a first time home buyer just north of Boston, MA. Who should I go with?

Q) I'm planning on moving to Wilmington, MA, and am just looking for a good rate on a 30 year fixed mortgage. Does anyone have any suggestions as to who I should go with? Do I have a better chance of getting a good rate by going into a local branch somewhere? Both myself and my fiance have fantastic credit. Thanks in advance! Steve

A) Hi, We live in MA and went with East West Mortgage. They were great and were always available to answer questions. There are some great national companies as well...but we preferred to go through a local company for our last house, and it worked out well. Good luck!

Mortgage help for a first time home buyer?

Q) I am looking to get out of renting, and my lease is up in almost 3 months. (end of Dec). Question 1. When should I start looking for a mortgage, to be preapproved or prequalified? Question 2: what is the real difference between preapproved and prequalified? Question 3: I have been looking online and most free mortgage searches have a thirty day lock. Does that mean I have to find a house and close in thirty days? Good HELP PLEASE and THANK YOU! All online help say the same thing but I am not really understanding when I should actually grab a mortgage.

A) It is absolutely vital that you get pre-approval before you go out looking at homes. It is always best not to waste the Realtor's time, nor your own. Get pre-approved through a lender that you feel comfortable with. The difference between pre-approved and pre-qualified is drastic. Pre-qual. means that based on your income, job time and other factors, then you COULD be financed. Pre-approved means that everything has been verified and an underwriter has looked at your file and offered his/her recomendation. A 30 day lock means that you have to close on the mortgage in 30 days or less. That is not to say that you will not get the mortgage after 30 days, but there will be penalties for blowing the lock. An average penalty is about .25% added to the rate. If you would like an excellent resource to search for a home without being haggled or bothered by Realtors and mortage companies, then go to www.yourohiomtg.com, click on the Scouting Report link, watch the video and enroll right online. It is a GREAT tool for searching for properties. Honestly, it blows Realtor.com away and it will list all the listings from all the companies in your area. Good luck on your search and if you would like to ask more questions, please contact me at timothy.kazee@americanhm.com. Good luck!!!!