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Where can a first time home buyer find out about any programs that can help them attain a mortgage?
First-time home buyers should education themselves about buying a home, what it means, what it requires, how to prepare, how to budget and how to apply for a mortgage. First-time home buyers are limited only by their credit scores. Most mortgage lenders are happy to work with first-time buyers. The assumption that first-time buyers can benefit from special programs has resulted in the creation of FHA, Fannie Mae and Freddie Mac, all of which have come under much scrutiny since late 2008. The responsibility for obtaining a mortgage is clearly the onus of the borrower, and not that of any particular program.
What else can I help you with?
How long is the average first time buy mortgage?
Most First-Time Home Buyer mortgage programs require a 30-year mortgage although there are some exceptions. Most offer a lower down payment or even no down payment but there are downsides to these programs. Consultation with a reputable mortgage broker and your banker will help cut through the confusing language and give you the best advice.
How much deposit does a first-time buyer need for a mortgage?
A first-time buyer typically needs a deposit of around 5-20 of the property's purchase price to secure a mortgage.
After foreclosure on a first mortgage is the next buyer of the property liable for the second mortgage?
In almost every state, the answer is "NO".
Can a buyer of a second mortgage reinstate the first and make monthly payments even thought the first mortgage is under the name of the previous owners?
The buyer of a second mortgage is buying the rights of the mortgagee (lender) under the second mortgage. A buyer of a mortgage is correctly called a mortgage assignee. Therefore, the buyer of the second mortgage is subject to the first mortgage. The first mortgage needs to be paid, not "reinstated".The property remains subject to the first mortgage until it has been paid off. Even if the property is transferred to a new owner the property is subject to the first mortgage and the second mortgage if there was a second mortgage recorded in the land records. The second mortgage always remains subject to the first mortgage until the first mortgage has been paid.Note that a property subject to a mortgage is subject to all the terms of that mortgage. Mortgages have boilerplate "due on transfer" clauses. That means if there is any transfer in ownership of the property, the lender will demand payment of the mortgage in full, immediately.It sounds like you need to discuss this with an attorney who can review the details of your situation and explain your options.
What is the best type of home loan mortgage for a first time buyer?
The best home loan mortgage for the first time buyer can vary depending on the buyer's current job, financial stability, and other factors. Some recommended home loan mortgages include Wells Fargo and US Bank.
How can you obtain a mortgage wihout a Social Security number?
You cannot refinance a mortgage if you don't already have a mortgage, so how did you get a mortgage if you are an illegal immigrant with no social security number? You should attain legal status first.
What are the benefits of choosing a first time buyer's mortgage?
First time buyer's mortgages are not for everyone but have a few notable benefits. Namely, the buyer may have to pay a lower initial down payment and they may be offered grants.
Who has the best first time home buyer loans?
Your best bet when shopping around for a home buyer loan or a mortgage is to use a mortage broker. They will do the shopping around for you and get you the best rate. There is no fee to you for using a mortgage broker.
What is a seller's second mortgage?
The seller assigns keeps the first mortgage in his name, the buyer makes payments to the seller to cover the first mortgage and the sellers equity. It's sometimes called "seller financing" or "land contract".
How do you apply for government mortgage assistance?
There are many great government programs that can help with your mortgage. The first step is to figure out which programs you qualify for. Some programs to look into can be found on this website http://www.governmentrefinanceassistance.com/.
What should a first time home buyer look for in a mortgage loan?
The most important thing that a first time home buyer should look for in a mortgage loan is that it works for the person who is getting the loan. It's always smart to ensure that it's a reasonable amount and time, in order to fully pay off the mortgage when planned.
Who can be considered as a first time home buyer?
It i more likely that a first time home buyer is someone that has never bought a home before, either that means that you have never picked out the home or you have and someone else has paid for it. Either way that person would be a first time home buyer. Depending on what state you live in there are factors that could place you in the category of first time home buyer even if you have previously owned a home. In New Jersey, if you haven't owned a house in the last 3 years, you are considered a first time home buyer and are eligible for the First Time Home Buyer Program funded by the New Jersey Housing and Mortgage Finance Agency (NJHMFA). This loan offers a below market, fixed interest rate and can even help with down payment. I would check with a mortgage company in your state to see if there are similar programs available.
