Anybody work in the residential mortgage market?

Discussion in 'The Watercooler' started by DDD, Sep 20, 2012.

  1. DDD

    DDD Well-Known Member

    It's been awhile since I've been in the market and I'm trying to see if difficult child#1 as a "first time buyer" might be eligible for either bucks or a discount. Of course I'll check locally but thought maybe somebody in the family might have some info. DDD
     
  2. witzend

    witzend Well-Known Member

    I know that there was a loan program that everyone was using here that is expiring soon, so probably won't help difficult child out. Any mortgage lender should be aware of whatever the best program is out there for him. They're usually pretty good at looking at finances and seeing what can be done. If difficult child isn't qualified now, the lender would be happy to help him get his finances into shape for a future loan. If you belong to a credit union they usually offer seminars once a month on their latest lending programs for first time buyers, too. I'm sure that even if you don't belong, there's one in the area giving one any given week that you could attend. Just google "credit union" and your area, and their home pages usually list those schedules.
     
  3. DammitJanet

    DammitJanet Well-Known Member Staff Member

    DDD, go look into HUD for disabled people. They have a program for them. I could actually buy a house for about 26K if I wanted to. It isnt in my same county but it looked really nice. You might have more luck in your area. There is a whole list online of the available properties. But do check with HUD.
     
  4. DDD

    DDD Well-Known Member

    I am GOB SMACKED. Although I haven't been a Realtor in years I always follow real estate news because I find it interesting.I "thought" the only problem I would have was that he has a "thin file" (translation...no credit history). My Plan was to find a $55,000 (or less) home for him....so he would have less than $30,000 mortgage. Of course the best idea was to find an even less expensive house in a decent neighborhood.

    I have been told that the MINIMUM mortgage amount is $50,000. Wth??? Via the credit union that is also an issue but the biggest issue is the "thin file". They suggest we spend a year building a credit history. Nope. I need to get this project over and behind me so I can concentrate on me. Sigh.

    I'll check the HUD Disabled but guess I'm going to have to limit the search to owner financing. Bummer! Thanks for the support. DDD
     
  5. DammitJanet

    DammitJanet Well-Known Member Staff Member

    DDD...with HUD...that isnt an issue. Like I said, they had a house for 26K. You certainly wouldnt borrow 50K to buy that. HUD is so different as Im sure you are aware. I only have the NC website but how I found it was googling "help for disabled people with housing"
     
  6. Nancy

    Nancy Well-Known Member Staff Member

    That's crazy. Why would they not jump at a chance to finance a mortgage under $50,000? That makes no sense and makes me wonder whether lending institutions learned anything from this housing crisis.

    Nancy
     
  7. InsaneCdn

    InsaneCdn Well-Known Member

    That is TOTALLY crazy.

    Now, granted, rules are a bit different here, but... for us, a property value under about 80 grand is subject to more stringent "percentage" limits... like, if you want to get a mobile home, you can get a mortgage, but you HAVE to put down at least 25% (some want 35%)... on a standard residential home, you can get a mortgage with 10% down. The theory is that these "cheaper" living options are harder to get rid of if the bank has to repossess. But... you should still be able to get a morgage. And if I have a house worth 150 grand and want a 25 grand mortgage, it's a non-issue. (they won't go below 10 grand due to the costs of setting up a mortgage)
     
  8. Marcie Mac

    Marcie Mac Just Plain Ole Tired

    I would check with local realtors since it is their job to get people into homes and would probably know of any government programs. Even in the roughest parts of the cities here in CA, you couldn't get an outhouse for 50,000 or less. I often browse MSN Real Estate as retirement time is comming up for me and am always checking out places to move to as housing here is absurd -you can put in what type of house you are looking for (bedrooms, etc) and get homes from lowest pricing to highest, number of photos, etc.

    Marcie
     
  9. DDD

    DDD Well-Known Member

    Janet I looked at your site and there appears to be one program that "might" be helpful. On the site it shows a Realtor who lives on the East coast of Florida and then in the body of the paragraph says "click here to find Realtor in your community who has attended the classes on this program". OMG...the ONLY Realtor listed is the Realtor that we are using. He's my age or older and has a quiet demeanor like husband. I hesitated about using him because...read former sentence, lol. So thanks for guiding me to that info. I've sent an email to explore the possibilities.

    Marcie I assure you that central Florida is comparatively cheap. I doubt a dog house would be available in Ca. LOL DDD
     
  10. DammitJanet

    DammitJanet Well-Known Member Staff Member

    DDD...I was just looking at one moment in time. I can look more when I have more time. I did that while I was in the middle of setting up my fantasy league.
     
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