Home Mortgage Brokers
How first time home buyers with less than perfect credit get a loan? NO mortgage brokers RESPOND, PLEASE!?
We want to help my nephew buy our small apartment. He and his wife pay 800/month rent now and probably can not afford much else .. We will sell it to them for 142,000. We do not want to mortgage brokers to contact us …. we just want information about types of special loans available to first time home buyers (Low interest rates, etc). Can they afford to do this with little or no money down? Thanks in advance! By the way, we do not own it free and clear. We have a loan on it now, and our payment is around 800/month but we put a lot down.
They could do it. Thereare loans out there called FHA (First Owners), conventional loans, RD (Rural Development and other loans also. Get them to go to their bank or mortgage company and see what they can qualify themselves and the bank or mortgage company should be able to tell them what rate. Its best to get a fixed rate over an adjustable because with an adjustable, rate goes up depending on the market, with the percentage. About the $ 142,000, there will be an assessment in order to ensure what the apartment is worth, and closing costs. My husband and I were able to buy our first home when we got married 8 years ago with no money down. It is best to put some money down to make the monthly payment lower.