OK, so now that DH is he!!-bent on getting a home I have a bunch of questions...

Did anyone take advantage of a first-time homeowner's loan? If so, what did you put down???

What should I know about the procedures of getting a mortgage/buying a home. DH has been handling this basically b/c my credit is shot & it is only his name going on the mortgage, but I want to make sure we are doing everything right & not getting ripped off.....like finding a $150 'pen-signing' fee....


Also, FIL served in active duty when he was in the navy during Vietnam...does the VA loan still extend to family members?
Help please!

ETA: If you do not want to post info, feel free to FM me wih any help!

Re: OK, so now that DH is he!!-bent on getting a home I have a bunch of questions...

Only one I know of in NY is SONYMA....You have to make less than $85,000--they cover closing costs and it is a lower rate. I believe it was still 20% down?

Re: OK, so now that DH is he!!-bent on getting a home I have a bunch of questions...

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Posted by HearzBellz

like finding a $150 'pen-signing' fee....

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Ahhh come on... you don't find the $150 pen signing fee useful?

Re: OK, so now that DH is he!!-bent on getting a home I have a bunch of questions...

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Posted by DjPiLL

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Posted by HearzBellz

like finding a $150 'pen-signing' fee....

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Ahhh come on... you don't find the $150 pen signing fee useful?

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maybe if I was the one charging it

Thanks I needed a good laugh!

Re: OK, so now that DH is he!!-bent on getting a home I have a bunch of questions...

With SONYMA it is $85K for a couple and $55K for a single person. But i think it goes by household. So even if he is the only one going for the mortgage your income might count because you are married and living there. I am not exactly sure though.

My DH is the only one on the mortgage but we did not take advantage of the SONYMA b/c we made too much.

We put 10% down and took a HELOC for the other 10% put that all down on the primary mortgage. It looks like you are putting 20% down but you still have the HELOC for 10%. We did this to avoid the penalty payments of not putting 20% down . Our interest payments on the HELOC are about the same as what we would pay for the penalty but we can write of the interest on hour taxes. Every little bit helps. I think the call this piggybacking.

Sorry if i totally confused you.

Re: OK, so now that DH is he!!-bent on getting a home I have a bunch of questions...

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Posted by littlecat

With SONYMA it is $85K for a couple and $55K for a single person. But i think it goes by household. So even if he is the only one going for the mortgage your income might count because you are married and living there. I am not exactly sure though.

My DH is the only one on the mortgage but we did not take advantage of the SONYMA b/c we made too much.

We put 10% down and took a HELOC for the other 10% put that all down on the primary mortgage. It looks like you are putting 20% down but you still have the HELOC for 10%. We did this to avoid the penalty payments of not putting 20% down . Our interest payments on the HELOC are about the same as what we would pay for the penalty but we can write of the interest on hour taxes. Every little bit helps. I think the call this piggybacking.

Sorry if i totally confused you.

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A little, but now I know what questions to ask!

Thanks for all the info...keep it coming!!

Re: OK, so now that DH is he!!-bent on getting a home I have a bunch of questions...

we didn't go with a first time homebuyer loan, but i remember when i was shopping around for mortgages one place told me that there is a program for 1st time homebuyers that only requires you to put 3% down and there are no income restrictions. i don't think you getter a better interest rate, but it would allow you to have a lower down payment. i don't really have any information about it because we didn't go that route, but i'd ask your bank about it if it's something you're interested in.

Re: OK, so now that DH is he!!-bent on getting a home I have a bunch of questions...

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Posted by bride04

we didn't go with a first time homebuyer loan, but i remember when i was shopping around for mortgages one place told me that there is a program for 1st time homebuyers that only requires you to put 3% down and there are no income restrictions. i don't think you getter a better interest rate, but it would allow you to have a lower down payment. i don't really have any information about it because we didn't go that route, but i'd ask your bank about it if it's something you're interested in.

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Thank you... this is the one I heard about.......I have been trying to find it online, but the google is not working for me......I will keep trying though.

Thanks

Re: OK, so now that DH is he!!-bent on getting a home I have a bunch of questions...

Man and I just threw out the 3% down info I had on my desk because I have it at home too.

I believe I found it on the Freddy Mac or Fannie Mae website. Something like a 3/1 loan?

Check those site out.

Re: OK, so now that DH is he!!-bent on getting a home I have a bunch of questions...

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Posted by Maribelle7777

Man and I just threw out the 3% down info I had on my desk because I have it at home too.

I believe I found it on the Freddy Mac or Fannie Mae website. Something like a 3/1 loan?

Check those site out.

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Going to them as we speak!!!

Thank you !!!