I am trying to fig out if me and DH can afford a home
I know Nassau ed advertises a program where is u make under 113K they can help u get into a home if u are a 1st time buyer.....
anyone use them?
FM if you can or you can post
THanks!!!!!!!!!!!!!!!
ejm1219
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Re: NWR-anyone use nassau educators for a mortgage
I never heard of that program. I am a member of nassau educators - maybe I am not looking hard enough!
dbleplay17
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Re: NWR-anyone use nassau educators for a mortgage
Posted by ejm1219
I never heard of that program. I am a member of nassau educators - maybe I am not looking hard enough!
HLPR Loan NEFCU's HLPR (pronounced 'helper') program makes it easier for first-time homebuyers and those of modest means to afford a home! This program is designed for qualified borrowers with a combined household income of $113,000 or less who live in Nassau or Suffolk County.*
The HLPR mortgage benefits qualifying borrowers several ways: through lower monthly payments; by enabling them to qualify for a larger mortgage; or by lowering the income level needed for a given mortgage. With the assistance of the HLPR program, more NEFCU members can live the American dream of homeownership. With median home prices at more than $400,000 in Nassau and Suffolk, this is a program that offers real help to those who need it most.
The HLPR mortgage features: · A 3/1 Adjustable Rate Mortgage (ARM) with a maximum yearly cap of 1% and a lifetime cap of 5% · An extremely competitive rate: 1% below the national average rate for a 3/1 ARM · 97% loan-to-value (LTV) · Gifts or grants may be applied to your down-payment.
To apply or to learn more, call one of our Mortgage Analysts, at (516) 561-0030 ext. 3108, or eMail [email protected].
yea i know nothing about it...i was wondering if any hasx done it
ejm1219
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Re: NWR-anyone use nassau educators for a mortgage
I have been really looking into adjustable rate mortgages and they honestly scare me!
Meaghan729
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Re: NWR-anyone use nassau educators for a mortgage
I looked at that - I do NOT want an ARM, especially a 3/1. maybe if it was a 5 year I would consider it, but not a 3 year.
I would just call them or go in a branch.
LBride
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Re: NWR-anyone use nassau educators for a mortgage
my sister looked into using them but they were not the lowest rate around... Wash Mu matched a rate that she saw on the internet which was lower
dbleplay17
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Re: NWR-anyone use nassau educators for a mortgage
thanks guys!
Yea i HAVE NO IDEA what we are going to do! I have no idea about ths stuff! I will be going in soon to fig it out
lauren721
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Re: NWR-anyone use nassau educators for a mortgage
ARM'S are scary because the mortgage rates are in the process of going up, not down. If you get a fixed rate, it can't change unless you refinance, and in that case, it will get lower! Your best bet would probably be to get a piggyback mortgage, meaning that you in essence get 2 mortgages, one for the down payment and one for the rest of the home price. Definitely look into the Nassau Educators thing, but your best beT would be to stay away from things that sound too good, because they usually are. Also, if you can't put down at least 20%, you have to pay extra $ each month as a penalty. I think it is called PMI? It is like $400 or more dollars a month I think.
Rachel1013
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Re: NWR-anyone use nassau educators for a mortgage
IMO, I would say you should wait at least another 6 months to look for a house. You need to wait for sellers to realize they're not going to get the money they were getting a year or so ago for houses. The housing prices will go down. And I would strongly discourage anybody from getting ARM.
soontobmrsn
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Re: NWR-anyone use nassau educators for a mortgage
I agree with all the ladies who posted about arms being scary.........stay away......unless you feel your income will skyrocket in the alotted time before an increase (which we cant really predict) and if you feel you would be at a better place financially and be able to refinance.........my fh and were first time buyers and used an amazing guy with chase who i would HIGHLY recommend FM if you want info I would be happy to share...........someone did they same for us and thats we are in the coop of our dreams! HTH!!!
