OT Any information helpful
Hey all,I am in the process of potentially buying a new home to go along with the new me. But so far from what the broker told me I might only get approved for an FHA loan. From what I hear and the research that I have done that is supposed to be good, but I would need to come up with 3% for a down payment which I am pretty sure I can come up with for what I am looking at getting into. The area I am going to be moving to is Burnsville (Dakota County). I have looked at there website and they are out of funding for downpayment assistance. I haven't meet with the realtor yet. I was wandering if anybody here knows of any programs for downpayment assistance for first time homebuyers that FHA would allow? It almost looks like slim pickins out there.
Thanks for you advice.
A good realtor will generally help you with all of that. Most agents have a finance expert on staff that will review your financial situation and lay out exactly what your options are, to include telling you exactly what type and size of mortgage you can afford. I think where most people make the mistake is even asking someone about the possibility because of poor credit or lack of credit (either perceived or real). There are some amazing things available and I applaud you for doing your homework, but I would suggest you start talking to a professional before you get into it too deep. Your part in this is just to get your credit scores in the best position possible, come up with a down payment and then find the right property. Good luck, Tammy!
