Congratulations on wanting to take your first step into the property market. I am the Corporate Affairs (PR) person for Mortgage Choice so don`t have the qualifications to advise you on possible borrowings.

I`ll give you the details of my mortgage broker, then: Owun Taylor, based in Bondi 9517 1818 / Mobile 0405 126 929. Either that, or speak with Leeanne Scott in North Sydney: 8920 3455 / 0411 601 460.

What number can we reach you at. I have saved a fairly large downpayment but with todays credit crunch I am nervous I wont qualify. How much do I need own. I want to buy a house for about $250k. I have a credit card which is paid every month. I have been working for 3 years now since graduating university. Can you assist me in getting a mortgage. How much of a down payment do I need. I am earning $83k per year.

On the $250,000 purchase this comes out to $7,500. You will need money for closing costs and pre-paids such as setting up the escrow account, but in this market it is common to ask the seller to pay for these items. More savings will help, but if structured right, all you will need is the $7,500. If you have a chance, give me a call and we can go over your situation and I can make sure you are on track and will be able to qualify when you are ready. My business is based on referrals.

If you have 25% to put down you can go with a conventional loan, ant the rate will be lower and you will avoid mortgage insurance. Again, give me a call and I can go over your full situation and show you what the payment will be. My business is based on referrals.

Based on what you have told me, you should be able to qualify for a mortgage. How much money have you saved. Do you know your credit score. 5% down payment and USDA requires nothing down if you meet certain criteria. I`ll be glad to help you. Office: 877-240X40 X-29.

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I am looking forward to offering you some assistance for the purchase of a new home.

There are a variety of different loan products available. FHA loans require as little as 3. 5% of the purchase price as a downpayment; however, you would have to pay for Mortgage Insurance as part of your monthly payment. If you have good credit and a 20% downpayment, you could avoid paying mortgage insurance. The best thing to do is meet with a loan consultant and get prequalified. Once you have determined that you are ready to purchase you would want to get preapproved and start looking for a real estate agent. Even though you may not qualify for our program, they would be a good resource to help you access any first time homebuyer program that might be available to you. First Time Home Buyer Program Coordinator. City of Oakland, Community & Economic Development Agency. 510/238-6984; Fax 510/238-3691 .

Based on what you are saying about your credit and downpayment saved along with your income , you will easily qualify for a home mortgage. Of course, once you have provided documentation ie. your W2`s for 2007 & 2008, current paystubs and proof of savings and of course a look at your credit, I will happily approve your new home loan. I do not see a problem with doing that for you. You don`t say what city you live in, but I`m sure you will not have any problem qualifying. I look forward to helping you realizing the dream of homewonership.

If not I will be happy to answer any questions you have.

Your desired sales price is too high for our first-time homebuyer programs. Our limitations on sales price are $210,000 for existing construction and $220,000. I suggest you go to a lender and get pre-qualified for how much mortgage you can qualify for, based on your income and credit history. There are many mortgage calculators online through different websites that can assist you with this, including our own website. As for down payment requirements, that will depend on which loan type you are best suited for. FHA loans require a 3. If you are a veteran of the military service, you may qualify for a no down payment VA loan. Again, a lender can pre-qualify you and answer your questions. Conventional loans usually have a 3-5% down payment requirement. Newsom, MML Manager of Home Ownership Services NC Housing Finance Agency 919-877-5674 Office 919-877-5704 Fax cenewsom@nchfa. Your desired sales price is too high for our first-time homebuyer programs. Our limitations on sales price are $210,000 for existing construction and $220,000. I suggest you go to a lender and get pre-qualified for how much mortgage you can qualify for, based on your income and credit history. There are many mortgage calculators online through different websites that can assist you with this, including our own website. As for down payment requirements, that will depend on which loan type you are best suited for. FHA loans require a 3. If you are a veteran of the military service, you may qualify for a no down payment VA loan. Again, a lender can pre-qualify you and answer your questions. Conventional loans usually have a 3-5% down payment requirement. Newsom, MML Manager of Home Ownership Services NC Housing Finance Agency 919-877-5674 Office 919-877-5704 Fax cenewsom@nchfa. Our mission is to create affordable housing opportunities for North Carolinians whose needs are not met by the market. Maybe you would be a better person to respond than me. I have saved a fairly large downpayment but with todays credit crunch I am nervous I wont qualify. How much do I need own. I want to buy a house for about $250k. I have a credit card which is paid every month. I have been working for 3 years now since graduating university. Can you assist me in getting a mortgage. How much of a down payment do I need. I am earning $83k per year.

I am one of the loan officers here. I would be happy to take a look at your situation and see what we can offer. What state will the property be in. Feel free to give me a call at the number below. Eric Olson Home Loan Specialist CU Partners/The Home Loan Center. Toll Free: (800) 200-4889 ext 7942. com" rel="nofollow">http://www. com. I don`t know what State he`s in. It could be a marketing company. Dave Loyst Vice President Retail Lending Stearns Lending, Inc. Suite 500 Santa Ana, Ca. Not sure how or why this is directed to HR but maybe you can give it to one of the reps. Melody McClain Human Resources Stearns Lending, Inc. Suite 500 Santa Ana, Ca. I have saved a fairly large downpayment but with todays credit crunch I am nervous I wont qualify. How much do I need own. I want to buy a house for about $250k. I have a credit card which is paid every month. I have been working for 3 years now since graduating university. Can you assist me in getting a mortgage. How much of a down payment do I need. I am earning $83k per year.

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I already have a buy to let mortgage, on my first property purchase. if i were to purchase a second property for me to live in, would i qualify as a first time buyer?

For Government Grant ? (or a preferential deal ?) What do you think ? Let's just consider 'yes' ... well what's to stop you moving out of house number 2 and 'qualifying' as a 'first time buyer' for house number 3 .. and then doing it again & again? If you simply mean 'no chain' then 'yes' (assuming you are not selling the first house)

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Say for example if i take out a first time buyer mortgage and then place the property on rent however i do declare to the taxman that the property has been placed on rent,......is this permitted? thanks i am in the uk

To let out a property for which you have a residential mortgage secured against would break the contract with your mortgage lender. It is a contractual offence. If you want to let out the property the best advice is to ask your current lender for consent to let. If your lender agrees to this, they may simply charge you a small fee or increase your interest rate, but at least you know everything is above board. Remember your insurance provider should also be informed. Peter McGahan http://www.wwfp.net/mortgage/mortgage-broker.html Disclaimer: The answers above are for guidance only and should not be acted upon without you receiving professional mortgage advice relevant to your circumstances. To find an independent mortgage adviser please go to http://www.impartial.co.uk.

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I make £20,000 a year but i cant find anywhere that will lend! i know i can afford at least £700 a month on payment. anyone know of any good mortgage lenders that help first time buyers?

Try contacting a mortgage adviser, they can tell you a little bit more about the housing market in your area etc. We were told that with an income of £21,000 we would be able to achieve a mortgage (100% ) of about 120,000 but we aren't looking to buy for a while yet. If you ring one, they will generally give you some quick advise for free over the phone :)

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I've been asked to co-sign on a mortgage for someone else in my family, but i've never owned property and don't want to lose any first time buyer premiums when i decide to purchase my own real estate. is this something i should consider?

Yes, you would lose your first time status because there would be a mortgage in your name on your credit report. If the person refinances & takes your name off, you could regain your first time status after 3 years pass. Just so you understand -- you are responsible for the payment if he does not make the payment. This is very risky for you.

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I found a home i really like but its $97000 and my income is $1600 per month. they can give me either option to finance myself or mortgage. i want a mortgage because i would like to have everything escrowed and then refinance after 2 years. my credit score is 561 and maybe i can get a better interest after 2 yrs. what would be my best option?

If I were you I would consider holding off on a house. I don't know if your take home pay is $1600 per month or if that's your gross but that might be a little light to be getting into a home. If you amortize the $97K 30 yrs at 5.5% interest your payment will be $550. You must also take into consideration you will have about $250 a month in taxes and insurance costs . That leaves you with only $800 a month to pay other living expenses and there is always the chance that you could have some unexpected expense come up with the house. If you're going to buy the house I would do a contract for deed with the owner if he/she is willing to do so. They might give you a little lower interest rate and be willing to work with you a little more.

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I have about $9,000 in credit card debt (reduced from $16,000 just a year ago). i'm buying a house for the first time, is there some way to get $9,000 back from my lender to pay off that debt so i only have the mortgage payment every month? this would knock out the out of control interest rates on the credit cards and save us money in the long term. i'm getting a 15yr note.

When you buy a house, your mortgage is secured (guaranteed) by collateral aka the house. Your lender won’t give you money for anything other than the collateral. If you are making a down payment and/or you have built in equity (buying below appraised value), you have the potential to refinance your mortgage or take out a home equity line of credit (HELOC), but I highly discourage you from doing either. The issue with taking equity out of your home is that you are removing the cushion that can save you in times like these. I’ll use a real world example of someone I know: purchased home in 1998 for $92K. Refinanced and took out a HELOC making total owed on house $160K by 2005 (at that point they had virtually no equity). In 2006, ran into trouble keep up with mortgage payments. Tried to sell home for $145K, bank refused. Lost home to foreclosure. If those same people had left their original mortgage alone, and still tried to sell in 2006, they would have made $53K before commissions. Instead, their credit is destroyed and they lost the place they called home for nine years. This article does a good job of summing it up: http://mortgages.weblogsinc.com/2006/07/26/using-home-equity-to-pay-off-credit-debt/

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I am looking for a mortgage of $150,000 or possibly less. i have very bad credit. i am looking for a privet lender to lend me this money or some web site i can goto to get this loan that has privet lenders looking to loan the money. if you want to lend it to me just give me your email address and ill write you. no spam please.. i need this home for my family.

You can get an FHA loan with lower credit scores of 620 and higher. I wouldn't recommend non-reputable lenders. Otherwise it'd be wiser to improve your credit score.

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I am planning on buying a house with my partner we have a combined salary of £50k per year and we are both in full time emloyment and currently have a deposite of £10k. how much can we expect to be offered by a bank and at what level of interest for a mortgage?

I would say that you should be able to get a property from about 200-220k. Your average repayments will be about 800 quid a month. If you go onto abbeys website, you can calculate all your monthly outgoing, so you can check you are not paying over the odds.

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Hi, my fico currently is 585 (should increase 25-30 pts in the next few weeks though), my husbands is 675. i make about $50k+, while my husband makes about $30k. i have been told that since i make more, only my credit score matters. i am assuming that i will get a 80/20 loan on an approx $150-$170k house in tx. what rates should i expect if mid score is about 610-635? thanks for all of the info in advance! :)

Well, there are several factors... 1. if your husband can show that his debt to income ration is very low, then he may be able to carry the loan himself... Using only him on the loan with the higher score. 2. if his income is not enough then both can be on the loan, they will take your middle score + his middle score and avarage them. A+B/(2) This score will be 630 (by what you have above). 3. You may be able to obtain financing in your name only. However, I doubt that it will be a conformang loan. There will be heavy closing costs, and more than likely they will offer you only an ARM (Adjustable rate mortgage). What I would do immediately, is first try to clear as many balances on your credit cards as you can... Multiple accounts that carry a balance can lower your score. So, try to transfer your balances to 1 card if you are able. You do realise that an 80/20 loan means that you are putting down 20% and the bank loans 80%. That means that you will have to put down $30,000 - $34,000 by the price range you stated above. Next question is if you have this kind of money just sitting in your savings, then why not pay off all your debt.... this would raise your scores dramaticlly. If you were able to come out in the high 600's (680+) you would qualify for not only a much lower intrest rate, but a fixed rate. You would also qualify for low or no downpayment programs. Finally to answer your question with the scores as stated you are looking around %6.5+ for an ARM, and if offered a fixed it would be around %7.5+ (closer to 8%). If you follow my advice and raise your score you can get a 30 fixed for around 5.75% less if you get your scores across the 700 mark (which would be easy if you paid off all accounts.

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I am a first time buyer with a low credit history , had ccj 3 years ago and paid all my debts off.,.. what i earn stays in my pocket at the moment as i am sharing with a friend... i would like to know if i still be able to get a mortage even though i have no savings, as i have just finished my debts.... can you please let me know ? many thanks to all.

Not having a deposit is the biggest problem, I think the most you can get is a 95% mortgage...I would keep saving, prices will continue to fall for the next year at least.