Looking for a home loan to buy a house - Page 2

Sue Pendleton · 02-15-2012, 12:01 AM

Guess I should clarify my stance on realtors. Sorry Je, didn't mean to have your occupation seen as vultures. I was going off of many first time buyers experiences because they didn't know anything about the process with many being the first in their families' to be home owners. Many people do not know the laws about conflict of interests in their state or if they have both buyer and sellers agents as seperate entities who can only represent one or can switch to a buyers agent if the situation requires it.
I still think getting your financial information together and straight is a good way to start whether you then go directly to interviewing real estate agents or on to a bank/lender.
Jen, I totally forgot about neighborhood reinvestment programs. This one I should know since I now live about an hour from my hometown where foreclosures hit not during the housing bust but the day the GM plant that had been there for just under 100 years, closed its doors. They have a reinvestment program for those who will live in the house for 5 years minimum. The city was well ahead on rentals including several buildings downtown on the river that are income controlled for the elderly. Many cities do offer home owner bennies for those who stay and rebuild tax bases. My bad.

JenJen · 02-15-2012, 10:51 AM

No offense taken Sue. Ever.

The reason I suggest starting with a Realtor is they tend to be on top of programs that offer incentives to purchase and generally know where to go to get things done.

One can certainly do all the groundwork themselves. I tend to be lazy.

As with any business dealing, trust but verify. Ask friends who have had successful transactions for a referal. A lot of people use friends or family instead of a true professional Realtor. Know your rights and responsibilities and read up on the rules.

addiesue · 02-15-2012, 11:00 AM

I have no advice, but I had wondewred how you had been crybaby. So a big Hello to you

darty · 02-15-2012, 11:11 AM

Quote:

Originally Posted by Crybaby2025

I am wondering if there are any home loan programs for disabled. Like a low income home loan program. You never know what is bullshit when you are reading some of these offers. I am wondering if anyone knows about a legit program. I work and am not on any kind of disability. I make ok money but I am still low income. Any suggestions?

Their are ways to private finance the down payment and get you in a house you can afford. With the glut of foreclosed homes a cash buyer makes an offer for you, you only put up a few thousand in earnest money and sign a promissory note to purchase the home. An appraiser can then appraise the property hopefully for more than the cash buyer paid, then they sign the property over to you with a Quit claim deed. Now you head to the bank with the deed to the property, the appraisal and you pay stubs to take out a mortgage on the property to pay the investor back.

Crybaby2025 · 09-30-2012, 08:57 PM

Thank you all for the advice.

02-15-2012, 12:01 AM	#11
Sue Pendleton Moderator Join Date: Jul 2001 Location: Wisconsin USA Posts: 9,100	Guess I should clarify my stance on realtors. Sorry Je, didn't mean to have your occupation seen as vultures. I was going off of many first time buyers experiences because they didn't know anything about the process with many being the first in their families' to be home owners. Many people do not know the laws about conflict of interests in their state or if they have both buyer and sellers agents as seperate entities who can only represent one or can switch to a buyers agent if the situation requires it. I still think getting your financial information together and straight is a good way to start whether you then go directly to interviewing real estate agents or on to a bank/lender. Jen, I totally forgot about neighborhood reinvestment programs. This one I should know since I now live about an hour from my hometown where foreclosures hit not during the housing bust but the day the GM plant that had been there for just under 100 years, closed its doors. They have a reinvestment program for those who will live in the house for 5 years minimum. The city was well ahead on rentals including several buildings downtown on the river that are income controlled for the elderly. Many cities do offer home owner bennies for those who stay and rebuild tax bases. My bad. __________________ Courage doesn't always roar. Sometimes courage is the quiet voice at the end of the day saying, "I will try again tomorrow." Disclaimer: Answers, suggestions, and/or comments do not constitute medical advice expressed or implied and are based solely on my experiences as a SCI patient. Please consult your attending physician for medical advise and treatment. In the event of a medical emergency please call 911.

02-15-2012, 10:51 AM	#12
JenJen Moderator Join Date: Dec 2006 Location: Arizona Posts: 2,401	No offense taken Sue. Ever. The reason I suggest starting with a Realtor is they tend to be on top of programs that offer incentives to purchase and generally know where to go to get things done. One can certainly do all the groundwork themselves. I tend to be lazy. As with any business dealing, trust but verify. Ask friends who have had successful transactions for a referal. A lot of people use friends or family instead of a true professional Realtor. Know your rights and responsibilities and read up on the rules. __________________ My blog: Living Life at Butt Level Ignite Phoenix #9 - Wheelchairs and Wisdom: Living Life at Butt Level "I will not die an unlived life. I will not live in fear of falling or catching fire. I choose to inhabit my days, to allow my living to open me, to make me less afraid, more accessible, to loosen my heart until it becomes a wing, a torch, a promise. I choose to risk my significance; to live so that which comes to me as seed goes to the next as blossom and that which comes to me as blossom, goes on as fruit." *Dawna Markova Author of Open Mind.*

02-15-2012, 11:00 AM	#13
addiesue Senior Member Join Date: Jan 2006 Location: TN Posts: 4,463	I have no advice, but I had wondewred how you had been crybaby. So a big Hello to you __________________ If you can't handle me at my worst, then you sure as hell don't deserve me at my best. Sometimes it is easier to widen doors than it is to open minds.

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09-30-2012, 08:57 PM	#15
Crybaby2025 Senior Member Join Date: May 2006 Location: Suisun, Ca Posts: 124	Thank you all for the advice.