| Posted by: Mr Magelord Oct 8 2002, 03:57 PM |
Hello
Me and the wife are looking at buying our first house.
The good news is, I have great credit
The bad news, she doesn't
My debts are not that bad, like less than 5k
Hers are scary
So it looks like I will be the only one on the loan.
Now, just by using these online thingies and speaking with some small time realators I have gathered that i should be able to get 100-115 grand to put towards a house, However
I have no money, nothing to put down on a home. Also, we are in a situation as 115k can aget a sweet 2 bedroom home, but we need at least 3 bedrooms and a den, and a garageand a pool, and a hot tub, and a... ok ok, no pool. geez!
Anyways, I keep hearing about this and that and the other and just wanted to know. How praytell do these people buy homes with No money Down. The guys in the infomercials do it, people talk about it, even some claim the government has grants for it.
If i can get a pile of free money from the Bush Administartion then maybe i can move into a new home, with a pool. 
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| Posted by: loanuniverse Oct 9 2002, 11:06 PM |
Thanks for posting Magelord.
Although my experience is limited in the residential lending department maybe I can help you with your quest.
1) I think that in the case of purchasing your primary residence both you and your wife need to be in the note. At least in Florida (I will check this with someone in the residential lending Dept. tomorrow). Edit: I spoke to a residential real estate lender at work and she essentially told me that:
- You can request that only your income, credit history and debt be used to see if you qualify for the loan leaving your wife out of the process.
- Your wife does not have to be in the note.
- Due to state of Florida (homestead laws) she has to be in the mortgage since she will be living in the property. This might be different in your state.
2) There are a lot of "how much house you can afford" calculators in the net. You might want to confirm what those realtors have told you. The rule of thumb is that your housing expense is no more than 28% of your gross monthly income and your house payment plus recurring debt payments (your debt and your wife's debt monthly payments) is not more than 36% of monthly income.
3) Regarding no money down! In the case of residential property there are opportunities to purchase your first house with as little as 3% money down. There are a number of programs (federal/state and local) that are made for first time buyers.
I purchased my first home a couple of years ago and I am very happy about the purchase. I did spend quite a bit of time researching the whole buying process and I recommend the following sites to get more info about it.
http://homebuying.about.com/
and
http://www.bankrate.com
Best of luck on the purchase and thanks for the visit. 
BTW, if you ever get the pile of money from Uncle Sam, send some my way 
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