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AliKat

Beach Comber

Not sure of income requirements, but I know of the Rural Home loan for first time home buyers that finances at 103%. It also has the perk of no PMI insurance.

30Ahhh

[quote="AliKat, post: 663808"]Not sure of income requirements, but I know of the Rural Home loan for first time home buyers that finances at 103%. It also has the perk of no PMI insurance.[/quote]
 
 
Income limits for program in Walton County.
 
Section 502 Guaranteed Rural Housing Loan Program
Maximum Adjusted Household Income for Selected State and County : $73,600.00
Section 502 Direct Rural Housing Loan Program
Maximum Adjusted Household Income for Selected State and County : $42,650.00

<blockquote class="xfBb-quote" data-name="AliKat">Not sure of income requirements, but I know of the Rural Home loan for first time home buyers that finances at 103%. It also has the perk of no PMI insurance.</blockquote> 
 
Income limits for program in Walton County. 
 
Section 502 Guaranteed Rural Housing Loan Program 
Maximum Adjusted Household Income for Selected State and County : $73,600.00 
Section 502 Direct Rural Housing Loan Program 
Maximum Adjusted Household Income for Selected State and County : $42,650.00

Franny

Beach Fanatic

Call Jayne with Premier Mortgage 622-0096. She has several outstanding programs to offer you and yes 100% loans are still available.

Francesca Gage
The Beach Group

Call Jayne with Premier Mortgage 622-0096. She has several outstanding programs to offer you and yes 100% loans are still available. 
 
Francesca Gage 
The Beach Group

Beach Runner

beats on hood

This is good to hear. Our daughter and son-in-law (as of 6/19) want to buy a house so she can have room for a studio (she does freelance graphic design, portraiture, photography, and websites). But they don't have money for a down payment. 
 
We'll look into it!

This is good to hear. Our daughter and son-in-law (as of 6/19) want to buy a house so she can have room for a studio (she does freelance graphic design, portraiture, photography, and websites). But they don&#039;t have money for a down payment. 
 
We&#039;ll look into it!

Miss Kitty

Meow

Wait a minute....isn't this part of the problem we have been seeing in the mortgage handout industry????  :idontno:

Wait a minute....isn&#039;t this part of the problem we have been seeing in the mortgage handout industry????  :idontno:

It is confusing how someone can afford a $500,000  house and have no debt doesn't have down payment. :idontno:

It is confusing how someone can afford a $500,000  house and have no debt doesn&#039;t have down payment. :idontno:

dbcooper

[quote="AliKat, post: 663913"]It is confusing how someone can afford a $500,000 house and have no debt doesn't have down payment. :idontno:[/quote]
 
 
It was just an example.
 
But like a majority of americans, home owners have become upside down or breaking even when a sale is forced.
 
In other words...  if you bought a home a few years ago- Put over 100k down.  Sell it in 2010 and hope you don't have to bring cash to closing due to depreciation.
 
This would leave a qualified buyer (credit wise) with no money for next home.   A buyer would have to rent or assume they could acquire a home that would be at it's lowest value.

<blockquote class="xfBb-quote" data-name="AliKat">It is confusing how someone can afford a $500,000 house and have no debt doesn&#039;t have down payment. :idontno:</blockquote> 
 
It was just an example. 
 
But like a majority of americans, home owners have become upside down or breaking even when a sale is forced. 
 
In other words... if you bought a home a few years ago- Put over 100k down. Sell it in 2010 and hope you don&#039;t have to bring cash to closing due to depreciation. 
 
This would leave a qualified buyer (credit wise) with no money for next home. A buyer would have to rent or assume they could acquire a home that would be at it&#039;s lowest value.

Lynnie

SoWal Insider

[quote="dbcooper, post: 663973"]It was just an example.
 
But like a majority of americans, home owners have become upside down or breaking even when a sale is forced.
 
In other words... if you bought a home a few years ago- Put over 100k down. Sell it in 2010 and hope you don't have to bring cash to closing due to depreciation.
 
This would leave a qualified buyer (credit wise) with no money for next home. A buyer would have to rent or assume they could acquire a home that would be at it's lowest value.[/quote]
 
A short sale won't leave a person with good credit.  There will be a credit ding and reduction in overall score when a short sale is reported to the repositories, simply because a lender has written off a portion of the debt.
 
To qualify for some of the higher LTV programs out there, unless it is a private lender, you have to be a first time home buyer, which means you haven't owned a home for the last three years......whether primary, vacation or rental.
 
Good luck!

<blockquote class="xfBb-quote" data-name="dbcooper">It was just an example. 
 
But like a majority of americans, home owners have become upside down or breaking even when a sale is forced. 
 
In other words... if you bought a home a few years ago- Put over 100k down. Sell it in 2010 and hope you don&#039;t have to bring cash to closing due to depreciation. 
 
This would leave a qualified buyer (credit wise) with no money for next home. A buyer would have to rent or assume they could acquire a home that would be at it&#039;s lowest value.</blockquote> 
A short sale won&#039;t leave a person with good credit. There will be a credit ding and reduction in overall score when a short sale is reported to the repositories, simply because a lender has written off a portion of the debt. 
 
To qualify for some of the higher LTV programs out there, unless it is a private lender, you have to be a first time home buyer, which means you haven&#039;t owned a home for the last three years......whether primary, vacation or rental. 
 
Good luck!

[quote="Lynnie, post: 663982"]A short sale won't leave a person with good credit. There will be a credit ding and reduction in overall score when a short sale is reported to the repositories, simply because a lender has written off a portion of the debt.
 
To qualify for some of the higher LTV programs out there, unless it is a private lender, you have to be a first time home buyer, which means you haven't owned a home for the last three years......whether primary, vacation or rental.
 
Good luck![/quote]
 
 
hard not to take generalities personal...just to clarify, home is 100%current.  Lost my job and want to sell before I run out of money!!!
The unscheduled sale in a poor housing market with the added realtor commissions creates a less than desirable situation.:blush:

<blockquote class="xfBb-quote" data-name="Lynnie">A short sale won&#039;t leave a person with good credit. There will be a credit ding and reduction in overall score when a short sale is reported to the repositories, simply because a lender has written off a portion of the debt. 
 
To qualify for some of the higher LTV programs out there, unless it is a private lender, you have to be a first time home buyer, which means you haven&#039;t owned a home for the last three years......whether primary, vacation or rental. 
 
Good luck!</blockquote> 
 
hard not to take generalities personal...just to clarify, home is 100%current. Lost my job and want to sell before I run out of money!!! 
The unscheduled sale in a poor housing market with the added realtor commissions creates a less than desirable situation.:blush:

Sorry this happened to you and you are in this situation.  I hope everyone's info. here helps and that it works out for you!

Sorry this happened to you and you are in this situation.  I hope everyone&#039;s info. here helps and that it works out for you!

Capricious

[quote="Miss Kitty, post: 663894"]Wait a minute....isn't this part of the problem we have been seeing in the mortgage handout industry????  :idontno:[/quote]



Too little info to comment on this particular situation, but generally
speaking a lot of people should rent rather than buy.

Of course, for those with the financial resources, it's a great
time to buy, in my opinion.

I just did.

<blockquote class="xfBb-quote" data-name="Miss Kitty">Wait a minute....isn&#039;t this part of the problem we have been seeing in the mortgage handout industry???? :idontno:</blockquote> 
 
 
Too little info to comment on this particular situation, but generally 
speaking a lot of people should rent rather than buy. 
 
Of course, for those with the financial resources, it&#039;s a great 
time to buy, in my opinion. 
 
I just did.

scooterbug44

SoWal Expert

Not to be mean, but IMO if you can't afford a 10-20% down payment, you shouldn't be buying a house.

That is what got us all into this cluster!

Not to be mean, but IMO if you can&#039;t afford a 10-20% down payment, you shouldn&#039;t be buying a house. 
 
That is what got us all into this cluster!

If u have the income to cover the note, are buying at the bottom and the rate is fixed-

well heck- lucky you!

If u have the income to cover the note, are buying at the bottom and the rate is fixed- 
 
well heck- lucky you!

[quote="scooterbug44, post: 664031"]Not to be mean, but IMO if you can't afford a 10-20% down payment, you shouldn't be buying a house.

That is what got us all into this cluster![/quote]va loans?

<blockquote class="xfBb-quote" data-name="scooterbug44">Not to be mean, but IMO if you can&#039;t afford a 10-20% down payment, you shouldn&#039;t be buying a house. 
 
That is what got us all into this cluster!</blockquote>va loans?

gmarc

I'll be polite and leave it at i didn't have a very good exp with jayne at premiere mortgage

I&#039;ll be polite and leave it at i didn&#039;t have a very good exp with jayne at premiere mortgage

Does 100% mortgage still exist?  80/20 90/10??
 
IF credit is perfect and person gainfully employed with little to no debt.
Home would be primary residence.
 
Sale price $500,000.
 
Anyone seen this in 2010??
 
Thanks!

Does 100% mortgage still exist? 80/20 90/10?? 
 
IF credit is perfect and person gainfully employed with little to no debt. 
Home would be primary residence. 
 
Sale price $500,000. 
 
Anyone seen this in 2010?? 
 
Thanks!

100% mortgage still exist?

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100% mortgage still exist?

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