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Originated from
RealEstateProArticles

Erlanger51

Asked about “Fixer Uppers Investors Render Homebuying Program Useless”

Hello. I thought the Homebuying Program was only ...

Hello. I thought the Homebuying Program was only for first-time buyers AND the property had to be owned for at least 3 years before it could be sold again. Of course, the property could be bought, then fixed up, and RENTED or LEASED for 3 years before being sold by the buyer. If you're a first-time buyer then I would guess you're not in the business of flipping houses on a regular basis.

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real estate, insurance, investment, property, mortgage, credit, loan, credit score, foreclosure, credit report, money & finance

Posted 2009-10-19T12:35:42Z
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jerome.christopher

106 answers

49 helpful answers

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Best 0-5% Down Firsthomebuyer Programs

   1. Progressive Payment Saver Buydown Program-Ground-breaking 30 year fixed loan which offers increased purchasing power and low initial mortgage rate of 3.875% (APR 4.02%) as of 8/29/09.
   2. $8,000 Tax Credit-deadline approaching-11/30/09
   3. USDA Rural Loan-30 year fixed zero down loan with 620 score. 0 PMI or mortgage insurance.
   4. My Community Plus -Exclusive 3% down program for Teachers, Firefighters, Paramedics, Police Officers, Nurses and other Healthcare workers, and Military Personnel-Veteran. Easier qualifying guidelines and discount on closing costs.
   5. Fannie Flex 97% Financing Program-Great FNMA 30 yr fixed loan if you plan on living in the home a long time. No PMI option available.
   6. Fannie Flex Expanded Program-only 620 credit score may qualify
   7. Home Possible-Freddie Mac Community Lending program designed to meet the needs of low and moderate income borrowers by providing financing up to an LTV of 97%
   8. FirstHomeBuyers Down Payment Assistance Program-Get up to $25,000 for down payment or earnest money deposit. Pay off debt to help you qualify.

Posted 2009-10-20T11:01:10Z

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Thomson Joseph

275 answers

91 helpful answers

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Because buying a home is unknown territory for first-time buyers, Realtors are aware of the most common rookie mistakes. Among them:
* They don't ask enough questions of their lender and end up missing out on the best deal.
* They don't make a decision quickly enough and someone else buys the house.
* They don't do enough to make their offer look appealing to a seller.
* They don't think about resale before they buy. The average first-time buyer only stays in a home for four years.

Posted 2009-10-23T11:52:28Z

In reply to Erlanger51's question

Thomson Joseph was invited by Yedda to answer this question.