First Home Loan?
By thekiwi
@thekiwi (588)
United States
January 6, 2007 12:13am CST
Me and my fiance' heard about the "First Home Loan" or "First Home Buyers Loan" you can sometime get from banks....But we are unsure about this,
Has anyone ever tried this?
4 responses
@GnosticGoddess (5626)
• United States
6 Jan 07
I did sweetie. We ended up getting an 80/20 loan. I searched all over from different places until I got the best interest rate and that's how we ended up with it. Our 80% is with Country Wide. I really like that mortgage company.
@thekiwi (588)
• United States
7 Jan 07
30/20? your going to have to tell me more about it cause im clueless with everything! i didnt know you got one though! Thats cool!! Me and Tj want a house we think its not worth getting an apartment when you can get a loan and pay basicly the rent money for an apartment you know?
@GnosticGoddess (5626)
• United States
9 Jan 07
80/20 is borrowing 80% of the house's value/sell price from one place and the other 20% from another place. You tend to get a lower interest rate on the first one plus once you pay the smaller loan off (usually a home equity loan) then that's a lot less you have to pay.
@shoelover (896)
• Australia
6 Jan 07
If you are in Australia it is called the first home ownership grant. I can't remember how you can apply but most real estates and banks would know. It is a great inititiative by the government to help first home buyers.
@meeshee1 (188)
• United States
11 Jan 07
There are tons of first time buyer loans out there. A mortgage broker would be the best person to help you with choosing the loan that will fit you best. Overall they look at FICO scores and income, as well as any savings you may have. Good luck to you! I Am also shopping for a first home loan, although i haven't started the whole process yet. I'm nervous!!!!!!!!!!!
@OnfireforJesus (500)
• United States
12 Jan 07
I am not too sure. We are also in the process...still comparing rates! It is very confusing. I heard through friends that we would not qualify because my hubby makes 52k a year. It's not like we're rich!!!! Totally not right! I have to research it more, but I will let you know if i find anything soon!
