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buying first home questions

1,315 Views | 5 Replies | Last: 6 yr ago by Deats99
AustinCountyAg
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The wife and I are in the early process of buying our first home. We are just now dealing with our local bank in regards to pre-approval for a loan.....are their any special kind of loans that offer better financing for first time home buyers? What about if you're a teacher? Might be a stupid question, but you would be suprised at different discounts that are sometimes given to teachers.

FWIW we are most likely planning on putting around 10-15% down on home purchase.
SteveBott
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AG
There is at least one program for teachers but with your down payment that one is not for you. It is designed to be used with FHA at 3.5% down and when I looked at it closely it helps but not much.

http://www.tsahc.org/homebuyers-renters/teacher-home-loans

You can also look at this. A MCC

http://www.tsahc.org/homebuyers-renters/mortgage-credit-certificates

Again the devil is in the details on these.

As for local bank they tend to want to use ARM's or 15 year terms if they can. They can do a 30 year but then they are competing with any conventional lender such as myself. They have to sell it to Fannie/Freddie
AustinCountyAg
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My local bank is doing the mortgage through citi bank Lubbock
SteveBott
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AG
30 year?

Citi can be a challenging close to be nice. Sounds like your bank is brokering the deal out to Citi.
AustinCountyAg
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SteveBott said:

30 year?

Citi can be a challenging close to be nice. Sounds like your bank is brokering the deal out to Citi.


Yes
SteveBott
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AG
Be happy to quote rate and fees when they do. Same day. I'm pretty confident mine will hold is own.

My contact info is in my profile.

Best regards
Deats99
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AG
There are some free money programs out there for teachers with very few strings using FHA, VA, and conventional loans. Email is in my profile if you want more info.
A good plan violently executed now is better than a perfect plan executed next week.
-George S Patton
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