1st Time Buyer Programs

MFA…. A 1st time home buyer program

February 1, 2012 By Leave a Comment
MFA NM Mortgage Finance Authority

 

Are there still 1st time home buyer programs?…… YES!

Can you really buy a home with only $500.00 down?……..YES!!

Sounds like a car dealer add doesn’t it?… Its not

There is an agency in Albuquerque called MFA or Mortgage Finance Authority. They offer a few different programs but one of them loans you an amount up to $8000.00 that can be used for both down payment and closing costs and you pay that loan back over the term of 30 years as with your primary mortgage. You can prepay both loans if you like with no penalty.  Gone are the times that the seller could pay your down payment for you but this program is helping a lot of people become homeowners when they wouldn’t be able to be otherwise. With this program you can buy a home for $500.00 of your own money when being the loan you qualify for is one offered by FHA that allows a government agency to help you with the down payment and closing costs.

Legacy Mortgage has been the top MFA lender for 4 consecutive years and is happy to help you with yours!!

Request for more info

If you would like more info please fill out this form and we will get in touch with you shortly. Thanks for your time!

 

 

Filed Under: 1st Time Buyer Programs, Rachel Donovan, Legacy Mortgage

City of Albuquerque Neighborhood Stabilization Program (NSP)

December 2, 2011 By Leave a Comment
city of albuquerque

Have you heard the great news?! The City of Albuquerque would like to help you get into a new home! In 2009 The City of Albuquerque was granted Federal Funds in an effort to help rehabilitate foreclosed properties and make them available to income eligible families.

The goal of the NSP program is to help moderate to low income families realize their dreams of owning a home and at the same time they are helping neighborhoods bring life back into their community!

Now some may be asking, is this too good to be true? The answer is NO! With very few requirements you may be eligible for a grant up to $4,000.00 to go towards your closing costs!

And that’s not even the best part!! With the NSP program you can qualify for a zero percent second mortgage loan (no monthly payments!) up to $50,000.00!! Which means… drum roll please…… That you can purchase a home for $150,000.00 and only make payments on $100,000.00!!

Wait, I know your next question, what happens to the extra $50,000.00, does it magically disappear? No, it doesn’t, BUT you don’t even have to think about the no interest second mortgage unless you sell your home!  Even then you only pay back the $50,000.00, NO INTEREST!

Talk to your Real Estate Agent today about teaming up with The Mike Roberts Mortgage Team and see you if you qualify for this great opportunity!

Written by Amalia Salazar with The Mike Roberts Mortgage Team at People’s Bank

Mike Roberts mroberts@bankingunusual.com www.MikeRobertsMTG.com  (505) 463-7912

Feel free to request more info below or scroll all the way down and post your comments about this. we would love to hear from you!!

 

Request for more info

If you would like more info please fill out this form and we will get in touch with you shortly. Thanks for your time!

 

 

 

 

Filed Under: 1st Time Buyer Programs

New VA Funding fees as of October 1, 2011

September 21, 2011 By Leave a Comment
VA Fees

Here is a chart of what the new VA funding fees will be. Let me know if you have any questions!

Filed Under: 1st Time Buyer Programs, Buyer FAQs

What is a 1st time home buyer??

July 18, 2011 By Leave a Comment
1st time buyer

 

 

 

The answer to this question is not the obvious answer that one would think. There is a lot of talk about first time buyers and the many programs that are available to them.  The definition of a first time buyer is someone who has not owned a home for the last 3 years.  They may have owned homes in the past, but haven’t within the last 3 years.  There are many programs available for first time buyers that allow them to purchase homes sometimes with as little down as $500.00.  The mortgage industry is always looking for ways to make it easier for people to buy a home and one of the ways is allowing them to have little or no money down.  In the past in order to own a home you had to have 20% down.  The most common first time buyer loan is with the Federal Housing Administration, but, there are also first time buyer loans in conventional and VA.  Stay tuned to this station for information on the different FTB loans and how you can purchase a home using them.

 

Rachel Donovan

Legacy Mortage

License # 368845
505-328-4792
rdonovan@legacymortgagenm.com
http://legacymortgagenm.com/RDonovan/

 

Filed Under: 1st Time Buyer Programs, Buyer FAQs, Rachel Donovan, Legacy Mortgage

Don’t miss out on Fannie Mae incentives for buyers!!

July 9, 2011 By Leave a Comment
FannieMae

 

 

 

 

 

 

Once in a while Fannie Mae will offer incentives for buyers who purchase a Fannie Mae foreclosed home and they currently have one that is ongoing until October 31, 2011. The incentive allows for the buyer to get up to 3.5% of the purchase price to use towards the buyer’s closing costs! The home must close before October 31, 2011. Contact me for a list of Fannie Mae foreclosed homes that qualify for this incentive! 505-379-5849 call or text AbqDunn@gmail.com

Filed Under: 1st Time Buyer Programs, Buyer FAQs, Foreclosures, Free Stuff, Local Real Estate News

Parents for kids OR kids for parents!!

June 23, 2011 By Leave a Comment
Chicks

 

 

 

 

 

 

 

  • FHA has a loan program that the financial industry has lovingly labeled: The “Kiddie-Condo” Loan (although, they are not limited to the purchase of a condominium … it can be a standard single-family home, duplex, etc.)
  • Essentially, here are the highlights:
    1. The maximum FHA loan for Sandoval, Bernalillo, and Valencia Counties for a single family dwelling is $271,050.00. (Higher loan amounts are available for 2, 3, and 4 unit dwellings.)
    2. The min. down payment on 1 unit dwellings is approximately 3.50% of the purchase price. (You may be able to qualify & the funds are available, for the MFA program which includes 3.0% grant money in combination with this FHA loan, your actual down payment could be .50%.
    3. Parents can purchase the home and place their son or daughter in it. (The reverse can happen too. Let’s say the children have some elderly parents with a fixed income, they … the children … can qualify for the home … adding whatever income and debt that the parents have … and qualify based upon the combination thereof.)
    4. They all will be on title for FHA purposes. Different for FHA/MFA.
    5. Qualifying is based on the strength of the buyers’ and parents’ credit scores, debt to income ratios, etc.
    6. New:  The child is not required to have taxable income, however, credit must be acceptable with at least 1 credit score.  If the child is a student with no income, non traditional credit is NOT allowed.   FHA will no longer allow alternative sources of credit for borrower’s who have no credit or taxable income at all.
    7. Borrower’s must have 2 months cash reserves for total PITI monthly payment of their own funds.  No gift of reserves is allowed.
    8. This program is used many times by families who choose, while their child goes to college, to have them in a house … rather than in a dorm. Sometimes the program is used to help a young family get a head-start.
    9. During that time, everyone in the family is benefiting from home ownership and the appreciation associated with it, while not wasting money for housing for the student (if applicable).
    10. The child also benefits, as he or she is establishing a credit rating of their own.
    11. The parent benefits in as much as the normal down payment on “investment” property can be as much as 30% and the interest rate would be higher as well. This would be considered “owner-occupied” as the son or daughter is living in the home.

Please call Rachel for the details. Rules and guidelines are subject to change at all times. Be sure to follow-up with Rachel Donovan with Legacy Loan Officer for any updates.

***Rachel Donovan
Legacy Mortage
License # 368845
505-328-4792
rdonovan@legacymortgagenm.com

http://legacymortgagenm.com/RDonovan/


 

Filed Under: 1st Time Buyer Programs, Buyer FAQs, Rachel Donovan, Legacy Mortgage, Rental Homes

Is a 2/1 Buy Down Your Solution to Your Next Mortgage?

June 16, 2011 By Leave a Comment
BUYDOWN

Make your home ownership experience more comfortable with a 2-1 Buy Down from Legacy Mortgage.  The loan is a FIXED 30 year loan with a reduced interest rate for the first 2 years.  This program allows you a lower payment those first years leaving more cash each month for the little extras.

How the loan works.  The first year rate is 2% points below the market rate, the 2nd year rate is 1% point below, and years 3 – 30 are at the market rate from when you closed.

  • This loan starts with a lower interest rate for the first 2 years and is FIXED for the next 27 years.
  • An example is, year 1 rate would be 3.0%
  • Year 2 would be 4.0%
  • Years 3 – 30 would be 5.0%
  • The cost is 2.5% of your mortgage amount.  A $100,000.00 mortgage would cost $2500.00.
  • Buyer or seller can pay this.
  • The principle and interest payment on a $100,000 30 year fixed at 5% is $536.82.
  • The principle and interest payment on the 2-1 Buy down $100,000 loan first year at 3% is $421.60 a difference of $115.22 per month.
  • The principle and interest payment for the 2nd year at 4% is $477.42 a difference of $59.40 per month.
  • The principle and interest payment for years 3-30 is $536.82.

This loan allows you to have a reduced payment during those first few years of homeownership making the transition much more comfortable for buyers.

Call Legacy Mortgage and Rachel Donovan to get all the details on this loan as well as all other mortgage loan options.

Rachel Donovan
Legacy Mortgage
505-328-4792
rdonovan@legacymortgagenm.com
http://legacymortgagenm.com/RDonovan/

Filed Under: 1st Time Buyer Programs, Buyer FAQs, Rachel Donovan, Legacy Mortgage, Rental Homes, Seller FAQs

$5,000 Towards Down Payment & Closing Costs When Buying a Home in Rio Rancho

June 14, 2011 By Leave a Comment
CDBG

$5,000 towards down payment & closing costs when buying a home in Rio Rancho

Many times lately I have been asked if there are still 1st time home buyer programs still available and the answer is YES. Here is another one that is availabe to 1st time home buyers purchasing a home in Rio Rancho, NM. It is called the Community Development Block Grant (CDBG) and allows for up to $5,000 to be used towards a 1st time home buyers down payment and/or closing costs. Obviously, there are certain criteria to meet and short application process but it is relatively easy and painless to see if you are a candidate for the money! Contact me to see if you qualify!

Filed Under: 1st Time Buyer Programs, Buyer FAQs, Free Stuff, Rio Rancho

Pool Edition 2011 is out!!

June 14, 2011 By Leave a Comment
Welcome Home Pool Edition 2011

Well, it is that time of year again and we have issued our annual pool edition Welcome Home magazine! Every home that Coldwell Banker Legacy currently has listed for sale is in this magazine with a special emphasis on homes with pools! As always, Contact me and I will be happy to drop you off a copy of the Welcome home magazine or mail you one! Don’t miss out on this one!

Filed Under: 1st Time Buyer Programs, Coldwell Banker Legacy, Free Stuff, My Marketing Works, Seller FAQs

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Coldwell Banker Legacy Realtors (505) 292-8900 8200 Carmel NE Ste. 103A Albuquerque, NM 87122