Private Lending & Conventional Mortgage Advice
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
first time homebuyer loan
I'm looking to help out one of my employees. He is a first-time homebuyer. He can come up with about 5% down. Any suggestions for lenders in Oregon?
#4 Private Lending & Conventional Mortgage Advice Contributor
- Lender
- 1,066
- Votes |
- 3,474
- Posts
#4 Private Lending & Conventional Mortgage Advice Contributor
- Lender
Hey Geoffrey,
You can do 3% down if he is a first time buyer. Also opens up to doing a downpayment assistance program.
What price range is your friend looking at?
-
Lender California (#02161719)
- 818-269-7983
- https://www.luxeprivateinvestmentsllc.com/
- [email protected]
He has the property under contract. 285K. It's for a duplex. I know that complicates things a bit.
#4 Private Lending & Conventional Mortgage Advice Contributor
- Lender
- 1,066
- Votes |
- 3,474
- Posts
#4 Private Lending & Conventional Mortgage Advice Contributor
- Lender
Quote from @Geoffrey Robinson:
He has the property under contract. 285K. It's for a duplex. I know that complicates things a bit.
If he is planning to house hack,
Might be better off doing an FHA loan with 3.5% down.
-
Lender California (#02161719)
- 818-269-7983
- https://www.luxeprivateinvestmentsllc.com/
- [email protected]
Not sure what a house hack is. He will be living in one side and renting the other.
#4 Private Lending & Conventional Mortgage Advice Contributor
- Lender
- 1,066
- Votes |
- 3,474
- Posts
#4 Private Lending & Conventional Mortgage Advice Contributor
- Lender
Quote from @Geoffrey Robinson:
Not sure what a house hack is. He will be living in one side and renting the other.
That is a house hack
-
Lender California (#02161719)
- 818-269-7983
- https://www.luxeprivateinvestmentsllc.com/
- [email protected]
#4 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
- Investor
- Austin, TX
- 5,536
- Votes |
- 9,861
- Posts
#4 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
- Investor
- Austin, TX
Your employee can only put 5% down because of the budget they are looking in. Regardless, FHA allows first time home buyers to put down 3%.
@Geoffrey Robinson - thanks for helping ...there are both conventional and FHA loans avaiable for a buyer with 5% down ....encourage him to get pre approved as its easy / free and able to done remotely
@Geoffrey Robinson. Have him call fellow BP member @Grant Schroeder. He can help him get qualified to buy the property. Grant is a lender and an investor.
Thank you for the shoutout @Kelly Asmus! I appreciate you!
-
Lender Nevada (#1914590), Colorado (#1914590), Washington (#1914590), Tennessee (#1914590), Arizona (#AZ LO-1022753), Arizona (#1914590), Oregon (#1914590), Idaho (#1914590), and California (#1914590)
- Movement Mortgage
@Geoffrey Robinson glad to help your employee as needed!
-
Lender Nevada (#1914590), Colorado (#1914590), Washington (#1914590), Tennessee (#1914590), Arizona (#AZ LO-1022753), Arizona (#1914590), Oregon (#1914590), Idaho (#1914590), and California (#1914590)
- Movement Mortgage
Quote from @Erik Estrada:
Quote from @Geoffrey Robinson:
He has the property under contract. 285K. It's for a duplex. I know that complicates things a bit.
If he is planning to house hack,
Might be better off doing an FHA loan with 3.5% down.
offered 225k for a 2 family n a Massachusetts western mass city, VA will only approve 225 seller wants 250k house has 6bd on second and third floor rented for 1400 first floor is owner who will move with sale VA requires me to live as primary residence I WILL as it will be first time home purchase. Have a 48634 gross income with little $1600 total debt @ $40 monthly payments, Owner counters at 250k which will be the listing price my VA approval limit is 225k house is rented section 8 2nd and 3rd as on unit @ $1400 could increase my challenge is even at 250k I believe is a good number but only approved for 225k how is unlisted now but will be listed in a couple of days have $5000 for closing VA financing the remainder surely would like to buy my first home am 68 years old. How do I convince the VA to make this work? HELP!!!...