I live in rhode island. Where do i go to find down payment assistance?
I am a 2nd time home buyer.
The down payment is just too much for me.

Please help!
I already own a home
I purchased it 2 years ago, and thats why i wont make much on it.

I suggest you wait until you can comfortably afford a reasonable downpayment. I did and that’s why I’m worth a lot of money now.

I am currently paying back some store cards and credit cards with which I got into a bit of a mess a couple of years ago! However me and my partner have been thinking of purchasing a house. I am worried that I won’t get a mortgage due to my bad credit history! Are there any mortgage providers who would still give me a mortgage or take into consideration the fact that I am now in control of my debts and on the right path to clearing them?

Yes, in answer to your question, there are plenty of sub-prime lenders out there prepared to deal with people who have had missed and late payments. Summed up a poor credit file.

However other things other than your poor credit history will also contribute to the decision as to wether or not to provide you with a mortgage.

For instance if you are regularly paying credit card debt, this will effect you affordability of a mortgage. In other words if to much of your income is wrapped up in paying the debt then it will be deemed you can not afford the mortgage.

Also you will need a sizeable deposit as 100% mortgages are getting more and more difficult to obtain They are even rarer for some one with a poor credit file.

If i were in your situation i would try to clear my debt as quickly has possible. Once that was done i would start to save a deposit.
Pay everything on time try to miss nothing.

whilst you are doing this you are repairing your credit profile. Given two years of good conduct on your finances and a small deposit you could possibly be able to approach a high street lenders giving you the options of far better rates.

It is hard work to turn your finances round but it can be done and i really do wish you all the best. This site may help you to compare many mortgage companies at once http://easymortgageadvisor.blogspot.com/

Hope this help,

I’m interested in something like the HomeStyle mortgage where you get money rolled into the mortgage to help cover renovations. However, I noticed the requirements say you have to put about 3% down. Is it possible to get one of these mortgages without any money down?

I’m not aware of any rehab loans that wouldn’t require a downpayment. Construction and rehab lending is risky business, and they like to have at least some level of protection.

A friend of mine just bought a house and she said that her husband got a mortgage that was zero down and no payments for 12 months. She said it was a very new first time home buyers proram. I was looking around online and found no information about any loan like this. Just wonding if anyone has heard of something like this. Thx

I haven’t heard of this program but there is one similar that we have (this not an ad, just answering the question). We have no mortgage payments up to 6 months. The seller or builder will create an escrow account to pay for your mortgage payments in addition to paying for your closing costs, if they choose.

This is not an Option Arm program, the rates are very reasonable (Conforming) and fixed. You pay the principle & interest. The down payment requirement is at least 5% and you can get around Private Mortgage Insurance by breaking the loan into two loans.

The wife may have misunderstood and this may be the program that they have.

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In addition, having a prepaid card gives you the sense of peace that comes with knowing that you need not worry about running into debt and will therefore not be getting any bills for using the card. There are no overdraft fees or monthly balance transfers associated with the card as well. The fact that they can be used anywhere where you can pay or get access to cash makes this card perfect for your daily financial transactions.

Prepaid Mastercard credit cards or Visa cards are the best choice for people who are budget-conscious. It only let them spend money they already have, avoiding to get into debt. Besides, they are only able to spend bucks up to the amount that they deposited in the account of the card and nothing more. These cards also include online tracking systems, so it is uncomplicated to track your purchases and plan your spending within your budget. Prepaid credit cards for teens are also an effective teaching tool for parents helping their student kids to spend their money wisely and to teach them responsibility. You are able to deposit your teens’ allowance in a prepaid card account and monitor their spending habits online. You may then discuss with them finding ways and options to maximize the usage of their card.

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Are there any Down payment assistance programs for an FHA loan? I know most of them are discontinued in New York state.
How do you know what I can Afford. Its a lot easier to pay a monthly payment than shell out $5000 at one time.. If you don’t have a helpful answer don’t waste my time and keep your smart ass answers to yourself.

There are no assistance programs for the down payment. If you can’t afford the 3.5% down, then how do you expect to keep on top of taxes and a mortgage?

When you go to apply for an FHA loan they look at your debt, the amount you have in the bank, how long you’ve been at your job, everything, and you have to prove where your money came from. If you don’t have those things in order, it will never make it past the underwriter.

strong opinion! ex cleaned out my acct of 25k without my knowledge, my credit cards-he was authorized user, i walked away with debt incurred by other, loans to repay, etc. i was not financially careful. i pay $1400. in rent now. why not purchase?

#1 – Bad credit is not due to divorce. It is due to not living up to the financial obligations that you signed up for.

#2 – You do not NEED to purchase a home. You WANT to purchase a home. This unrealistic sense of need vs. want is probably what led to #1.

#3 – If you want to eventually purchase a home, go rent something cheap, and clean up the derogatory marks on your credit report. (i.e. PAY your debts.) Then, save up a reasonable down payment (20% minimum) and shop for a reasonable home. A reasonable home is one with a 15 year fixed rate mortgage with a payment of no more than 25% of your take home pay.

Does anyone offer a no money down mortgage with credit around 640

People really need to know what they are talking about before posting answers on here. There is still a 100% purchase loan available through FHA’s Ameridream program. This allows for down payment assistance where the seller makes your down payment for you from the proceeds of the sale. In most cases, you will be paying 2.25% more than the actual sales price because the seller will be making a 2.25% down payment on your behalf. If you have any additional questions or want clarification on this, feel free to shoot me an email.

No

Basically, home contents insurance is insurance protection against the replacement cost that you would otherwise have to pay to replace the contents of your home in the event of then being lost, damaged or stolen. As is the case with home buildings insurance, the main factors contributing to grounds under which you can make a claim against your home contents insurance include theft/burglary, damage due to floods, burst water pipes or boilers, etc.

There are, however, two very important factors that you need to keep in mind when insuring the contents of your home: