How do first time home buyers with less than perfect credit get a loan? NO MORTGAGE BROKERS RESPOND , PLEASE!?

We want to help my nephew buy our little condo. He and his wife pay 800/month rent now and probably can't afford much else.. We would sell it to them for 142,000. We don't want mortgage brokers to contact us....we just want information on the types of special loans available to first time home buyers (low interest rates, etc). Could they afford to do this with very little or no money down?


Thanks in advance!How do first time home buyers with less than perfect credit get a loan? NO MORTGAGE BROKERS RESPOND , PLEASE!?
They could do it. Thereare loans out there called FHA (First Homeowners), Conventional loans, RD(Rural Development and other loans as well. Have them go to their bank or mortgage company and see what they can qualify for and the bank or mortgage company should be able to tell them what rate. Its best to get a Fixed rate rather than an adjustable because with an adjustable, the rate goes up depending on the market with the percentage rate. About the $142,000, there will have to be an appraisal also to make sure what the condo is worth, as well as closing costs.


My husband and I were able to purchase our first home when we got married 8 years ago with no money down. It is best to put some money down to make the monthly payment lower.How do first time home buyers with less than perfect credit get a loan? NO MORTGAGE BROKERS RESPOND , PLEASE!?
'no brokers please' you are so naive. where do you think your best advice is going to come from? ';Aunt Sally who bought her home 40 years ago, but keeps up on this stuff'; ?!





good luck... you are the type thats going to need it.

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Is your condo paid in full with no mortgage or lien? How about owner financing? You draw up a mortgage agreement with an attorney and you agree that he pays you $800 a month until the balance is paid in full. If your nephew fails to make payments, you will foreclose on him. You can report this arrangement to the credit bureaus. Good luck.
if you are just looking for a loan, i would try prosper.com - it is a great service for finding small (%26lt;25,000) loans. It is easy to find loans regardless of credit - and rates are similar or less than what you would find at a bank.





I would research how much a loan will cost though - I have used the link below. There are of course lots of little costs that you don't think about when just figuring out the mortgage payment!
Many states offer first time home buyer loan programs which may be available to individuals with less than perfect credit. It's worth researching to see if you may qualify for one of these programs since it's common for down payment and/or closing cost assitance for also to be offered with these state programs.





Check out the link below to learn more.





Good luck!
look for agents that specialize in FHA loans.

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