AboutEric Forster Expertise Did your last mortgage broker or lender trick you into a messy situation which could cost you your home? I've been close to 30 years in the mortgage industry, and I've seen it all. Believe me, it is not pretty.
As the owner of a mortgage company I am called frequently to testify as an expert witness in mortgage fraud cases and other cases where lenders did not fully disclose the terms of the loans they were offering to the borrowers. I have seen fraud being committed by borrowers - and by lenders. It's a tough world out there.
Experience More than 25 years in loan production and underwriting in Southern California.
Organizations Mortgage Bankers of America (Southern California Chapter)
Publications Former columnist for AOL Financial Center and the author of a mortgage primer.
Ok..so my wife and i need to buy a house! Unfortunately we live in Massachsetts, so anything decent is going to cost us at least $265,000...We;re not looking for a mansion, just a nice house to raise a family.
For some reason, we are not looking in the right places for 'first-time home buyers.' Can you reccommend any sites, or info? Oh yeah...we only have about $5k to put down ( i mean really, how can anyone afford a house these days?)
Also, i have talked to a mortgage company...my credit score is about 620...which i guess isn;t awful, but i know that it's not as high as can be...i guess my question is how do people with no money and bad credit get houses and i can;t seem to fathom how we will afford one? What are we missing?
Any help would be greatly appreciated!
Andrew
Answer Hi Andrew,
As you've discovered for yourself, it's not easy to buy a house when you live in an expensive area, unless you have good income, credit and enough for a decent down payment.
Having said that, it still doen't mean that you are locked out of the housing market. Many cities, counties and states have programs for first time home buyers which allow families to buy a home with little or no money down, even when the credit is "iffy."
Below is a list of some of the programs offered in your state, with contact numbers.
Best wishes,
Eric Yaari
SPA WHOLESALE CODE
C = Coventional
F = FHA V = VA
R = RD
Eligible 1st MTG. LOAN TYPES
State
DAP Maximum Assistance Amount
Contact
Phone #
PROGRAM NAME
DMACAMPAW Cambridge Purchaser Assist Program (PAP) C F MA $10,000 Robert Vining (617) 349-4642
DMALYNNGW Infill Housing Homeownership Program (IHHP) C F V MA $25,000 Brandi Walker (781) 581-8607
DMALAWDPW Lawrence Down Payment Loan Program (DPL) C F V MA $10,000 Paula Stuart (978) 794-5891
DMACBAALW Lowell Coalition For A Better Acre HOME Homeowner Acquisition Loan Program (HHALP) C MA $10,000 Terry Anderson (978) 452-7523
DMALOWELW Lowell First Time Home Buyer Program (FTHB) C F MA $10,000 Jackie Karen (978) 446-7158
DMAQUINCW Multi-Communities, Quincy Community Action Programs, Inc. Downpayment Assistance Program C MA $9,000 Rona Goodman (617) 479-8181
DMANWBDFW New Bedford Neighborhoods First Time Homebuyer Program C F MA $6,000 Christina Connelly (508) 979-1500
DMASACTYW Salem First Time Homebuyer Program (FTHB) C F MA $8,000 Ellen Butler (978) 745-9595
DMASPRFDW Springfield Homebuyer Assistance Program (HAP) C F V MA $25,000 Judy Scotland (413) 787-6500
DMATAUNTW Taunton First Time Home Buyer Program (FTHB) C F MA $10,000 Mary Ellen Rochette (508) 821-1030
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This topic answers questions related to purchasing a home, owning a home, home ownership, mortgage education, mortgage applications, and mortgage needs whether buying a first home or refinancing a current loan. Issues related to home ownership, home equity, mortgage education, refinacing options, home improvment finacing, first time home loans, home equity loans, vactation home loans, and mortgages for investment homes are dealt with here also. Though not the primary focus of this topic, Home Equity Lines of Credits (HELOCS), reverse mortgages, and calculating home equity may also be asked. If you do not see your home mortgae, home finacing, or home equity question answered in this area then please ask a question here
