Official home buyer info thread.

NYSpeed Automotive NYSpeed Off Topic
1

This is a no BS thread to provide valuable information about home owner assistance. Closing cost assistance, loan programs, savings programs, etc… should be posted here. This could also be used to provide information for those looking to refinance or looking for things such as good home inspectors.

SONYMA Low interest mortgages and decent income requirements.

FIRST TIME HOME BUYER SAVINGS
BELMONT HOUSING (Closing Assistance)

HUD
Buffalo Homefront (Multiple programs available)

2

I bought my house 3 years ago with the SONYMA loan, Closing Cost Assistance Grant, and the First Time Homebuyer Loan.

I went through M&T Bank, and it went pretty well.

I can answer some questions on the process if anybody has any.

3

Has anyone used a buyer’s agent instead of a real estate agent? If so how did the process go and where you satisfied? What terms did you lay out in your contract with the agent?

4

I just used an FHA loan from Bank Of America everything is going smoothly I close Tuesday

Used a friend who is a real estate agent at MJ Peterson

5

I also just learned that Citizens Bank offers a 3.5% gift towards down payment and closing cost. This is an unadvertised program that you have to ask for. The gift does not have to be paid back and can be used with the first home club and other grants.

6

does this mean that If you take out a morgage, they GIFT you 3.5% of the mortgage amount up front? If this is true that is rather EPIC, because first time buyers are usually required a 3.5% down payment, so it would essentially be a free downpayment

---------- Post added at 09:34 AM ---------- Previous post was at 09:28 AM ----------

Also, TPGSR has been throwing this link around with nothing but praise,

7

It is true. A pretty high up individual explained it at the Home Buyer Education course I took. He didn’t get into specifics but also didn’t exactly say that they go by certain guidelines. After looking at the NACA link I would stick with SONYMA low interest rate products. The income limits are pretty high compared to other programs. The low interest rate program is currently at 4% and the achieve the dream program is at 3.5%.

Some programs require you to qualify or get pre-approved before you even start looking.

8

Nappy-

does the "Buffalo Homefront (Multiple programs available) " apply ONLY to the CITY or does it also encompass the suburbs of buffalo?

9

Only the city.

10

I am just about to close on my house with NACA. We have passed all of their qualifications and are getting the mortgage with a 3.875 Rate which we are spending a couple thousand dollars to buy down to a 2.65. This will save us a ton of money over the long haul and also keep our payments around $500 which is a laughable amount for a 1650 sq. ft. home in immaculate condition.

I will not be paying a dime in closing costs and the seller will be cutting me a check for $1000 after all is said and done.

I can not give this program enough praise. Does it have drawbacks, yes. If you are not patient or willing to do exactly what someone says when they say it then you will not make it. I have a massive volume of paperwork that I have sent in to get through this process. We started In February and are finishing now. We could have moved faster, but I had some other priorities to deal with in the meantime that slowed me down considerably. All in all I researched several other programs and this one was by far the best and had the most to offer.

PURPOSE: Purchase; Purchase & Rehab
PROPERTY TYPES: One to Four Family, condos, and co-ops. Existing, New Construction, and Renovations
DOWN PAYMENT: None
CLOSING COSTS: None (paid by lender)
INTEREST RATE: One percent below the prime market rate; Current Interest rate: 3.875% 30 year fixed (as of 10/15/2010)
BUY-DOWN: Additional funds can reduce the interest rate Paying one percent of the mortgage amount up front reduces the interest rate by one quarter of a percent (.25%)-- a tremendous added benefit.
APPLICATION FEE: None (paid by lender)
POINTS & FEES: None (paid by lender)
CREDIT HISTORY: Perfect credit not required
P.M.I.:
(Private Mortgage Insurance) None

11

Any idea if that 3.5% is still valid? I just got pre-approved at citizens bank. I guess il have to ask them the next time im in there
Is that sonyma only for 30-40 year mortgages?

I only want a 15 year mortgage

12

I recently opened an account with HSBC for the first home buyers club. I was curious if anyone knew if it could be used in conjunction with the queen city homebuyer assistance program? http://www.homefrontbflo.org/financial/?id=21

Also, I’m looking into buying a double in North Buffalo, in the delaware/hertel area. Would this qualify as being in the city of Buffalo for that program? I’m contacting them as well about it, just curious if anyone here has any experience with these programs they can share.

Thanks in advance.

13

I’m just finishing up with the first home club, all of the programs home front offers can be used together as long as you qualify for the individual programs and of course buying a house in north buffalo counts as buffalo lol

One thing to be careful of is some of the programs are only 1-2 units and a few were sile family only, since I’m buying a 4 unit this definitely impacted what I was able to get

14

Just started researching some banks and programs to get pre-approved. Anyone have any leads right now for good rates or programs? I checked SONYMA and their 30 year rates are over 4%. First Niagara has been the best I have seen so far at 3.75%. My wife and I don’t meet the income requirements for the first time homebuyer’s club. Also, is Citizen’s Bank still offering that 3.5% gift?

15

We just started checking into all of that also^^ Any updates??

16

Doing the First Home Club through First Niagara, working on closing at the end of May 2012 locked in at a 3.75% rate. Went with Joe Trifilo with Hunt and haven’t had any complaints with either really. Joe was showing the first house we looked at, he was nice, not nosey or pushy so we went with him. He’s done most of the leg work, set us up with our attorney, and convinced the sellers that they would be paying the bill to redo the electrical service.

The FHC with First Niagara is done with Lisa Akers AKAIK. She’s a bit unprofessional, bailed on an appointment we had with her because she “took her prescription and fell asleep”. She does know what she’s talking about though.

Some advice with the FHC:

  1. Keep every fucking piece of paper they give you. If they hand you gum wrappers, file them away. Luckily my fiancee is very organized and she filed everything. They are going to be asking for old pay stubs, paper work you signed when you first started the FHC, if you were unemployed or pay child support they want proof. So start collecting your pay stubs if you aren’t already and create a file for all the paperwork they give you.
  2. Get used to making a fuck ton of phone calls. Again my fiancee did a lot of this because she’s got a couple days off during the week and I’m at work all day. Follow ups, home inspections, etc. STAY ON TOP OF THINGS.
  3. You’ll need to deposit money in every month for a minimum of 10 months. DO NOT miss any months! If you do a lump sum payment (2 months at once) it still only counts as 1 month. Don’t fuck it up
  4. Be prepared to sign the shit out of everything.
  5. First Niagara’s (at the moment of this post) online banking sucks. It looks terrible, it functions terrible. You’re better off visiting the bank in person.

[To be continued…]

17

Are there any advantages to being in this “first home buyers club” that they offer?

18

You mean aside from the free $7500?

19

Well, I doubt it was “free”. Nothing is free when you do business with someone. I’m sure it was accounted for somewhere.

20

What I meant is what makes it a club? Why is it different from another bank/loan?