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Can my fiance get first time home buyers deals if I’ve already owned a home and would be coborrower?

April 12th, 2010 by admin
home buyers
My fiance and I are now looking to get a new home and she’s never owned a home before. I purchased a home about 10 years ago without any first time home buyers programs. Just wondering if we will be able to take advantage of any of these programs in our situation. Any other ways to get out of paying mortgage insurance without 30% down? We have about 15-20% for a down.

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1 Response to “Can my fiance get first time home buyers deals if I’ve already owned a home and would be coborrower?”

  1. 1Real Estate Guy

    First, PMI only kicks in if your mortgage is more then 80% of the sales price. So 20% down would mean no PMI.

    You will see some posters here saying you need to put 20% down. The MOST IMPORTANT thing to remember is can you afford the monthly payments. The amount down is NOT as important as the monthly payment. I highly recommend that your TOTAL mortgage payment (loan + taxes + insurance + PMI (if you have it)) does not run more the 25-28% of your GROSS MONTHLY INCOME. And this is based on a 30 year fixed rate.

    Your lender will tell you that you can go up to 36% of your gross income. But this is only going to case problems down the road. DO NOT BECOME HOUSE POOR.

    If you only have 15%, you could do a 80/5/15. This is a first mortgage of 80%, a 2nd mortgage of 5% and 15% down. Lenders also do 80/15/5; 80/20 and 80/10/10. These are GOOD programs.

    In regards to the first time program. If really depends on the program. Everyone is different. You need to talk with a lender to see the requirements of the program.

    Comment on Apr 15th, 2010 at 1:32 am  
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