Are you looking to buy a home in Rhode Island? Are you a first time home buyer without any savings?
It used to be that you could go to RIHMFC (Rhode Island Home Mortgage and Finance Company) and if you had decent credit, be able to borrow 100% of your mortgage and get help with closing costs. In the past couple of weeks, RIHMFC's criteria has changed. This is due to all the mortgage mess we have been hearing about in the news and all the foreclosures going down.
There are two schools of thought on buying a home with a 100% mortgage. One is that people should be "saving" for their own down payment and their own closing costs. The other is that many, many people will not be able to own their own home without this help.
I am one of those people who has an obsession for putting people into homes of their own. This is the reason I went into Real Estate! Nothing makes me happier than searching for a home, uniting someone with a good Mortgage broker and a great loan and then seeing them in their own home. In my opinion there is a psycological feeling of pride when someone actually buys a house. It changes their whole perspective on things. It is called "nesting". Both men and women have the nesting instinct.
The point of this post is simply to remind people that even though there are many changes going on in the mortgage industry, there are still many programs out there to get you into your first home. Don't give up! Call a Realtor, preferably me:) and I will advise you on what you need to do.
Most importantly in these turbulent Real Estate days, you need to have good credit, so make sure you pay your payments on time and try to clean up any charge cards or loans you may have.
If you are looking for a home in Warwick, Cranston, or East Greenwich, and need some help, I am here for you. Happy Hunting!