Need 150k Home loan for a First time buyer.. any advice?

Hi Terry.Yes. You should have no problem taking advantage of the great savings you are getting buying this home. The first thing to do is get pre-qualified. I would be happy to help you with that. It is best we talk to the family to see how they want to handle it. You should be able to get into this with $0 downpayment and virtually no closing costs to you. Feel free to call on me for the details. I am here in Central Ohio and look forward to our discussion. 614-310-7520Pat McCarthyStonegate Mortgage Corp614-310-7520

Wow... That is an amazing deal if true. You still need to "buy" the house, but as you are buying it from a family member, you can use a unique option called "Gift of Equity." This allows you to buy the house with no out-of-pocket costs whatsoever. Contact a good (NON Bank) local licensed Loan Officer to discuss your options. If they don't understand gift of equity, call a different lender. In MN or WI, we would be happy to help. Visit www.MetzlerMortgage.com

Thanks for the question. We can surely help you with this mortgage loan. Some investors may require you to get 2 appraisals (because it's being sold from a family member) but that's fine. We do these all the time. That bbeing said, this should be a pretty cut and dry purchase for you. I'd love to help! Please feel free to contact me with any mortgage questions you may have!Travis Newtontnewton@englending.com503.931.4490

If the home is truly worth $400,000+, then you will want to work with a qualified mortgage professional who has experience with a 25% gift of equity purchase transaction. This would get you into a conventional loan with no mortgage insurance. In terms of any legal issues that would impact the estate, speak and get consultation with an attorney who specializes in estate planning. You will also want to speak with a CPA to understand the tax implications on the gift of equity, taxes owed by the estate and your tax liability moving forward. Happy Monday!

Hey Terry.. you should be ok.. get with a LOCAL mortgage broker, not a bank, and not one of those 50 states internet lenders... the LOCAL broker is familiar with local customs and works with many lenders, helping you find the right loan product for your particular scenario... WilliamAcres.com

Sounds like a really sweet deal. Based on the information you provided, you should easily qualify. Rates are in the high 3s today. Make sure you work with a local Mortgage Banker/Broker, rather than one of the big banks or big national mortgage factories. Unlike a bank employee, who is most likely just an order taker, a Mortgage Banker/Broker is Trained, Tested and Licensed in all aspects of Mortgage Origination. He/She will have access to loan products of many lenders, not just those of one bank, and can properly guide you. But more importantly, He/She is trained to take a look at the various different options available to you and guide you into the one that makes the best sense for your situation. Don't forget to check out your selected Mortgage Originator at the National Mortgage Licensing System at www.NMLSConsumerAccess.org ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com