I need help with home loan information. I don’t have much to put down!?

I am a first time home buyer, I don’t make a huge amount of money, but feel I could afford the payments for at the most a 0,000 property. What loan options are available now that I should question about for small to no $$ down? I know the FHA loan is 3.5% down but does that still give you money to help with closing costs?
Do I need to have the down payment (if it’s needed) in my account BEFORE applying to get pre approved? I’m so confused. And most realtors won’t even show you anything without being preapproved.
Reenz- thank you, that was so helpful. Now, I guess this means that the FHA does NOT help with closing costs anymore?

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This entry was posted on Sunday, September 27th, 2009 at 12:02 pm and is filed under FHA Loan Information. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
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One Response to “I need help with home loan information. I don’t have much to put down!?”

reenzz says:

September 27, 2009 at 12:03 pm

1. To be approved for a 100K mortgage, your salary must be at least 35K a year.

2. No lender will give you a loan with no money down. Your best bet is the FHA loan.

3. Expect to pay 3-5K in closing costs on an FHA loan for 100K.

Yes, most lenders will require you show you have the money for the down payment on hand..in bank account..before you can be pre-approved.

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