I need some mortgage advice.?

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Details:
-First time homebuyer
-Do not have enough money for a huge down payment
-Was approved over a year ago for $ 180k
-Live in NJ

Questions:
Will that mortgage approval still be valid? What are the different types of mortgages for first time home buyers? What is PMI? Why do some people get 2 loans for their first home? Does anyone know about the grants that some people get when purchasing a home that pays towards closing costs, if so, what are they and how does one qualify for that?

I have contacted a real estate agent that was reccommended to me but have not yet spoken with her. Should she be knowlegeable enough to answer these questions I have as well and more?

Thanks!

2 Comments
  1. Reply
    Peter R
    April 29, 2011 at 10:47 pm

    No – preapporval will not still be good; pmi is insurance for the bank and for mortgages with less than 20% down; 2 mortgages, 1 for 80% the other for the difference avoids pmi; Each state is different with grants/1st time programs; check with your states housing authority.

  2. Reply
    Edward C
    April 29, 2011 at 11:40 pm

    The aproval you received a year ago will not be valid any longer. You should talk to a loan officer and get a current pre-approval before shopping for a home. You need to know what you qualify for in today’s market. Many programs that were available a year ago are no longer available today as a result of the “mortgage meltdown” as some people call it.

    You can go to the following website and get all the information you need or call me (name and number on website) and I will help you with it.

    http://www.amerisave.com/partner/ecrownover

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