Financing in Los Angeles>Question Details

Monica Mcdow…, Renter in Los Angeles, CA

Can I afford to buy?

Asked by Monica Mcdowell, Los Angeles, CA Thu Jan 31, 2013

I have a 600 credit rating earining 60K/yr gross with student loans payments each month. Is it possible for me to buy a Single Family home in the 100-200K range?

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8
Fred Glick’s answer
Hi Monica,

You're getting close!

The credit score must be at least 620 until April 1st when the score jumps to 640.


Also, it will depend on the monthly payments for the student loans and any other debts along with the taxes on the home.

Best to talk to a mortgage person (yes, I can help)!

Good luck,

Fred

Fred Glick

Broker/Owner, Multi-state Licensed Real Estate Brokerage U S Spaces, Inc.
Managing Member, NMLS Certified Mortgage Brokerage U S Loans Mortgage LLC

215.238.9400 East Coast
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http://fredglick.com

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1 vote Thank Flag Link Thu Jan 31, 2013
Based on what you described yes but you really need to talk to a lender and get pre approved first and then start looking in the north east or south east areas of Los Angeles to meet your price range.

Good luck
0 votes Thank Flag Link Sat Feb 9, 2013
Hello Monica, yes and you may qualify for FHA financing from 3.5% down with a minimum 580 fico score to qualify. Do you have down payment and closing costs? If not, you may consider half percent down payment programs from a minimum 580 fico score and which can contribute towards your closing costs as well. You can buy with minimum out of pocket expenses. I will need to know what your debts are as well to give you the exact numbers of your qualifications.

I specialize in Under 640 Fico Score Loans and offer credit repair at no cost to raise fico scores to qualify for programs, rates and terms as necessary. I can raise fico scores within 3-4 days in most cases. It only takes a few dozen questions to qualify you in minutes for the program to best fit your financial needs. Here is a needs list of the documents you need to gather for processing a loan approval. http://tinyurl.com/aepwnh4

Once I speak with you a few minutes and then you gather these documents, I can issue you a pre-approval letter or DU Approval and you can begin shopping for a home of your choice today or this weekend. I can email you listings to consider as well and I am a little out of area but have agents to refer to you once we have you pre-approved. Here are some links to study and consider.

http://www.under640ficoscoreloans.com/Pages/Conventional.aspx

http://www.under640ficoscoreloans.com/Pages/FHA.aspx

http://www.under640ficoscoreloans.com/Pages/CHDAPLoans.aspx

http://www.under640ficoscoreloans.com/Pages/HalfPercentDown.aspx

http://www.under640ficoscoreloans.com/Pages/ContactSheryl.aspx
Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
REO & Short Sale Specialist
Credit Repair At No Cost
20+ Years Experience
DRE# 01140252
NMLS# 297251
760-486-4225
9am till 9pm 7 days
http://youtu.be/MrygA2_8fAY
0 votes Thank Flag Link Fri Feb 1, 2013
Hi Monica,
I would recommend you go to your bank and speak to a loan officer who would be best able to help you. From what I know, as a Realtor, your credit rating is too low and needs to be improved first.
0 votes Thank Flag Link Fri Feb 1, 2013
I believe the minimum banks are looking for is 640. I guess if you can build your score up a bit you would qualify.
0 votes Thank Flag Link Thu Jan 31, 2013
As mentioned, the best person to speak with in detail about your financial situation is a mortgage representative. Even if you're not able to purchase now, they usually can give you some helpful tips on what you can do to prepare to purchase something in the future (i.e. savings tips, available local/state programs available etc).

Typically the bank you normally use is a good start, but only if it's a direct lender (i.e. Bank of America, Chase, Wells Fargo etc). It's good to establish a relationship with a loan officer (the bank's representative who would work with you during the mortgage application process) so make sure it's someone you feel comfortable with. They will look at your income and total debt obligation (along with how much you have saved for a down payment) before they'll be able to give you an answer as to how much you can afford.

Typical items they will need to review are 2 years tax returns and the past few months' paystubs to start. They usually will run your credit also to determine what loan program best suits your needs.

If you would like suggestions of some loan officers in your area, it is helpful to speak with a local real estate. They will have better insight as to what banks (and loan officers) they've had positive experiences with recently and point you in the right direction! It is still a great time to buy

Christine Markow
ERA Statewide Realty
Hillsborough, NJ
0 votes Thank Flag Link Thu Jan 31, 2013
I would get the opinion of a professional loan broker. Call Bridgette 818-335-0283 (bridgette4re@yahoo.com) for a free consultation. Any questions, let me know.
Caroline Harabedian
818-967-9626
(Caroline.wcli@gmail.com)
0 votes Thank Flag Link Thu Jan 31, 2013
I think so, it depends on where you want to live, but the best thing to do is go speak to a banker. Have him qualify you to see how much money you can borrow. have you saved any money for a down payment?
0 votes Thank Flag Link Thu Jan 31, 2013
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