Financing in Canyon Country>Question Details

Susan, Home Buyer in Canyon Country, CA

Financing for a first time buyer, with FICOS in the 700 range & 3 to 5% down

Asked by Susan, Canyon Country, CA Fri Mar 15, 2013

Looking to buy my own piece of the American Dream. Looking for a PUD or townhouse, 2 2 or 3 2, etc., w/ a small pation or garden area big enough for a table, BBQ & my 2 small dogs. Using my current rent as a benchmark for what my mortgage should be, now this is number only includes mortage amount. I've been to the rodeo & I get the whole tack on insurance & points & blah, blah, blah, but I'm viewing that as extra bills so to speak to simplify. Using that benchmark I can afford I believe $200K to $300K mortgage. My savings would basically be going towards my down payment, etc. Being self employed my taxes aren't necessarily reading in the same manner that my bank statements and deposits read, with the latter being far more complimentary, so I'm wondering if anyone knows of a good lender that can help make this happen with the least amount of drama and chaos. I'd like to keep my sanity if at all possible so I can enjoy my new place.

Help the community by answering this question:

Answers

11
Susan’s answer
Laura, thank you so much. I will definitely contact Mr. Meena. I appreciate you sharing that with me. It's difficult to be self employed insofar as if you're not ready to deduct every last thing you get screwed by the government and if you do deduct everything wanting to buy something you know you can afford all day and all night because you've been paying the amount you're using as a benchmark for it, what, coming on 10 years over 3 different rentals apparently becomes an issue. Truly, how do you win in that situation? Congrats on your new place it sounds like you've found something and are good to go.
0 votes Thank Flag Link Sat Mar 16, 2013
Hi Susan,
I'm a Realtor in Santa Clarita and currently buying my own home. I am self employed as well and know the challenges.
One of the best lenders in town is Mike Meena with Augusta Financial. He is very good and his pre approval letters hold a lot of weight in this area. His number is 661 260-2970 http://www.MikeMeena.com
If you are looking for Realtor I would love to interview for the job. Feel free to check out my Trulia Profile and my website http://www.LauraCoffey.com
Web Reference: http://www.LauraCoffey.com
0 votes Thank Flag Link Sat Mar 16, 2013
You didn't really ask a question here...unclear what you're looking for from us.
0 votes Thank Flag Link Fri Mar 15, 2013
" I keep every penny in my pocket that I can when I have my taxes done no different than anyone else who is self employed and avail myself of every conceivable deduction."
-----
And that's fine, but just understand that if you don't pay taxes on it, it's not income you can use to qualify for a mortgage. You should have someone look at your returns and see what you do qualify for. What you pay in rent is not going to be a good gauge. I see answers with advertisements for no mortgage insurance and the like, but I don't see where you asked for that. Your biggest issue will be your self employment income and how much you can use of it. After that, you can see if you fit into a program that the debt ratio allows.
0 votes Thank Flag Link Fri Mar 15, 2013
Correction;

"Debt Ratios – The housing expense ratio must
0 votes Thank Flag Link Fri Mar 15, 2013
Susan,

You might be able to qualify for a purchase loan with only a 5% down payment and NO MORTGAE INSURANCE if you meet the following;

Your income is
0 votes Thank Flag Link Fri Mar 15, 2013
I'm self employed so my bank statements are indicative of my income and as I said the 200-300K comes from what I'm presuming is a comparable number to my rent amount. I keep every penny in my pocket that I can when I have my taxes done no different than anyone else who is self employed and avail myself of every conceivable deduction.
0 votes Thank Flag Link Fri Mar 15, 2013
Hello Susan,

I can go as low as 3% down payment too with other investors, but PMI would be included. It's hard to say what the best route of qualifying for a loan would be without seeing what your tax returns look like to determine the income.

If you would like to chat, please feel free to give me a call or email.

Thank you!

Michael Abram
RPM | Los Angeles
Direct: (310) 574-7766
Cell: (310) 995-0975
mabram@rpm-mtg.com
http://www.rpm-mtg.com/mabram
0 votes Thank Flag Link Fri Mar 15, 2013
Susan,

It sounds as if your reported income doesn't support the 200K to 300K you believe you qualify for. No one is going to be able to give you an answer without reviewing your taxes to see what income can or cannot be used. I'll spare you the rah, rah, I can do it for you and just be blunt. If your taxes are not showing income, then you won't get approved. You can always amend your 2011 taxes and file your 2012 taxes with a more accurate representation of your gross income, but short of that, with 3-5% down, it's not going to happen.
Web Reference: http://WeFixRates.Com
0 votes Thank Flag Link Fri Mar 15, 2013
Well, I said 3 to 5%, so that's significant and also the whole taxes versus bank statements thing I would presume would be equally significant. If this person is interested in chatting with me that would be great but I want to be clear about the details so we're all on the same page.
0 votes Thank Flag Link Fri Mar 15, 2013
Hello Susan,

Look no further! I have a lender that will go 5% down with no PMI on the loan. Feel free to give me a call or email to discuss.

Have a great day!


Michael Abram
RPM | Los Angeles
Direct: (310) 574-7766
Cell: (310) 995-0975
mabram@rpm-mtg.com
http://www.rpm-mtg.com/mabram
0 votes Thank Flag Link Fri Mar 15, 2013
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer