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WatchingandW…, Home Buyer in Los Angeles, CA

First time home buyer question. My wife is a school teacher, but with my imcome

Asked by WatchingandWaiting, Los Angeles, CA Wed Jan 30, 2008

combined with hers we are priced out of every first time home buyer program we have seen. Can we use only one of our incomes to qualify for a first time home buyer program?

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12
I'm not sure what first time home buyer programs you are looking at, but have you considered looking at an fha loan?

http://getprequalified.com/article_list_mortgage_fha_financing.php
Web Reference: http://getprequalified.com
1 vote Thank Flag Link Sun May 25, 2008
Hello,

I work for the Los Angeles Teachers Mortgage Assistance Program. We are the exclusive homeownership provider for LAUSD. There are some loan programs that will allow, for instance, one person's income out of a 2 income household to qualify for the program, yet still have two incomes used to qualify for the loan amount...if that makes sense. I suggest you look at our site http://www.latmap.org and attend one of our next orientations at the Beaudry building.

Good luck!
Web Reference: http://www.latmap.com
1 vote Thank Flag Link Wed Mar 26, 2008
We have the calstrs program available still for your wife. If you need assistance allow us the opportunity to provide you with your optoins. 888-892-9805 Austin Soutas
0 votes Thank Flag Link Wed Oct 13, 2010
Teachers can use the CALSTR's (California Teacher Retirement System Loan). For details go to the Calsters website. I just helped a teacher buy with this program. It's 3% down with a 80% 1st and a 17% - 5 year deferred 2nd. Int rate is currently approx 6%. There's no PMI (Private Mortgage Insurance). To a seller it''s the same as putting 20% down. If I can be of assistance in getting you a home, call Stephen Mercier (310-916-3645) benefitrealty@gmail.com.
0 votes Thank Flag Link Mon Jul 6, 2009
You do not necessarily need to go with a first time home buyer program. You do have other options. Please contact me with questions. http://mortgage.bankofamerica.com/vincenthjung
0 votes Thank Flag Link Thu Jun 19, 2008
You do not necessarily need to go with a first time home buyer program. You do have other options. Please contact me with questions. http://mortgage.bankofamerica.com/vincenthjung
0 votes Thank Flag Link Thu Jun 19, 2008
Now is a great time for first time buyers and prices have come down some place almost 50%.. You can search the MLS for free at my website http://reolicensedspecialist.com or email me and I can send you daily or weekly updates in the area you want to buy. All I need is your criteria: Price, area, features, etc.—and you will get daily or week updates directly from the MLS. I specialize in Foreclosures and I am a real estate broker for over 20 years.
0 votes Thank Flag Link Fri Jun 6, 2008
Aside from First Time Buyer Programs, Educator Programs and FHA, there are also Mortgage Assistance Programs and City Programs that I refer to my first time buyers to.

Let me know what areas you're considering and we'll take it from there.

Lezlie Brazil
Keller Williams Realty
4644 Admiralty Way, Marina Del Rey, CA 90292
T 310-991-4263 / F 310-861-0207
E lezliebrazil@kw.com
Web Reference: http://www.lezliebrazil.com
0 votes Thank Flag Link Sun May 25, 2008
It sounds like you may be eligible for some programs you may not be aware of. I work with another agent in my office on programs for educators. Email me and we will get you some guidelines to see if you qualify. Many people don't realize there are programs for moderate income as well and you may just qualify!
Web Reference: http://www.DotChance.com
0 votes Thank Flag Link Wed Jan 30, 2008
You should step away from the first time home buyers programs because, as you have noticed, you are priced right out based on your income. I would concentrate on FHA loans (if you have a high loan to value) or, and depending on your down-payment and qualification, look to conventional financing. First Time Hom Buyer programs are specifically designed to aide an individual who might not have the qualifying income; however they rarely have the most aggrssive rates or choice of loans. You have plenty of options, it is simply a matter of assessing your situation and then assessing all your options.
0 votes Thank Flag Link Wed Jan 30, 2008
Watching,

My experience with these type of programs (first time buyers, teachers, policemen) is that you can nearly always get a better loan with a mortgage broker than with these programs. They are often very restrictive & are not always the best rates. Have you met with a mortgage lender who has evaluated your situation & offered you different products.? If you haven't, that is what you need to do. If you don't have someone you trust, I would be happy to provide a few good referrals.

Good luck,

Karen Miller
562-756-4144
0 votes Thank Flag Link Wed Jan 30, 2008
Which program are you trying to qualify for? Do you have any dependents? What are your incomes? Feel free to contact me at the website below to answer these questions confidentially...I work with teachers and police officers to get them into homes that they would not normally qualify for....
Web Reference: http://www.TerraBruns.com
0 votes Thank Flag Link Wed Jan 30, 2008
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