Loan types/programs are constantly changing. There are special loans with less down, special perks, etc coming on and off the market continually. Good lenders keep up with these changes and are in the best position to advise you. You can get your questions answered and get a quick idea of the loan amount you could be approved at and monthly payment amounts in as little as 10 minutes on the phone. A good lender can also point out things you can do to improve your results. Don't be afraid to make that call, or even several calls.
Once you make the call and are satisfied that it's time for you to take the next step and become a serious buyer, you'll meet with the lender and bring pay stubs, tax statements, etc. and complete the step of pre-approval. The lender will issue you a pre-approval letter within a day or two, and then you'll be ready to start your search and make offers.
Notice I used the phrase "good lender". Realtors are continually working with lenders on sales transactions and are in a unique position to see who performs and services their clients and who doesn't. Most experienced agents have trusted lenders whom they've worked with and whom are knowledgeable and trustworthy. I can refer you to some good lenders, or you can ask a local agent you may already know.
You may qualify FHA from fico scores between 500-579 with 10% down or minimum 580 fico score may qualify FHA 3.5% down or as low as .5% half percent down payment program. You may consider 3% down conventional from a minimum 620 fico score or even 5% down conventional with NO Mortgage insurance (Lender paid MI).
The purchase in Corona start from 129k for 1bd 1ba condo, 169k for 2bd 2ba condo and the single family homes start from 255k for 3bd 1.5ba home which is as low as $1,275 down payment with a minimum 580 fico score @255k.
If you figure out what cities/zip codes you are considering, minimum number of bedrooms and the maximum payment/price you are looking to achieve and you can be emailed listings to fit your search criteria.
It only takes a few dozen questions to qualify, go over your options and email you listings to study and compare. Here are some links to study as well as web reference links to many loan program pages offered...
Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
Veteran & VA/CalVet Loan Specialist
REO & Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
22+ Years Experience
9am till 5pm by phone Monday thru Saturday, Sundays by appt., EMAIL ANYTIME 24/7
Under640FicoScoreLoans@gmail.com or HomeLoans4U@live.com
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Yes with a credit score of 750 you would likely be able to qualify for a loan. The amount of loan, however, is going to be based not only on your income, but the amount of monthly debts you have - car loans, student loans, credit cards, etc.
In general, the monthly house payment (principal, interest, property taxes, insurance, PMI) plus your current monthly debts should total no more than about 43% of your gross monthly income. So using income of $55k/year, or $4583/month, that would equate to $1970 per month. Subtract your current debts from that figure and this will give you an approximate house payment you could potentially qualify for.
These figures aren't set in stone, and it could be higher or lower depending on a number of other factors. But this could give you a general idea.
For something more firm, contact a lender to discuss things in detail. I would be glad to review your options with you. Feel free to email me or give a call.
Loan Officer -NMLS #977416
WCS Lending, LLC
Toll Free: 866.936.5363 ext. 278
In looking at my chart, you would qualify for about 265K but speak with a lender for the exact dollar amount.
Please call if I can help any further, we love buyers!
I can certainly help you out there. You can call me at 408-352-5147 or email me at AGreer@themortgageoutlet.com. You can check us out at http://www.TheMortgageOutlet.com. I will look at your situation and present you with some options.
You should be able to qualify for different types of loans depending on your down payment and debt to income ratio. I would be glad to send you a spreadsheet that my clients have used to get a quick analysis of purchasing ability without going through the loan office process.
Would you call me or send your contact details so I can send you the file without a fee.
Bill Villa - Broker and President
Villa Realty, Inc.
Search for homes instantly at http://www.VILLAREALTYINC.com
Feel free to call me anytime.
Next Level Realty