Financing in San Francisco>Question Details

Skylinelau, Other/Just Looking in San Francisco, CA

I make $50K, have no downpayment saved, good credit score, and $640 in monthly payments for school loans and car payment. What would an estimated?

Asked by Skylinelau, San Francisco, CA Mon Feb 27, 2012

mortgage loan amount be for me?

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FHA allows you to use 3% down payment loan through CALHFA (Google it). It's called CHDAP and requires you put .5% down. Example: $230,000 home at 3.75% rates(rate for 3/16/2012) your debt to income would be under 55%(max allowed 57%), payment $1,045+$75 insurance, Plus $239 est. taxes, $231 Mtg insurance for a total payment of $1,592 per month with a down payment of $1,150 which can come from family gift. This would require the seller pay 3% of your closing cost. If they seller won't pay closing cost and the lender could cover that cost by raising you rate to 4.75% to cover the closing cost as long as you have 680 FICO. Raising the rate 1% will cost you about $130 per month in higher payments but would get you the deal and keep your debt ratio under 57%. Hopefully that answers your question. I'm sure you know there is a lot more to qualifying, i.e. job stability, credit and many other possible issues. FHA is raising the mortgage ins premium next month so I used that in my figures. I would try and find a C2 mortgage broker in your area. They have many loan options, competitive (very low) rates/fees and about 100 wholesale lenders to choose from. They are also the 2nd largest broker in the country and growing because of the low wholesale rates and tons of loan programs and options.
0 votes Thank Flag Link Sun Mar 18, 2012
Unless you are in the military or a veteran you would need at least a 3% down payment. A $1,443/mo payment would take you to a 50% debt-to-income ratio. You may be OK there. But think about it and make sure you are OK with having that much debt. You do not want to over-extend yourself.
0 votes Thank Flag Link Sun Mar 18, 2012
Time to start saving a little, you need 3% down for an FHA and even less for a USDA qualified home
0 votes Thank Flag Link Wed Feb 29, 2012
This is perhaps a conversation we would have to have over the phone... Please call me when you have a second..

Brian 415 846 5017
0 votes Thank Flag Link Mon Feb 27, 2012
How much is your gross monthly income ??

Manzar D. Azari, MBA, Broker, Realtor
CA DRE RE Broker License # 01461947
The Azari Group Real Estate, Inc.
0 votes Thank Flag Link Mon Feb 27, 2012
Flag Mon Feb 27, 2012
If you are a 1st time homebuyer and works in San Francisco, you may want to look into the Below Market Rate (BMR) units from the Mayor's Office of Housing.

I have one in contract right now, and the buyer's is getting a 20% downpayment assistance.

Please visit the S.F. MOH link below for more information.

Contact me if you have questions.

Alicia Tam
Broker Associate
Barbagelata Real Estate
(415) 789-6348
0 votes Thank Flag Link Mon Feb 27, 2012
I know that BMR units will only allow one bedroom per each person on the application, which is something I am not fond of because within two years my brother will be graduating and living with me. Are there any ways around that?
Flag Mon Feb 27, 2012
You would need at least 3.5% down to get a FHA loan (unless you are a military veteran and can go zero down VA). With 3.5% down FHA technically you may be able to get approved for a house up to $250k if you wanted to push the debt-to-income ratios to their very max. But I would recommend going for a lower purchase price than that where the payment is a much lower percentage of your income.
0 votes Thank Flag Link Mon Feb 27, 2012
You're getting a good advise regarding contacting a mortgage broker. In case you don't have one, please contact me for a reference.
0 votes Thank Flag Link Mon Feb 27, 2012
There is no question you'll need money for a downpayment, but the best advice I can offer you is to get in touch with a mortgage broker. There are plenty of financing options of there, but without going into your entire life history, it's hard to say what your options are.

I've worked with a lot of great mortgage brokers, happy to put you in touch with one of them.

0 votes Thank Flag Link Mon Feb 27, 2012
You need to save some money first so you will have 3.5%-5% down and then you should be able to get started.

Talk with a mortgage professional and let them run the numbers for you, but don't let them run your credit, at least not yet.

Once you have saved enought money for a down payment, then have them run your credit and get pre-approved for a loan.


0 votes Thank Flag Link Mon Feb 27, 2012
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