What are the odds of me qualifying to buy a house at this time?
I was told by 1 realtor who told me I was pre qualified for 70k however another agent told me differently and kinda burst my dream of purchasing a home .
Here are my issues:
fico 645
old bankruptcy that will be removed this year
financing a car that I still have about 2 years to pay off
I had a debt consolidation that has already been paid off
I have been at my job for 1 year
Last year I didnt file taxes because I had a workers comp injury and didnt work
I am looking to move to the Inland Empire I absolutely LOVE it out there preferably #1 Hesperia, Apple Valley, Victorville, or even Adelanto cities are in order of interest . These houses are relatively cheap so I can easily manage with my 2,340.00 a month income vs. my 500 a mth expenses.
Yes, it is far from where I work in the LA County But I eventually do want to work out there but for now I dont mind the drive, train whatever I have to do. This last agent said I would need 25k down for the banks to approve me? Help
MY INCOME IS 5,000 A MONTH HOW MUCH HOUSE CAN I PURCHASE?
Are you in the same industry now as you were before your workers comp? Since you've been back on the job 12 mos I think you have a great chance at an FHA loan with 3.5% down. I'm a local Southern Cal lender and I would be happy to speak to you.
rob@affinity-financial.com
858-922-7899
http://www.socalfhahomeloans.com
To find out if you can qualify,you really need to talk to a reputable local lender rather than an agent.
You should really be putting in an application with a lender (like Luke below). It doesn't cost you anything. A Realtor can't pre-qualify you for a loan (unless they're also a lender/loan officer/mortgage broker).
There are far too many details to go through online, just put in an application and you'll get some straight answers much more quickly.
Hi Claudia,
In order to determine whether or not you are pre-qualified for a loan, you really need to talk to a lender or a mortgage broker, not your real estate agent. Whether or not the agent THINKS you will qualify is irrelavent - it is ultimately up to the lender. My advice is to speak to a lender, who can run your credit and pre-approve you for a loan, and they would then be able to tell you what kind of a loan you would qualify for & the maximum amount you could borrow. Then you would have a better idea of the exact price range you are in when looking at homes, so you don't waste your own time looking at places which you may not qualify to purchase. Your agent should be advising you to speak to a lender, not make an arbitrary decision as to whether you would qualify or not. Just that fact that you got 2 completely different answers should tell you something right there. Please feel free to contact me if you need anything or if I can help you out in any way.
Hope this helps! Good luck in your search!
John Barry
Coldwell Banker Residential Brokerage
15490 Ventura Blvd.
Sherman Oaks, CA 91403
Cell: 323-810-7976
Email: john.barry@coldwellbanker.com
Did you try for an FHA loan? Typically as long as you show 2 years of employment history (even if there is a gap due to WC) you should be okay with regards to employment. The main issues I can find would you not filing your taxes last year. Heck, even if you had no income, you are entitled to the Earned Income Credit so you might as well file and get your refund. Your credit is not overall bad and your income can afford your desired loan amount. I think you are just getting bad counsel. Did you actually speak to a lender who took your application?
If you need a prequal, you are more than welcome to contact me.
Luke Allison
Bank of America Home Loans
828-777-8828
luke.allison@bankofamerica.com
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