Foreclosure in Perris>Question Details

Yvonne Alonso, Other/Just Looking in 80501

What kind of credit do you did to have to buy a home?Is there any programs available for first time buyers,?

Asked by Yvonne Alonso, 80501 Sat Jul 14, 2007

I really Love this home and I want to see more info on how to buy it.

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15
Many towns have assistance programs if you qualify. Speak to a local realtor fo find a first time home buyers program. Our community has other down payment assistance programs as well and you don't need to be a first time buyer to qualify, but you do need to have the income to qualify for the home and a good fico score. Ask your lender " what's my fico score" ? Sweet deal if you happen to be shopping for a new Paradise California home, Email Suzi at info@magaliahome.com
Web Reference: http://magaliahome.com
0 votes Thank Flag Link Fri May 23, 2008
In this new credit environment, you`ll need at leasta 740 FICO & 20- 25% down.
0 votes Thank Flag Link Wed Mar 19, 2008
Hi Yvonne,
That is such a broad question to be totally honest with you. As you can see everyone on this forum answered your question in many ways. The best way for you to find out what kind of credit you have to have is to have your local loan agent pull your credit, and to have your local loan agent review your income. You can forget about stated income and stated asset loans from the past, or loans where you didn't have to prove that you had the capability to repay your mortgage. Nowadays, even with loans that have lax underwriting credit score requirements, you still have to prove the capacity to repay the mortgage, and you have to be able to show that you have saved up some money. You also have to show continuous employment. Depending on credit scores won't do you any good. Lenders nowadays look at the whole picture.

There are ways to buy a home and get into a home through creative financing; however, your local loan agent and your local realtor need to work on first figuring out what you qualify for, then developing a list of homes where sellers may carry, homes where you can use down payment assistance money for, etc.

Hope this helps. :)
0 votes Thank Flag Link Wed Mar 19, 2008
http://www.calfha.com/

That is where you should go and check it out then check out at local HUD office to see if there is any available programs. You can check out on the website to see who is the certified lender who are authorized by the city. I am not specialized in your area but I am certified in the Bay area. If you have more question, call the city or HUD in your area to ask for more information. Good luck.
0 votes Thank Flag Link Wed Mar 19, 2008
Yes, many programs for first time buyers are available. The best prices on loans would be if your FICO score is at least 680, but programs also exist for FICO as low as 620
0 votes Thank Flag Link Tue Oct 9, 2007
You don't have to have credit to buy a home. You have to have credit to get a loan from a bank. Try owner financing and rent to owns if you have little or no credit. There are some really good deals out there too.
0 votes Thank Flag Link Mon Sep 24, 2007
On the credit side of things, contact a good lender like I said in my prior post. The great news about some first time buyer programs is that your FICO score is not a primary concern. You do not have to have a credit score AT ALL in order to qualify for the best programs. If you have had credit problems in the past, some of those may be OK as well. Some types of issues may need to be addressed first but, a qualified lender will tell you what you will need to do BEFORE you start house hunting.

Dont rush out and get a loan from the first person who finds a "creative" way for you to get a loan. I have seen far too many who were taken advantage of and are now facing foreclosure or....worse.
Web Reference: http://www.joeyloans.com
0 votes Thank Flag Link Mon Sep 24, 2007
Contact a mortgage professional about available programs for first time buyers. Any agent that also originates loans does not have your best interests at heart. There are many programs out there for first time buyers and I would recommend contacting a mortgage professional rather than a real estate agent. Riverside County Credit has a mortgage division called Altura. I would recommend contacting them.
Perris is another story. The highest foreclosure rate in the State is in Perris. Not good when it comes to longer term vision. Add to that the fact that builders in the area have hundreds of unsold homes and are still building more. If you have made a decision about Perris....WAIT a little while. Home builders with excess inventory will be offering some fantastic bargains in the very near future. Deciding on which builder and which area is a little more difficult. That is where a real estate professional with knowledge of new homes will be worth talking to. Whatever your decision, take your time and make certain that all involved have YOUR best interests at heart! Good luck in your home search! This can be a great time to invest....if you do your homework.
0 votes Thank Flag Link Mon Sep 24, 2007
On top of there being first time buyer programs around you can also do a lease option to buy. It like renting a home but you can after a certain amount of time you can buy what is left on the home. Sellers are doing this more and more due the over whelming amount of homes on the market. If you are for sure going to buy a home now, go to the bank you bank at and talk to them about your options. They may have the best deal for you because you bank there. Or you can contact a local real estate agent and use there lender. Just be sure that agent is a good one.

Perris is a nice area. I drive pass it on my way home and to work. There are also several new home builders in the area that I’ve partners with that have wonderful loan options. Your credit score should be 620 or higher. At 720 you are golden. But there are other programs out there for lower scores. Just be careful that the interest rate is not sky high and wont triple in the next 2 years. This got a lot of buyer in trouble in the past few years. Like any real estate deal contact a good agent and have them help you get yourself in the home of your dreams.
Web Reference: http://www.4saletours.com
0 votes Thank Flag Link Mon Jul 16, 2007
Hi Yvonne,
There are some wonderful programs for first time home buyers! There are programs that will help you with down payment assistance, there are programs that will help you get a lower interest rate on your loan, and there are programs that will allow you to get a bigger tax break. There are programs available from the State of California, some from different counties (including Riverside County) and some for specific cities. Some require you to have very good credit, and some don't look at your credit at all. Ask your REALTOR(R) to refer you to a lender who specializes in first time home buyers. If your REALTOR(R) doesn't have a loan officer to refer you to, have them call me for the name of a loan officer that works these programs. Thanks and good luck!
0 votes Thank Flag Link Sat Jul 14, 2007
Yvonne,

The important thing is to work with a lender and a Realtor you can trust. There are many first time home buyer programs and, depending exactly where the home is located, there may even be financial help for you. In today's market you do need good credit and a high FICO score, above 700, is what financial institutions are looking for. You can also count on lower payments if you can put some money down on the house, but it isn't always necessary. Also Since I am a Realtor, in Riverside, and not a lender I dont' want to give lender advice. But I do have some great lenders and Mortgage Brokers I could refer to you. Let me know if I can be of help!
Web Reference: http://www.verashomes.com
0 votes Thank Flag Link Sat Jul 14, 2007
There are many first-time buyer programs, such as MCC, which not only helps you qualify for special programs but gives an additional credit on your taxes at the end of the year. In California, there are special loans for teachers, as well. Going to your own bank or credit union that knows you and your credit history first can get you a lot of good initial info, even if you don't go with their programs. Be sure to check any "too-good-to-be-true" deals with known professionals and the BBB.
0 votes Thank Flag Link Sat Jul 14, 2007
A high credit score will get you a better mortgage rate, but your lender will also take into account any car payments, student loans, credit card debt, etc. The important thing is to meet with a few lenders and choose a company you are comfortable with that offer a fair, competitive rate.

Programs are available for first-time homebuyers depending on where you live. In the City of Chicago, many programs exist to turn renters into buyers. There are incentives for first-time buyers, teachers / police officers / firefighters, as well as those looking to purchase a historic bungalow. It is important to work with someone who is familiar with these programs and can use them to your advantage.
0 votes Thank Flag Link Sat Jul 14, 2007
There is a wide range of available loan programs for people with various credit scores. If you are thinking of beginning your home search, it may be worthwhile to pull your credit and see where you are. If there are any errors, you can start working on the corrections.

The lower your score, the fewer options you will have. It won't mean that you cannot buy a home, but you might have to buy a lesser priced home if the interest rate purshes up the monthly payment. A lower score does not mean you cannot buy, but you are higher risk and therefore will receive a higher interest rate. After a year or two of good payment history, you can refinance for a lower rate. If you have very good credit, you will get more favorable rates, and have more options.

There are programs available to help first time homebuyers, and these vary by geography. Search the internet for those terms to find a Realtor who is more famiiar with the programs available in your area. There are also grant programs that might be available in your area. Nehemiah is one example, and they are national. Contact Nehemiah to find out if there are any homes in your area. There are other programs similar to Nehemiah, but do check out their credentials.

Your best bet is to find a lender and realtor who specialize in that market. Check your local library for any seminars. In some areas, libraries allow the use us of meeting rooms for seminars for that purpose.

Good luck.
0 votes Thank Flag Link Sat Jul 14, 2007
Deborah Madey, Real Estate Pro in Brick, NJ
MVP'08
Contact
Do you mean like a credit score? And under programs did you mean like mortgage programs? It is kind of difficult to understand what do you mean exactly. I'll try to answer how I understood your question.

The credit score should be high, more then 720 now, because many lenders are scrutinizing your credit history. The lender's programs are depends on many factors but the better your credit score and income,the better program you could get. Even if you have one of the factors, high credit score or income, you could count on very good program. However, you should always to look for knowledgeable mortgage broker.
0 votes Thank Flag Link Sat Jul 14, 2007
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