Home Buying in 90712>Question Details

Fventures, Home Buyer in 90712

Before I start working with an agent/ loan officer

Asked by Fventures, 90712 Thu Mar 22, 2012

I want to know if I would be able to obtain a home loan if so a ball park on what my loan amount would be?
Here are some of the specifics
Credit Score 604
Monthly payments$1385
Yearly income 67K

Would living in the Lakewood or Santa Fe Springs are be a realistic Goal?

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Answers

15
There are more and more lenders going with lower credit score for FHA so you should be OK with the 604 score.
0 votes Thank Flag Link Thu Jun 20, 2013
With a credit score under 620 you will not get the best rates and terms on a loan.

I would suggest you get your score up to 620-640 before you start the process.


The gal should be to get a loan you can live with. Some lenders may offer you a loan with a score of 604, but your interest rate/payments will be on the high side.

You did not mention any funds for a down payment or closing cost. Would you be able to put money down, and can you pay the closing cost.


Best of luck to you!!!.
0 votes Thank Flag Link Thu Jun 20, 2013
Hi Fventures

Tough criteria, can be done, but a few more questions do need to get answered.

Get in touch with the many fine Lenders getting in touch or responding to you.

Good luck.

Perry
0 votes Thank Flag Link Sat Jun 15, 2013
Sheryl seems to be the most informed on this topic. After you get the loan contact me to help you look. It is very hard to navigate for a home within Lakewood or SF Springs with lender qualifications. You will be going up against investors with cash (sellers prefer cash). I specialize in negotiating and bringing an offer to the table that will stand out. I also know many HUD and FHA programs that can help us avoid the pitfalls of a regular market purchase

Will Ward
Where there's a Will, there's a Way
Prudential California Realty
310-651-4472
DRE : 01929627
0 votes Thank Flag Link Sat Jun 15, 2013
I apologize for the confusion I was stating that my CURRENT monthly payments are of $1385
however I would be able to afford a monthly payment of up to $1800-$1900 my wife would be contrubuting to rent however she would not go on the home loan.
0 votes Thank Flag Link Tue Mar 27, 2012
Condo - $150,000 ish
Single Family Home - close to $200,000

Yes, realistic depending on bedrooms, baths, downpayment, size, and location desired. Hope this helps.
0 votes Thank Flag Link Sun Mar 25, 2012
The reason that lenders are not answering this question is that most of them can not do this loan. I can fund this kind of thing all day long.

Assuming you want a 3 bedroom or more home, and assuming that the $1385 is the total payment with taxes and insurance.

Based on the numbers you are giving, it looks like you need to go a hundred dollars or so more on the payment to get a h ome in the areas you want, as it looks like $200,000 is about the least you need, I can not fund fixers on this. You need min $7000 down and that will only work if the seller is willing to pay your closing costs. Many sellers will pay closing costs though.

Of course this is just general information, there are a lot of variables, but hopefully this answers your question.
0 votes Thank Flag Link Fri Mar 23, 2012
The reason I put the monthly payments was because I thought most lenders would have to know the debt vs how much I make. However I would be able to pay up to $1900 on a monthly payment. I would have about 10k for deposit.
Flag Tue Mar 27, 2012
I've been told by Lenders that a 640 or 680 FICO score works for FHA. You might need to get it higher for a better loan program or interest rate as well. Monthly payments of $1385. would that include the taxes and insurance ? I have a great Lender Leslie who can help improve your score when you are ready. Hope that helps!
Kathy
0 votes Thank Flag Link Thu Mar 22, 2012
Those numbers are a start, but there is other information a lender would consider. Your best bet as several others have pointed out is to talk to a reputable lender who can review all of your information and then help you determine the price range you'd be qualified for. And then you can check with a Realtor to see whether buying a home in Lakewood or Santa Fe Springs would be realistic. The Realtor can also review your priorities in a home and the process for buying. If you'd like a referral to a lender or if you'd like to schedule a consultation to discuss your plans, please feel free to contact me.

Shannon Jones
Keller Williams Realty
562-896-2456
Web Reference: http://www.ShowMeHome.com
0 votes Thank Flag Link Thu Mar 22, 2012
It's best to speak with a lender directly. You can go to your bank for a lender, I would be more than happy to direct you to a local lender I use.

Lou McNamee
Coldwell Banker
Loubandb@gmail.com
562-879-9677
Web Reference: http://loubandb.com
0 votes Thank Flag Link Thu Mar 22, 2012
Visit http://HomeOwnershipUniversity.com

Start there and good luck
Web Reference: http://keepingitre.com
0 votes Thank Flag Link Thu Mar 22, 2012
I would interview three Realtors in your area and see who you would like to work with. When you choose a Realtor that is full time with experience I would ask them to refer you to three Lenders they like to work with.
Getting qualified through a local lender with a good reputation for closing on time is key to getting an offer accepted on a house.
Realtors are not allowed to receive "kick backs" from lenders so when the refer you to one its usually because they know you will be in good hands.
Good Luck.
0 votes Thank Flag Link Thu Mar 22, 2012
There are to many other factors which come into play here which may derail any of the answers anyone would submit here for you. Your method here of discovery is like an attempt to go on a dream vacation trip to Italy but not having made any reservations or performed any homework on the country or areas you wish to visit.

In order to protect yourself from a bad experience, you must first have yourself pre-approved with a lender in order to discover your "real" buying power based on your credit worthiness. Second, select a very good agent who is a professional and one who is looking out for you and not just their commission check.

This method is your best-test, as my kids would say, and safest manner to go by with in order to buy a home and avoid an emotional roller coaster.

I am always here to help and I am a full time REALTOR! I do hope this was of some help for you.

Take care
0 votes Thank Flag Link Thu Mar 22, 2012
Hi Fventures,

What are you including in your total monthly payments of $1,385?

How much do you have for a down payment?

Thanks,

Elva A. Wormley
Mortgage Consultant
Office (408) 615-8500
C2 Financial Corporation
2845 Moorpark Avenue, Suite 209
San Jose, CA 95128
NMLS #331981
0 votes Thank Flag Link Thu Mar 22, 2012
I am including Rent, Car note and a small CC Rent is 1k
I have 9k saved up right now
Flag Thu Mar 22, 2012
I'm sure you'll get some answers here, but it really would be best to go right to the mortgage source for the exact numbers.
0 votes Thank Flag Link Thu Mar 22, 2012
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