Home Buying in Moreno Valley>Question Details

Omar AlJarjis, Home Buyer in Moreno Valley, CA

How can I get the County assistance for downpayment for the First time home buyer?

Asked by Omar AlJarjis, Moreno Valley, CA Sat Jul 28, 2012

Hi , My name is Omar and I am trying to find my family a 3-bed , 2- bath house for around 100k - 110k in northern part of Moreno Valley , I am a first time buyer with a credit score around low 700's and annual Income of around 30K , How can I start and how can I get the county downpayment assistance ? thanks

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Ken Kelley’s answer
One of my collegues would be able to explain all the different programs to you (City v County) His name is Aris with PRMG (626) 488-3640.

If you have any questions feel free to contact me directly.

951-684-4881

Ken Kelley
0 votes Thank Flag Link Mon Jul 30, 2012
Thank you very much Ken , I really appreciate it.
Flag Mon Jul 30, 2012
Hello Omar, We will go over your many options with you. You can qualify for a half percent down payment FHA program with a minimum 580 fico score. We need to go over your debt to income ratio to determine what you qualify for. It only takes a few minutes over the phone and we will go over your options with City and Couty programs as well. Here is a link to some listings in Moreno Valley to look at and we need to get you approved to show them to you. I have agents on stand by.
Here is a listing link for one. I need to talk to you to figure more options of Moreno Valley to send more.

Click or cut and paste the following URL to see the Listing under $110k in Northern Moreno Valley:
http://www.mrmlsmatrix.com/DE.asp?k=1164647X4KQN&p=DE-11…
Check us out below:

http://www.FrankandSheryl.com
http://www.Under640FicoScoreLoans.com
Sheryl Arndt, Broker
DRE# 01440252
NMLS# 297251
760-486-4225
0 votes Thank Flag Link Tue Sep 11, 2012
I work with a couple of lenders who do those programs and may be of help.
Those lenders can be found here and you can call them direct.
http://www.southern-california-home-loans.com

Harold Sharpe - Broker
So Cal Homes
(951) 821-8211
harold@homemorenovalley.com
http://www.homemorenovalley.com
California Department of Real Estate Broker License # 01312992
0 votes Thank Flag Link Sat Jul 28, 2012
Thanks a lot Harold , the website is really helpful ...
Have a nice Weekend.
Flag Sun Jul 29, 2012
Hi Omar,
If you've already been working with a lender, they can help you through that process. Sounds like you may be working with one already considering you are aware of your credit score. If you need some recommendations for a lender, I'd be happy to provide those. You always want to make sure that you are working with a lender that has a primo track record.

Omar, I wanted to provide you some additional information regarding the market of today. We are very low on inventory (the number of homes available for sale) at this moment and it is a highly competitive game in getting an offer accepted by the sellers of the home. In order for you to be more competitive and actually end up owning a home, you may be better off saving just a little longer and coming up with the down payment on your own. When a seller of a home has multiple offers and can choose the "best" of the bunch, they often will not take an offer that will be utilizing down payment assistance programs. It makes your offer not as strong for couple of reasons.

1. Using a down payment assistance program usually means a longer escrow time.
2. It may look as though you are not a strong buyer being that you don't have the funds for your down payment. It may look to some sellers that you may be at higher risk of falling out of escrow leaving the seller to start over again with a new buyer.

Consider going into save mode and see if that's a possibility down the road, or you could have a family member that could help out with the down payment.

There are many other things to consider in this market when writing offers that will get accepted.
When you are ready to get started with the education on writing an offer that won't get thrown in the trash, get with a reputable agent and get on the right road to home ownership.

The process is simple with the right people on your team.
0 votes Thank Flag Link Sat Jul 28, 2012
Actually I do not have a Lender yet , but I got my credit score from one of the websites.
Flag Sun Jul 29, 2012
Hi Leanne,
Thank you so much for the nice reply... It would be so great if you could refer me to some of the Lenders who specialize in the downpayment assistance program...

Thanks again and have a nice weekend.
Flag Sun Jul 29, 2012
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