Home Buying in Lynwood>Question Details

fatimalorenzo, Home Buyer in Los Angeles, CA

How long does it take to purchase a home? I m a first time buyer with $10 thousand down

Asked by fatimalorenzo, Los Angeles, CA Thu Sep 12, 2013

Help the community by answering this question:


The length of time depends on your ability to secure a loan, a property, your lenders abilities, your agents abilities, the current marketplace, etc. Usually from beginning to end the process takes as little as 60-90 days but can take longer in some circumstances. Do you have a Broker or Agent that you will be working with? If not, call me and I can explain the entire process from the very beginning. There is never a "dumb" question. By the time you have completed your first purchase, you will know so much about Real Estate that you will be giving pointers to your friends and family.

All the best,

Alex Montelongo/Broker
Coldwell Banker Star Realty
562-810-7387 Cell
BRE Lic #01456982
0 votes Thank Flag Link Thu Dec 18, 2014
If you are curious about how to get started with the home buying process the first step is to get pre-approved with a lender. When applying for a loan, lenders like myself will need to look at several different things if you are trying to prequalify for a loan. 1) Proof of income for each person that will be on the mortgage which can be demonstrated through: one month of pay stubs, previous year's W-2 forms and tax returns, official documentation to demonstrate other forms of income (alimony, child support, etc.), and two year's tax returns if self-employed (all schedules, all pages) 2) Credit Report which they will pull 3) Employment History or Business Tax Returns if you're Self Employed 4) Personal assets such as: Recent balances and statements for bank accounts, most recent account statement demonstrating market value of any investments (stocks, bonds or certificates of deposit), documentation showing interest in retirement funds, face amount and cash value of life insurance policies, value of significant pieces of personal property, debt information, the balances and account numbers of your current loans and debts, including car loans, credit card balances and any other loans you may have. These are just a few things you should have ready when you begin your buying process. I have done plenty of loans throughout Southern California and I would be glad to help you get started. Well I hope this helps! If you have any further questions or if you need a loan, feel free to contact me. Also, if you found this helpful please leave me a recommendation if you can! Good Luck! Brian Nguyen Sr. Mortgage Banker NMLS # 659743 Phone: 949.667.2887 brian.nguyen@nafinc.com
0 votes Thank Flag Link Wed Feb 19, 2014
Well, right now the problem seems to be finding a home and getting it accepted. Most of the good houses have ten or more offers on them, usually the first day they are listed, in the LA, Riverside and Orange County areas.

We at Tri-emerald have made a name for ourselves with our guarantee that we we will close in 3 weeks or on time.

Right now most lenders are pretty quick because rates have moved up and business has dropped off. Still we are finding that the guarantee that we will close on time helps our buyers win these competitive bids.

See you are competing against all cash bids, but they tend to bid less than they house is worth. So we can convince the seller that we will perform just as good with a full value offer. On the offers on loans, all most buyers can do is to offer a higher price. The problem is that when the appraisal comes in low, and it will then there will be problems.

Once we educate the sellers, our offer looks pretty good. I know it sounds like a little issue but it is huge when buying a house.

If your credit is less than perfect we are not the lender for you, though I do work with people to improve their credit. If you have credit issues, i think I would recommend Shery Arndt below, though i really don't know much about her, she seems to have some good programs.
0 votes Thank Flag Link Fri Sep 13, 2013
Looks like you got a really good answer below.

Let me know if you need a purchase loan for the property or want to get pre-approved (this will increase the chances of your loan being accepted) because I can certainly help you out there. You can call me at 408-352-5147 or email me at AGreer@themortgageoutlet.com. You can check us out at http://www.TheMortgageOutlet.com. I will look at your situation and present you with some options.

Alex Greer
NMLS #1056079
0 votes Thank Flag Link Thu Sep 12, 2013
As Fatima wrote, first step in a home buying process is to get preapproved by a lender. The lender will look at your paperwork and will tell you whether or not you're ready to buy a house and the maximum price of a home you can buy. I have great lenders who can help you with that right away. Once you get preapproved, you'll start actively looking with an agent and submitting offers for the homes you like. Please contact me directly at lenasrealtor@yahoo.com. I'd be happy to help you with every step of your home buying process.
0 votes Thank Flag Link Thu Sep 12, 2013
Hi Fatima,
The first thing you need to do is to get preapproved by a lender, so that you know how much you can afford. There's plenty of houses to choose from, but there's also competition in today's market. Being ready will give you the upper hand.
Let me know if I can assist you in any way.
Best regards,

Liliana Alfonso
Rodeo Realty
818-414-0396 cell
818-761-7277 fax
DRE # 01759367
0 votes Thank Flag Link Thu Sep 12, 2013
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