Home Buying in 10462>Question Details

barbiedepot54, Renter in Oak View, CA

I am a 58 year old disabled, retired woman on. I currently have been living in a $1,100 a month apartment. for the last 5 years, can I buy a house.

Asked by barbiedepot54, Oak View, CA Sat Jul 6, 2013

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4
Without the bank knowing your exact credit score and income it would be hard for a lender to get you an pre-approval. What is your total monthly income vs. your debt monthly? Once the bank (lender) can determine your income to debt ratio alongside assets and credit score you will have a better idea what you can qualify for.
0 votes Thank Flag Link Sat Jul 13, 2013
Without much information, be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously, therefore visit with any licensed loan officer.
0 votes Thank Flag Link Mon Jul 8, 2013
That's a very good question. I recommend, as Mr. Morrobel suggested, to contact a loan officer to determine your qualifications for a home loan. I can also tell you the following. There are thousands of loan programs tailored for people of different financial and economic position. There's lots of federal programs, state programs and local programs. If you are going to do some research before meeting with a load officer keep in mind all the programs vary state to state. So If you Google/Bing for information make sure its up to date and applies to where you reside. HUD is also a good starting point. I see you are writing from California. You can go to the HUD home page http://www.hud.gov and select California under the State Info tab. Also check The California Housing Finance Agency, you can find it on the HUD website if not here's the link: http://www.calhfa.ca.gov/ . Those are just starting points but eventually you will need to sit down and talk with a lender. If you have anymore questions feel free to send me an email.

Elio Acosta ABR, e-Pro
Broker
acostaen@gmail.com
REiS Realty
http://www.reinsol.net
718.303.2053.office
718.619.8344.fax
0 votes Thank Flag Link Sat Jul 6, 2013
Thank you for the information.
Flag Sat Jul 6, 2013
Good afternoon Barbie,

To answer your question, I suggest you contact a loan officer to determine your purchasing power. After you do, contact a local Realtor to discuss your approval and what homes fall within your purchasing power criteria.

Regards,
Al Morrobel
0 votes Thank Flag Link Sat Jul 6, 2013
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