Home Buying in 95835>Question Details

laura4121, Renter in Sacramento, CA

I am currently renting and am considering buying in a condo or single family home in the 95835 or 95834 area. I am a first time buyer. I am not sure

Asked by laura4121, Sacramento, CA Sat Feb 22, 2014

where to start or where to go to find info on my credit score and FHA loans/lenders that would be able to help.

Help the community by answering this question:


Hi Laura :-)
We are a direct lender and do a ton of FHA loans! We can go through everything with you, see what programs would be the best options for you so you can make the best decisions :-) There are also a number of down payment assistance programs available that we can check out for you as well!
Feel free to email me at jennifer.keithweaver@academymortgage.com or call direct at 916-257-7919.
Best wishes!
Jennifer Keith-Weaver
1 vote Thank Flag Link Tue Apr 21, 2015
Hello laura4121, if you figure out what cities/zip codes you are considering, minimum number of bedrooms and the maximum payment/price you are looking to achieve you can be emailed listings to fit your search criteria. Your email address is needed to set you up for the automatic daily updates.

The purchase in 95834 zip code of Sacramento start from 142k for 2bd 2ba condo which is as low as $1,110 down payment with a minimum 580 fico score. You are a first time home buyer if you have not owned a home within 3 years.

You will need to be pre-approved to be able to meet an agent to view and submit offers on any homes of your choice. Your qualifications will be determined by your credit profile, debt to income ratios, fico scores, home price, loan program and how much you want to invest into the down payment and closing costs.

You may qualify to buy FHA with fico scores between 500-579 with 10% down or minimum 580 fico score may qualify FHA 3.5% down or as low as .5% half percent down payment program. You may consider 3% down conventional from a minimum 620 fico score. Your fico scores can be raised within 3-4 days in most cases to qualify for programs, rates and terms as necessary.

It only takes a few dozen questions to qualify, go over your options and email you listings to study and compare. Here are some links to study as well as web reference links to many loan program pages offered...

Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
Veteran & VA/CalVet Loan Specialist
REO & Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
22+ Years Experience
BRE# 01140252
NMLS# 297251
9am till 5pm by phone Monday thru Saturday, Sundays by appt., EMAIL ANYTIME 24/7
Under640FicoScoreLoans@gmail.com or HomeLoans4U@live.com

If my response was helpful, consider clicking Thank, Link or Best Answer.
1 vote Thank Flag Link Fri Mar 27, 2015
Hi Laura. I know the perfect place to start.

I suggest you check out https://www.mortgagehippo.com/. MortgageHippo is a great online tool that chooses the best mortgage for your needs -- kind of like a broker on steroids. It's free and asks for no personal information.

First, they assess your personal situation through a series of questions, all done online, to help determine your personal needs, preferences and risk tolerance.

Next, they get quotes from multiple lenders based on these needs. Their proprietary loan scoring system (HippoScore) then matches users with home loans based on compatibility, making it easy to evaluate multiple options.

Finally, you are given access to a personalized mortgage management portal that keeps the entire mortgage process running smoothly and facilitates communication with live mortgage experts.

If you're in the market for a home purchase, this is a great service to check out!
0 votes Thank Flag Link Fri Mar 27, 2015
A great place to start is to find a top local buyer agent who can sit down with you and walk you through the entire process. Click on our Trulia profile and see how our website can help connect you with top Sacramento buyer agents and qualify for a buyer commission rebate, saving you thousands upon closing.
0 votes Thank Flag Link Fri Apr 25, 2014
Natomas area condos are difficult to get financed. Many require cash, due to litigation and the less than stellar financial shape of the Home Owners Associations.
If you would consider other areas, I have a condo currently for sale in the 95822 area - close to South Land Park Drive & 43 Ave - close to I-5 for an easy commute. The HOA of this complex has no litigation and is in good shape financially. While FHA & VA financing is not available here, due to the HOA letting the approval expire, conventional financing 5% down, should be okay here. Also some buyers qualify for a down payment assistance program from CALHFA, it's called Chadap. See the link below. I will have another unit in this same complex, South Land Village, coming on the market sometime this summer. The unit is featured on my website shown in my profile.
0 votes Thank Flag Link Fri Apr 25, 2014
Hi Laura!

I would love to help you through the process of purchasing your first home. It can be confusing to know where to start, and I would be able to walk you through everything. I have partners in lending, title, escrow, inspections, contractors, etc, so all you need is me to get you through. I myself had an FHA loan some years ago so I know exactly how it works on both sides.

Please send me an e-mail or give me a call and we can set up a time to chat in person. It would be an honor to help you buy your first home!

Meghan Michels, REALTOR®
Coldwell Banker Residential Brokerage
9250 Laguna Springs Dr Ste 205
Elk Grove, CA 95758
CalBRE# 01945361
Direct: (916) 895-3144
0 votes Thank Flag Link Tue Apr 8, 2014
Ask around to friends, family and neighbors about a good local Realtor. A good Realtor will gladly walk you through the entire process and suggest the order of those steps for you. They are experts!
0 votes Thank Flag Link Thu Feb 27, 2014
There are many factors to consider when you are choosing to buy between condos and single family homes. While there are many advantages of owning a single family home, there may be cases when condos are more attractive. When buying a condo, there is a useful tool that allows you to check whether the condo can be financed using a FHA loan (warrantable).


In many cases, FHA financing may not be available, e.g. when the HOA is in litigation, too many units are rented out, etc.

If you have a Discover card, you may be able to get your FICO score on your monthly statement. There are also websites such as creditkarma.com which offers free scores.

Good luck and call me if you need additional assistance.
0 votes Thank Flag Link Thu Feb 27, 2014
Hi Laura

Ill Be happy to help you out , contact me when you have chance.

good luck

Omar Khamisa
0 votes Thank Flag Link Tue Feb 25, 2014
Hi Laura, I have to respectfully disagree with the answer about getting a copy of your own credit online. Myself or another experienced lender should be able to pull your credit for free for you. Then I can also use it to get you pre-approved and let you know exactly where you stand. In my opinion, what you can qualify for and what you WANT to qualify for can be different things altogether.

I also have access to software which enable me to run unlimited scenarios for things we could do that then lets me know how it would affect your score. In addition, I can use this software to project out in time so we can see what the effect will be in one month, or two, or more. Often I can get peoples score up significantly while we process their applications which results in a better rate at the settlement.

I am available to help you at your convenience if you wish.

I can do a full underwriting approval ahead of time if need be and I also offer credit score improvement programs for free while we work on your mortgage.

If you like my answer above, consider clicking on a “Thumbs Up” or “Best Answer”


Robert L. Hanson
Gladewater National Bank
First Time Homebuyer Specialist

Direct: 240-752-7549 Cell: 301-651-7822
Email: robertlh66@verizon.net
NMLS# 695929

Rate quote or live chat with me at the link below:

0 votes Thank Flag Link Mon Feb 24, 2014
The first place I suggest you start is checking your credit report online for free. Take a look at your report and make sure everything is accurate. Here is some information from the Federal Trade Commission: http://www.consumer.ftc.gov/articles/0155-free-credit-reports. *I included a link below that is the basic order of the home buying process. If you need a referral for a local loan officer then please let me know. I have a few that I trust completely. Thanks, Jason Walter - REALTOR® (lic #01923240), Certified Public Accountant (lic #103885); ph (916) 945-9243
0 votes Thank Flag Link Mon Feb 24, 2014
I would be more than happy to get you pre-approved. Email me if you need anything further.

Alex Greer
Loan Officer
NMLS #1056079

0 votes Thank Flag Link Sun Feb 23, 2014
I can put you in contact with a local mortgage broker if you still need help with this. The mortgage broker will be able to run your credit score and get you pre-approved for the loan.
0 votes Thank Flag Link Sun Feb 23, 2014
Hi! You have to evaluate the pros and cons of owning a condo vs. a home. I always advise my clients as if it was for me, my family or friends. With that being said, I advise you to buy a house because not only that you have more freedom to do whatever you want with the house vs. condo you have to get approval from the broad for interior finishes and etc. Plus, you don't have to pay HOA fees and can use that money towards something else.

You can pull your credit score from either: http://www.equifax.com/CreditScore, http://www.experian.com, or http://www.transunion.com. These are the 3 credit bureau companies and they give you 1 free credit report per year.

As far as for lenders, check with Citi Bank. I know they have two great mortgage loan programs right now called the: Off-Set Mortgage where they match your interest rate, and the HomeRun where you pay no PMI.

Let me know if you need help or have anymore questions. I am from Sacramento. I grew up there... I now live in the bay area, but I know a few great agents that could help you.

Thanks. Good luck in finding your dream home!
0 votes Thank Flag Link Sat Feb 22, 2014
Hi Laura. Condos vs single family is something you want to consider carefully. If you require fha financing there is only one complex is those zip codes that qualifies for fha loan usage. Also as mentioned below condos have an hoa which must be carefully reviewed in terms of their financial standing. If you would like to schedule some time we can go over the different loan types, requirements and down payment assistance in my office this week.

Ashley Sanchez
0 votes Thank Flag Link Sat Feb 22, 2014
When considering a condo over a single family home, its important to analyze
the budget and reserves of a homeowners association. Although it is wonderful
to have the exterior maintained for you, it may be possible that the association
isn't operating in the black due to delinquent homeowners or those who lost
their homes to foreclosure or short sale, thus putting the burden on those who
have faithfully paid each month.
There are many first time buyer programs available and I am sure once you
start comparing rent to a mortgage payment, you'll see they're similar.
Obviously the tax advantages to consider too. I urge you to consider buying
over throwing away your money on rent.
0 votes Thank Flag Link Sat Feb 22, 2014
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