Home Buying in Los Angeles>Question Details

Ben A., Home Buyer in Los Angeles, CA

I am planning to put in $20-25k downpayment for a single family house, would that be enough for a $350-400k house?

Asked by Ben A., Los Angeles, CA Mon Jul 2, 2012

Hi, I am currently working as a Nurse. I am planning to buy a house around early to mid next year ranging to $350-400k SF House. I was planning to buy somewhere by Santa Clarita, CA (and still looking where else in Los Angeles County that will allow me to buy a newer bigger house for that price as said). As for my credit score, I had it check about 2 years ago and it was 705, and ever since, I have not damaged nor made any reason to decrease my score as far as I know of. I am planning to have it rechecked and I apologize for no updates to that. So with the that amount for downpayment, I wanted to ask as well if that would be enough or should I save some more money for that? And in addition to that, is there anything else that I need to prepare beforehand?

Please advise. Thank you so much for your time.

Sincerely,
Ben A.

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Answers

8
Are you working at Henry Mayo? If not, seriously consider the commute. You will get a bigger house, but resale values may be less. As for the financing, by all means speak with a lender who can provide the real deal. In fact, one of my prime lenders lives/works in the Santa Clarita area. Perhaps he can provide some perspective. Get in touch if you want his contact info.
1 vote Thank Flag Link Mon Jul 2, 2012
Hi Ben,

You are off to a great start if you are already working as a nurse and have solid employment and saved up for downpayment . you might be cutting it really close even if you are doing an FHA loan with 3.5% downpayment. There are too many variables to consider with your loan to give you a simple answer. Your top priority at this moment should be a meeting with a very good loan agent to start your preapproval process. A loan broker can let you know if you need to save more money
and if any adjustments need to be made to your plans.

If you need a recommendation for a good loan broker, please contact us at
sangandsonya@gmail.com or call 310-622-3962.

Sonya Chun
Keller Williams
DRE#01049465
1 vote Thank Flag Link Mon Jul 2, 2012
Yes it is very possible to purchase a property with your downpayment.

Call me direct and i'll help you all the way!

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0 votes Thank Flag Link Tue Jul 3, 2012
Hey Ben,

I work for a Direct Mortgage Lender and I can get you approved for financing on the home you wish. Putting $20-25K on a $350-400K home would be a good down payment for a FHA loan which only requires a minimum down payment of 3.5%. I understand you haven't checked your credit in a few years but as long as your credit is above 640 your still in the green. If you have not found a house yet or realtor to assist you, i know a few great realtors that can find you the dream house your looking for. Please when you get a chance give me a call and we can get your approved for financing. Talk soon.

Jovan Simon
Account Manager
In House Lender
714-619-3172
jsimon@inhouselender.com
http://www.inhouselender.com

We have an A+ with the Better Business Bureau
0 votes Thank Flag Link Mon Jul 2, 2012
HI Ben,
You have enough to buy a house in Santa Clarita. Since you're putting in less than 20% down, remember to figure in the Mortgage Insurance, HOA and Mello Roos if any when you are working on your budget t5o make sure you stay withing the monthly payment that you are comfortable with.
Here are a couple lender I have trusted with my buyers, give them a call and see who does the best for you.
Good Luck:)

Steve Chelebian at Midgate Morgage (310) 791-0854
steve@midgate.net
or
Dave DeSousa at Cherry Creek Lending
(818) 512-6866
ddesousa@ccmclending.com
0 votes Thank Flag Link Mon Jul 2, 2012
Dear Ben:
Actually in your circumstances my advice is to have a conversation with a Lender of your choice, direct lender is better, in the case you need to improve any area of your record to get the best rate possible by mid next year as you said, contact me to recommend you different proved lender choices in my career which I have work before.
Keep monitoring the prices of the area you prefer most to be an informed buyer about the market, I can send you some reports of your preference if you hire me.
We can work together as a team to get the best results possible in you benefit, just get in touch.
Alvaro Lozano, Realtor® e-Pro, HAFA Specialist, Certified GREEN
DRE CA LIC: 01360485
Get More: "Maximum Service, Maximum Results"
East-West Realty, Inc.
MailTo://AL@AlvaroLozanoRealtor.com
Website: http://AlvaroLozanoRealtor.com
For Sale? Call/e-Mail Alvaro
Want to Purchase it? Call/e-Mail Alvaro
Yo Tambien Hablo Español "Please call me at any time for any reason. I will open the door with You."
(626) 825-9444 Fax :( 626) 529-0811
0 votes Thank Flag Link Mon Jul 2, 2012
HI Ben,
Having just worked with someone in almost the same situation as yourself. I can tell you, that you have all you need in the basics to qualify for this loan on the home in the price range you mentioned.
Here's a few suggestions on what else you might want to put together in the meantime, that loan brokers/lenders seem to ask for pretty regularly.

1) Youll want at least one year of bank statements
2) All documents regarding investments and such.
3) Collect all W-2 Forms, or whatever you are sent at the end of each year from your employer.
4) Call a bank of lender and get a pre-approval letter for the amount you plan to spend on a home.
this way when you go to submit your offers you will be 100 % ready to open escrow if you find something you like.

Its a good idea to have an agent work with you in the preceeding before you are ready to help familarize yourself with area's that you might consider, and get to know prices. This way you wont overpay, and maybe find a great deal for yourself. I like to email my clients listings in areas they prefer, in order to help them begin to get familar and help to narrow down their searches.

Feel free to contact me anytime, and Id be glad to help you!

Good Luck!

Neal Grusky



"NEAL KNOWS LOS ANGELES AREA REAL ESTATE"

Neal Grusky
DRE# 01890580
Hpremiere Properties
Real Estate and Financing
10940 Wilshire Blvd. Suite 1600,
LA, CA 90024 | Office:
(800) 652-1768
neal@hpremiere.com
0 votes Thank Flag Link Mon Jul 2, 2012
That should be enough to buy a house FHA. You can buy a brand new house in Santa Clarita for that. Give me a call and I will give you a tour of the area.
Web Reference: http://www.LauraCoffey.com
0 votes Thank Flag Link Mon Jul 2, 2012
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