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.
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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.
In House Lender
We have an A+ with the Better Business Bureau
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.
Steve Chelebian at Midgate Morgage (310) 791-0854
Dave DeSousa at Cherry Creek Lending
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, RealtorÂ® e-Pro, HAFA Specialist, Certified GREEN
DRE CA LIC: 01360485
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East-West Realty, Inc.
For Sale? Call/e-Mail Alvaro
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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!
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