Home Buying in Lake Elsinore>Question Details

dukepinkava, Home Buyer in Lake Elsinore, CA

I got $12,500 down and I'm looking for less than a $1000 per month mortgage. I want something close to Ortega highway....

Asked by dukepinkava, Lake Elsinore, CA Wed Feb 13, 2013

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Thank you for the responses. My FICO excellent but not perfect. 779, I've had several experienced finance
gurus tell me that I'm "doing it wrong", and that's why I can't get to 780. I'm a saver, penny pinching, cheap skate. I have never financed anything, and my credit card balance is paid in full every month. Thus, I have never paid interest and I'm told creditors frown upon that. My problem is income, annual average just under $30,000 over the last 7 years (with the same company). Although, I'm up to $17,500 in my "down payment" account since my orginal post. I am an EMT and therefore totally dependant on OT to supplement my $20,000 base. I've stumbled on a couple gems right at $100,000 and according to the mortgage calculator provided by trulia, my monthly payments would be around $500. (Way cheaper than my current rent) So, I've called a couple of these phone numbers, jumped through a few hoops, in regards to collecting and submitting past tax returns, bank statements, paycheck stubs, DL, SS, employment verification, etc. At first the agent will seem excited, but when I tell them I'm looking at, rural fixers at or below $100,000, they'll try to show me stuff for more than double. ...OK, my apologies, I've rambled on long enough. My questions are:
1) Can a 1st time buyer do this on their own?
2) Are there agents/brokers who will help a guy like me out of the kindness of their heart, because
as you can see, 'aint a whole lot of commission from the numbers that I'm working with.
0 votes Thank Flag Link Mon Mar 11, 2013
Hello dukepinkava

There are very good possibilities for you.

Depending on the home you are looking for there pretty possibilities in that area.
Have you been pre-qualified by a lender yet?

Contact me I'd like to offer my services in helping you find what you are looking for all the way till the keys to your home are handed to you.

Feel free to contact me on any question you may have. I know the area.
Martin Montanez
myhomenow@hotmail.com
0 votes Thank Flag Link Tue Feb 26, 2013
No, I've been told that I won't qualifiy based on my income. I been blown off, provided the appropriate paperwork, told, "OK, we'll go over this and get back to you in a couple days." Then all of a sudden, the phone number on the business card, seems to go straight to voice mail, every time I call. I really went into this with a positive attitude, unfortunately, I'm rapidly getting discourged and frustrated.
Flag Mon Mar 11, 2013
There are different ways to buy depending on whether you are first time buyer, seasoned buyer or an investor. Please feel free to contact me to further discuss how I may assist you.
0 votes Thank Flag Link Mon Feb 18, 2013
Good morning Duke,

First thing to do is get qualified with a lender. Once (or if you've already done this) team up with a realtor that you can trust, I will be happy to help you. The less expensive the housing the more competition you will have, be ready to put in several offers, just in case.

Feel free to contact me for any assistance as a realtor or if you need the name of a lender.

Thanks and have a wonderful day,

Carol Reed
951-660-5786
Lic.# 01888903
0 votes Thank Flag Link Fri Feb 15, 2013
Have you compared using an FHA VS. a Conventional loan with 5% down payment and no monthly paid mortgage insurance?
Web Reference: http://homeloanartist.com/
0 votes Thank Flag Link Wed Feb 13, 2013
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