Home Buying in 91204>Question Details

lsr0743, Home Buyer in 91204

I have a credit score of 682, a few thousand in the bank, and I'm a teacher looking to buy my first home. Are there any suggestions for me?

Asked by lsr0743, 91204 Tue Mar 20, 2012

Help the community by answering this question:


Rene' De Blanco, MBA’s answer
Have you considered a HOMEPATH property? http://www.homepath.com The best part of a HOMEPATH home is you can put as little as 5% down, AND there is NO mortgage insurance.

Kinecta Federal Credit Union (a not-for-profit direct lender) is one of few HOMEPATH lenders in the country, with a presence in LA County.

Rene Joseph De Blanco
1 vote Thank Flag Link Thu Mar 22, 2012
Save about $10,000. as you need a minimum of 3 1/2% down payment in order to purchase. Your credit score is good but you'd get a better rate if you can improve you credit rating. No more than aproximately 30% of your monthly income can be used for your Mortgage payment, property taxes and insurance combined. Keep saving and monitor your credit and remember to call me when you meet the criteria as my company handles the mortgages as well as the purchases and sales.
All the best to you,
Kathryn Yarnell
310 589-1145
Malibu Premier Properties
1 vote Thank Flag Link Tue Mar 20, 2012
Flag Tue Mar 20, 2012

Looks like you have a lot of similar answers. I agree. Speaking with a lender at the start is a good idea. Most agents have lenders they work with on a regular basis. However there are two things missing from the comments below.

First, use a direct lender. Most properties advertised through the MLS do not include what is called "agent notes". These are bits of information that only a real estate agent has access to viewing. In many cases the sellers require that a person be preapproved through a direct lender.

Second, in my experience, some school districts have programs for teachers. A friend of mine with LAUSD was able to get assistance through a program for teachers. This was a couple of years ago, so I don't know if the program still exists. But it is worth trying.

Please email or call if you have any questions. I would be happy to help.

Tommy Lee
DRE #01723594 SFC (Short Sale & Foreclosure Certified)
Premier Service® Professional
говорю порусскии
1 vote Thank Flag Link Tue Mar 20, 2012
Thank you.
Flag Tue Mar 20, 2012
Hi there,

Definitely a good idea to get a pre-approval done by a lender first to find out exactly what you can qualify for and how much house you can buy. FHA loans are great as well for first time home buyers because you go in with only 3.5% down payment and they also allow higher debt ratio requirements (qualify easier). Credit requirements with FHA are also a more favorable than conventional loans.

Feel free to email or call me if you have any further questions and/or would like to explore other options that will maybe make sense for your situation. I'm right here Glendale.


Mike Pandazos
818-937-6622 direct
1 vote Thank Flag Link Tue Mar 20, 2012
Hello Teacher:

A good place to start is with an experienced and ethical local lender. You will be asked to answer a few basic questions and be given a good idea of how much home you can afford to purchase and maintain.

Questions like:

1. What is my current income?
2. What are my current monthly expenses? (Auto loan, credit cars, etc.)

After the lender completes the process of taking and application and underwriting your loan, you will not only know where you stand, but also be given a Letter of Pre-Approval. The LOPA is a must to include with any offer you write for properties if you want to be taken seriously by a seller. Once you know how much house you can afford, then you must decide where you want to live and in what type of dwelling. That's when you work with an experienced and ethical REALTOR.

Please contact when I can further assist and good luck! Jeero 818.523.9995
1 vote Thank Flag Link Tue Mar 20, 2012
Thanks for taking the time to share this information.
Flag Tue Mar 20, 2012
Go slow!!! Dont feel like you have to be in a house by the end of the month. There is nothing wrong with renting while you save up a hefty down payment while also growing your credit score. Try to be as close as you can to debt free. Also I would strongly recommend a home inspection when you do buy. This SHOULD keep you from having any surprises when you move in.

Also thank you for your service as an educator. You guys do not make nearly as much as you should.
1 vote Thank Flag Link Tue Mar 20, 2012
Thank you for the advice.
Flag Tue Mar 20, 2012
There's also the "Extra Credit Teacher Home Purchase Program (ECTP)" from CalFHA.
0 votes Thank Flag Link Mon Dec 28, 2015
Speak to an experienced mortgage loan officer to discuss your options.

0 votes Thank Flag Link Wed Mar 21, 2012
TRY THE USDA if it is available in the area your looking into you may be able to finance up to 115%

Kind Regards,
Dawn Marie White
Broker-Sales Manager
Crossroads Realty Inc
800-677-4033 Office
732-581-9414 Cell
0 votes Thank Flag Link Tue Mar 20, 2012
Living in CA gives you several options, but my personal recommendation is the CHDAP. We can do a standard FHA but use a grant of 3% to cover your down payment, therefore requiring as low as 1/2% down from the borrower.

If you can't get the seller to pay all your closing cost, I can help you by issuing you a lender credit to cover most if not all your costs depending on the rate. For further information click on the link or give me buzz.

Best of Luck!
0 votes Thank Flag Link Tue Mar 20, 2012

Take a look at Schools First Credit Union http://www.schoolsfirstfcu.org/ ,

I have been a member since college and they have special programs and incentives for teachers.

Please let me know if I can be of any more assistance. I specialize in Uptown Long Beach where we have a wide selection of beautiful homes at really great prices. This is an up and coming area with a lot of potential.

Ken Osborn
The Lynell Real Estate Group
DRE 01892871
FB Page http://www.facebook.com/pages/The-Lynell-Real-Estate-Group-U…
0 votes Thank Flag Link Tue Mar 20, 2012
Take it slow and try to accumulate as much money as possible for your down payment. Your best bet is a FHA loan where you can put as little as 3.50% down. There are other programs out recently where you can put 5% down and avoid MI by paying a higher rate. This might be better for you since you can write off the interest come tax time. I would recommend trying to pay off as much debt as possible, but if you don't have debt than there most be something wrong with your credit...30, 60, 90 day lates, collections, etc. If this is the case, we can assist you with raising your FICO scores through my company, We Build Credit. The Jennifer Escobar Team provides FREE Credit Repair services to our buyers!!! This will allow you to receive the best possible rate at the time of purchase.

0 votes Thank Flag Link Tue Mar 20, 2012
I would recommend that you meet with a real estate professional to determine what your specific needs and time frames are. Once your goals are determined, your agent will recommend a meeting with a loan broker to get you pre-approved for a loan. The main reason why I recommend speaking with a real estate professional first is so that he can provide you with an overall game plan do determine your options.

You are welcome to go to my site and register to "Search Like an Agent" for your Dream Home. No private information exchanged. No hassle. 100% sale & you can cancel anytime.

Let me know if I can help you.

Good luck!

Kindest regards,
Victor Costello
Prudential CA Realty Glendale
email: info@dreamhomebargains.net
0 votes Thank Flag Link Tue Mar 20, 2012
Dear Homebuyer,

I would recommend speaking to a lender first before you jump the gun and start looking at homes. Due to the lending conditions and requirements A lot buyers think it’s simple to get approved by doing the calculations on the mortgage calculator. The bank looks for a good credit report, scores and the most important factor is the debt to income ratio. As a exclusive buyers Agent It would be my pleasure to get you in contact with my preferred lender, get you approved and assist you with your home search. If you have any further questions you can call or e-mail me.

Best Regards

Jack Kassabian
Keller Williams Realty
411 N Central Ave. Suite #100
(818)432-3278 Direct
(818)335-3995 Mobile
(818)432-3232 Fax
0 votes Thank Flag Link Tue Mar 20, 2012
It's a very good idea to start looking for your first home now. Interest rates are still very low and property prices are very affordable. I would be happy to help in the search of your dream home. Please contact me at 818.522.0660 or provide your contact info for me to contact you if you are interested.

Ripsi Yepremyan
Prudential CA Realty
Tel. 818.522.0660
DRE #01488880
0 votes Thank Flag Link Tue Mar 20, 2012
I would call a lender and find out what you can qualify for at the moment. If you don't qualify for the amount you would need right now, they can give you advice on how to put yourself in a position a year or two down the road where you might be able to.
0 votes Thank Flag Link Tue Mar 20, 2012
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 begin by visiting with any licensed loan officer, after reviewing your overall financials, income, credit, debt, etc; a determination on qualification can be made; gnerally FHA loans require 3.5% down.
0 votes Thank Flag Link Tue Mar 20, 2012
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