Home Buying in Moraga>Question Details

INational, Home Buyer in Moraga, CA

I have good income and decent credit, but not alot of cash. Can I still buy a house for 5 percent down?

Asked by INational, Moraga, CA Mon May 7, 2012

I make approximately 11500 per month gross, but have had my savings wiped out by medical issues. Can I still buy a house with a small downpayment in California?

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Answers

6
Did you get all the information that you needed to move forward? If not, please contact me and I'll put you in touch with a lender.
Regards,
Suzanne Looker
0 votes Thank Flag Link Thu May 10, 2012
As others have indicated - you can definitely get a home. How much of a home you qualify for will depend not just on income but debt and credit score, work history, etc. The 3.5% or 5% down payments are allocated for maximum loan amounts - for FHA $729K is the max.

You certainly will be able to find something in this price range in the Moraga or surrounding area. Before you start looking for a home, contact a lender to get your pre-approval so when you do start shopping you will be ready to go.

Regards,

Linda
0 votes Thank Flag Link Tue May 8, 2012
The general rule is that you can buy a home with a 5% down payment. There are exceptions, buy your 5% is enough to buy a home under FHA and VA guidelines.
0 votes Thank Flag Link Mon May 7, 2012
Yes, you certainly can use a 5% down loan or as little as 3.5% down, (FHA loan). Please contact anyone of us and we can direct you to a local lender.
Regards,
Suzanne Looker
0 votes Thank Flag Link Mon May 7, 2012
Hi,
You should be able to qualify depending on your credit score and your debt ratio. I would be happy to provide you with a wonderful lender who has been in the business for many years and would be able to walk you through every step of the process. Now is a great time to buy!!!

Carolyn Zeigler, CRS
Re/MAx Accord
925-487-1996
email: zrealestatelady@pacbell.net
0 votes Thank Flag Link Mon May 7, 2012
5 percent is still a good down payment. But you may want to also explore FHA loan which may only require 3.5% down so that you can conserve your cash for closing costs and other things.

Sounds like you're in good shape with your income. It's now a matter of how much you're willing to spend, what you qualify for, and what you're comfortable with in terns of monthly payments.

But only your lender can give you the answers on how much you can afford to buy and what type of loan you can get.

Good luck.
0 votes Thank Flag Link Mon May 7, 2012
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