Home Buying in Oakland>Question Details

jasmin.richt…, Home Buyer in Oakland, CA

I have mediocre credit (650-700) but could pay $2200 a month. Without down payment, is it impossible to get a mortgage? Want a starter home 300k-ish

Asked by jasmin.richter, Oakland, CA Mon Apr 15, 2013

Help the community by answering this question:


The CHF program allows for .5% down, a little harder to get but definitely possible with your scores. I would be happy to refer you to a lender to help you out.
1 vote Thank Flag Link Thu Oct 31, 2013
Greetings Jasmin! From your question, it is best to start off with a reputable mortgage consultant that is knowledgeable in all loan types and programs (FHA included). There are too many variables for any professional to effectively answer your question via blog posts. If I were you, I would sit down with someone, see if you can actually qualify for a loan, and how much, before going out and looking at homes. Although possible, going with down payment assistance programs, in today's market, will most likely set you up for disappointment.

If you like, please e-mail me, sebastian [at] wllending [dot] com or call our office number. We will make sure you get in touch with a few stellar mortgage consultants and get you on the right track. Best of luck!
0 votes Thank Flag Link Tue Nov 5, 2013
Try http://www.naca.com and click on their home purchase section. Or call TeamShelton with any questions: 510-709-5243
0 votes Thank Flag Link Fri Nov 1, 2013
Not too much with no down payment in Oakland, perhaps you could do a Cal HFA, which has almost no down payment. That said the payment on a $300 ish home is $2070.

Give me a call to get prequalifed, if you think you can find a $300,000 house in Oakland.

Rich Littlefield

NMLS licence 287206
0 votes Thank Flag Link Tue Oct 8, 2013
Call a good mortgage broker: Patrick at 510 599 8499.
0 votes Thank Flag Link Tue Oct 8, 2013
My credit score is only 519 will I be able to find apartment for rent in Wilmington ca
0 votes Thank Flag Link Tue Oct 8, 2013
How is your quest for a mortgage going? It seems to me that you are underestimating your credit. If you still have any questions, feel free to reach out, I would love the opportunity to answer any questions.


Eddie W. de Leon
NMLS #238369
0 votes Thank Flag Link Tue Apr 30, 2013
Good afternoon jasmin.richter,

First steps:

Meet with a Local Mortgage Banker to get prequalified for mortgage financing. The Mortgage Banker will review all facets of your loan request to answer your questions with regards to the types of loans and maximum loan amounts you could qualify for.

Line up a Home Inspector. A good home inspector will scare the heck out of you: that's what you pay him for! But you'll concentrate on the fundamentals of the property: roof free of leaks, plumbing, heating and electrical up to code and in good working order. Again, when you make an offer and you have your Home Inspector ready to go, your offer will be considered with much more interest by a Seller because you truly have your "ducks in a row" and your preparation demonstrates your serious attitude about conducting the purchase transaction in a timely manner.

Find an experienced Local Realtor who works in your desired shopping area. A serious pro Realtor will refuse to show you homes until you are Prequalified for mortgage financing. Don't take offense! That Realtor doesn't want you to be disappointed and wants you to have a smooth experience as you shop for your new home.

Put together your Team of real estate professionals and shop 'til you drop!

Trevor Curran
NMLS #40140

*If you thought my answer was helpful, please give me a “Thumbs Up” or “Best Answer.” Thanks!
0 votes Thank Flag Link Tue Apr 30, 2013
Actually your credit is Ok. You can buy a house without down payment if you have VA certificate, but for the limited price, approximately $200K. For $300K you obtain FHA insured loan with 3.5% down payment and to show at least $2,000 for the closing cost, even you will not pay closing costs and get very competitive rates, like with our company. Money must be seasoned for at least 2 months,
0 votes Thank Flag Link Tue Apr 30, 2013
I think your credit is not mediocre.You could go FHA to pay lower down payment but be prepared to purchase private mortgage insurance.

Here are top 4 tips how to come up with a down payment..

Web Reference: http://www.realtypin.com
0 votes Thank Flag Link Tue Apr 30, 2013
Try to get you score higher. It might take you 1/2 year but then again you would get lower mortgage rate.
0 votes Thank Flag Link Sun Apr 28, 2013
Check out the link below. It is the only true Grant Program that you don't have to repay unlike CHDAP or CalHFA. It's an awesome program, with low competitive rates, fast turn times, and you can use the Grant towards your down payment or closing costs. This program is underwritten in house and DOES NOT need to go to Sacramento for 2nd signature or approval. Please shoot me an email as I cannot follow each and every question that I answer. Let me know if you have any questions.

Best of Luck!

Web Reference: http://www.AFN-Loans.com
0 votes Thank Flag Link Tue Apr 16, 2013
Only no down is VA for military or veterans. You can go conventional with 3% down though. Or get a gift for the FHA 3.5% down. Let me know if I can assist.
0 votes Thank Flag Link Tue Apr 16, 2013

It may be possible and you'll have to research what's available in Alameda County in terms of down payment assistance (DPA) or any special programs. These might have individual requirements for property price and/or income amount. But do a Google search and see what you find.

The other options are FHA and VA. If you are a veteran, you can put down 0%. If FHA, then 3.5% --- which may indeed be worth saving for.

I cover all of this in my free homebuyer webinars, the next of which will be on May 7. Please feel free to join us!

Rob Spinosa
0 votes Thank Flag Link Tue Apr 16, 2013
If I may: a no down payment is impossible today with the lenders. Maybe 3.5% down with an FHA might be possible. Check with credit unions and banks/mortgage brokers. Starter home in the 300K range depends on what area. You will not be alone writing offers on those. Get your financing in order before seeing properties.
0 votes Thank Flag Link Tue Apr 16, 2013
Speak with your bank, or a mortgage broker, you may need a down payment depending on the type of loan you get
0 votes Thank Flag Link Tue Apr 16, 2013
Their are options available to you; you just have the right realtor help you to find them. For starters, visit http://www.naca.com and let me know what you think of this program. Call TeamShelton with any questions, 510-709-5243 or email me @ teamshelton19@yahoo.com If you are patient, we can find you a property.
0 votes Thank Flag Link Mon Apr 15, 2013
I hate to be the barer of bad news, but your scores are not mediocre. 620 will get you in the running for an FHA, and 660 will get you a 95% Conventional Loan. Depending on your income, I have a DPA (down payment assistance program) that will cover 3% of your down payment or closing costs and does not need to be paid back. If you have any questions, please shot me an email and I can send you some information or click on link below: Either way, please don't put the cart before the horse. Get your loan pre-approved so you cover all your bases upfront.

Best of Luck!

Web Reference: http://www.AFN-Loans.com
0 votes Thank Flag Link Mon Apr 15, 2013
I would recommend speaking with a mortgage broker and going over the various costs associated with buying a home. It's risky to be responsible for owning a home when you have very little financial reserves and equity even if its possible to buy with very little down. You may want to put together a plan to purchase and what you need to do to get there even if its not right away.
0 votes Thank Flag Link Mon Apr 15, 2013
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