Home Buying in San Diego>Question Details

Cynthia, Home Buyer in 91935

Im a first time homebuyer looking to purchase at the end of the year. I make 55k with a 718 score.

Asked by Cynthia, 91935 Mon Mar 23, 2009

But from what online qaulifying calculators are saying, I cant qauilfy for more than $167k house with5% down. I plan to use a FHA loan. The house I have my eye on is $185k. Is is possible to get a loan for this amount without a co-signer? I dont want to settle. The only debt ill have by the end of the year is a $100 credit card payment and a deffered student loan.

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7
Cynthia,

We like the option of negotiating the price to within your price range. A real estate professional will be able to give you a feel for the probability of being able to do this by previewing the comps for recently sold property in the same general location.

The bottom line for buyers in this market is if your top number is $150,000, it is reasonable to be previewing and considering property priced near the $170,000 limit. Your degree of success will be impacted by the sellers level of motivation.

Our recommendation is to meet with several loan specialists to get a more accurate understanding of what your true limits are and get pre-approved. When meeting with a loan counselor be sure to request a "good faith estimate." This is a written account of the specific programs and rated quoted to you.

Good luck
The Eckler team
0 votes Thank Flag Link Mon Mar 23, 2009
Dear Cynthia,

I think everyone has given you the best advice, speak with a few lenders to get a true picture of what you can qualify for - the qualifying calculators can only do so much, and FHA guidelines have changed a great deal lately. Ask your friends of family for references of a good loan agent that is used to working with first time buyers.
0 votes Thank Flag Link Mon Mar 23, 2009
We are an FHA approved Lender. We can get you pre-approved with only a 3.5% downpayment. We would have to look at your entire income/debt to see if you need a co-signer or not. Give me a call 415-962-1523
0 votes Thank Flag Link Mon Mar 23, 2009
Hi Cynthia,

That's right...those calculators leave out a LOT of factors. Definitely speak to a qualified lender! It's best to shop around--ask a few different lenders what loans they can offer you. I can give you some info on a couple different lenders who do great work. Contact me anytime, 858.405.7264, christinevt@prusd.com.

Best,
Christine Van Tuyl
Prudential California Realty
Leading Edge Award winner, 2007, 2008
Blog: http://realestatesd.blogspot.com
http://www.sandiegosurfandsand.com
885.405.7264
christinevt@prusd.com
0 votes Thank Flag Link Mon Mar 23, 2009
Those calculators leave out too many factors and shouldn't be used. You need to contact a mortgage broker.

Second thought negotiate the price of the home down.

Third thought, save more money up and wait till you are financially ready.
0 votes Thank Flag Link Mon Mar 23, 2009
Hello Cynthia, Your best bet is to speak with an actual qualified home loan specialist. And I can point you in the right direction with that if you like. Also did you know that you can get an $8,000.00 tax credit? And FHA only requires 3.5% down which will save you downpayment money verses having to put 5%. I would be more than happy to help you with any questions that you might to better prepare you for your purchase in the future. I can be reached at 858-568-5478. Look forward to helping you!!!
0 votes Thank Flag Link Mon Mar 23, 2009
If you're looking to purchase a house at the end of the year, your $185K house will most likely be gone by then. If it isn't gone, the price is too high and you shouldn't be paying $185K for it anyway.

There are several loan options that might work for you, although I don't know enough about your individual situation. Interest rates will impact your borrowing ability as well, and we don't know where those will be at the end of the year.

If you have further questions, feel free to contact me directly. I have worked with more first-time buyers than I can count and I'd be happy to walk to through the process.
0 votes Thank Flag Link Mon Mar 23, 2009
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