Home Buying in 92705>Question Details

justin, Renter in Newport Beach, CA

Looking to buy first home, and wondering what best way is to get loan

Asked by justin, Newport Beach, CA Tue Oct 1, 2013

Wife & I looking to buy first home. She's 800 and makes 40k . I'm 640 and make 85 . We are looking for $550 plus homes. 5% down. We don't have much monthly debts. $650 for cars. Also found some in the 800k range that seem to be better investments. We can't qualify with my credit for those, but some pre qualifications say my wife would. Is this possible? Paying those mortgages is still within budget.

Help the community by answering this question:


Hi Justin,

You should contact a mortgage broker or lender to evaluate your financial situation and let you know your options. WIth some more information regarding your credit histories and income/debt, a mortgage lender can tell you how much you can prequalify for together, and also how much your wife can prequalify for by herself. Once you figure out what your options are and your budget, you can decide which way to apply for the loan.

I would be happy to recommend a few great mortgage lenders to you if you would like and also email you a list of properties in the areas you are looking at that fit your budget and search criteria. After you get your pre-approval letter from the lender showing the amount they are willing to loan to you, you will know what amount you can afford and what price range to look at.

Feel free to contact me directly at (310) 717-1321 or JamieTian@RodeoRE.com.


Jamie Tian
Rodeo Realty
(310) 717-1321
BRE #01920120
Web Reference: http://www.jamietian.com
1 vote Thank Flag Link Tue Oct 1, 2013
It seems to me that you guys should be able to qualify for a loan. The next step would be to get pre-approved with a lender. I am a lender based out of Mission Viejo and I have done plenty of loans throughout Orange County. I would be glad to speak with you to help you get the loan that you need so feel free to contact me. Good Luck! Brian Nguyen Sr. Mortgage Banker NMLS # 659743 Phone: 949.667.2887 brian.nguyen@nafinc.com
0 votes Thank Flag Link Wed Feb 19, 2014
If you have not purchased yet now is the time! Rates are still low and prices have dropped a bit. Need help finding the perfect property please give me a call 714.588.7676. Thanks Ann Urias
0 votes Thank Flag Link Mon Feb 3, 2014
How is your search proceeding?
0 votes Thank Flag Link Thu Jan 9, 2014
Hi Justin,
Just saw your question posted on my listing in Santa ana,ca 92704.
I understand you and your wife is looking to buy your first home at $550k.
I would like to assist you with your real estate need.
I am a realtor that work in the area you are interested with.
you may email me direct at sstandridge@cox.net
my cell is #949-939-4780
Looking forward to hear from you.
Happy New Year !
Polly Standridge
Realty One Group
0 votes Thank Flag Link Thu Jan 9, 2014
I can help you find the right lender to help you out in the 800k range with your scores. Check out my website or email me anytime.
0 votes Thank Flag Link Tue Nov 12, 2013
On a home purchase I completely believe that the company I work for is the best lender around. It is hard to explain why in this short space.

For a free no obligation consultation. please feel free to call me at 949-297-1207

Rich Littlefield
NMLS 287206
0 votes Thank Flag Link Tue Oct 8, 2013
Well it sounds like you are going to qualify easily enough, and almost any lender will issue you a pre-qualification letter.

The problem comes when you go out and start making offers on homes. First realize all of the well priced listings have multiple offers on them.

Then realize that most lenders do mostly refinances and do not understand the complexity of a purchase. Quite frankly they do a pretty poor job of it. They do things like issue pre-approvals and then back out at the last second, they close sometimes weeks late. That is why the people who are paying cash are getting homes over people with mortgages offering sometimes $50,000 more for the house. It is hard to comprehend, but according to recent reports, right now, 45% of home purchases are actually all cash.

What we do different is guarantee to close the loan on time, or we pay the sellers interest on their mortgage until it does close. (up to $215 a day).

What this does is makes your offer look more like a cash offer, so you are more likely to get your offer accepted, This will save you time and money. To get pre-approved give me a call:

Rich Littlefield
TriEmerald Financial
NMLS 287206
0 votes Thank Flag Link Wed Oct 2, 2013
If you make that much money and have almost no debt I suggest that you save up either more for a down payment or some extras for reserves. Also, with a 640 you are not that far off from getting what you need. Take a few months to get your credit looking a little better. Then go house shopping.

J.R. Thrasher
0 votes Thank Flag Link Wed Oct 2, 2013

I'm a mortgage banker in Newport Beach. We are top 1% approved by Fannie, Freddie & Ginnie. We sell direct to government agencies so we have minimum overlays.

Although your credit will affect your interest rate - it will not make an impact on getting financing. Both you and your wife appear to have solid income (must have 2 year working history in same industry). 5% down will require mortgage insurance for 5 years. After 5 years mortgage insurance will drop off.

At face value - you would need to use your income as well on the application since you make almost double the income. The items required for a pre approval include a completed application, 2 years tax returns, 2 most recent pay stubs, 2011 & 2012 W2s & a bank statement verifying down payment.

Upon receipt, I can offer a few loan products & the available amount you can finance for a mortgage. Again, my office is in Newport Beach & we can meet in my office or we can do everything via email/online.

Please feel free to reach out to me via cell @ (949) 212-4578

I look forward to hearing from you.

Best regards,

Grant Fawcett
Mortgage Banker
Castle & Cooke Mortgage
Ph: (949) 212-4578
NMLS: 832635
0 votes Thank Flag Link Tue Oct 1, 2013
Hello Justin,

Recommendations of lenders are the first step. Also find out how many transaction that particular loan officer has closed in the last year and out of how many were started. This ration seems the best way to evaluate a loan officer even within the same company.

I began as a loan officer and have a spreadsheet that allows you to create different scenarios and you have full control without having your credit checked every time you speak to lender. You may lose 3-5 points on your FICO score each time you allow your credit to be checked. I use the spreadsheet every time I meet with a buyer and it is accurate to a few dollars. So, immediate feedback and accuracy!

Would you let me know where I can send that spreadsheet?


Bill Villa President/Broker
Villa Realty, Inc.
DRE #01758821
(760) 908-4264
0 votes Thank Flag Link Tue Oct 1, 2013
Nicole's answer is spot on. I would only add that it's a good idea to get recommendations from local agents as you will get more preferential treatment.
0 votes Thank Flag Link Tue Oct 1, 2013
Your best option is to talk to a licensed, reputable lender that can get you "pre-approved" instead of "pre-qualified". Pre-qualification means nothing in this market, as it is basically your statement of your financial situation. A "Pre-Approval" means the lender has reviewed your documentation, and has tentatively approved a loan amount. With a "Pre-Approval", you will know exactly how much you can borrow, and with your down payment amount, you can find out exactly how much you can afford to spend on your dream home!

I would be happy to assist you with Lender Referrals, or current listings on homes in your desired areas! Please contact me !

Nicole Fedorchek, Realtor
Tarbell, Realtors
DRE 01920370
0 votes Thank Flag Link Tue Oct 1, 2013
Hi Justin,

You should definitely get in touch with a lender to get pre-qualified for a loan. That way you'll have a better understanding of your house hunting budget. If you'd like, I can get you in touch with a loan specialist I've worked with to close deals before. I would also be happy to help you find a great first home.


Joe Van Fossen
Keller Williams Realty
(714) 584-7154
0 votes Thank Flag Link Tue Oct 1, 2013
I can certainly help you out.

Alex Greer
Loan Officer
NMLS #1056079

0 votes Thank Flag Link Tue Oct 1, 2013
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