Well sounds like you watch your money well.and sounds like your ready to buy.
On that note you real need a mortgage consultant.to see what kind of income you make and he will tell you
what you may afford.
Then we can get started on Home Shopping.
Give me a call and i can referr you to my mortgage consultant or if you have your own gett him all documents for him to review and pre-qual you.

Robert Sanchez
RubenRealty.com
619-867-4543 mobile
email:1800fico@gmail.com

Hello Mr Ramirez
First you need to go visit you local bank,lender,loan officer etc. get you pre-qualify. At that moment he will be able to determine what can you real afford.and show you what programs best fit you.
Once that has happen Contact me Robert Sanchez to start showing you home in the area.

Se Habla Espanol.
Robert Sanchez R.E.Agent.
RubenRealty.com
@ 619-867-4543 mobile

Thank you so much, Ms. Ramirez!!! I was hoping I didn't make it seem more complicated than it needs to be. It's an easier process if you just take it step-by-step.

Thank you again and please don't hesitate to contact me any time. I am here when you need me!

Phil Powell
Sr. Loan Officer
Real Estate Broker
(619) 246-9653
propertyshoppesd@aol.com

Thank you all for your time, information and advice. Al these terms are new to us, we want to be as well informed as possible before getting into this. We know it's a good time to buy, the question is: Is it OUR time to buy?

Again, we really appreciate the info and thank you all. I wrote down your name and number Mr. Powell, if we decide to begin our journey of home buying, I'll defintely give you a call.

Great information from Phil below regarding specifics. I would definitely sit down with a lender and possibly consult your financial planner if you have one (especially if you will be pulling money from possible retirement funds for the down payment). A lender will be able to let you know approximately what loan amount / purchase price / down payment your income and assets will provide for. After that, you will need to decide what payment amount (and ask for the total monthly Principal, Interest, Taxes & Insurance payment) you will be comfortable with based on your discretionary spending habits AND factoring upkeep on the home (trust me.... many buyers forget about the upkeep!). When all is said and done, you want a home to increase your quality of life.... not make you house-poor!

You are definitely timing it right though!
Tara

Tara Steinke
Residential Sales and Appraisal
San Diego
619-384-6014
SDRealtor.Tara@gmail.com

Hi Ms. Ramirez:

You can started with just some basic information. Being a Senior Loan Officer and Real Estate Broker I can provide some helpful information to get you started.

First, you will need to get pre-qualified and pre-approved. You will need to determine how much house you can afford. A basic rule of thumb is to take your gross monthly household income (before taxes and deductions) and multiply by 40% (to be safe). Once you determine this amount, this amount would include your total house payment (Principal, Interest, Property Taxes, and Homeowner's Insurance). It must also include any monthly payments you may have on auto loans, credit cards, etc.- basically any monthly payments that would show up on a credit report. You do not need to include utilities, living expenses, etc. Your house payment and any other monthly payments should not exceed 40% of your gross monthly income.

How much money will you be putting down? If you have 20% or more and your credit scores are higher, than a conventional loan would be the best way to go and will cost you less. If you have limited funds available to put down, then an FHA Loan would be the best option. You can put as little as 3.5% down on an FHA loan. Both Conventional and FHA Loans will require a minimum credit score of 620. The lender will also want to see at least two years of continuous employment in the same line of work with no gaps in employment. If there has been a change in employment within the last two years, as long as it is within the same line of work, you should be fine. You should also have at least 2-3 months of reserves on hand.

I can pre-qualify buyers with just a few simple questions in usually less than five minutes. If you would like me to assist in getting you pre-qualified and pre-approved, please email me at propertyshoppesd@aol.com or you may call me any time at (619) 246-9653. I would be happy to assist with the process. I can do a quick pre-qualification with just a few questions and can help determine the appropriate price range in which to start searching for your new home!

Respectfully,

Phil Powell
Sr. Loan Officer
Real Estate Broker

Ramirez,

You will need to consult with your bank or a mortgage broker who can look over your finances and evaluate your situation. They will make recommendations and then you can move forward from there with an agent to start looking at property.

Kind Regards,

Marcie Sands, REALTOR
Simply The Best Real Estate Company, Inc.
760-644-1562