Home Buying in Los Banos>Question Details

Jesus Tellez, Home Buyer in Los Banos, CA

Would 15000 be enaugh for down payment and also I don't have any credit but I'm really interested on buying a house for my family?

Asked by Jesus Tellez, Los Banos, CA Sat Aug 11, 2012

And what are my chances that I could get a loan...

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I would suggest you speak to a financial representative and get prequalified. The $15,000 certainly would be a plus but your financial representative would make that decision. When looking for a home that is the first step any home buyer should do otherwise you are wasting your time as well as the agents time. Make sure you have your prequalification papers from the bank and you will be set to go to find your home.
0 votes Thank Flag Link Sat Aug 11, 2012
The FHA requires 3.5% down payment to purchase a home. So, $15,000 would be sufficient, however, you still have to qualify for the mortgage. You would be well advised to talk to a local mortgage lender, a smaller institution that specializes in writing mortgages. They are going to look at your income, the amount of debt you currently carry, your work history and, yes, your credit history. Once that is done, they will be able to tell you exactly what you qualify for as far as a mortgage. And, even if you don't qualify for a mortgage today, they will be able to tell you exactly what steps you need to take, what improvements you need to make in your situation, in order to get one and even how long that process should take if you follow their advice.
0 votes Thank Flag Link Sat Aug 11, 2012
The problem is that I'm really lost ,... This is the first time that I'm interested on asking if I qualify thor a mortgage .. So I don't know which way to start... I'm a person of 22 years and at first I didnt know how important was to star my credit which I never did.. I have no debt of any kind .. But now Im really interested on buying my house and to start my credit but I don't know where to start

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