Home Buying in Thousand Oaks>Question Details

Rob, Home Buyer in Thousand Oaks, CA

$90,000/YR combined income, no downpayment, first time buyer programs. Is it possible to get into a home?

Asked by Rob, Thousand Oaks, CA Sat Jun 2, 2012

I'm making about $65,000/YR and my fiance is making about $25,000/YR. With our combined income and a first-time buyer program... is it possible to get into a home? I do not have any down payment.

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Hi Rob,

A few months back, I had a client that went 3.5% FHA with a CHDAP (California Homebuyer's Downpayment Assistance Program) silent second loan of 3%. The seller credited my buyer 3% for closing costs (which is roughly the amount of a typical closing). So my client came in with about .5% (of purchase price) of his own money. This is one option, but it isn't zero out-of-pocket.

Are you or your wife a Veteran of the military so you can qualify for the VA loan? My client just closed on a home with a VA loan. That would be a great route if you have access to it. But, the first step is to speak with a lender so you know if you currently qualify to get a loan, and you'll be given steps to get you qualified if you're not. I have great lender that takes a consultative approach (Chad Cockerell from Guild Mortgage). But, feel free to contact me to discuss your financial situation and your home purchase goals.

Here is a good link to look at:

Link to a good lender:

Chris Chin
(805) 258-2870
1 vote Thank Flag Link Sat Jun 2, 2012
There are a few options. Can you come up with 3% of your own funds for down payment and or closing costs ? To get a rough idea of what you can qualify for, the bank will look at your Debt to Income Ratio (DTI). Depending on your credit scores and other factors, the max allowable is 50%, but to be safe use 45%. This means total monthly debt (housing and all consumer debt reported on your credit report can't exceed 45% of your gross monthly or $3375.00 per month. This assumes your income is $90,000 annually / 12 mos = 7500 Monthly. The income must be stable and you should have a two year job history in the same line of work. With interest rates where they are now it costs about $477 per month for every $100,000 you borrow for principal and interest payments. If you want to look at additional strategies I can provide you a full analysis. Contact me via email at jeff.smith@amcapmortgage.com. or at 8059-499-7300
0 votes Thank Flag Link Mon Jun 4, 2012
Hi Rob, the first thing you need to do is get with a lender. Yes, there is a program that will allow you to do it. CalHFA. It's got some extra typical government red tape but I put a nice young family into their first home with this program about two months ago. Contact me through my trulia profile directly and I will connect you with a lender who has this program.

Another option is a FHA 3.5 percent down payment program which will allow you to receive gift funds if anyone in your family will consider helping you purchase your first home.

Once you have a loan program selected and a preeapproval, that is the best time to stop your home search and it would be my pleasure to help you.
0 votes Thank Flag Link Sat Jun 2, 2012
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