Home Buying in 92117>Question Details

Gregory Kage…, Home Buyer in san diego cal

first time buyer low income big down , would i be able to buy a home? I have no credit.

Asked by Gregory Kageyama, san diego cal Fri Feb 6, 2009

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Hi Gregory, there is a difference between no credit and low credit... with low you can go FHA... having no credit may present a problem. If you truly have no credit, it is pretty easy to establish some and get a good score relatively quickly. Having no credit, leads me to another question... are you a US citizen? This could also impact our approval.

The bigger question as Dana pointed out is with low income, can you be 100% sure you will be able to make payments. As a buyers advocate, I specialize in helping folks like you figure out exactly where you stand, because I am both a real estate broker and a registered mortgage advisor. In other words, I help people understand in laymen's terms precisely how the loan and home purchase transactions come together, so feel free to reach out anytime.
Web Reference: http://www.SethChalnick.com
1 vote Thank Flag Link Fri Feb 6, 2009
You could apply for an FHA with 3.5% down. Your credit would not be an issue here but you would need sufficient income to meet the monthly note,and cover closing costs,taxes & insurance. you would also need some reserves for maintenance. if the roof or HVAc system goes can you affford to replace it?
1 vote Thank Flag Link Fri Feb 6, 2009
have 650 credit have 200000 down looking at a home for 385000

but my tax returns show very little income can i get a loan at a good rate

15 years/ 5 year at same job only thing i bought on time is cars all paid on time have 4 credit with high of 10000 owe nothing on then now
0 votes Thank Flag Link Tue Nov 26, 2013
You will have to go with a smaller direct lender and but a big down payment.

Talk to one of the people that responded below or let me know if you want a referral.


MY TEAM HAS OVER 100 PRE-LISTED FORECLOSURES AND WE ARE THE LISTING AGENT! - Please Email Me If you Are Looking For A Foreclosure In San Diego. Over 30 of them are FHA/VA Approved and Fully Renovated!

Hope this helps!

Patrick A. Hale, CDPE, RSD
Short Sale & REO Listing Agent
Associate Broker

"The Best Way To Predict Your Future Is To Create It"
Keller Williams Realty
Toll Free: (866) 538-6057 I San Diego: (619) 309-7883
Mobile/Text: (858) 539-6803 I DRE License # 01777558
Office: 4370 La Jolla Village Drive, Suite 400
San Diego, CA 92122

SHORT SALE EXPERTS WITH A MISSION TO:
"Help Over 360 Distressed Home Owners Avoid Foreclosure"
If You or Someone You Know is in Financial Distress Visit: http://www.SDRealEstate360.com
0 votes Thank Flag Link Tue Sep 7, 2010
Hi Gregory,

You should consult a mortgage professional, I have worked with a direct lender for years. His name is Anthony Ramirez with Prospect Mortgage. You can reach him at 619-733-8669 or email him at anthony.ramirez@prospectmtg.com. Good Luck!

Alex Saavedra
Century 21 Award
619-519-0683
alex.century21@ymail.com
0 votes Thank Flag Link Fri Aug 13, 2010
have 650 credit have 200000 down looking at a home for 385000

but my tax returns show very little income can i get a loan at a good rate

15 years/ 5 year at same job only thing i bought on time is cars all paid on time have 4 credit with high of 10000 owe nothing on then now
Flag Tue Nov 26, 2013
You would need to use creative financing in order to do so. If you can put a big enough down and depending on the type of property you are purchasing, they will overlook these issues.


Patrick A. Hale, CDPE, RSD
Real Estate Broker & Investor

REO & SHORT SALE EXPERTS WITH A MISSION TO:
"Help Over 360 Distressed Home Owners Avoid Foreclosure"
If You or Someone You Know is in Financial Distress Visit: http://www.SDRealEstate360.com
Web Reference: http://www.reofsd.com
0 votes Thank Flag Link Thu Aug 12, 2010
Why not contact any qualified loan officer for an accurate answer and see if your budget can handle.

Anna
0 votes Thank Flag Link Tue Jun 23, 2009
Try some of the banks and special education programs that are out there. I heard of a program today where you could buy a home while earning minimum wages. That's pretty aggresive! Check out the educational programs in the area. And you do have credit. Talk to one of the lenders and learn how to improve your credit.

Good luck,
Joan Wilson (Realtor, SRES, Ecobroker)


California Cool 4 Sale
Prudential California Realty
Direct Phone: 760-757-3468
Fax: 760-946-7894
JoanWilson@prusd.com
License # 01341483

It is my Goal to Increase the Success and Profitability of Those I Serve
0 votes Thank Flag Link Tue Jun 23, 2009
I have a client who just purchased a property in El Cajon. She has very low income, above 700 credit, and over 30% down payment. We use our in-house mortgage broker for the loan. Her loan got approved with no problem. She'll be closing this week. As long as you can demonstrate solid employment history and sufficient fund for down payment/closing, you should be able to find lenders willing to work with low-credit buyers. Try to ask around with banks or mortgage brokers. Or call me at 858-220-5164.

Sandra Chau, Broker
(858) 220-5164
sandra.chau@gmail.com
20% Commission Rebate when you buy or sell a home through me
0 votes Thank Flag Link Mon Mar 30, 2009
Gregory,

It depends. You would need to contact a lender and ask them if there is a loan for you. I have some great referrals for you. When you want to buy a home I'm here for you. Please contact me. You can search the MLS here: http://www.dawnsellssandiego.com/listings-map_search

Dawn
0 votes Thank Flag Link Mon Mar 9, 2009
Good morning Gregory,
The most likely way to finance your purchase will be using an FHA loan as this is the most flexible mortgage program available to buyers with llimited established credit. It's important to sit down with an FHA lender to get the very latest rules regarding their criteria and see how close you might be able to meet the requirements. Regarding low income buyers, there are special city programs which combined with FHA make your purchase even more viable. It's important to check which cities have funds availabe and their criteria. You indicate you have a "big down" but you don't say what that means. If say you are looking at a property selling for $100,000, what would your down be? Your funds will be required to be seasoned, i.e.matured in a bank account for a certain period of time which the lender determines, as the lender wants to see you have not borrowed those funds. If you have low income, in the case of FHA you can purchase with a co borrower, another great feature of the FHA loan program.FHA loans require the buyer to verify their income. There are no more "stated income" loans, so get copies of your tax returns for the past 2 years as well as recent paystubs to show your year to date income. So, Gregory, your next order of things is to identify a Real Estate Consultant with plenty experience and motivation to help you reach your dream of home ownership, get together with a lender that has access to the various programs available tor homebuyers, determine which is available to you and the maximum price you are qualified for. Once you have a PreApproval from the lender, is time to go home shopping and hopefully, find the ideal home you dream of. I can be reached for further advice at (760) 214-1475 Many many of my past clients had the same scenario you j describe yourself having and now enjoy the blessings of homeownership!
0 votes Thank Flag Link Fri Feb 6, 2009
Dear Gregory,

Your very first step is to speak to a lender regarding what type of loan you may qualify for. I would suggest that you get some recommendations from friends or REALTORS on someone that works with first time Buyer's and call them up. Nowadays you sometimes can even prequalify for a loan over their websites. From you comment it seems that you have a large down payment but not much monthly income. No credit is much better than bad credit - so speak to a lender and see what they can do for you. Good luck as there are many great buys on the market right now! Check out my Client Services page for the lender that I highly recommend, his name is Mark Robertson and is great!
0 votes Thank Flag Link Fri Feb 6, 2009
Gregory,

Dana had a great answer. If you are military or a veteran you may also qualify for a VA loan. A VA loan requires no down payment and you can obtain 100% financing at great rates. Your first step in the homebuying process is to contact a lender to determine which mortgage programs you may qualify for. I'd be happy to refer you to a loan officer that can provide you with advice based on your situation.
Best Regards, Woody (619) 850-5432
0 votes Thank Flag Link Fri Feb 6, 2009
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