Hee is what lenders examine:
1. Credit scores and history
4 Debt to income ratio
5 Down Payment amount
* there are special programs for first time buyers that require little money down*
You should consult a mortgage consultant, they can examine a lll your info and give you a clear idea of what you can qualify for. THIS IS DONE AT NO CHARGE!!!
A good place to start would be the bank/credit union where you do your personal banking.
Best of Luck to You!!!!!
Kawain Payne, Realtor
Don't throw your money away any longer. The best thing to do is go to your bank and get prequalified. They will be the ones to determine what you can afford then you are on your way on owning your own home. Have you heard about the Tax Credit for first time home buyers?
There are also several cities with down payment assistance programs:
http://www.socaloceanviews.com/professional11.shtml (don't use this website regularly as it isn't mine ;-p )
If you look on my home page, there are three loan agents who are great in helping you find good down payment assistance.. http://.www.BonnieTheRealtor.com - about 2/3 way down the page. It indicates which specialize in DPA probrams.
Please call if you could use some help. I try to explore every avenue in finding homes for my clients...and my clients are very satisfied with our assistance. I'm an award-winning agent, as well.
Good luck. Bonnie Scribner
Century 21 Discovery (leading broker in No. OC for 11 years, but specializing in all of So. Cal.
Hope to hear from you soon.
Where there is a will, there is a way. As long as stick to the basics, get yourself qualified for a loan based on your actual income, and then search out properties that you can truly afford, you can stop the rent cycle and become a home owner.
With your income, you might also qualify for some City, County, State or even Federal programs that will assist you in becoming a home owner (as long as you have not owned a home in the past 3 years). The City of Carson - Down Payment Assistance program is currently undergoing revisions and will probably be available to start assisting homeowners again sometime this summer.
If you want to discuss all the possibilities, do not hesitate to contact me directly (either by phone or through my Trulia profile). It would be my pleasure to help you identify any programs for which you might be eligible, connect you to a lender who is approved for the programs identified and get you pre-qualified for a loan. Then you can start looking for homes in your price range with the knowledge that everything is lined up for you to buy a home when you find the right one. Dare to Dream.
Real Estate Consultant
RE/MAX Palos Verdes Realty
I work the Whittier area and would like to help. Please e-mail me or call me and we can talk a little more. I have a client who makes $22,000 a year and qualififed for a home of $225,000. Call me.