The West Hollywood Perspective
1. How much down payment? Owner Occupied or investment property?
2. Total Consumer Debt (monthly minimum payments)
With answers to those questions, we'll be able to get a rough idea of where you stand.
Have a nice day and keep your job ;)
Alexandra R. Trudeau | Realtor | CA CalBRE #01948951
CA Realty Group LA, Inc.
8024 W 3rd St | Los Angeles, CA | 90048
P | 323.263.7368 ext 103 | F 323.210.3227 C | 626.290.1508
Facebook: Alexandra Trudeau Real Estate
Prudential California Realty
Beverly Hills, CA
Also, if you need a great agent in the West Hollywood area, let me know. I would be happy to make a referral to a top agent who knows the area like the back of his hand. Congratulations on your new home. Dare to Dream.
Shel-lee Davis, QSCÂ®
Certified Distressed Property Expert â€“ CDPEÂ®
Short Sale & Foreclosure Resource â€“ SFRÂ®
Certified HAFA Specialist â€“ CHSÂ®
Your Real Estate Consultant for Life
RE/MAX Palos Verdes Realty
Best thing you can do is find a lender you are comfortable with and apply for a pre-approval. The cost shouldn't be more than about $17 for the credit report - whatever you do don't agree to pay any large "application" fees. It's totally unnecessary. Some lenders feel if they can you to pay a large upfront fee you'll be more inclined to stick with them.
Be prepared to submit pay stubs, tax returns, bank statements and other similar financial documents to verify your information.
As to whether your income is "enough" - one thing I suggest buyers do is take a look at their budget. Are you currently paying rent, mortgage payment, and/or putting monthly amounts into savings that equate to the payment on a $700,000 home? If not, you'll want to have a good idea of how you will be able to close the gap between what you are currently paying versus the new payment.
if you have any other specific questions feel free to post back to this forum or you can contact us via our profile. We love helping Southern CA buyers. :)
Based the information provided, possibly. Your credit history, other debt, available down payment, job history will all have to be considered as well. Talk to a local lender and provide a fuller picture of your situation and see what they determine.
Most home sellers or if you plan to look at REO properties will want you to at least cross qualify with a Direct Lender, i.e. Large Bank, like Wells Fargo.
Lisa, at Wells Fargo, works on weekends, just like I do. Feel free to email me directly if you have any questions. OR feel free to sign up to search the MLS just like I do at my website link below.