Home Buying in 91911>Question Details

Naomi Gomez, Home Buyer in Chula Vista, CA

me and my boyfriend are looking into buying a house but we feel like odds are against us. We make 3,500 a month

Asked by Naomi Gomez, Chula Vista, CA Thu Jun 21, 2012

he has a 720 credit score and im "high risk" because of my student loans ($5000 total). We have 10k for a downpayment, are we being naive? can we even qualify to buy a house? We feel like we do but I think my credit score will hold us back.

Help the community by answering this question:


Hi Naomi,

The best thing you can do is call a few lenders (Wells Fargo, B of A, Chase, etc), explain your situation and find out. At least you will know what you have to do in the near future to be able to buy something.

A general rule of thumb is you work out your loan so you know what you can afford before you contact a realtor or look at homes. Once you find out what you can afford, you can look online (redfin, etc) to see what you would be looking to buy.

Then you find an agent to help you secure your first home.

Best regards,

Mark & Kari Shea
Shea Real Estate
Serving Greater San Diego
1 vote Thank Flag Link Thu Jun 21, 2012
Okay at least we know what direction to go now, we will do that this Saturday, thank you so much.
Flag Thu Jun 21, 2012
HI Naomi,
I was looking on line and this question pop up. How are you doing in? did you ever bought your property yet? Or are you ready for it now. I know the post is from a few years back but it is always interesting to know how the story ended. In case you need help please feel free to ask us.
0 votes Thank Flag Link Thu Feb 13, 2014
I have been looking into this. I am not sure where you live but you could qualify for a USDA home loan.
Usually you have to purchase in a rural or unincorporated area. You would qualify with his credit score, having $10,000 for a deposit is great. I think you will be just fine.
0 votes Thank Flag Link Sun Jun 24, 2012
The link to the lenders that I work with came out incorrect below this is the right one.
All three are excellent and have helped my clients get into homes.

I am never too busy for your referrals
Jerry Heard
Your Broker
The San DiegoProperty Shop
Cell 619-920-9796
0 votes Thank Flag Link Fri Jun 22, 2012
I think there is a great chance you could qualify. $5,000 is not a lot of student loan debt. $10k is also plenty for down payment. Give me a call if I can assist. I am a pro at working with credit issues. Rob, 858-922-7899
0 votes Thank Flag Link Fri Jun 22, 2012
Hey Naomi,
I think there is a lot of really great advice. I can recommend a great loan officer that handles all my transactions. She is spectacular. It is always advisable to shop around.

Sinead McAllister
McAllister Homes Real Estate
0 votes Thank Flag Link Fri Jun 22, 2012
The odds are against everyone. Don't feel singled out...the lending standards are still insanely high. You and your boyfriend really need to sit down with a reputable mortgage lender, complete an application, and have a lender review your credit score, assets, debts, savings, and income. Only then are you going to know if you have a chance.

FHA loans tend to be the easiest to qualify and only require 3.5% down. I encourage you to go through the proper steps with a mortgage lender. Even if you don't qualify now...you will learn what you need to do in order to qualify.
0 votes Thank Flag Link Fri Jun 22, 2012
Hi Naomi,
In your situation, I suggest you speak to a Lender. I can suggest one for you that I've worked with many years. They are real good with creative financing. Worst case, they can work with you and tell you when you can be ready to buy.
Thank You
Maria Esparza
Coldwell Banker West
0 votes Thank Flag Link Fri Jun 22, 2012
Hi Naomi,

Talk to more than one lender. If someone says you are high risk, ask them what specifically makes you high risk. Unless you know, you won't be able to rectify the situation.

Warm Regards,

Cory La Scala, REALTOR
Independence Realty
0 votes Thank Flag Link Fri Jun 22, 2012
Don’t bet against yourself, if you have credit issues fix them first before taking on more debt. If you haven’t been able to make a payment on a $5000 student loan the expenses of owning a home would sink you.

Credit is only one piece of the puzzle, have your realtor introduce you to the local loan officer they trust the most and meet with them face-to-face. Yes, it is a pain in the neck, but have you done many things more important than this over the phone?

Jim Simms
NMLS # 6395
Financing Kentucky One Home at a Time
0 votes Thank Flag Link Fri Jun 22, 2012
It defaulted in 2007, I was 17 without a job and didn't know I es able to ask for deferrement. I consolidated one of my loans and am taking care of it and am only paying interest on the other one because I went back to school and I don't have to pay it in the meantime. After reading all the answers and doin some research I think it'll be better if I pay off everything first, save for an emergeny fund and once we have that well go contact lenders. Thanks for the great advice , really appreciate it.
Flag Fri Jun 22, 2012
Never rule yourself out. You need to talk to a lender, they are the best qualified to help you determine what you may qualify for. There are many programs available for first time buyers that you may qualify for.
I suggest that you contact one of the lenders that I work with and get your financial and credit analyzed and determine what programs may work for you. This link has the lenders that I work with and they are very good. http://www.thesandiegopropertyshop.com/3/W0000019683/P000036…
You can also use my website to look at homes that are actively on the market. Please feel free to use the website as a tool to help you.
Best wishes,

I am never too busy for your referrals

Jerry Heard
Your Broker
The San Diego Property Shop
Direct 619-920-9796
Office 619-269-5545
Fax 619-269-9168
CA DRE # 00648687
0 votes Thank Flag Link Fri Jun 22, 2012
The only way to find out is by contacting a lender and going through the full approval process, it cost you nothing but your time and effort. I recommend Jose Hernandez at 619-279-7424 in Bonita or Linnea Arrington at 619-260-1660 ext 250 by Liberty Station, Pt Loma, Both are excellent lenders that will be honest to you and not BS you.

Chris Mirelez
0 votes Thank Flag Link Thu Jun 21, 2012
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