Home Buying in Vacaville>Question Details

Ieatcrayolas, Home Buyer in Vacaville, CA

my income is 1400 to 1600 a month im lookin for about 125 thou 130 max only qualified for 75 tho loan fha loan have 3500 to put down what more can i

Asked by Ieatcrayolas, Vacaville, CA Mon Jul 2, 2012

do i rather live n a house than an apt when prices r so low want to invest my money in a house

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Try a USDA Rural Home Loan, they are for low income people and you do not pay mortgage insurance which means you can borrow more! I used one 18 months ago to buy my first home and I love it! With regular lenders I only qualified for $125K, with the USDA, I bought my home for $170K and my repayments are fixed at $1165. A little high for you, but your repayment would be lower. I used a company out of Utah to do the loan called RANLife. They were fantastic. My broker has moved on from there and if you would like his info you can email me at smuloa@imail.losrios.edu. I'll be happy to pass his info along. Otherwise look online and check out RANLife - I loved working with them. They were very professional and on top of everything. I agree with the other input, go past pre-approval, that way when you are ready to buy, you can go! Good luck! Oh, the only thing with these loans is you have to live in a Rural Area ... not hard out here in Solano!
0 votes Thank Flag Link Sat Jul 7, 2012
Hi leatcrayolas!
You may want to look into purchasing a condo instead of a single family home due to the difficulty of finding an actual home to purchase in that price range. I would suggest you actually get completely loan approved instead of just prequalifying too. The approval will give you a leg up with the Seller so they know you are good to go. The prequalification process doesn't actually give you the commitment from the lender.
Because the market is so hot right now, the stronger you make your offer, the better. For example, you may want to save as much money money as you can to pay your own closing costs. This also will help you when competing with other Buyers. You will have to factor in the HOA dues when purchasing a condo, so make sure you find out how much they are. You may have an issue as well in the future if you are wanting to rent it out, as not all condo's allow you to "Automatically" turn your condo into a rental when you decide to move out and up. The market is the best I have seen in 20 years of selling real estate in Vacaville though, so if you can make it work, it would definitely be a great thing for you! Do you have a 401K or retirement account? If so, you may be able to borrow against that to help with your down payment too if you are a little short. My Buyer's have been very successful utilizing that money too and in some cases, the interest you are paying back for borrowing the money from your retirement account actually goes back INTO your own account! So you are paying yourself back the money too! Just be careful as you want to factor in making sure you can afford to make the payment required to pay back the retirement account. If you have any questions, please feel to let me know! Thank you!
Amy Webber (707) 328-2082 cell
0 votes Thank Flag Link Mon Jul 2, 2012
Your first step should be to meet with a local and trusted loan officer who can prequailify you at no cost. Then you can find out what type of mortgage you may be quailified for and any costs with it.
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Mon Jul 2, 2012
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