Home Buying in Los Angeles>Question Details

Ioryliang, Home Buyer in Los Angeles, CA

thinking about buying house along I10 east to Los Angeles.Let's say credit score 750, 60000

Asked by Ioryliang, Los Angeles, CA Fri Apr 4, 2008

income. How much can I get and what's the APR with 20% down? What about 5% down.

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Using your variables in my calculations you should qualify for a 30 year fixed, 5.5%, fully amortized loan amount of $210,000. With 20% down that would give you a $262,500 purchase price. Of course there are several loan programs available that may allow you more flexibility with your home choice. I am simply providing you with a text book version of your qualifications. I attached a link to the calculator for your review. We do have homes out here in San Bernardino County for that purchase price. Good luck!
1 vote Thank Flag Link Sat Apr 5, 2008
Try going to http://www.naca.com It is a non profit agency that does not require a down payment or closing costs. I am currently in the process of buying a home through them myself. The program is not income based or credit score based, so it does not matter that you have good credit or how much money you make. If you have 5%-20% to put down, then that is great! However since this non profit pays for your down payment and closing costs, you can use that money to "buy down" your interest rate. The more money u are able to put down, the lower your interest rate will become, which will allow you to have a manageable mortgage payment. Even though the company pays your down payment and closing costs, you still would have to pay other fees such as inspection fees, prepaid mortgage insurance, etc. Still a good deal if you ask me! There is a maximum purchase price of $367,000 which they will not exceed, so if your desired purchase price does not exceed this amount, then I would definately encourage you to check out the program. Another stipulation of the program is you can not currently own another home (I guess to deter home flippers from profiting from the services of the program). If you wanted to purchase other properties afterwards, they do allow that, however the property purchased through their program has to be your "primary residence"....Check out the site and see if it is something that can work for you. Good luck !!
0 votes Thank Flag Link Thu Apr 10, 2008
The loan market is getting alot more strict. It would depend on your debt ratio. Do you have alot of liabilities? cameron.fedderman@era.com
0 votes Thank Flag Link Thu Apr 10, 2008
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