Home Buying in 92867>Question Details

Daniel Blas, Home Buyer in Orange, CA

what are the requirments to buying a home for the first time?

Asked by Daniel Blas, Orange, CA Wed May 29, 2013

I have been curious about if I qualify for purchasing a home. Currently I have a pretty decent credit score, im young and have a pretty decent career and I am also in the Air force reserve. Would like to use if i qualify my VA home loan. Well thank you for your time -Daniel

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13
Am happy to discuss with you - need to be pre-approved by a competent lender - see what amounts you are comfortable paying for PITIHOA - principle, interest, taxes, insurance and homeowner association dues. There are many "preapprovals" but the one which sellers are happiest with is a real preapproval where the lender has taken all your information, verified income, employment assets, and put your case to an underwriter - then you are issued a preapproval which is of substance. As the VA loans are in a class by themselves, you need to speak with a lender who specializes in VA loans and have an agent who understands and can educate sellers about VA loans.
I have a direct lender for 15 years who is extremely knowledgeable and well-respected in his industry who can help you.

Many lending institutions take your information, write a letter saying "your agent can move forward with confidence, based upon our conversation, you can buy a home" and they want you to go find a place first, then come back to them and THEN they'll do the above work. That's easier for the lenders to do it that way.

The trouble is, it's not beneficial to the buyer because, without that work being done before you go house shopping, you have little to no chance of really prevailing in a purchase offer because the sellers are pretty savvy and know that you may or may not really get a loan when the work hasn't been done prior to your shopping and making offers.

Hope that helps! You above all others should be able to buy a home - THANK YOU for serving our country - Jaci Woods, CRS, GRI, ABR, SRES - Broker - Irvine, CA - 714-389-4099
0 votes Thank Flag Link Mon Jun 10, 2013
First I would check with your VA office to see if you have met the requirements for your Certificate of Eligibilty being in the reserves... The requirements are a bit different, and before you seek lending, it would be best to know if you qualify for the VA loan as it requires no down-payment.

Once you know, I would speak to a lender to get pre-approved for a dollar amount, so you can then search for a home within your approved budget.

To answer your question: Different loan programs have different requirements... some require a 3.5% down-payment, some require 20%... it will all depend on the location of the property, and what programs you are eligible for...

Ask around your circle of friends and family for a lender you can trust... go speak with them and they will let you know exactly what you need!
0 votes Thank Flag Link Fri May 31, 2013
Hi Daniel,

Talk with a lender is first and a realtor to help you get started
I have a lender you may want to talk to that was in the military an works with military veterans and helping them with the process This is mostly what he works with. VA loans and getting the information you need to qualify
Ken Bates - 619-254-3180

I can help you with the next process of buying a home and explaining to the agent how the VA loans would be good to accept over a conventional loan
The majority of people do not know what is entailed with the VA loan

Talk to you soon

Ingrid Ski Realtor
949-874-0432
OCAreaHomes@gmail.com
0 votes Thank Flag Link Fri May 31, 2013
Hello Daniel,

Congrats on deciding to buy a home of your own, and THANK YOU FOR YOUR SERVICE!

Once you get your certificate of elig. from the VA, you should contact mortgagee lender who has experience with VA loans , and get pre approved. I have a great rep at Wells Fargo, she just processed an approval for a VA buyer I am currently working with.

You will NOT need a DOWN PAYMENT if you use your VA loan:). Your only costs will be closing cost, which can run aprrox 2% of the purchase price of the home you buy.

Your first step should be getting pre approved for your VA loan, once you do that you will need to select an gent to assist you in searching for a home.

Again, THANK YOU FOR YOUR SERVICE, and MUCH SUCCESS TO YOU!!!

Best Regards,
Kawain Payne, Realtor
Prudential California Realty
KAwaindPayne@gmail.com
714-293-1151
0 votes Thank Flag Link Wed May 29, 2013
Daniel, you will need at least 3.5% down, tax returns, bank statements, decent FICO score, pay stubs etc. I have a 5% down program that is superior to a FHA loan. Please let me know if you would like more information. Buying your first home is exciting...I remember when I did it!
0 votes Thank Flag Link Wed May 29, 2013
HI Daniel: If you can qualify you can buy home today!

With a VA loan or an FHA loan, you can buy a home with 0% down on VA loans and you can buy with FHA loans with about 3.5% down payment.

Right now it is a sellers market, so you may get outbid with conventional loans of 20% more down payments or cash buyers.

You may want to sit down and talk to a lender who does VA and or FHA loans.

I am closing an escrow on an FHA loan in this market next week! with a similar situation as yours.

I recommend that you also talk to an agent on what it will take to get your offer accepted.
Feel free to call or email if you would like to discuss further...

Good Luck.
Mike
mikepatel@sbcglobal.net
0 votes Thank Flag Link Wed May 29, 2013
There are some special government programs designed for first time buyers that usually have income guidelines and restrictions; but outside of those programs, there really are no specific requirements for first time buyers. The best thing to do is sit down with a loan consultant and discuss your situation. The consultant can design a plan for you to get started on the process and help your throughout your home buying experience. I'd be happy to discuss your situation so please feel free to give me a call or email me to get started.
Tracy Williams
Mortgage Loan Consultant
Kinecta Federal Credit Union
310 489-2549
twilliams@kinecta.org
0 votes Thank Flag Link Wed May 29, 2013
DANIEL:

I'm a mortgage banker located in Orange County. You earned the right to obtain a VA loan for serving our country. I'm in process of completing a few other VA loans for some other borrowers. They are getting 100% financing. If you've never used your VA entitlement before you will have an upfront VA Funding fee of 2.15% - You can roll this into your loan amount.

Feel free to reach out to me on my cell. I'm always honored to help those who have served our country in any capacity.

Best,

Grant Fawcett
Mortgage Banker
Castle & Cooke Mortgage
Ph: (949) 212-4578
gfawcett@castlecooke.com
NMLS: 832635
0 votes Thank Flag Link Wed May 29, 2013
The requirements to buying a home are credit, income and downpayment. Contact brentwood pacific financial at 714-771-3800 for a free no obligation pre approval using your VA home loan
0 votes Thank Flag Link Wed May 29, 2013
Hi Daniel ~ I can refer you to a couple of great lenders where you can get pre-qualified, first step then we can find you a great home! Please contact me, I'd love to help :)
0 votes Thank Flag Link Wed May 29, 2013
Daniel,

The first thing you want to do is speak with some lenders to see if you can get pre-approved, and if not what you can do to get there. Some local agents should be able to give you referrals.

Also note, the buying with a VA loan is going to be hard if the market there is anywhere near as hot as it is here, because it's a much more tedious process for the listing agent. You can discuss that with whoever you choose as your agent/broker.

Best Regards,

Lance King/Owner-Managing Broker
King Realty Group

lance@king-realtygroup.com
415.722.5549
DRE# 01384425
0 votes Thank Flag Link Wed May 29, 2013
Daniel,
It sure sounds if you are on the right path...
If you do business with a local bank, credit Union, etc... You can start there!
But just visit a lender and they will tell you exactly what you qualify for.
Then contact a local Realtor and Start your search.
The best to you in your search!
0 votes Thank Flag Link Wed May 29, 2013
Hi Daniel,

The first thing would be to meet with a lender. Give me a call and I can help you with qualifying to purchase a home.

Best,
Kim Moye-Reyes
First Team Real Estate
949-231-8214
0 votes Thank Flag Link Wed May 29, 2013
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