Charles Vamadeva, Snr. Loan Executive
http://www.CharlesVamadeva.com Direct Lender
FHA, VA, USDA, CONVENTIONAL, FHA203k, CHDAP
Office: (909) 255 8722 NMLS# 289913
Direct (951) 551 7633 Fax (951) 755 0420
I'm a Sr. Loan Officer right here in San Diego. Give me a call or email 858-922-7899 or email@example.com.
I would need to know you yearly salary, monthly debt (auto loan, credit card, student loan), and credit score to accurately pre-qualify you. 97% FHA loan does not require you to have cash reserves. They are good to have when purchasing, but they don't require them.
Additionally, I specialize in special grants and down payment assitance programs across San Diego County and the state of CA. We can discuss to see if you qualify. We can probably get you the 3% down as down payment assitance, and possibly a much larger down payment assitance. Give me a call to discuss.
Sr. Loan Officer
I would try to stay with someone local too. You'll feel more comfaortable. I would go to a bank and try to talk to someone that fully understands your situation. I actually got a 67% debt ratio approved last year. It might be tougher to do now, if I even could do it now. But you want to at least make sure they run the loan through Desktop Underwriter if your going conforming. If you going to do an FHA loan make sure the Loan officer is very knowledgeable about FHA guidelines as well as the underwriters. I've seen people good at sales with no knowledge on FHA guidelines and that can waste alot of time.
I know this may sound like a sales pitch but I work for a national lender and I see your scenario all the time. For your situation, I would recommend an FHA loan. The rates are great, you can do Down Payment Assistance for the 3% and pretty much get into your home for nothing out of pocket. I do this all the time. Your debt ratio would actually not be that bad according to the guidelines.
If you have an ounce of faith in this, please call me. I will be glad to speak to you in great depth about your situation and not ask you to pull your credit, etc.
I can originate in all 50 states and I do not have to "broker" your loan.
Please call me if you get a chance.