Home Buying in Emeryville>Question Details

Steven  Bran…, Home Buyer in Emeryville, CA

So if my wife and I have good credit and can make a mortgage payment of 2700 but were not luck to have a down

Asked by Steven Branstetter, Emeryville, CA Thu Sep 25, 2008

payment from Grandma, what should we do? We currently live in Emeryville Ca and own a loft, but we are looking to move to Pasadena Ca in about a year, hopefully south pasadena. Please advise.
Thank You

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This is a matter of dicipline and getting your ducks in a row. It seems that you have already two fundamental components to buying a home down. 1) Good credit 2) a buyer's market atmosphere 3)and the willingness to ask questions and shop around. My advice would be to speak to a lender and potentially a financial advisor about finding ways to save towards a healthy down payment. Word of mouth is a great way to find one so ask around.

If I can be of any help please feel free to let me know. A lot of good options for purchase in Pas. and So. Pas.
Web Reference: http://www.hugotorres.com
0 votes Thank Flag Link Thu Sep 25, 2008
Hi Steven,

The good news is that you might have two thirds of the puzzle, good credit and ability to pay are huge... especially nowadays. I would suggest that at this point you would be well served to do two things:

1) Start shopping for a Realtor in the area you are interested in moving to so that you can interview them and get a feel for how they work and how they will work for you both.

2) Speak to some lenders ( I will be happy to provide names if you like) including those where you both bank and/or your credit union to see what ideas and options they may have for you. If FHA is an option, you may only need as little as 3% down.

Also, there may be other programs including those offered by the city or county that may be able to assist you as well.

You may be able to borrow from your 401K or IRA depending upon your situation so there are lots of different avenues to explore and much like any long journey you choose to undertake, the sooner you start charting your route and the more you learn about the path, the easier it will be to traverse.

Good luck with your future home purchase and if I can be of any further assistance please feel free to get in touch.

Take care,

Tisza Major-Posner, Realtor, IVPG Realty (909) 837-8922 or (213) 392-4084 tisza@homesbytisza.com
Web Reference: http://Route66Living.com
0 votes Thank Flag Link Thu Sep 25, 2008
Look into down payment assistance with an FHA loan. These loan options disappear by years end, so get going quickly....
0 votes Thank Flag Link Thu Sep 25, 2008
You should rent and save for a downpayment. Good Luck
0 votes Thank Flag Link Thu Sep 25, 2008
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