I deal quite frequently with first time buyers and your choices on a first time homebuyer program on this property are going to be either on an FHA or USDA program.
To keep your payment at rougly $1,100 or less including tax and insurance you will need 3.5% down which on a price of $149,000 would equal $5,215 If you want to go with an FHA Loan. This program will requie that you have a minimum credit score of 580.
On a USDA program you could get to the same place with no money down. The USDA progrms are much more restrictive as to credit and income requirements.
Either way you go, you are looking at roughly $6,500 ( in addittion to down payment) in total costs to buy the house...the seller can pay all of these costs for you if you have the realtor ask in your offer for the seller to pay them.
If you give me a call at 916.354.9992 xt 103 I can explain in more detail and see what you qaulify you for...then get you pre-approved which is what a relato is going to want before you put an offer in...
I can also work with yoru realtor to ensure smooth closing for you.
You can also reach me via email at firstname.lastname@example.org
Now that I have knocked you to the ground! You really need to speak to a lender about the price of a house you an afford with your payment in mind. First time home buyer programs are great programs but there are limitations. You can't go out and buy a mansion with a little bitty payment. Remember, the smart buyers...are the informed buyers.
I have a few lenders that are still doing 100% loans through USDA. If you want more information pleas call me or email. you can find my info at the site below.
See my answer to your other question for general guidelines. On this property, please be aware that most PUDs (Planned Urban Development) have home owners associations and therefore HOA dues to be added to your monthly home payment. From the positive side, these dues usually cover the maintenance of the common area and common facilities, insure the buildings (you only have to insure your contents) and pay for trash service. From the negative side, they add to your monthly payment, they dictate what you can and cannot do to the exterior of your home, you will not be able to use FHA financing to purchase unless they are FHA approved, and you could find yourself assessed with thousands of dollars for major repairs and renovations needed in the community as a whole. Another problem arises with the high foreclosure levels in most areas of California. This results in non-payment of HOA dues for months on end and many HOAs are having some financial problems just keeping up with the monthly bills. Make sure, if you decide to purchase this property, that you thoroughly review the financial condition of the HOA, including their capital reserves. For more information on this, speak with your agent or you can contact me directly. Dare to Dream.
Real Estate Cosultant
RE/MAX Palos Verdes Realty