Home Buying in Bakersfield>Question Details

Claude Marsh…, Home Buyer in Phoenix, AZ

I'm finding a little trouble on finding a good mortgage broker that will help and give advice?

Asked by Claude Marshall, Phoenix, AZ Thu Feb 5, 2009

I live and own a home in Phoenix, AZ. I'm going thru Remax Property management to lease this house for $1,170 per month. Which I will have to make up the balance of $450.00 per month.
I want to purchase a home in Bakersfield, CA under $75,000. Putting 20% down, $370.00 mortgage payment.
My credit is great, I clear under $2,000 a month.
Anyone have any advice?

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Answers

3
Let me start off by saying Valerie Fisher is one great agent who handles quit a bit of REO homes in Bakersfield. I have worked with her on several transactions and feel she is one of the best in the business! If your question is do you qualify; based off the information posted yes I do see that your DTI (debt to income) ratio is 36% with a 25% reduction (for a vacancy factor) on your current rent @ 1170. That being said if you current debt is not out of control and in line with your income you should be fine. As far as a mortgage broker goes that is tricky... My opinion is stick with a creditable "broker" vs. a "banker" as the broker has much more flexibility with banks and loan programs and the bank only has what they offer. Good luck with your new move and enjoy Bakersfield!
All the best.
Charlie
0 votes Thank Flag Link Sat Feb 21, 2009
We purchased our home in Bakersfield 6 years ago and used a Remax realtor, Linda Banales, with excellent results. She is a local resident with many years of experience. If you just need assistance with loan info, I can recommend Tracy Gregg of Local Lending, also here in Bakersfield at 661-809-2387. Again, the quality of her work is excellent.
0 votes Thank Flag Link Mon Feb 16, 2009
You need to speak to a mortgage broker that is licensed to do business in the state of California. You might try speaking with Chase, Wells Fargo or Bank of America. If you have an agent working with you on the purchase that you are wanting to make, ask them to refer you to a local mortgage broker. A lot depends on on your debt to income ratios, how much money comes in as opposed to how much is going out, not just your credit.

Robin Zapata
Realty Executives
Temecula, CA
0 votes Thank Flag Link Thu Feb 5, 2009
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