Home Buying in San Jose>Question Details

Mark, Home Buyer in 95112

i am 43 have a fico of 780... earn 123k per year am looking for a property in the 400 to 450k range but

Asked by Mark, 95112 Mon Jan 26, 2009

cannot get pre-approved as i only have 40k to put down.. what hoops do i have to jump through.. i am paying 2k per month in rent.. so i know i can afford a bigger monthly outgoing...

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Another scenario would be seller-back financing. You don't see those very often on "cookie cutter" houses but if you go into the foothills behind Almaden valley, Los Gatos Mtns up 17, Morgan Hill at the base of Mt Madonna, or the Mt Hamilton area, you can frequently find seller-back financing. Once you have equity of 20% you can re-fi with a traditional loan at a traditional amount. You can get to 80-20 either with the value of the home going up; or with improvements.

I bought a gorgeous 40-acre parcel with 16K down and seller-back financing. It was very easy and closed in about 2 weeks! Of course most of the parcel was in mountainous terrain, not for everyone, but we loved that property.

Erica Nelson
0 votes Thank Flag Link Mon May 31, 2010
Hi Mark:

You should have no issue getting a FHA loan, give me a call at 408-656-5343
or I can send you a list of lenders who will qualify you by email.

Best Regards
Web Reference: http://www.ruthandperry.com
0 votes Thank Flag Link Thu May 20, 2010
Hello Mark,
It shouldn't be a problem to get you qualified for a loan, possibly even an FHA loan. My team and I are FHA approved and if you would like to talk it over some more please feel free to contact is at 408-836-7078. Thank you.
0 votes Thank Flag Link Tue Sep 22, 2009
Hi Mark, if you are looking for options consider a 3.5% down FHA loan. If you would like to explore this further I have an excellent FHA referral for you. Best, -Steve
0 votes Thank Flag Link Tue May 26, 2009
Anyone know of any company doing 90% convential Full Doc 705 Fico in California?
0 votes Thank Flag Link Thu May 14, 2009
Hello Mark,
You should not be having this problem. You are qualified. I have been in business for over 20 years and I must agree it is getting harder to get loans. However a lot of the problem is the fact that so many banks are merging right now there not running on 8 cylinders. Try a direct lender that is not merging into a larger bank.
Call me if you need a referal. I don't do loans I'm strickly a Real Estate Broker but if you need a referal, feel free to give me a call, I know some good people.
Hang in there, you can do it!
Joy 408.272.9188
Web Reference: http://www.joyengstrom.com
0 votes Thank Flag Link Mon Jan 26, 2009
Hi Mark, if you are serious about getting Pre-Approved give me a call.

Best, -Steve

Steven A. Ornellas, MBA, GRI, ABR, e-PRO, CMPS, RE Masters
REALTOR® / Mortgage Banker-Broker / Certified Mortgage Planning Specialist
0 votes Thank Flag Link Mon Jan 26, 2009
As evryone has already advised you, talk to a competent Mortgage Broker. Most importantly remember that you are interviewing them, not the other way round.
You should expect to be told how much you qualify for and what it will cost for each of the multile loan programs available to you. If not qualified you should be told clearly why not, and what it will take to fix it.
I do not recomend going to a regular Bank (BofA, Wells Fargo) etc as their loan officers can only hep with the limited number of loan trypes they make. An independent Mortgage Broker will have access to the full range of loans available from whatever source.
Lastly, you should consider talking to a Mortgage Broker who is CMPS Certified. You can check out the value of this at http://www.cmpsinstitute.org/.
0 votes Thank Flag Link Mon Jan 26, 2009
Hi Mark,
You just need to see a few more lenders if you need some contacts just email me and I will provide you with a few VERY good people. I see by your price range you would do well looking for REO"s and Short Sales as I am experienced in the purchasing side and have worked with getting buyers ready and into homes let me know if I can be of assistance to you.

0 votes Thank Flag Link Mon Jan 26, 2009
Hi Mark, if you don't have a lot of debt, I don't understand why you can't get approved with a 10% down payment. If you aren't already working with another Realtor, call me and I will put you in contact with a mortgage broker who can put your information out on a matrix to have several lenders quote us for a pre-approval for your purchase. Kind regards, - Andrea.
0 votes Thank Flag Link Mon Jan 26, 2009
Hi Mark,
I don't know who you are working with, or how much other debt you have, but you should be able to qualify for a FHA loan, which only requires 3.5% down, based on the information you provided. I would be happy to refer a lender to you who does both traditional as well as FHA loans. With 10% down, you should be able to do a traditional loan, which banks will do at 90%.
Don't give up - just talk to a few more folks. The numbers will make sense. While I am not a lender, I work with great folks, and I am a former banker, so I have a very good understanding of the process and options available.
Feel free to call or email me if you have more questions.
Happy house hunting,
Linda Baker
Alain Pinel Realtors
0 votes Thank Flag Link Mon Jan 26, 2009
Are you self employed or w-2 earner? How many months reserves do you have after $40k? What other debts do you have? car loans, school, credit cards etc? Email me directly and I can look at your numbers. It appears you are close. email me directly and I will look at your numbers more closely.

0 votes Thank Flag Link Mon Jan 26, 2009
Mark, You need to talk to several different loan brokers and be very honest about your situation. Do not have them run credit checks each time you talk to them. Just have them discuss what they can do given your situation. If you'r a first time home buyer, there are some great programs out there right now. You should be able to get a loan with a good rate with your down payment. Catherine
0 votes Thank Flag Link Mon Jan 26, 2009
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