Financing in San Jose>Question Details

Joan, Home Buyer in 95148

i would like to have $396000 loan for my first time buyer home after 25% down; my score: 660.

Asked by Joan, 95148 Tue Apr 1, 2008

how and where to get loan

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9
Joan, you may want to look into an FHA Government Loan which is centered around 1st time buyers. They are more lenient when it comes to credit scores. Also the debt to income ratio are higher than your conventional loans which makes it easier to qualify for the home.
Web Reference: http://www.JohnSommese.com
1 vote Thank Flag Link Tue Apr 1, 2008
Hi Joan,
There are still great loans available for first-time buyers, and it is important to work with a trusted lender who can help make sure this process is smooth & successful.
I work with Stefani Pearsall from Countrywide Home Loans and she works with many first-time buyers. Her e-mail is stefani_pearsall@countrywide.com. Drop her a line and please tell her that I referred you. Please let me know if you are looking for an experienced realtor who can help you find & negotiate a great first home. There are many out there, and I love working with first time buyers!
Good luck,
Linda Baker
LBaker@apr.com
Web Reference: http://www.LindaBaker.net
1 vote Thank Flag Link Tue Apr 1, 2008
With that fico you will be looking at a conventional loan vs a FHA loan. Both have great 30 yr rates at the moment in that range, but a conventional might be your best bet as FHA loan limits were increased and considered jumbo for Santa Clara county past 362K. Above that loan amount FHA considers it jumbo vs conventional still considers 417K conforming.

Best bet contact an agent that understand both if you need a referral feel free to contact me.

Good luck
0 votes Thank Flag Link Tue Apr 22, 2008
If you have 99K down, I'm sure you will find a good loan.
0 votes Thank Flag Link Mon Apr 21, 2008
Hi Joan,

There are many first-time home buyer programs available.

My office is in San Jose, if you would like to work with a local mortgage professional. I've been working in the mortgage industry since 1981 and have helped many borrowers purchase their first homes.

You can reach me at 408-467-0500. My website address is http://www.alliedsanjose.com

You can also do a web search on my name, Elva Wormley, to learn more about me and the level of service I provide my clients.

Best regards,

Elva Wormley
0 votes Thank Flag Link Mon Apr 21, 2008
Hi Joan, you need a Realtor to help guide you with this purchase and help you obtain the best financing option for you. Call me and I will be happy to help you identify a property and a lender. Kind regards.
0 votes Thank Flag Link Mon Apr 21, 2008
Joan,
I am an agent that works and lives in 95148. I am currently working with 2 other first time home buyers. There are plenty of homes in the East Valley that are looking for a well qualified home buyer. I work with a couple of banks and a mortgage broker that would be glad to show you what you can afford. If you would like additional help you can always contact me at ccoachman@kwsv.com.
Have a great day!

Charles
0 votes Thank Flag Link Sat Apr 19, 2008
Dear Joan I'm a mortgage profesional and my suggestion is to ask your close friends who own a home to see if they would recommend a loan officer to you. It's all about reputation and trust. If you can't come across an individual you like this way. Interview some loan officers from major banks. I would also look at samller savings banks in the immediate area.
For your information as well, your loan amount exceeds the regular FHA loan limit. The expanded limits have additional fees to do and with FHA you always have mortgage insurance which you don't need with a down pay,ment greater than 20%.
New Fannie Mae & Freddie Mac pricing hits could possibly cost you as much as 1.5% for loans greater than 70% loan to value with a credit score of between 660- 679. Thus I think it would be wise if you have enough timebefore you have to close, to speak with a loan officer than can guide you on increasing your credit score. I have a computer program from one of my reporting bureas that gives you step by step instruction on such matters. Feel free to contact me for further information. Good luck
0 votes Thank Flag Link Mon Apr 7, 2008
go to the bank
ask them
bring all your personal info with you
1040 for last 3 years
letter from your employer telling you how much you make
and how long you worked there
try to get a loan

anyways

good luck
0 votes Thank Flag Link Tue Apr 1, 2008
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