Home Buying in Fontana>Question Details

Francisco, Other/Just Looking in

I see forclosures for 85000 and less in fontana is this true and how much money do i need

Asked by Francisco, Thu Dec 25, 2008

to make to afford a house like these.

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With an FHA loan, 3% down is all you need and it can be from a 'gift'. In this market we almost always ask the Seller, even if it's a Bank, to pay the Buyers closing costs. PLUS, in 'rural' areas, of 25k population or less, USDA will do a 102% loan, with no monthly mortgage insurance...STILL. It is a great loan but please check with a mortgage professional in your area to make sure the area that you are thinking about buying in is located in a 'USDA loanable' area.
0 votes Thank Flag Link Thu Dec 25, 2008
Contact a mortgage broker who can review your file provide expert answers you would need. Financial records, credit scores, annual income, debt ratio, employment history, % as downpayment, all taken inconsideration. Most likely your income approx. $35K - $45K afford a $85K home.
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Thu Dec 25, 2008
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