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Financing in 90026 : Real Estate Advice

  • All37
  • Local Info2
  • Home Buying15
  • Home Selling2
  • Market Conditions0

Activity 5
Tue Nov 29, 2016
Sheryl Arndt answered:
Hello Colin, there are many types of loans available in which you can buy with minimum out of pocket expenses that cover your down payment and or closing costs. You should look at your credit reports to see if there is any work that needs to be done prior to shopping for a home.

Your qualifications will be determined by your credit profile, debt to income ratios, fico scores, loan program and how much you want to invest into the down payment and closing costs. Your fico scores can be raised within 3-4 days in most cases to qualify for programs, rates and terms as necessary.

You could consider a down payment assistance program such as CalHFA or Sapphire Grant which can cover your down payment and closing costs. You may close with minimal out of pocket expenses. You may consider the CalHFA from a minimum 640 fico score and the Sapphire Grant from a minimum 620 fico score.

You may qualify FHA from fico scores between 500-579 with 10% down or minimum 580 fico score may qualify FHA 3.5% down up to 417k. You may consider 3% down conventional from a minimum 620 fico score or even 5% down conventional with NO Mortgage insurance (Lender paid MI) up to 417k.

You may consider 5% down Jumbo with a minimum 720 fico score from 417k up to 1.5 million and 10% down from a minimum 680 fico score.

You will need to be pre-approved to be able to meet an agent to submit offers on homes of your choice. You will need to gather documentation such as one month paystubs, two month bank statements, last two year tax returns, 1040s, 1099s, W2s and all schedules, copies of drivers license/ID and social security card for each applicant.

If you figure out what cities/zip codes you are considering, minimum number of bedrooms and the maximum payment/price you are looking to achieve you can be emailed listings to fit your search criteria. Your email address is needed to set you up for the automatic daily updates.

The purchase in 90026 zip code of Los Angeles currently start from 535k for 3bd 2ba single family home and which the inventory is quite low in that zip code. There is a townhome that is a 2bd 2ba listed for 599k.

The purchase in Santa Monica currently start from 329k for 1bd 1ba condo and up. You will need to be pre-approved to be able to know what your purchasing power is and how much of a payment you want.

Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
Veteran & VA/CalVet Loan Specialist
REO and Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
24+ Years Experience
BRE# 01140252
NMLS# 297251
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Mon Jun 6, 2016
Saraatmcad asked:
How accurate is the affordability income estimate Trulia shows me for individual rentals? There are many discussions about this for home buying (taxes and many other ownership costs) but…
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Sat Oct 8, 2011
Mimi Davies answered:
Hi Rudy

Are you a landlord? Do you have access to the Apartment Association of Greater Los Angeles? If not, I suggest you check out their website. You can also join them, or contact them as it's a real source of information for landlords!

Good luck
Mimi Davies
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Wed Sep 14, 2011
George Raymondo answered:
If you are looking for a lender who can do less than 90 days flips like clockwork, don't hesitate to contact me.

Best of Luck!
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Sun Aug 2, 2009
Patty Allen answered:
First of all, are you employed full-time and have some time on the job? How many people are in your family? If you are single or married have children or not, make little or no wages, happen to be on welfare, or disabled and can't work, there is a sign up list for every county near you that takes names and information to get into a house or an apartment through "Section 8 Housing." They pay for all, some, or most of the rent. There is a list of rentals they have from people who own rental apartments or homes. Credit is not considered here at this stage of renting your own place. What they do is place you in a livable place when they permit you to sign up on their list. Some states have a very long waiting list...up to almost 3 years. Others have much less time to wait. There is a lot of paper work and proof you deserve a place since you can't get housing now, BUT it's WORTH it. Should you work and create a credit file from applying and getting credit cards (start off with 1 or 2) and pay on time more than the minimum monthly payment amount over 1-3 years after living on a "Section 8 Voucher", you can buy the home you are in or another one available for you to choose from. Credit cards easy to get would be small department stores, gasoline credit cards, or through a bank once you have been on the job a while to get a small VISA or MASTERCARD from them. Another credit source to get that you shouldn't have to pay more than a $49 or $69 fee is Capital One....VISA or MASTERCARD. They give people a second chance to start over after a poor credit report from not paying credit cards due to long unemployment or disability or health issues you resolved. After 3 months, they will raise your credit limit. After 6 more months they will raise it again. BUT remember, however much credit amount anyone gives you, don't charge over 1/3 or 1/4 of it. For example, they give you a $600 credit limit. Don' charge and stay in debt over $150-200. As quick as you pay credit cards down and off, you get a credit history. DON'T EVER CLOSE DOWN A CREDIT CARD ACCOUNT OR CUT IT UP; THE LONGER YOU HAVE A CARD IN GOOD STANDING, THE BETTER YOUR CREDIT BECOMES. That is what helps you get more chances to buy or rent a home of your own or just rent where you want to live that you can afford. The welfare department (called "Department of Social Services" in some states uses social workers to assist you) helps "Section 8 Voucher" folks to work towards you getting your own home. They offer a class or 2 for free to teach you how to be a homeowner after you proved you're a good renter. Check with them to start your dream. Be patient and honest and do your part.

Best to You,
Dee
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