Trulia Community - Advice from neighbors and local experts

Find Your Community
We couldn't find that location. Please try again.
Get Expert Advice

Financing in 92692 : Real Estate Advice

  • All17
  • Local Info0
  • Home Buying6
  • Home Selling2
  • Market Conditions0

Activity 4
Wed Dec 21, 2016
Sheryl Arndt answered:
Hello Charles, 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 636k. 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 and up.

If you want to buy you will need to be pre-approved to be able to meet an agent to view and submit offers on any 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 Mission Viejo 92692 start from 410k for 2bd 2ba condo and up...

Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
Veteran & VA/CalVet Loan Specialist
REO & Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
24+ Years Experience
BRE# 01140252
NMLS# 297251
... more
0 votes 1 answer Share Flag
Wed Jul 22, 2015
Art Welch answered:
How did you do your calculations the 10% down should be a higher rate? The 20% has no MI did you look at all the closing costs 10 vs 20? Also you might look at 20% down but a fixed at 7 or 5 years. The extra payment made on the interest savings might help a great deal. Are you planning on staying there more than 7 year? ... more
1 vote 5 answers Share Flag
Fri Jan 2, 2015
Not if the lender knows what they are doing. I have had to prove to underwriters that they also do not count FHA, Va or private money loans. Each lender may have their own guideline on this though.

Keep in mind, they will count it against their ratios.

If you need a lender to help you with this, I typically work on the more complex scenarios.

Sophisticated Financial
Rich Littlefield
Mortgages / Business Funding/ Real Estate
9555 Warner Av. D Fountain Valley Ca 94708
office 714-968-2500
cell 714-421-1037
Fax 714-844-9202
Licensed by the CA Department of Real Estate License 01080071 NMLS License 287206
Equal Housing Lender
... more
0 votes 2 answers Share Flag
Thu Mar 8, 2012
Shannon Adams answered:
It will show your payments are on time, but your loan balance is going to go up. Typically loan mods are interest only, and some are negative amoritization, which means your payment will not even pay all the interest due. So your balance will actually increase. But that's OK for some of us, if it keeps you a house you love, and children in the same school. Just be prepared that at the end of 3-5 years they readjust the payment back to a fully amoritized payment which could cause it to increase dramatically. If you pay on time and improve your credit, after a year you could fully refinance and have a great new loan with low interest rate. Hang in there! ... more
0 votes 10 answers Share Flag
Search Advice