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90201 : Real Estate Advice

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  • Local Info1
  • Home Buying10
  • Home Selling0
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Activity 12
Earlier today
Seagoddess27 answered:
I can't afford a down payment, should I still buy a house?
0 votes 274 answers Share Flag
Fri Aug 18, 2017
Kathy Burgreen answered:
SSID is accepted as a source of income. However, you will need cash from savings for a down payment + cash to pay closing costs. If you don't have the cash available, you can't buy a home. In order to get financing from a lender, lenders will verify your income, savings, credit history and credit score, debt to income ratio and tax returns.

There is down payment assistance from your county or city or state but there are requirements such as a minimum credit score and you will need to take a home buying class. You can research and contact them. Closing costs can be negotiated with the seller but the seller can refuse. If the seller refuses, you will need to pay closing costs.

Finally, owning a home means you will need to pay the monthly mortgage, property taxes, homeowners insurance, utilities and your other monthly expenses. Typically, if your only income is SSID, you don't have enough to buy a home.
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0 votes 1 answer Share Flag
Mon Jul 24, 2017
answered:
Hello Donna, you would have to qualify for both payments unless you wanted to rent it out and count the rental income for qualifications. If you want the equity from the sale of your home it may be possible if you don't have a lot of other debt such as multiple car payments, etc.

It only takes a few dozen questions to pre-qualify and then with documentation submitted a pre-approval letter could be provided to be able to view and submit offers on any homes of your choice.

You may consider FHA 3.5% down if you did not have an FHA loan on your home otherwise you may consider 3% down conventional from a minimum 620 fico score up to 424k.

Jumbo is available as low as 5% down with a minimum 720 fico score from 424k up to 1.5 million and 10% down from a minimum 680 fico score and up to 2.5 million.

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.

Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
Veteran and VA/CalVet Loan Specialist
Credit Repair Advice At No Cost
ALL Loan Programs Available
24+ Years Experience
BRE# 01140252
NMLS# 297251
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0 votes 3 answers Share Flag
Thu Jul 13, 2017
Alan May answered:
If the option to buy requires a down payment, and you don't have it... I guess you're not going to be able to exercise your option... you won't be able to buy the property.
1 vote 1 answer Share Flag
Thu Mar 2, 2017
answered:
Hello, I'm a mortgage professional.

It depends on how much you can afford to spend on a monthly basis.

There are programs that do allow no money down.

I would need more details to determine what you could qualify for.

If you have any other questions or would like help with this you are welcome to get in touch with me.
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1 vote 2 answers Share Flag
Thu Mar 2, 2017
answered:
Hello Cashbuyer1, are you talking Florida or 90201, Bellflower, CA? You can buy with minimal out of pocket expenses with down payment and closing cost assistance programs we have here in CA.

Here is CA there is still room to gain equity in many cities throughout CA and I am not sure of Florida. The purchase in 90201 zip code of Bellgardens, CA start from 280k for 3bd 1ba condo and the single family homes start from 325k for 2bd 1ba home.

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.

If you are buying a primary residence 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 up to 424k.

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 424k. 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 424k.

Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
Veteran and 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
... more
0 votes 1 answer Share Flag
Thu Feb 2, 2017
Wanyeronaldloancompany asked:
Fri Dec 16, 2016
Gissel answered:
Depends on which state and city you would like to buy, and lenders take into consideration whether you have a valid SSN for residency or any temporary. In California the norm for a down payment under FHA loans is 3.5%, conventional loans range from 4%+, although the norms will change next year 2017. If you have a temporary visa you may be able to qualify for a loan but a 30% down payment will be requested, along with higher than normal fees for the transaction, such as closing costs. If you plan to buy cash you won't need anything except for the full cash amount of purchase price on any property you would desire to buy.
If interested in Southern California area, feel free to contact me with any questions you may have through my profile.
Sonnocco Real Estate Group
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0 votes 1 answer Share Flag
Sun Aug 25, 2013
Steven Ornellas answered:
Hi mcortez2121,

First, you should be asking your Realtor® this question since nobody on this forum knows the details of your transaction - and yes, knowing ALL of the facts can make a difference!

However, assuming you used the most recent version of the CA Association of Realtors® purchase contract I would draw you attention to Para 14F of the CAR RPA states, "If Buyer or Seller gives written notice of cancellation ….A Buyer or Seller may be subject to a civil penalty of up to $1,000 for refusal to sign such instructions if no good faith dispute exists as to who is entitled to the deposited funds (Civil Code §1057.3)."

Civil Code §1057.3 says the Seller must release the deposit within 30 days. http://law.onecle.com/california/civil/1057.3.html

Again, speak with your Realtor®!

-Steve
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1 vote 1 answer Share Flag
Mon Jan 19, 2009
Steven Ornellas answered:
Jill, let a professional investigate your ability to buy. contact a mortgage broker and get pre-approved. As far as buying, this is your first step (not a pre-qualification, see:. http://www.Steven-Anthony.com/default.aspx?pp=39377 for the difference between the two) so you can be ready to act when you need to, or be aware of any issues that may prevent you from buying when you want to.

FHA is the best deal in town right now. The 3.5% minimum down payment provides you many options not available with other programs out there. FHA also allows you an extra $8K in loan (that does not affect your debt-to-income ratio), provided it’s used for energy efficient upgrades on the house you buy.

Best, -Steve
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