How do I purchase a home in the next year?

Asked by Nicole C., Vista, CA Mon Jan 21, 2013

-I have cc debt that is to be paid off within the next 10 months including my car loan
-I have student loans but I am still going to school and won't be moving anytime soon
-I should have 5% to 10% down payment to put down and I am hoping to stay well under $150,000
-I have have continous full time employment since the age of 18.

Is it possible for me to purchase a home by the end of the year? And if so, what steps should I take now to make the process easier down the road. I am waiting to get pre approved since I don't intend to have the debt I have now when I purchase a home

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Senswella Mi…, Agent, Altamonte Springs, FL
Fri May 10, 2013
Hi Nicole,

You are doing awesome and you have a goal! You are well on your way to becoming a homeowner. It is very possible to purchase a home by the end of this year. Keep your debt to ratio low and factor in if you can afford a mortgage with the income or projected income you plan on making once out of and even during school?

check out this website to help determine you debt to income ratio the lower the better (check with a mortgage lender):

Also please take into consideration, I am not sure about your area, but there are other out of pocket expenses that you will have to pay such as:

Down payment, home inspection(s), survey, appraisal, retainer fee for a Realtor (if they are asking for that), doc stamps (for a bank owned property if you are in an area that requires you to pay them), escrow (deposit to seller), closing cost (your Realtor can sometimes get some or all paid on your behalf for you), etc... There could be more or less costs and cost varies in your area, check with you local Realtor. Many of these expenses are non-refundable.

Best wishes,

Senswella Mincey
0 votes
Deborah Garv…, Mortgage Broker Or Lender, San Diego, CA
Tue Feb 19, 2013
Nicole, I hope you are well on your way to the purchase of your first home. I do encourage you (and every First Time Home Buyer) to meet with a mortgage professional well in advance of your desire to begin shopping for a home.

There often is a balancing act of savings versus paying down/off debt. The best way to know you are completely on the right track is to talk over a strategy for successfully obtaining mortgage financing.

Wish you the very best. There are a number of mortgage professionals here are Truliia who are committed to helping First Time HomeBuyers navigate the financing process. Please contact us and reap the benefits of our years of experience. We do not charge for our services of preapproval and/or counseling and, further, we do not bite!!!

All my best,

NMLS #279125
(951) 795-4547
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Sinead McAll…, Agent, Oceanside, CA
Tue Jan 22, 2013
Hi Nicole,
I think it is possible! I also don't think there is any reason to wait to get preapproved. You can work with a lender now to find out what the best use of your money is. Is it better to pay off loans? Or use the money for down payment and therefore lower your mortgage payment? Feel free to contact me directly. I am the go-to Broker in Oceanside, and can assist you with first time homebuying. You also might want to weigh the cost of waiting, with home prices and interest rates slowly rising. I look forward to hearing from you!

Sinead McAllister
McAllister Homes Real Estate
0 votes
Tiffany Boyd,…, Agent, Carlsbad, CA
Mon Jan 21, 2013
I am an agent in North County that loves to help first time home buyers. I applaud your vision to be a homeowner this year. There are many steps you can take to prepare.
There are many loan programs that could help you get into a home, so speaking to the right lender NOW is important. Depending on your income, and your credit score, you could qualify for DPA programs, FHA loans, homepath properties, and even Low income housing.

There is no need to wait for pre-approval. It is FREE for a lender to pre-approve you, and he will have the best advice on your financial position necessary to purchase.

If you would like some referrals for Lenders that specialize in these programs, send me an email at and I'd be happy to help you out.

Also, when you are ready to buy, I would be honored to be the agent that finds your dream home.
Good luck,
Tiffany Boyd
Keller Williams
CA Bre#01899986
0 votes
Scott Bernave, Agent, Vista, CA
Mon Jan 21, 2013
Hello I am Scott,

Quickly about me Oceanside native and background in mortgage banking. First you will want to work with a professional Real Estate Agent to help you and secondly you need to find a good lender who will work with you and help you create a "game plan" so you can become a home owner sooner than later. I can help you with all of the above if you would like. I strictly work as a Realtor but I can give you names of very good lenders who will work with you.

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