I am a first time home buyer and a single mother trying to find 100% financing to buy a home in Riverside county (cheaper) have no idea where to start

Asked by Independent78, Orange, CA Thu Jan 13, 2011

I know there are government programs out there that can help but have no idea where to look and need help.

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Answers

12
Deborah Garvin’s answer
Deborah Garv…, Mortgage Broker Or Lender, San Diego, CA
Thu Aug 2, 2012
Independent78,

As mentioned, CALfha is a great option, Many areas of Riverside County qualify for USDA financing, as well. As a HUD certified first time home buyer counselor, I can answer any questions you may have about possible financing. I applaud your efforts to provide stable housing and community for your family. Wish you the best!
0 votes
Jaleesa Pelu…, Agent, Laguna Beach, CA
Wed May 28, 2014
Thanks for asking this question on Trulia! Although it has been quite some time since 2011... This is still a really relevant questions since I meet so many first time homebuyers with the same questions.

There are basically two things you should do:

1. Find a real estate agent who you feel you can trust and who knows the local area. The agent can put you in contact with some trusted loan officers and can help explain to you the process of buying a home.

2. Talk to a loan officer. A real estate agent can recommend you one or you can often just go to your bank. The loan officer can look at your finances with you and come up with a gameplan. He/She can help you figure out the right financing plan for you.

Your loan officer and your real estate agent can help you through this entire process. Ask them as many questions as you can think of, and you will start to understand the general process of purchasing a home with financing.

Good luck!

Jaleesa Peluso
Laguna Beach Realtor
Berkshire Hathaway
http://www.jaleesapeluso.com
0 votes
Sinead McAll…, Agent, Oceanside, CA
Tue May 27, 2014
Hi Independent,
Check out my website http://www.McAllisterHomes.com. On the home page, we have a great YouTube video that answers this question perfectly. It is also on My Trulia blog. I would be happy to assist you directly as well. Feel free to give me a call anytime!

Thanks!
?Sinead McAllister-Clifford
Real Estate Broker/ Realtor®

McAllister Homes Real Estate
Residential Sales & Property Management
http://www.McAllisterHomes.com
License 01366009
858-205-5215 CELL
info@mcallisterhomes.com EMAIL
0 votes
mimiannruiz, Home Buyer, Riverside, CA
Tue May 27, 2014
single mom looking to buy low cost mobile home or condo, town home in riverside or san Bernardino county
0 votes
Hi Independent,
Check out my website http://www.McAllisterHomes.com. On the home page, we have a great YouTube video that answers this question perfectly. It is also on My Trulia blog. I would be happy to assist you directly as well. Feel free to give me a call anytime!

Thanks!
​Sinead McAllister-Clifford
Real Estate Broker/ Realtor®

McAllister Homes Real Estate
Residential Sales & Property Management
http://www.McAllisterHomes.com
License 01366009
858-205-5215 CELL
info@mcallisterhomes.com EMAIL
Flag Tue May 27, 2014
Karen Parsons…, Agent, Laguna Beach, CA
Wed Jan 19, 2011
Hi there,

I would suggest you find a Realtor first...since you don't seem to have a lender referrence. Find an agent you like and trust and then talk to the lender they recommend. There are programs which may be able to help and some communities have programs for down payment assistance too.

I could get you a referral for a lender I've known and worked with for 20 years. If you like...shoot me an email and I'll get you her contact information.

Karen
0 votes
Lazaro Madrid, Agent, Santa Ana, CA
Thu Jan 13, 2011
Single mother,
If you’re FICO (credit score) is 640 or better my company has a 100% finance program and we can help you get qualified. Please call at (714) 328-5683

Best regards, Lázaro M Madrid
Prudential
California Realty
"THE MADRID TEAM"
9917 Walker Street
Cypress, CA 90630

Serving all your Real Estate needs in The Greater Anaheim Area,
Long Beach, Huntington Beach, Fountain Valley, Costa Mesa
North Orange County, South Orange County, an Bernardino,
Riverside, Los Angeles Counties.
SFR, Condos, Lofts, Town homes, Business and Commercial Properties.
R.E.O., Short Sale and Foreclosure expert
Lazaro cell: (714) 328-5683 (Tambien hablo español)
Office Direct: (714) 229-5961
Office: (714) 527-9011 Ext 229
Fax: (714) 527-7560
http://www.madridteam.com
lazaromadrid@gmail.com
Department of Real Estate License #01378799
0 votes
Catherine Be…, Agent, Lawndale, CA
Thu Jan 13, 2011
If you have acceptable credti (640 and above FICO) There are a number of programs that can help you. Most government programs require that you have at least 1% to put down. The 1% can be a gift, so let me know if you are interested in exploring this option and I can put you in touch with a good lender that can help get you qualified.

Best of luck to you.

Catherine Bedrossian
REMAX Home Sales Pro
(310) 383-4212
catherineb@socalhomefinds.com
http://www.socalhomefinds.com
0 votes
Joe Homs, Agent, Laguna Hills, CA
Thu Jan 13, 2011
Independent78,

There are some options for you, but without knowing your entire picture it would be difficult to advise you. However, you can check out http://www.lowdownfha.com to get the lowest FHA loan in the industry. You can then log into my website at http://www.joehoms.listingbook.com and search for properties like a "real estate agent." Let me know if you need anything else.

Joe Homs, Realtor
Short Sale Specialist
Realty Partners
949-625-4533
joe@joehoms.com
Web Reference:  http://www.joehoms.com
0 votes
jjacobsDO, Landlord,
Thu Jan 13, 2011
Our advice is to not go with an FHA loan which you may of heard of by now. Rather consider what my staff has been advising clients, the "FIRST-TIME HOMEBUYER'S" loan program. Our staff has reported great testimonies in regard. Note that you will not find 0% down anywhere.

Below is an email we sent to various clients we are working with:

Notice to first time home Buyers serving the following states: Florida, Alabama, Texas, California, Arizona, New Mexico, and Colorado. BBVA-Compass has a new program available in these states.
DO NOT GO FHA or PLACE 10% DOWN !
Here are the highlights of this unmatched program that our agents have had success with closing deals and saving our clients a lot of money.
1. NO Mortgage Insurance
2. Only 5% down
3. 30 year fixed rate (5.00% estimated)
4. NO payment until the 6th month after closing. (Bank is taking the hit, and I confirmed this with a recent closing escrow doc)
5. NO origination fee, NO points, and NO junk fees !
6. single family home or townhome eligible
7. 680 credit score
** FHA or FNMA nor HPath can not touch this program. It is truly remarkable, and is certainly a way this bank (BBVA-Compass) has demonstrated giving back to the communities it serves.

The Sr. Mortgage Banker that my staff in these area's is using is Tom R. Callahan and you may reach him at E-mail tom.callahan@bbvacompass.com

Take full advantage of this program and save yourself a lot of money by not having the new FHA 1.00 MIP + .90% / monthly which is totally ridiculous! Yes, FHA has nearly doubled the monthly premium amount.

Good luck selling and shopping for the right home. TJ, PhD / Attorney
0 votes
Dio Kapitan…, , 92656
Thu Jan 13, 2011
Hi - There are a few options we can explore with your situation. My name is Dio Kapitan and I work for VIP Mortgage, a direct lender that can offer several options. The first option is a Calhfa (CA housing finance agency loan), where you can finance 96.5% of the loan and have a 3.5% silent 2nd loan deferred for 5 years. Also, an FHA loan is not too bad either; rates are really good and you can also do a 96.5% loan with up to 6% seller credit towards closing! Another option is doing a Homepath loan at 96.5%. This is a great loan we can do with a straight 96.5% loan to value loan with no PMI! Please do not hesitate to contact me with any questions, thank you!
0 votes
Russel Mcqua…, , Orange, CA
Thu Jan 13, 2011
Try out this website it may answer some of your questions.

http://www.calhfa.ca.gov/homeownership/programs/30fha.htm
0 votes
Tony McMahon, Agent, WHITE PLAINS, MD
Thu Jan 13, 2011
Try contacting a reputable local Real Estate agent who can help you get started as well as make recommendations for you.
0 votes
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