My current credit score is 701 (equifa),677 (Exp), & 665 (Trans). I have 30,000.00 cash as deposit on a first house I want to buy. Will I?

Asked by Narayan, Sacramento, CA Thu May 10, 2012

qualify?? I am looking for a 100 - 120K house

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Linda, Home Buyer, Yuma, AZ
Wed Jul 25, 2012
I'm about the same range for buying house asyou. My creit score is in the same range as yours after going through bankruptcy. I received not documentation on the home I abandoned but a lender has told me because of the foreclosure, I will have to wait 2 more years to buy a house. The foreclosure does not appear on my credit report. I can prove that I have stable income and have paid all credit bills on time. Will I be able to find a lender who will allow me to vbuy a house sooner? Thanks, Linda
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Max Boyko, Agent, Sacramento, CA
Thu May 10, 2012
There are many factors involved in obtaining a home loan, but the basics of what you mention are an excellent foundation to get you going. I recommend getting together with a lender or bank that can go over the details with you, and make sure all of the other factors are in place as well.

If you have questions or would like to take a look at your options, feel free to contact me.
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& of course, Provident Bank Mortgage is the preferred inhouse lender for Remax Gold on Howe Avenue. I would be honored to work with you.
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Ted Greene, Agent, Sacramento, CA
Thu May 10, 2012
I would be happy to help you. Please call me at 916.442.4500... talk to you soon... TED
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Michael Smith…, , Roseville, CA
Thu May 10, 2012
Hi Narayan,

You look good based on your credit (677 mid score) and your $30k down payment.

Based on that purchase price and your down you will be at $90k to $70k loan amount. I don't see any problem necessarily with qualifying.

The only missing piece is your income. At this point, I would love to work with you and get you pre-approved and then get you out looking, perhaps with Ute Ferdig, who is a local market expert.

I will get you pre-approved for what you qualify for and then you can decide if you want to go lower on the purchase price, as the market is very competitive especially in the price range you are looking at here in your post. My cell is 916-813-4003; email
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Ute Ferdig, Agent, Auburn, CA
Thu May 10, 2012
Checking with a loan agent is your best bet as a loan agent can look at all the relevant qualification criteria and give you a precise answer. It's nice you have sufficient cash to put down for a conventional loan (best interest rates). As Elizabeth said, your employment/income history is also important. May I suggest you contact Mike Smith at Provident Bank Mortgage (a direct lender). He can be reached at 916-813-4003.
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Mike Schubert, Agent, Sacramento, CA
Thu May 10, 2012
That's excellant and important in today's market. The next step is to get preapproved with a reputable lender. In determining your qualifications, they will also look at monthly income and how much time you have on the job. Your total debt will also determine how much you can qualify for. We're in an extremely competetive market and it's crucial to have a Lender Approval letter in advance of looking at homes. I'll be happy to send you some lender referrals but you're free to use whatever lender you wish.
Mike Schubert
(916) 799-8300
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Michele Pete…, Agent, Rocklin, CA
Thu May 10, 2012
Of course you are qualified..

Your biggest challenge will be finding and competing for a house in that price point.

Please give me a call and we can get you out shopping.

Michele Peterson
Keller Williams Realty
(916) 743-5934
CA DRE 01872795
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