Am I crazy to think that I can get into a 3 bedroom house with a mortgage payment of $1200 or less?

Asked by Cheryl, Norwalk, CA Tue Jul 3, 2012

I have a credit score of 720. My income is $38K per year. I don't have much for down payment but was hoping to qualify for a first time buyer loan. I hope to find a program to help with down payment.

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6
Alex Montelo…, Agent, Seal Beach, CA
Tue Jul 9, 2013
It is possible. Your Agent and Lender will have to be resourceful. There are programs out there that have silent second mortgages for qualified buyers up to $125k-$140k. I closed a transaction in Los Angeles through EHOP designed for Correctional Offficers with a silent second of $100k. It was a 3 bed, 2 Bath new construction Townhome built in 2010 and had never been lived in. That was pretty awesome. Anaheim has Lofts and Townhouses that give up to $125k as a silent second . One of the developments is called Harbor Lofts. Google it. All of the info is online.

I hope this helps.

Alex Montelongo/Broker
Coldwell Banker Star Realty
562-810-7387 Cell
DRE Lic#01456982
0 votes
Gabino_Barre…, , Lawndale, CA
Thu Jul 5, 2012
I’m a mortgage banker and let me be straight forward. A monthly payment of $1,200 is possible with a loan of $165,000. So if you want to live in an area that is pricier, you will need to bring in the difference. Call me to explain this.

Gabino Barrera Jr.
Mortgage Professional

SWBC Mortgage
23705 Crenshaw BLVD. Suit 101
Torrance, CA 90505
424-236-1655-Cell
310-891-1700-Office
310-872-5404-Fax

CA-DOC861438
License by the State of California Department of Corporations under the California Residential Mortgage Act
0 votes
Well it looks like I won't be buying anytime soon. :(
Flag Thu Jul 5, 2012
Carla Muss-J…, , Portland, OR
Tue Jul 3, 2012
You've got to get pre-approved first. Find a competent lender and see what your income and credit score will play out (but PLEASE stop posting this type of confidential information on an open message board). Then see if the amount you are pre-approved for will buy anything in your market. The payment of $1,200 or less is going to be based on the price fo the property. Maybe yuo can qualifiy for an FHA loan with 3.5% down. But what does that buy you in Norwalk?!? Find a good Buyers Agent to help you.
0 votes
DJ Bonner, Agent, Long Beach, CA
Tue Jul 3, 2012
Hello Cherylm,
Please let me know what city you are looking in. I know there are a few programs around that helps with the down payment.
Best regards,
DJ Bonner
Keller Williams Realty
djbonner@kw.com
0 votes
Sue Wylie, Agent, Rancho Palos Verdes, CA
Tue Jul 3, 2012
Not crazy at all,depending on where. You can do an FHA loan w 3.5% down.. Sellers will often pay closing costs.. Let me know where you're looking. I'll send you Holmes that may be suitable.
0 votes
I'm looking in Norwalk, Santa Fe Springs and maybe even into Pico. Say Imperial to Telegraph, Pioneer to Studebaker.
Flag Tue Jul 3, 2012
Diego Esquiv…, Agent, Cerritos, CA
Tue Jul 3, 2012
Not if you don't care about the area; otherwise, yes.
0 votes
That's what I thought. :( Thanks for answering so quickly.
Flag Tue Jul 3, 2012
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