Been living in Alhambra, over 17 years tired of renting. Me and a spouse with income...not a lot of money for a down payment. Any advice?

Asked by sgutter, Alhambra, CA Tue May 29, 2012

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Natalie Agui…, Agent, Arcadia, CA
Wed Jun 6, 2012
There are a lot of First Time Buyer programs that match your financial situation. First step before going out to look for a place get a pre-approval letter for your lender of preference. I agree with Socorro Lopo you are the perfect candidate for FHA loan, see if you an bring up your good faith deposit up to $6,000 thousand dollars. If you make an offer on a home for $200,000 you will need about 3.5% percent which comes out to around $7,000 then you can get the seller to close in your behalf.

Also, you can ask your lender to see if they can also help with closing costs. Sometimes, if you get a loan with a slightly higher interest rate, the bank will give you a rebate that can go towards the closing.

Good Luck,
Natalia Aguilar Team - First Time Buyer Specialist
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Camelia Vera, Agent, Arcadia, CA
Tue May 29, 2012
Check with your local banks who might have special programs. Yes there are down payment assistance programs. But dont forget to factor closing costs. You also have to adjust your expectations. If buying in the San Gabriel Valley, you will be competing with multiple offers some times cash offers. Therefore dont be a difficult Buyer with lots of demands about the property. Your goal should be to get into a property to then make it your own. Otherwise, you'll be wasting your time because you'll end up with nothing.
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sgutter, Home Buyer, Alhambra, CA
Tue May 29, 2012
My credit score is 680, but my husbands is 580. The problem is we only have about 2000.00 to put down.
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Socorro Lopo, , California
Tue May 29, 2012
if you have a FICO score above 620, you might qualify for 3% downpayment assistance, which means you get 3% down for free, no need to pay back, free consultation .
Socorro Lopo
0 votes
Shannon Chang, Agent, Arcadia, CA
Tue May 29, 2012
If you are buying a house with low down payment then you should try FHA loan. This is kind of loan only need 3.5% down. Please give a call 626-319-8545 If you have more question.

Shannon Chang
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