Credit score in the high 700's,income between 65k-75k with modest down payment(15k). Is it possible to purchase a home?

Asked by Arthur, Long Beach, CA Thu May 2, 2013

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Kawain Payne, Agent, Seal Beach, CA
Thu May 2, 2013
BEST ANSWER
Hello Bill,

Congrats on deciding to buy a home of your own!

With the credit and income you have listed, you will be able to buy a home. Providing you do not have excessive debt you will be able to get the best prevailing rate and terms.

The first step is to get pre approved for a mortgage loan. I suggest you use a direct lender. Before you apply for a loan, get a FREE copy of your credit report. Review it to make sure there are no errors.

Second step, get yourself a TRUE buyer's agent. You will need an agent who is willing to take the time to provide you the level of service a first time buyer requires.

Third, BE PATIENT! We are currently in a seller's market. Inventory is low, so it may take more than one attempt to get an offer accepted.

I wish you the very best in your home purchasing quest.

Best Regards,
Kawain Payne, Realtor
Prudential California Realty
0 votes
Robert Spino…, Mortgage Broker Or Lender, Mill Valley, CA
Fri May 3, 2013
Bill,

Any pre-approval for a mortgage involves an analysis of income, assets and credit, and you've spelled some of this out here. The next steps involve aligning this with your expectations on the property. I cover all of this, and the process itself in a free webinar that I host monthly. The next one is on May 7th, and you're more than welcome to join. The link is below.

Rob Spinosa
rspinosa@rpm-mtg.com
0 votes
Lisa Massion, Agent, Carson, CA
Fri May 3, 2013
Hi Bill
Yes you should have no problems qualifying for a home loan. Please give me a call for a appointment so we can get you started on a prequal and then start showing you some homes.
Lisa Massion
Short Sales & REO Certified
HAFA Certified Specialist
DRE#01304462
Camino Realty, Certified for both Minority Owned & Woman-Owned
(310)995-9687
http://www.camino-realty.com
0 votes
Trevor Curran, Mortgage Broker Or Lender, Great Neck, NY
Fri May 3, 2013
Good afternoon Bill,

First steps:

Meet with a Local Mortgage Banker to get prequalified for mortgage financing. The Mortgage Banker will review all facets of your loan request to answer your questions with regards to the types of loans and maximum loan amounts you could qualify for.

Line up a Home Inspector. A good home inspector will scare the heck out of you: that's what you pay him for! But you'll concentrate on the fundamentals of the property: roof free of leaks, plumbing, heating and electrical up to code and in good working order. Again, when you make an offer and you have your Home Inspector ready to go, your offer will be considered with much more interest by a Seller because you truly have your "ducks in a row" and your preparation demonstrates your serious attitude about conducting the purchase transaction in a timely manner.

Find an experienced Local Realtor who works in your desired shopping area. A serious pro Realtor will refuse to show you homes until you are Prequalified for mortgage financing. Don't take offense! That Realtor doesn't want you to be disappointed and wants you to have a smooth experience as you shop for your new home.

Put together your Team of real estate professionals and shop 'til you drop!

Trevor Curran
NMLS #40140

*If you thought my answer was helpful, please give me a “Thumbs Up” or “Best Answer.” Thanks!
0 votes
Tony Warfield, Agent, Manhattan Beach, CA
Fri May 3, 2013
Bill,
High 700s is a great score. Your debt/income ratio is something you need to have looked at by a lender to answer your question. Sounds like It is possible. Please give me a call and we can discuss the neighborhoods and the size of the home you need. I can put you in touch with a fantastic lender as well.

Tony Warfield
Associate Broker
310-634-9342
0 votes
Christina Ha…, Other Pro, Morristown, TN
Fri May 3, 2013
Bill you have a very decent credit score. Talk to a local lender and find an agent.

Best of Luck;

Christina Solorzano;
CEO & SR Credit Repair Specialist at
Everlasting Credit Repair
Ex-Mortgage Broker of more than 10 years
http://www.everlastingcredit.com

We also have a DIY service.
0 votes
Maria Gilda…, Agent, Manchester, CT
Fri May 3, 2013
Hello Bill,

Based on the information you provided, it looks like you are on your merry way to homeownership.

You have to get yourself preapproved first. This is your very first step so that you know how much you can approve for. This will be the basis for your house hunting.

However, maker sure that the total monthly payment including taxes and PMI, if applicable, and home owner's insurance is within your comfort level.

Do not buy a house which payment is beyond your budget even if you are preapproved for x amount of dollars.

So this is the question you need to ask a loan officer. The estimated payment for the amount you will qualify for. Tax is a variable. Hence, taxes differ by property.

Afterwards, work with a dedicated buyer's agent as Kawain mentioned.

Best of Luck.
0 votes
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