First time home buyer. Good credit, little cash.

Asked by willandrewmusic, Phoenix, AZ Sat Jan 4, 2014

I have very good credit for my age group (730 @ 24 years old), but do not have a high paying job (gross $22,000). I have very little long term debt, and zero responsibilities besides keeping myself alive and paying a mortgage. If I apply for a FHA loan as a first time homebuyer, will I stand much of a chance at negotiating the debt-to-income ratio limit that they set at 29%? With my income that would put me at around a $550 mortgage payment, but with no child to take care of and no outstanding debt, I can live comfortably with a higher payment than that. Bonus question: Is it possible to combine a FHA loan with a CHRA down payment assistance program that may be available in the area?

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, ,
Mon Jan 6, 2014
Yes, there is a .5% or 1/2% down loan that we offer in AZ in addition to other programs with low or no down payments. Let's discuss your loan scenario in more detail. Contact me at 800 315 8803. My name is Bart and I have been in the mortgage business since 1987. I am happy to answer your mortgage questions, 7 days a week and review your loan scenario.


Until then, I look forward to hearing from you.

Bart Gabe

http://www.bartprequalifies.com

bart@bartprequalifes.com

800 315 8803



NMLS# 20743 - my licensing information

http://www.nmlsconsumeraccess.org/ - link to look up my license number
0 votes
Raymond Whit…, Agent, Mesa, AZ
Sun Jan 5, 2014
A really good lender is the path to peace because they can get you conditionally approved if everything like DTI and income qualify. Definitely I would get that pre-qual solidly in hand and firm assurances from the lender they will get it done for you before spending a lot of time looking for homes.
1 vote
Stan Tobiason, Agent, Twin Falls, ID
Thu Jan 16, 2014
Get in and talk with a lender ASAP and they will get you all set-up. They should be able to point you in the right direction.
0 votes
Eric Fox, Agent, Phoenix, AZ
Thu Jan 16, 2014
Will,

There are many possibilities that can potentially help you out. Such as first time home buyer credits and certain loan programs like the neighborhood stabilization program.

At 24 years old buying a home may seem complicated and frustrating. Getting set up with a good lender and or real estate agent can help out big time. They can answer all the questions you have and determine how much you can afford. Be sure to interview a few of them and pick out the ones that you feel most comfortable with.

If you have any questions feel free to contact me directly as I am local to you. Take care.

Eric Fox
Eric@EricFoxRealEstate.com
http://www.EricFoxRealEstate.com
(623) 326-3779
0 votes
Raoul Lousta…, Agent, glendale, AZ
Wed Jan 15, 2014
Good morning will

their are ways to get you help using funds available like the city of phoenix or other city in metro phoenix area , i can put you in contact with a lender that has done this type of loans

please get in contact with me when you have some time
have a great day
0 votes
Raoul Lousta…, Agent, glendale, AZ
Wed Jan 15, 2014
Good morning will

their are ways to get you help using funds available like the city of phoenix or other city in metro phoenix area , i can put you in contact with a lender that has done this type of loans

please get in contact with me when you have some time
have a great day
0 votes
Rebecca Kall…, Agent, San Tan Valley, AZ
Mon Jan 13, 2014
Contact me today, I would love to set you up with my lender, who is amazing!

4802759566
rebeccakallhoff@gmail.com
http://www.rebeccasellsaz.com -- you can search the MLS like a pro!

I look forward to working with you!
0 votes
Bianca Benne…, Agent, Glendale, AZ
Sun Jan 12, 2014
I have a very good contact for you that would be able to help, please email me directly and I would be happy to provide you with their contact info.


Best Regards,

Real Estate Professional / Prestige Realty
Bianca Bennett / 602-570-7898
Bianca@InvestInArizonaHomes.com
Website: http://www.InvestInArizonaHomes.com
0 votes
Jennie Miller…, Agent, Phoenix, AZ
Sun Jan 5, 2014
Have you spoken directly with a lender about your scenario? They will be able to tell you what you would qualify for.
0 votes
Eileen Shapi…, Agent, Mesa, AZ
Sat Jan 4, 2014
Hello Will!
I can tell you have researched home-buying and mortgages! And congrats on the great credit score.

I have a question: what type of work are you in? That may open some other opportunities for you, as you look into purchasing a home.

I work with lenders who can definitely help you determine how much you can qualify for and what programs are available.

I work with many first-time buyers (just call me your Real Estate Gramma) and would love to speak with you....please give me a call or email, so we can discuss your options. My son and daughter-in-law are new first time buyers...I will treat you like I wanted them treated!

Eileen Shapiro
Associate Broker
Sonoran Premier Properties
480.370.6520
Eileen@SonoranPremier.com
0 votes
Vivien L Big…, Agent, Scottsdale, AZ
Sat Jan 4, 2014
Good Evening,

Contact Karen Jones 480-339-1577 with AmeriFirst, she will let you know what programs that are available to help you purchase a home. Please let her know I referred you.

Have a GREAT evening!

Vivien L Biggs PLC
602-615-9137
Prudential Arizona Properties
0 votes
Fred Shocklie, Agent, Peoria, AZ
Sat Jan 4, 2014
My advice is to investigate the Home in Five loan program. It is a GREAT program for first time homebuyers like you. Here are the program highlights:

Up to 5% of loan amount for down payment and/or closing costs
Non-repayable "free money"
45% maximum DTI
$88k maximum income
Up to $300K purchase price
Any property in Maricopa County qualifies

If you would like more information, you can reach me at 602-330-1840. If you call, just let me know we "talked" on Trulia about the Home in Five program.

Fred Shocklie
0 votes
Doug McVinua, Agent, Gilbert, AZ
Sat Jan 4, 2014
My daughter is an agent in Phoenix and has lenders that have 100% money for first time buyers. Some are grants and some are not, lets connect you two and get started.
0 votes
Raoul Lousta…, Agent, glendale, AZ
Sat Jan 4, 2014
Hello will and drew

yes you can ,please get in contact with me and i can put you in contact with a lender

thanks have a great day
0 votes
Jean-Leon Ma…, Agent, Tempe, AZ
Sat Jan 4, 2014
There really isn't any negotiating DTI limits, they are what they program to program. If you would like to talk one of the more flexible, knowledgeable local lenders I have used, I'd be happy to point you in the right direction. Also, if you would like to have a quick chat about your objectives, I may be able to help you identify a few options you had not considered.
Bonus Answer:
I believe the CHRA dictates the loan program used, and I am unsure of their guidelines for selection. From their site:"... used in conjunction with lending programs designed specifically for lower income home buyers."

Good luck !
Web Reference:  http://sellquickAZ.com
0 votes
Bruce Cornia, Agent, Phoenix, AZ
Sat Jan 4, 2014
I have helped over 20 first time home buyers in the past year as I work with a select few local lenders. I would be happy to put you in contact with a lender that can give you some options that may work for situation.

Bruce W. Cornia
ZipRealty-Phoenix
2929 N 44th Street Suite 320
Phoenix, Az 85018
bcornia@ziprealty.com
http://www.ziprealty.com
(602) 524-2434 cell
0 votes
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