First time home buying

Asked by Shirleyb1652, Thu Dec 19, 2013

I am a single individual first time home buyer With an income of approximately 1900 dollars a month"Can I buy a home with the income?"

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Answers

10
Kylee Roe, Agent, Sacramento, CA
Thu Dec 19, 2013
Hi Shirley,
While income is part of the equation, so is your credit score, and your debt to income ratio. If you pay out less per month than the lender's qualifying percentage, than you possibly could get a loan--with all the other right factors in place.

The best way to find out is to do a free pre-qualification with a lender or mortgage broker. I recommend Evelyne Jamet at Vitek Mortgage. They have some great programs for first time buyers!

916-452-8800
1 vote
Lance King, Agent, San Francisco, CA
Thu Dec 19, 2013
Whether or not you can get approved for a loan depends on more than just your income. Credit score, employment history, debt to income ratio and other factors all apply, but I can tell you that with that income the house would have to be priced very low.
1 vote
Robert Spino…, Mortgage Broker Or Lender, Mill Valley, CA
Fri Dec 20, 2013
Shirleyb1652,

I host a monthly homebuyer webinar that is free and takes only 15 minutes. We cover all the basics about affordability and qualification and it's a great forum to get the answers you need. The link to register for the next one on January 7th is below. Hope to see you there!

Rob Spinosa
rspinosa@rpm-mtg.com
0 votes
Keisha Mathe…, Agent, Elk Grove, CA
Thu Dec 19, 2013
Hi Shirley

As the others are explaining, there are many variables that will determine whether you qualify to purchase and what amount you qualify for.

In addition, there are a few first-time home buyer programs available as well which can help with things like down payment assistance, closing costs, etc. Factors such as your employment may also make you eligible for down payment assistance programs - there are some special programs for teachers, police officers, emergency workers, vets, etc. Even the new home builders are offering incentives for purchasing with them and using their lenders. So assistance is available in many forms. It's just a matter of having a conversation with you to determine where you are.

On another thread where you asked a question, I posted contact info for a lender named Andrew Martinez. You can call him to see if you qualify and what you would qualify for or just to have the conversation to educate yourself more about what's available.


Andrew Martinez
Commercial Capital Funding
DBA Loan City Home Loans
9270 Madison Ave
Orangevale CA, 95662
916-726-7777
916-932-4467 Fax
http://www.loancityhomeloans.com
http://www.ccflender.com


Again, I hope that helps!

Keisha Mathews, REALTOR®
CDPE®, HRC®, HAFA® Certified
SAR Masters Club Member 2012
SAR Masters Club Steering Committee
Mathews & Co. Realty Group
@ Century 21 Landmark Network
keisha.mathews@ceantury21.com
(916) 370-1803 cell
lic#: 01439130
0 votes
, ,
Thu Dec 19, 2013
Hi Shirley,
Income is only one factor lenders look at when approving you for a mortgage. Credit and down payment are the two other main things.

Your credit scores would need to meet the minimum requirement (usually 600 - 620) and no judgments, liens, or collections left out there.

In addition, we look at the monthly debts - car payments, credit cards, student loans, etc. A general starting point is to take 43% of your monthly income, then subtract any monthly obligations to arrive at a maximum mortgage payment you could qualify for. This maximum house payment would include insurance and property taxes.

FHA permits you to put as little as 3.5% down payment into the transaction. If you are a veteran or are purchasing in a rural area you may be able to get 0% down. In addition to the down payment you will need money to cover closing costs, taxes, and insurance. The good thing about these programs are that they allow you to get a gift from relatives for all this money. So you don't necessarily need to save it up all on your own.

No one can give you a firm answer without a lot more detailed information. Gather your latest and greatest pay stubs, bank statements, and tax returns and give a lender a call so they can run your credit and give you a detailed idea of what you might be able to get.

Feel free to call me or email me and I can assist you with this.

Tony


Tony Grech | Mortgage Loan Originator | NMLS 977416
PMAC Lending Services, Inc.
Toll-free (855) 642-4762 | Fax (248) 945-4842 | Direct (248) 728-0078
tony.grech@pmac.com
0 votes
Anthony Carr…, Agent, Sacramento, CA
Thu Dec 19, 2013
It maybe possible to buy but first you have to meet with a lender so they can get you pre-approved. Your credit score and work history along with your debt to income ratio will determine your lending eligibility. You may want to consider a loan officer that has experience working with government down payment assistance programs if you need this type of assistance as well.

Good Luck!

Anthony Carrillo
Cook Realty
0 votes
Steven Ornel…, Agent, Fremont, CA
Thu Dec 19, 2013
Hi Shirleyb1652,

The initial answer to your question can only be determined by meeting with a financing professional to review your credit score and financial capacity.

In truth, there are three levels/types of "Pre-Approval". There are key differences between a "Pre-Qualification", "Pre-Approval" and what I call a "True Pre-Approval".

In order to be BEST PREPARED I would recommend a "True Pre-Approval". Please see: http://www.Steven-Anthony.com/GettingStarted for a full run-down on your options.

Here's another important point regarding where to obtain your "True Pre-Approval":
"Retail Banks vs. Mortgage Broker/Bankers": http://tinyurl.com/6qln6nd

-Steve
0 votes
Mary Willett, Agent, Sacramento, CA
Thu Dec 19, 2013
Lance is right - and hopefully your credit score is good. Here in Sacramento there are many government programs available that will help you buy a home. I have a listing currently in contract with the buyer obtaining assistance from the CalHome Program, CHDAP http://www.calhfa.ca.gov/homebuyer/programs/chdap.htm and Neighborhood Lift. It can be done if you are motivated and have the right Buyer's Agent and Lender working with you.
0 votes
Shaukatali K…, Agent, Katy, TX
Thu Dec 19, 2013
Lance is absolutely right.
Factors that determine your buying power is not only income.
Please look or a good lender and get some more information.
He will need to pre approve you before you can determine how much of a HOME you can afford.

Good Luck
0 votes
, ,
Thu Dec 19, 2013
Yes. I would be more than happy to get you pre-approved.

Alex Greer
Loan Officer
NMLS #1056079
http://www.TheMortgageOutlet.com

408-352-5147
AGreer@TheMortgageOutlet.com
0 votes
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