Home Buying in Pasadena>Question Details

Lili, Home Buyer in Pasadena, CA

I am interested in purchasing a town home or condo. However, i am uncertain whether i will qualify.

Asked by Lili, Pasadena, CA Sun Aug 16, 2009

i owe 7 thousand on my car loan. I make 40 thousand a year and have no other debt. I have good credit. However, i have been told that because i have a car loan it will be difficult to qualify. ideally i would like something under 190,00. is it possible?

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3
From what you are saying, and no additional information, I can say, you're in the ball park at least. Condos are definitely a possibility in that range - for the first time in about 10 years or so, I might add - and possibly for the last time in the foreseeable future. So why not call a direct lender and see what they can do for you?You'll need to have documented income. The days of "stated income" and no-doc loans are long gone. But if you can verify your income with tax returns and paystubs, have at least decent credit (600+) and 2 years of credit history, chances are, we can help you. I say "we" as the collective term for the real estate community at large.

There may even be some manner of down payment assistance available to you these days - it disappeared for a while, but is making a comeback. If you'd like a local referral to a good direct lender, please email me. And if you're shopping on your own in my neck of the woods, give me a shout. Maybe we'd make a good fit.

In any event, best of luck to you!

Jeri Creson, Broker
TotalAccess Realty Advisors
(818) 448-1298
jericreson@yahoo.com
0 votes Thank Flag Link Wed Nov 18, 2009
Lili,

A phrase I am very fond of when it comes to home finance is, "if there is any doubt, there is no doubt." In other words, your stress probably stems from your confusion, and your confusion stems from a lack of clarity given to you by the last lending source you used to determine for what you would qualify.

As a suggestion, use this board to help you find a new lender --- one who is willing to explain the pre-approval process to you and assist you with determining your borrowing potential. This is something I do for clients on a daily basis and I am happy to help if you'd like to look into things further with RPM.

You know more than you think,

Rob Spinosa
rspinosa@rpm-mtg.com
0 votes Thank Flag Link Sun Aug 16, 2009
Any qualified lender can get you pre-qualified. They will need to take all your information(salary, income tax returns, debts, etc) run your credit, etc. So check with a lender. Where do you bank? If you don't have a lender, go to your bank or credit union. They are dying to help you get a loan..Do not try to qualify over the internet (there are way too many scams out there)...
0 votes Thank Flag Link Sun Aug 16, 2009
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