I am planning to buy a house in four to six to four months. I am a first time home buyer.I am looking for a

Asked by Edwin Shiluli, Anaheim, CA Tue Mar 17, 2009

single family home, three bedrooms within anaheim zip code 92802. Price range depends on advice given. I need an honest answer as to whether i can qualify for a house. My credit score and that of my partner are average. We can raise a down payment of between $5,000 to $7,000. We are both employed with steady jobs and we currently live in an apartment paying $1290 a month. We believe the money we are paying right now for rent can best be applied for our home. What can the market offer us?

Edwin

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10
Voices Member, , Benton County, OR
Tue Mar 17, 2009
Edwin, I would take a look and use the tools here to answer some of the questions.
http://www.hud.gov/buying/index.cfm ...... http://www.fhaoutreach.gov/FHASelf/

You could look through the Gov. site for all current Gov. loans and see what you might be eligible for.
http://www.govloans.gov/govloans_en.portal?_nfpb=true&_p…

Keep track of mortgage rates and housing info.. http://www.fhfa.gov/ ... http://mortgage-x.com/general/rate_trend.asp
Check out the Bank/Gov. REO/Foreclosure databases of properties for sale and also read info on the purchase/bid process..http://www.mortgagenewsdaily.com/wiki/REO_Database_List.asp
http://www.biggerpockets.com/bank-reo.html
You might also want to look through this...http://publicrecords.onlinesearches.com/California-Foreclosu… ... http://www.bid4assets.com/help/index.cfm?fuseAction=TaxSaleD…

Good hunting, Dunes
1 vote
Karen Parsons…, Agent, Laguna Beach, CA
Tue Mar 17, 2009
OC Buyer is right...I personally think that there are going to be some great deals this fall. I would suggest you start "watching" the market....and then if things heat up, you can move. But at this point you have to buy before the end of December to get the tax credit...so there is plenty of time to find a good situation....they might even extend that credit depending on the market at that time.

K
0 votes
Oc Buyer, Home Buyer, CDM
Tue Mar 17, 2009
How many months of reserves will you have after the $5,000 to $7,000 down will you have? If the answer is less than 6 months, then I HIGHLY suggest you wait. Prices are still falling so you needn't worry about being priced out. When you say raise, it doesn't sound like you have the money "saved" If you wait and save money you will also have time to raise your credit scores so you get the best rate.
0 votes
Karen Parsons…, Agent, Laguna Beach, CA
Tue Mar 17, 2009
Hi Edwin...

Lots of great answers here! The main thing is to find a lender and realtor that you feel comfortable with. I like to start by getting you with a lender...sounds like you will want to go FHA. Average scores are fine and you can get in with 3.5% down....we can finance closing costs.

Once you have a price in mind that is comfortable to you... we can start watching the market. I would set you up with a private website which we can load with a home search that fits your needs. Then as you start to see the options available to you...we can adjust it. When you are ready, we can go see some homes.

Home buying is really easier than you think and with the first time refundable tax credit..this is going to be a good year to buy.

Let me know if I can help.

Karen
0 votes
Michael Barr…, Agent, Irvine, CA
Tue Mar 17, 2009
Hi there Edwin, Congrats on taking the first step.
It is a great time to buy for First Time home buyers with the Low interest rates and government incentives it is great to see this trend.
Thr market is full of opportunities . The first thing you should do is interview buyers agents to see which one you feel has the best system in place to not only find you the best properties but also to help you negotiate the best terms. You should also arrange your finances and talk to a reputable lender who can review your financial situation and revie the best loan prograsms for you..
I work primarily with First Time home buyers and can help you with everything involves in this process.
Fell free to drop me a line for a list of Hot Buy properties.

Kind Regards
Michael Barron
Realtor/MBA
First Team Real Estate
(714) 552-6817

The largest Independent owned real esatte company in CA. 10th in the Nation,
0 votes
Mahesh Patel, Agent, Anaheim Hills, CA
Tue Mar 17, 2009
Hi Edwin:
I called my lender and assuming you have enogh income to qualify. you should be able to buy for a price price of upto $170000-$180000, this would keep your payment to about $1290/month.

It a good idea to buy now because the prices are down!!'
Interests rates are down!
You wil get tax advantages when you buy a house , plus if you buy this year prior to Dec 1st, 2009 first time home buyers are getting $8000.00 in credits!
Buying a house is also great " investment" in your lifestyle...
I would highly recommend for you to buy Buy now!
Feel free to contact me if you would like to talk to my lender... He just closed on deal for me and the buyers were happy with his service and interest rates.
Good luck.
Mike
Web Reference:  http://www.mikepatel.com
0 votes
Bob Phillips, Agent, Rancho Santa Margarita, CA
Tue Mar 17, 2009
Edwin, your first order of business should be to become prequalified by a lender. That will tell you, and your eventually selected Realtor, how much of a house you'll be able to qualify for, or afford. Without that knowledge you're just spinning your wheels. I have included my preferred lender's website below in the web reference.

Like me, he has over 30 years of local, Orange County, experience. You should get in touch with him - or some lender of your choice, as your first step. Good luck in finding solutions.
Web Reference:  http://KevinBudde.com
0 votes
Todd and Nan…, Agent, Anaheim Hills, CA
Tue Mar 17, 2009
Edwin - the first step is to find a lender who understands the current programs available and will give you sound advice on what you qualify for now, and what it might take to qualify in the near future if you're not quite ready. If you need a referral to an experienced lender in your area, please call or email and I'll be happy to help. Once you are pre-approved, it's equally important to make sure the payment fits your household budget. As a CPA and broker in your area, I'd be happy to help you with this. Once you have a pre-approval and budget, find a broker or agent who understands the Anaheim market and can help you navigate the current market, foreclosures, short sales, etc. Good success to you, Nancy
Web Reference:  http://www.TheOCExperts.com
0 votes
Mission Viejo…, , Mission Viejo, CA
Tue Mar 17, 2009
Edwin, There have been properties that would fit your needs. I'd say start with getting your down payment in the bank. Put as much as you can, show all your income going into the bank.
To get approved you have to have bank statements, paycheck stubs, tax returns then finding a bank to work with you. You most likely will have to go for FHA loans. Check that out on the internet for qualifying.

Let me know if I can answer any other questions, good luck!
0 votes
Homestead Re…, , Johnston County, NC
Tue Mar 17, 2009
This is a great time to buy a home. Property values are beginning to climb back up (especially in your area). Hopefully your average credit score is a minimum of 680. You may or may not need a down payment and in some cases you can roll the closing costs into the purchase price if the home's appraise is greater than the purchase price. To keep your credit score on an even keel, don't go out and make any major purchases on credit, do not close out any revolving credit accounts. The best advice can come from your local professional realtor. Usually they are willing to "show you the ropes" for free and take the guess work out of the process.
Web Reference:  http://HomesteadRealtyNC.com
0 votes
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