Home Buying in 96118>Question Details

Georgina Hol…, Home Buyer in Loyalton, CA

I have a question. My husband and I both have very high credit scores in the 800's. We have a bit more that 12,000. to use for a home purchase.

Asked by Georgina Holmes, Loyalton, CA Tue Mar 16, 2010

We will qualify for first time buyer and would like to know if this is going to be a difficult task for us. We are on a limited income and manage our finances well. But it is time to move. Are our chances for this relocation a possibility?

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You sound like a qualified buyer but you will only know for sure if you sit down with a mortgage professional and get approved for a loan. Find an experienced local Realtor who likes to work with first time buyers and get busy. Ask your friends or relatives or co-workers to recommend someone that they trust. Don’t procrastinate! Don’t lose out on the free money that your government is offering to you for buying a house…assuming that you qualify for the tax credit.

Good luck.
1 vote Thank Flag Link Tue Mar 16, 2010
The best loan for you situiation would be an FHA with 3.5% Down Payment. You can ask Seller to credit you up to 6% for your closing costs. As far as qualifying I would need to get the following info from you
Copy of Drivers license
Copy of Social Card
Copy of Your last two Paycheck stubs
Copy of your last two years Tax returns (All pages)
Copy of your last two years W2'S
Copy of last Mortgage statement (if applicable)
Copy of Current insurance policy or name and phone number for the agent
Copy of your last two bank statements all pages
Copy of your last retirement statement
you can also go to http://www.2ndOpinionHomeLoans.com to get a fast free 2nd Opinion


1 vote Thank Flag Link Tue Mar 16, 2010
I also do loans with a company called Lendclear. If you would like to see what you qualify for please call me: 530-410-9397 and I live in Loyalton.
0 votes Thank Flag Link Wed May 14, 2014
Generally speaking yearly income x 3 = safe mortgage. If on social security you can multiply that by 1.25 as you pay no taxes.

You have excellent credit scores. A decent amount down. As long as your income is enough to buy a house in your area you should be able to buy something. FHA loans require 3.5% down. V.A. loans (veteran only) and USDA loans (may or may not be available until fall due to money from congress) are 0% down.

I would talk to a local lender like at a bank or credit union and ask them. I bet you will easily qualify for a loan. It is possible. Just be aware that buying to get the free (up to) $8k means 4-30-2010 is the last signing date to buy. If you wait until after that date I would expect less competition. You may even see prices going much higher as people all try to get the free money before it goes away. May will be a much more sane buying market.
0 votes Thank Flag Link Tue Mar 16, 2010
Not knowing all your financial information--visit with any qualified loan officer and see what your budget can handle--FHA loans currently require 3.5% down--your loan officer can best advise.
0 votes Thank Flag Link Tue Mar 16, 2010
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