Home Buying in Long Beach>Question Details

marcoslbc,  in Long Beach, CA

Straight or estament answer please.if I earn $30hourly by weekly and take $2480 gross $1840net.so make about $55,000 yearly with no dept excellent

Asked by marcoslbc, Long Beach, CA Wed Feb 5, 2014

credit how much can I borrow with a fha loan.how much down n closing due I have to put.and how much my mortgagetotal with everything will be thx My borrowing n mortgage options

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Hi Marcos,

With your income level, excellent credit,, and no debt, as well as your savings, I'm not sure that FHA would be your best option. You might be in a better situation to go with a Conventional loan program with as little as 5% down. I'd be happy to go over different options with you and help you to weigh the pros and cons of each scenario. My office is right off the 405 in Seal Beach.

Please call or email me to discuss. I'm here to help,


(714)566-5400 / rfair@alpinemc.com
0 votes Thank Flag Link Sat Feb 8, 2014
The best advice would be to talk to a good lender. Please feel free to contact me at 562-370-5574 and I will be happy to referral a reputable lender to you and explain the whole buying home buying process to you.

Penny McCann
Keller Williams Realty
BRE 01925479
0 votes Thank Flag Link Thu Feb 6, 2014
I would be happy to help with the financing options as I am a local lender in Signal Hill, CA cbratz@nhfunding.net or my cell at 949-230-3746 and would love to meet with you.
Flag Fri Feb 7, 2014
OPTION: HOME PLUS INCOME 2-4 units is a great start.
.Most answers here are very good. Any mortgage calculator on google or other sites can plug in rates. check out my website karenmohoff.com I have a mtg. calculator there.
This being said, have you considered building wealth in real estate? while most agents can find you a home in an area you like, I like to offer you the opportunity to by small units with little down payment. Your rents on the other units will help offset your mortgage. This is a great way to start a real estate portfolio and a long term holding for retirement. homeplusincome.com is a start. If handling tenants is out of the question, we can fix that too. email karenmohoff@hotmail. text or call 562-810-6824 if this is an avenue you would like to consider.
0 votes Thank Flag Link Thu Feb 6, 2014
As mentioned below, there are several other factors that will determine how much you can borrow. I can give you a much better idea on specific numbers and options after a short phone or email conversation. Please contact me at your convenience. I can do a full underwriting approval ahead of time if need be and I also offer credit score improvement programs for free while we work on your mortgage.

If you like my answer, consider clicking on a “Thumbs Up” or “Best Answer”


Robert L. Hanson
Gladewater National Bank
First Time Homebuyer Specialist

Direct: 240-752-7549 Cell: 301-651-7822
Email: robertlh66@verizon.net
NMLS# 695929

Rate quote or live chat with me at the link below:
0 votes Thank Flag Link Thu Feb 6, 2014
I can tell you, that in general, for an FHA loan with 3.5% down you can expect your principal, interest, and mortgage insurance will likely be about $6.00 per thousand that you borrow. So if your loan was $200k, the payment INCLUDING the FHA montly mortgage insurance would be about $1200. This does not include taxes, insurance or other property specific costs that there might be. And, as mentioned, I would need to have more specific information to be sure of this.... Hope that helps, let me know if you want to talk!
Robert L. Hanson
Gladewater National Bank
First Time Homebuyer Specialist

Direct: 240-752-7549 Cell: 301-651-7822
Email: robertlh66@verizon.net
NMLS# 695929
Flag Thu Feb 6, 2014
Hi Marcos,
There are some additional variables that will influence the price range you'll want to be in -- your credit, your debt, and what monthly payment you're comfortable with.

The best thing to do is to talk to a lender who's experienced with working with first-time homebuyers so you can see exactly what your options are. Many lenders have flexibility in terms of how they structure the loan. For example, they can help cover your closing costs in exchange for you paying a slightly higher interest rate, resulting in less money out of pocket up front for you but a slightly higher payment.

If you'd like a referral to a lender who will really explain the options thoroughly, please let me know. We'd be happy to explain the home buying process as well and help you find your first home. Our team loves working with first-time buyers!

Shannon Jones
The Shannon Jones Team
Keller Williams Realty
Web Reference: http://www.ShowMeHome.com
0 votes Thank Flag Link Thu Feb 6, 2014
Good morning marcoslbc, different Lenders have different guidelines in how they apply FHA lending criteria. Some Lenders are more conservative than others. In short, you need to find an experienced (at least 15 years) local Mortgage Banker and let the Mortgage Banker look at your TOTAL PICTURE for qualifying. Don't waste your time with the major commercial banks. All the best! Trevor Curran NMLS #40140 If you thought my answer was helpful, please vote "BEST" or give me a "Thumbs Up." Thanks!
0 votes Thank Flag Link Thu Feb 6, 2014
Contact a reputable mortgage lender to get yourself Pre-Approved for a loan. I do have a preferred lender that I work with. If you contact me directly I would be happy to provide her information.
Once you are pre-approved, I would be happy to assist you with the home search.

Nicole Fedorchek, Realtor
Tarbell, Realtors
0 votes Thank Flag Link Thu Feb 6, 2014
Hi Marcos,

First step is to consult a lender or bank, if you need a referral I know some great lenders who are honest and knowledgable , when you are ready to start looking for your new home..I would be honored to help you into your next home that you will admire :). I did a quick calculation using the zillow mortgage calculator and here is what I found out for you... Feel free to contact me when you want to browse the homes that are on the market.
Sara Joy Cramer 562-308-6266

Thanks for using the affordability calculator on the Zillow iPhone app.

You can afford: $258,516
Your monthly income: $4,667
Monthly mortgage payment: $1,430
Other debts: $250
Income taxes: $1,400
Remaining balance: $1,587

Annual income: $56,000
Down payment: $34,000
Monthly debts: $250
Interest rate: 4.375%
Income taxes: 30%
Debt to income: 36%
Property taxes: 1.125%
Homeowners insurance: $67
Mortgage insurance: $0/mo
HOA dues: $0
Loan term: 30 Years

Next step: Compare mortgage rates on Zillow Mortgage Marketplace.

Download the free Zillow Mobile app!

Sara Joy Cramer
Realtor with Realty ONE Group
"Allowing Mother's Intuition to Guide YOU Home!"
DRE # 01889507
0 votes Thank Flag Link Thu Feb 6, 2014
I forgot to mention I am a first time buyer n 35k. In bank savings
0 votes Thank Flag Link Wed Feb 5, 2014
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