We would like to be first time buyers, in our mid-late 30s with a baby on the way. The problem, we don't have a down payment. Can a mortgager?

Asked by Eimi Middlekauff, Thu Feb 2, 2012


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Morcos Azer, Agent, La Habra, CA
Sat Oct 20, 2012
If you are in mid-late 30s, and you did not save any money for down payment, I advise you not to commit to a house payment until you consult with a financial adviser.
0 votes
Jovan Simon, , Santa Ana, CA
Wed May 23, 2012
Hey Eimi,

I understand you are looking to buy a home and don't have money for a down payment. A loan program that will fit best for you would be a FHA Loan which only requires 3.5% down but you can refinance to a lower rate after 6 months. You really have to be careful with some banks because they might try to get you into a loan that may not be so good for you down the road. I can help you get approved for a loan in less then 2 days, so please give me a call when you have some time so we can see what we can do for you and your family.

Jovan Simon
Account Manager
In House Lender
0 votes
Michelle San…, Agent, Irvine, CA
Fri May 4, 2012
Talk to a lender or your bank, they can give information about they type of loans that you have available . There are programs were you only have to put 1% down of the purchase price and the lender/bank will assist with the 2.5 or 2% down...again ask your lender. Also there is assistance from the cities, cities have grants/loans and other ways to help you purchasing a home. Cities get allocated money every fiscal year to assist first time home buyers but sometimes they run out of the money. Call the city or check on their website for "First Time Home Buyers Assistance"...if they don't offer it, they will give you a list of other government websites that can help you with what you need. Contact me if you need any help on purchasing your home. I wish you the best!
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Kawain Payne, Agent, Seal Beach, CA
Thu Mar 22, 2012
Congrats on thinking of buying a home of your own.

Please go to the link below. It is for the California Hosing Finance agecy. They provide low interest loand and downpayment assistance for first time home buyers.


Best of luck to you.

Kawain Payne, Realtor
Prudential California Realty
0 votes
Kawain Payne, Agent, Seal Beach, CA
Fri Mar 2, 2012
Hello Eimi,

Congrats on your growing family!!!!!

The California Housing Finance Agency (Cal HFA) offers first time buyers loans with no down payment.

You will have to work with a CalHFA approved lender, and meet the credit and income guidelines. They also require buyers to complete a home buying education class. The class is to help buyers gain knowledge on purchasing and KEEPING a home.

Go to http://www.calhfa.ca.gov/homeownership
You can also call them at 916-326-8033

Best of luck to you!!!

Kawain Payne, Realtor
0 votes
Bob Phillips, Agent, Rancho Santa Margarita, CA
Thu Feb 2, 2012
NonRealtor stated: "Save a few years for a downpayment. Wait to buy, prices are declining"

N.R., that MAY be true where YOU'RE located, but in the lower prices ranges of Orange County, California, the median price is presently higher than it was 3 years ago, and doesn't appear likely to go down further.

Perhaps you should stick to providing such discouragement, to your own neck of the woods?
Web Reference:  http://SouthOC.info
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Janet Nation,…, Agent, Baldwin, NY
Thu Feb 2, 2012
You will need more than the 3/5% down, you will also need reserves, and additional expense for miscellaneous things such as the home inspection, survey, etc. Happy savings and good luck with the baby.
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NonRealtor, , 23456
Thu Feb 2, 2012
Hi Eimi,
Save a few years for a downpayment. Wait to buy, prices are declining. Good Luck
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Shirley Cheng, Agent, San Jose, CA
Thu Feb 2, 2012
You just have to start saving all your money right now till you can get at least 3% of the down payment of what property you are looking for. Or have relatives "gift" you money and you have to keep that in the bank for at least 60 days and not touch it before you can consider getting a loan. Good Luck!
Web Reference:  http://www.dolcehomes.com.
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Bob Phillips, Agent, Rancho Santa Margarita, CA
Thu Feb 2, 2012
First, there may be programs in the cities you're targeting, for down payment assistance.

You might also look into having a relative "gift" you up to 3.5% you'd need for an FHA loan. ( Assuming you have at least a 620 FICO score?)

I have two excellent lenders, I work with, who can help you, if anyone can. One is Cory De Pass with iMortgage, cell: 949-929-3789, and the other is Joelynn Warner, with Prime Lending, cell: 949-370-1027.

Give both a call - I'm sure either one can help you. Good luck in your quest.

Oh, by the way? I know a pretty good Realtor, also.
Web Reference:  http://SouthOC.info
0 votes
Anna M Brocco, Agent, Williston Park, NY
Thu Feb 2, 2012
Visit with any licensed loan officer to determine qualification; FHA loans require 3.5% down...
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