We are moving to Palm Springs. What is the least amount that we can put down to buy a house. We have good credit but no jobs as of yet in PS.

Asked by Steve Jensen, 93436 Fri Apr 2, 2010

Would 50% be enough on a house for about 150,000?

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Garrigus Real…, Agent, Redlands, CA
Thu Jul 31, 2014
Your down payment would be determined by the type of loan you qualified for and your loan amounts you would qualify for. It is best to speak with a mortgage lender and go through the pre-qualification process. Please feel free to contact us directly and we can refer to a mortgage lender that can help!1
0 votes
Michael Abram, , Los Angeles, CA
Wed Sep 28, 2011
Hello Steve,

50% is a great down payment, but first you need to have a job. The stated income programs that I"m aware of still requires a job to "state." I suggest getting a job in the same line of work you were previously doing so a lender can see that you have a new job in the same or similar line of work you had previously to justify your work history. Worst case scenario would dictate being able to provide a two year work history versus a one year work history. Plus now you don't have to necessarily consider a stated income program and you can go full documentation. Sometimes it comes down to what the DU automated underwriting findings dictate.

If you find a property that is approved by Fannie Mae, you could go as low as 3% down, but the work history and automated findings are going to be critcal to determining how a loan officer and lender is going to qualify you for the loan.

Best of luck to you!

Michael Abram
First Capital Mortgage
NMLS #235060
Direct: (310) 434-1718
0 votes
Frank Alvarez, , Palm Springs, CA
Tue Sep 27, 2011
There are some new "stated income" programs that have recently become available through private lenders. They will require a large down payment and have higher than market interest rates. The best thing to do is find a job in the same line of work you had previous to your relocation. In that case you can use your income to qualify as well as reduce the amount you need for a down payment.
Web Reference:  http://www.franksellsps.com
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Keith Ference, Agent, Palm Springs, CA
Sat Apr 3, 2010
First of all, work with a local agent in the area to find a house. Secondly, with the current tension in the financial market it will be difficult if not impossible to find a lender at this time. There is the possiblity of finding a homeowner who would sell you a home and carry the paper on the house. The owner of the house would be the bank. There are homes around and situations that may work for you but it is going to take some work. Best advise is to come out here and get familar with the valley. We have 10 great cities here, each with their own characture.
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John Juarez, Agent, Fremont, CA
Fri Apr 2, 2010

If you are serious about buying, you need a game plan. No one will lend to you if you don’t have jobs. Income is required to make payments over a long term. If you put 50% down and can’t make payments the lender (and you) has a problem. In fact, I am not sure that you will find it easy to rent without a regular income, unless you have enough investment income to pay rent or make mortgage payments.

When you get to Palm Springs, contact a Realtor and sit down for a chat about the market, the type of home you want, where you want to live and how you expect to make mortgage payments. Your Realtor can refer you to a quality local mortgage lender. Sit down with the lender and put together your game plan to get into the house that meets your needs.

I know some great Realtors in the Palm Springs area. Let me know if you would like a referral to one.

John Juarez, Realtor
The Medford Team
Windermere Welcome Home
0 votes
Elizabeth Sc…, Agent, Palm Desert, CA
Fri Apr 2, 2010
Hi Steve,

Contact Walter Neil at Franklin Loan Center 760-779-8137, he can ask you the right questions to determine how much you will need to put down on a home. Without knowing your exact circumstances there is no way to know if you would qualify or an FHA, VA, Conventional, Owner financed, private money loan etc.

When you are ready to find the home after you talk to him, I am ready to show you the ones that fit your budget! Give me a call anytime.

Elizabeth Schulze
License #01860415
Keller Williams Realty
70005 Mirage Cove Dr
Rancho Mirage, CA 92270
760-969-1000 OFFICE
760-333-2134 CELL
760-770-9510 FAX
0 votes
Lisa Kraft, , Chandler Heights, AZ
Fri Apr 2, 2010
The best think to do is rent for a while. You will not be able to buy unless you have a job lined up but renting will give you a feel for the Area and soon you will know where you like to live. Sounds good? Lisa
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Anna M Brocco, Agent, Williston Park, NY
Fri Apr 2, 2010
In order to obtain a mortgage you need employment first--once employed visit with any qualified loan officer(s) and see exactly what your budget can handle, then go from there.
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Paul Kaplan, Agent, Palm Springs, CA
Fri Apr 2, 2010
You should really talk to a lender to see what and if you can qualify for a loan with your current circumstances.

You may also want to consider a lease - to - own situation, where you can rent for a while; then once you have established yourselves with jobs, you can apply for a loan and purchase the property.

Best of luck with your search Steve.

0 votes
Cindy Vedder, Agent, Irvine, CA
Fri Apr 2, 2010

If you are financing a loan to purchase no one is going to do it without you having jobs first. If you are changing jobs it is best to be in the same line of work.

If you have 50% of $150K you may consider an outright cash purchase on a smaller sales price.

Good luck.

Cindy Vedder
Prudential Ca. Realty
Web Reference:  http://www.cindyvedder.com
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