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Financing in Los Alamitos : Real Estate Advice

  • All30
  • Local Info1
  • Home Buying15
  • Home Selling0
  • Market Conditions2

Activity 4
Mon Mar 20, 2017
Hello Grace, yes they do. Do you have down payment and closing costs or do you need down payment and closing costs assistance programs?

You will need to be pre-approved to be able to meet an agent to view and submit offers on any homes of your choice. You will need to gather some documentation for each applicant.

Your qualifications will be determined by your credit profile, debt to income ratios, fico scores, loan program and how much you want to invest into the down payment and closing costs. Your fico scores can be raised within 3-4 days in most cases to qualify for programs, rates and terms as necessary.

If you are buying a primary residence you could consider a down payment assistance program such as CalHFA or Sapphire Grant which can cover your down payment and closing costs. You may close with minimal out of pocket expenses. You may consider the CalHFA from a minimum 640 fico score and the Sapphire Grant from a minimum 620 fico score up to 424k.

You may qualify FHA from fico scores between 500-579 with 10% down or minimum 580 fico score may qualify FHA 3.5% down up to 424k. You may consider 3% down conventional from a minimum 620 fico score or even 5% down conventional with NO Mortgage insurance (Lender paid MI) up to 424k.

You may consider 5% down Jumbo with a minimum 720 fico score from 424k up to 1.5 million and 10% down from a minimum 680 fico score and up to 2.5 million. You will need 20% down to purchase over 2.5 million.

If you figure out what cities/zip codes you are considering, minimum number of bedrooms and the maximum payment/price you are looking to achieve any agent can email listings to fit your search criteria. Your email address is needed to set you up for the automatic daily updates.

The purchase in Los Alamitos start from 444k for 2bd 1ba condo. How much are you paying in rent now and what is the maximum payment you are looking to achieve? There may be other neighboring cities that are more affordable...

Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
Veteran and VA or CalVet loan specialist
REO and Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
24+ Years Experience
BRE# 01140252
NMLS# 297251
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Sat Dec 15, 2012
Joseph Roraff answered:
Here is an article on Bankruptcy Chapter 7. Hope this helps.
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Tue Jan 19, 2010
Hi, Emily

FHA itself does not impose any additional cost or higher interest rate on loans solely because they exceed 417K. If the county limit is 417K and you exceed that, on top of your required 3.5%, you will also have to make up that difference yourself. So, for example: if the sale price is 425K, and the county loan limit is 417, then you'll have to come out of pocket the 8K difference along with your 3.5%, which at 417K is 14,595.00, for a total cost of 22,595.00 ... more
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Fri Apr 10, 2009
Bob Phillips answered:
As long as your first mortgage does not exceed 105% of the present value of your house, you should qualify for the new Home Affordable Refinance program. Here are some links to check out:

To see if your mortgage is with Fannie Mae:

To see if your mortgage is with Freddie Mac:

Good luck in finding solutions!
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Financing in Los Alamitos Zip Codes