Hello Paul, that is a great decision as you may qualify to buy with minimal out of pocket expenses and pay less than rent in many cities. I am not sure about Rowland Heights but how much are you paying for rent and what is the maximum payment your looking to achieve?
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.
Do you have an agent? If you decide you want to buy 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. You can buy with less than first, last and security of a rental deposit.
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.
The purchase in Rowland Heights start from 268k for 2bd 1ba condo and the single family homes start from 379k for 3bd 2ba home.
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.
Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
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