You may already qualify for FHA financing with your scores.
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.
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 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 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 Santa Rosa start from 250k for 2bd 1ba condo and up. You may qualify to buy with minimum out of pocket expenses...
Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
Veteran and VA/CalVet Loan Specialist
REO and Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
24+ Years Experience
NMLS# 297251... more
I was just looking through old post and I noticed yours. If you were not able to refinance at the time of the post, I can certainly help you out now. You can call me at 408-352-5147 or email me at AGreer@themortgageoutlet.com. You can check us out at http://www.TheMortgageOutlet.com. I will look at your situation and present you with some options.
Here is the recent update from my previous post on 10/25. Looks like it will be March 2012 before the full program will available. Click on Guide Announcement - SEL-2011-12. https://www.efanniemae.com/sf/mha/mharefi/
The best deal on a mortgage should not be viewed solely from the rate (or cost of funds). Service and your loan officers accessibility are other criteria worth considering. Rate is important but closing the transaction without giving the borrower an ulcer in the escrow is also worth taking into account.... more
That is a great question that is best answered by a seasoned loan officer. Call the bank that you have your savings and checking account with and ask them to tell you if you can qualify. It is always best to call up to 3 different institutions and they should all give you the same answer based on your crdet score, job history and the amount of money you can put down.
Lenders and contact info.
Mason Mcduffy Mortgage
707 526 6100
Bank of America
Mission Hills Mortgage
Hope that points you in the right direction.
The Hermosillo Group
Keller Williams Realty
707 206 4534... more
I agree with Craig, I'd talk to a Trust/Probate/Estate Attorney. You are referring to the 'Alienatoin Clause" of the Note secured by the Deed of Trust on the subject property. Take this with you when you visit the attorney. Good luck! If you wish to find out the value of the Condo then you should have an appraiser do one at the "time of death" to determine the taxable "basis" at the time of your relative.... more
I see now that you asked this question in November, and I'm responding in January. Hopefully you didn't buy a car yet. Interest rates are great right now, so if you haven't started your refinance, get your financial information together soon and get to a reputable lender! It's a great time to refinance.
Lisa Nunes, CRS
Century 21 Alliance... more
I can give you 3 recommendations, than I would suggest you call all three and talk to them to see who answers your questions the best. The 3 are: Mark Husking of Blue Oak Mortgage @ 707.524-4840, Monica Lukes of Princeton Capital @ 707.829-7490 and Bob Tidd of Cal-Bay Mortgage @ 707.528-2600 X207. These are all seasoned loan officers and people who I know to match the product to the client instead of just making a sale. Good Luck!... more