Posted on: 18th Nov, 2008 03:06 pm
Hi, all
I live in the Bay area, San Jose Area. This is my situation, me and my wife gets around $80000 annually, our credit scores are around 730. We never wanted to buy a house, since it was around $500,000 before, but now it's around 300K-350K for a single house, we really want to buy a house, since the market is really low right now, but problem is that we only have around 5k in saving account now, since we spent all of our money for a investment(I KNOW, BAD CHOICE). Now we are renting, me and my wife is trying to save enough money to around $33000(maybe 6 months later). which is roughly 10% down payment of a single house that we had looked at. But I heard many people say that it's really hard to get a bank loan now, even 20% can't guarantee you a mortgage loan. So I had to look for chances, hope the pros can help me out here.
Is there any programs that the Government have, or anything that can help us to be able to buy a house?
The market seems pretty low to me right now, is it gonna get any lower or higher half year from now? Cause I think it will take us around half years for a Down payment.
Thanks for all your help.
I live in the Bay area, San Jose Area. This is my situation, me and my wife gets around $80000 annually, our credit scores are around 730. We never wanted to buy a house, since it was around $500,000 before, but now it's around 300K-350K for a single house, we really want to buy a house, since the market is really low right now, but problem is that we only have around 5k in saving account now, since we spent all of our money for a investment(I KNOW, BAD CHOICE). Now we are renting, me and my wife is trying to save enough money to around $33000(maybe 6 months later). which is roughly 10% down payment of a single house that we had looked at. But I heard many people say that it's really hard to get a bank loan now, even 20% can't guarantee you a mortgage loan. So I had to look for chances, hope the pros can help me out here.
Is there any programs that the Government have, or anything that can help us to be able to buy a house?
The market seems pretty low to me right now, is it gonna get any lower or higher half year from now? Cause I think it will take us around half years for a Down payment.
Thanks for all your help.
Hi WantAhouse!
Welcome to forums!
You can check out the FHA loans which are available at low credit scores. There are various factors which you need to satisfy in order to qualify for FHA loans. The FHA lenders will check your income, credit history and other details. You can also get a conventional loan with less than 20% down if you go for a private mortgage insurance.
This community also has a large number of lenders who offer loans to the people. You can talk to them and get a no-obligation free mortgage consultation from them.
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
You can check out the FHA loans which are available at low credit scores. There are various factors which you need to satisfy in order to qualify for FHA loans. The FHA lenders will check your income, credit history and other details. You can also get a conventional loan with less than 20% down if you go for a private mortgage insurance.
This community also has a large number of lenders who offer loans to the people. You can talk to them and get a no-obligation free mortgage consultation from them.
Feel free to ask if you have further queries.
Sussane
hello want...your 10% down payment ought to be sufficient. fha loans are offered with a minimum of 3% down payment. your credit score should also allow you to obtain a conforming fixed-rate loan, with as little as 5% down (assuming mortgage insurance is available).
however...my recommendation is to try to stick to the fha product - it'll afford you a comparable interest rate to anything else that's in the marketplace.
however...my recommendation is to try to stick to the fha product - it'll afford you a comparable interest rate to anything else that's in the marketplace.
Hi WAH,
Firstly, let me agree with you that - Yes, this is the right time to buy a property. Now, what you think is a "Problem" is actually not a problem, as Susan and George have already told you that you can certainly qualify for FHA & Conventional products, your best interst would be to look for a house which is in the neighborhood of $285,000 to $300,000 maximum.
Why? Simply because by reading what you have posted, it clearly seems that your budget and expense is a constraint at this juncture. Hence, if you look for a home in the mentioned cost range though it's going to be a small home, it's going to be your home. So, the best thing we could suggest you is to go with an FHA loan with a 3% downpayment and make mortgage payments instead of monthly rentals.
Thanks
Firstly, let me agree with you that - Yes, this is the right time to buy a property. Now, what you think is a "Problem" is actually not a problem, as Susan and George have already told you that you can certainly qualify for FHA & Conventional products, your best interst would be to look for a house which is in the neighborhood of $285,000 to $300,000 maximum.
Why? Simply because by reading what you have posted, it clearly seems that your budget and expense is a constraint at this juncture. Hence, if you look for a home in the mentioned cost range though it's going to be a small home, it's going to be your home. So, the best thing we could suggest you is to go with an FHA loan with a 3% downpayment and make mortgage payments instead of monthly rentals.
Thanks
I agree with Shayne. While you should have no problem qualifying for a conventional loan with 10% down, you should be aware of your budget for monthly payment and what you can afford with adding a financial strain.
The maximum allowable FHA loan is specific to your county in your state. I am not familiar with specifics in CA, but you can look it up at www.HUD.gov.
FHA can also be costly with the mortgage insurance vs. conventional financing. FHA is a good option if you have little money to put down. But if you have 10%, I would recommend conventional (especially based on where interest rates are currently).
The maximum allowable FHA loan is specific to your county in your state. I am not familiar with specifics in CA, but you can look it up at www.HUD.gov.
FHA can also be costly with the mortgage insurance vs. conventional financing. FHA is a good option if you have little money to put down. But if you have 10%, I would recommend conventional (especially based on where interest rates are currently).
I'm mortgage broker in bay area I can help you with FHA 3% down payment as well.
Calvin L. Do
Pacific One Funding
(408) 379-3600 Ext 225
(408) 379-3609 Fax
"info@p1funding.com"
Toll Free (800) 776-0338 / Fax (888) 288-8186
[Link deactivated as per forum rules. Thanks.]
Calvin L. Do
Pacific One Funding
(408) 379-3600 Ext 225
(408) 379-3609 Fax
"info@p1funding.com"
Toll Free (800) 776-0338 / Fax (888) 288-8186
[Link deactivated as per forum rules. Thanks.]
Hi CALVIN,
Welcome to MortgageFit Community.
It is good to see you participating in the community forums. You have mentioned that you are a mortgage broker. Why don't you join our communityjoin the community and be a part of it? It will be great to have you on board. A lot of experienced lenders and mortgage experts are a part of this community. You will have a great time participating here and interacting with the community professionals.
Hope you will join the community soon.
Thanks,
Brian Dela Cruz
Welcome to MortgageFit Community.
It is good to see you participating in the community forums. You have mentioned that you are a mortgage broker. Why don't you join our communityjoin the community and be a part of it? It will be great to have you on board. A lot of experienced lenders and mortgage experts are a part of this community. You will have a great time participating here and interacting with the community professionals.
Hope you will join the community soon.
Thanks,
Brian Dela Cruz
I can afford only 10% down payment. Do I get mortgage approval? If i get approval how much interest rate will be?
jan, fha loans require only a minimum of 3.5% down payment. assuming your credit and your debt ratios are in order, you can qualify for one of those loans, and interest rates run around 5% or so these days, depending on how much you pay in upfront costs.
my sister want to buy my mother a house in Michigan and she lives in Los Angeles Everyone calls it investment property and says that she has to put 20% down. We don't have 20%. How can fha or 80/10/10 fit our problem?
Welcome TIFFANY,
Your sister can look out for a FHA loan. If your sister meets the required criteria of the FHA lender, then she will be able to get qualified for such a loan.
Your sister can look out for a FHA loan. If your sister meets the required criteria of the FHA lender, then she will be able to get qualified for such a loan.