Im 26 and I have a pretty good stable job. Me and my buddies planning on getting a loan for a house but i never bought a house before and i really dont know how it works. My credit is not really bad but it's not very good. I wondered how its like for a loan company to treat a first time buyer especially when its a couple of single young guys ownin the house not a family person. His credit is like mine also. We dont have down payments on a house or anything. All we have is a good paying job that we can afford the monthly payments. So does that mean there's no way for us to own a house and that we have to safe until we're in our 40's for a down payment? Oh yeah, we live in southern california so we need atleast a 600 thousand dollar house cus I know 200 thousand dollar house probably get us a garage here in So Cali.
2007-01-14 14:51:14 · 5 answers · asked by epicwolf 4 in Business & Finance ➔ Renting & Real Estate
We're just two young single guys who wanted a house that we actuall own. Like a two or 3 bedroom house or somethin so in case we get a girlfriend, they got a place to stay too and it feels good to tell them we own a house.
2007-01-14 14:53:01 · update #1
Drean on....... HAHAHAHAHAHA
2007-01-14 15:00:13 · answer #1 · answered by Bloody 2 · 0⤊ 0⤋
Sounds like you two are getting smart. Actually get a three bedroom and put a roommate in there and have him/her pay a portion of your mortgage as well. But, this is how it will work. The person with the Highest FICO score is the person they will qualify off of. There are some circumstance which may change that due to salary.
Start with getting pre-qualified. Get a Tri-Merge report or find someone that will get this for you. Dont pay those crazy online fee's its a waste of your money and scam. Mortgage broker's or Loan Officer have main access to this and can get all this done for you cheap. Once you have found this than get hooked up with a good REALTOR that can send you email's daily on home's in your price range. This way when you guy's find a place that you like you can make an offer and know that your home will close. Watch out for Junk Fee's which is a cost to client which does not make sense and is senseless. Kind of like when you ask for a hamburger and they charge you for extra pickles or different cheese.
Any other questions contact me. Happy House Hunting
2007-01-15 03:04:24 · answer #2 · answered by Openthathouse.com 4 · 0⤊ 0⤋
Loans are made based on your debt to income ratio.
They want you to have no more than 35% debt for your income so if you have vehicle or card debt that will be factored into the equation.
Also, if you do NOT have 20% down, then they will require Private Mortgage Insurance and that will add about $200 or more per month to a loan.
You will also be paying property taxes, which in Cal are high.
Loan prequalifications are done free of charge. Approach several lenders and ask for one. They will do all the debt calcs and inform you about PMI & taxes, then tell you how much they will qualify you for and what the % rate will be.
AVOID any ARM products as these are the fast track to bankruptcy and tanking your credit for years.
Seek only 15, 20 or 30 year fixed rate loans.
2007-01-14 23:04:00 · answer #3 · answered by kate 7 · 0⤊ 0⤋
check out www.naca.com
they have buyer education workshops and they do their own lending. They are a non-profit housing advocacy group. They will help you improve your credit and you will then be an educated consumer who understands the home buying process.
2007-01-14 23:27:53 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Here is an article http://wiz.sc/Loans with some information on loan options and the best plans.
2007-01-17 04:13:30 · answer #5 · answered by mikalob092 1 · 0⤊ 0⤋