March 17th, 2010
Im in the market to buy I my first property. Quick backround and history than my question.so?
Ive been at my job for 8 years . My credit score is 675 but within a couple months will be closer to 700 ( after i pay off some ccard bills) I want to buy a townhouse in orange county ca. for the amount of 140-160k I have 10 k to put down . My income is roughly 45-50k a year . My girlfriend who will be living with me makes around 30k a year . Cant you guys give me some tips on buying my first place ? . Maybe some benefits to being a first time buyer ? . One negative thing , my credit is good but my girlfriends is not that good .. How will this hamper my chances from getting a loan ? Thank you very much
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Filed under: Buy Property
Contact a lender – I generally recommend my clients get in touch with a direct lender (Bank of America, Wells Fargo, Chase) and a mortgage lender to get a couple of different financing options.
Then, contact a local realtor – ask your friends and family to see if they have a realtor they can recommend – if not, do an internet search.
The current first-time buyer tax credit is set to expire 11/30/09, but it may be extended another year.
If your girlfriend’s credit isn’t good – keep her off the mortgage and the deed until you two decide to get married. It’ll be much easier if things don’t work out for you to keep the house.
Good luck!
This is YOUR house. Your girlfriend should have nothing to do with it. You don’t plan to finance it with her do you? If so, my advice is DON’T.
You have less than 10% to put down. You should have a MINIMUM of 10% and if you have 20% you can avoid paying PMI every month.
Do you have a cash emergency fund of 3 to 6 months expenses? Do you have several thousand for closing costs? Will you need to buy blinds, curtains, washer and dryer?
Are you sure you want to spend 3 times your income on a home? My wife and I earn about $125K and we have a $150K house in Houston. Our payments (including insurance and taxes) are about $1,200 a month. You also have to pay association dues.
I don’t think your income meshes with your purchase goal.
the BEST advice. Buy the house in your name only. NEVER by with a girlfriend (your words).
als uw meisje op de hypotheek is, zullen zij de persoon met de laagste middenscore gebruiken.
ik zou geen huis met iemand kopen tenzij u niettemin gehuwd was
Home loans for people with bad credit offer a solution for people who may find it difficult to get loans on account of poor credit ratings. There are many people who cherish a desire of owning their dream house – and these dreams can now be realized using these mortgage schemes that are targeted at people with poor credit ratings. Today, you can find many lenders and financial institutions that are willing to give these kind of loans.
There are many options for these kinds of loans which are available today that come with a fixed rate of interest for making monthly payments. These schemes help in managing your finances in a better manner as you can plan in advance. Your loan can be for a term of 30 years or for 10-15 years. If you prefer a more flexible option, then you can even opt for home loans which provide variable rate of interest that works out to be more affordable with lower interest rates.
1. Always get a home inspection
2. The most important thing to look at when investing in Real Estate is LOCATION. Ask your Realtor: What do you think about the location of this property? (sometimes they won’t offer this information if you are very interested in the home).
3. For lots of conventional financing the credit score requirements have been upped to 720. FHA does have a good loan program for 1st time home buyers, they require a credit score of 620. Some condos are not FHA approved so this could limit your home search.
4. Like everyone else has said, Don’t put her on your loan until after you have married.
5. Bad thing about being a 1st timer: you could overlook some very important things, chose a good Realtor! Ask for referrals, then call them and ask what they thought. Ask if they always recommend a buyer get a home inspection (if they say no they are not good). Ask if they review the Resale Certificate (if its a condo), preliminary title report and other documents themselves for any red flags.
Compre este lugar en sus los propios. NO con su novia. Usted hace bastantes con su señal para calificar para la cantidad que usted cotizó.
Don' t consigue cosas convuluted intentando tenerla como dueño de pieza y en el hecho o la hipoteca. Usted tendrá un lío enorme a limpiar si usted dos decide no casarse y no ir sus maneras separadas.
Compre un lugar y cargue su alquiler.