STEP 1: GET QUALIFIED!
Getting qualified for a loan is similar to filling out a rental application. The loan officer will ask you some questions, run the numbers and then get back to you with an estimated payment and loan amount that you can afford. The loan officer I recommend is Heidi at www.Affinity-Financial.com (858) 693-5400. She specializes in first time buyer programs that provide down payment assistance up to $125,000 and monthly tax credits up to $350/m. She can provide you with a pre-approval certificate, which will be necessary once we start writing offers.
Stay positive if you don’t get approved in the beginning. Often times, Heidi can tell you exactly what steps you need to take. I believe that if you develop a burning desire to own a home and you have a plan for achieving it, you will get there.
Some people are only one or two steps away from being qualified. You may need to have your parents co-sign in order to qualify. If you have parents that have expressed an interest in helping you out with your first home, one excellent way to get started is by “Shared Equity” also know as “Joint Ownership”. My parents helped me this way on my first home, and I will be forever grateful to them for this. I won’t go into all the details about how successful this was, but I will say, it helped inspire me to show others how easy it is to get started as well as some of the many benefits. Here is a link to the author Marilyn D. Sullivan of the best books I have read on the subject of “Joint Ownership/Shared Equity” www.msullivan.com
Once you are qualified, the fun begins.
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