How Do I qualify for a home loan in CA?
How do I qualify for a home loan? Qualify in minutes...
Yes, It all depends on your credit profile, debt to income ratios, fico scores and the amount you want to invest into the down payment and closing costs. It only takes a few dozen questions to qualify you in minutes and go over your options.
Once you turn in all these needs list documents to process a loan approval, you will be issued a Pre-Approval Letter or DU Approval to be able to buy a home of your choice.
You can then get out shopping and submitting offers for the home of your choice?
If you don't have an Agent/Broker to represent you, I have Agents throughout CA whom can assist you. I can start you out with listings to study and consider as my Multiple Listing Service has access to most all CA listings. I have associate Agents/Brokers to assist the many clients I have throughout CA as well as I assisting the many Agents/Brokers clients with loans and credit repair.
I Specialize in Under 640 Fico Score Loans and offer credit repair at no cost to raise fico scores to qualify for programs, rates and terms.
I can raise fico scores within 3-4 days in most cases to qualify for programs, rates and terms as necessary.
You ask "How do I qualify for a home loan?"
You may qualify for FHA 10% down with ficos between 500-579. If you have a minimum 580 fico score, you may qualify for FHA 3.5% down or CHF Access half percent down payment program. If you have a minimum 640 fico score, you may qualify for CHDAP half percent down payment program with a silent second mortgage making the payment more affordable.
If you want conventional financing, you will need a minimum 620 fico score and you may qualify for 3% down and even 5% down with NO Mortgage Insurance, (Lender paid MI). If you have 20% down payment, you will not have mortgage insurance on conventional loans and unfortunately for an FHA loan mortgage insurance is for the life of the loan now.
Now with a few dozen questions and knowing your fico scores, maximum payment you want and the down payment and closing costs you have to invest into the purchase will determine which loan program will benefit you the best financially. There are closing costs that have to be paid besides the down payment and they can be partially covered within premium financing as well. It will all be determined with what funds you want to invest even if it is as little as possible out of pocket expenses.
Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
REO & Short Sale Specialist
Credit Repair At No Cost
20+ Years Experience
9am till 7pm Mon-Sat Sunday by appt