| Question |
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What home loans do I qualify for?
I know there are a lot for new programs for first time buyers,How can I find out all the loans or government programs that I qualify for when it comes to buying a home in california... I have a lot of qualifying factors, I am a first time buyer, I am a regestered member of a native american tribe, and I am low income. I dont have the BEST credit history... Can anyone help me determine my options.
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| By
litl_sweetz |
Posted on
08/13/09 Total Answers
6 |
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| Answers- |
| Usually an FHA is the best if you do not have 20% to put down. Any financing will qualify you for the $8000 credit. Talk to a mortgage broker to get pre-approved. A Real Estate Agent can suggest several. |
| Answer by :
knowitall On Date
2009-08-13 08:18:26 |
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| Most of those grants dried up.
Try your tribal office.
There is a federal tax credit for first time buyers, but you still need a down payment. Most lenders have tightened their underwriting standards. If you have poor credit and No down payment, you won't get a loan. FHA requires 3.5 minimum down, and conventional is 10% and you need credit rating in 600s. If you're in rural area, there are USDA loans, but 0% loans are a BAD idea and harder to qualify for. They're a Bad idea because you start with NO equity in your new home and pay 10 times the cost in interest over the life of the loan.
You can make this happen, but sounds like you're not ready now. BUILD your credit, one payment at a time, one month at a time, same way you wrecked it. SAVE for your down payment.
Need adequate income, low debt ratio, good credit, sufficient down payment, and stable employment. |
| Answer by :
chatsplas On Date
2009-08-13 09:08:58 |
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| many states have some grant money available but California is broke and may have pulled the plug on there program. All loans require a down payment as well as verifiable and sustainable income as well as credit. The scores must be a middle score for all borrowers of not less than 620 with most lenders. There are a few who will lend with less than that but 580 will be that cut off and you will pay dearly in the rate as Wall Street does not want your loan. There are 2 zero down programs out there the VA and the USDA rural development loan are the only 2 and you must qualify again with most lenders a 620 score
I am a mortgage banker in TN |
| Answer by :
golferwhoworks On Date
2009-08-13 09:11:38 |
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| Hello I am Margret Fields from us I saw your question on how you need a loan,please you have to becareful cos there are scam everywhere but let me direct you to Mr Thomas who is the managing director of thomas finance loan house but you most be willing to pay him back as at when due and tell him I directed you here is the email thomasfinanceloanhouse@yahoo.com |
| Answer by :
Margret Fields On Date
2009-08-13 09:15:57 |
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| There aren't any special loans other then FHA.
However, your tribe may have programs of their own. You need to approach them though, they are outside the jurisdiction of the US and will be funding their own programs. Most have tons of money, from not paying any taxes for those casinos, so they have some very good programs. But, every tribe is different, they are all separate nations.
I only know about the rental programs for a couple of tribes in CA that are in areas I own property. But I know enough from that to know that the tribes are all separate and you have to apply for anything through the Tribal Council. |
| Answer by :
Landlord On Date
2009-08-13 09:16:12 |
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| There are new programs for first time buyers but many have rules that prevent people with credit problems from qualifying. Check with your tribal office for they may be able to help. There is an option for people with credit problems. To increase the size of your down payment you can invest it and earn 9% interest through a real estate holding company. Your initial investment can come from savings, a CD, 401K, IRA or other funds. Most people do not realize a 4011K stock based investment portfolio can be converted into a real estate based investment portfolio. Many savvy investors are moving away from the ups and downs of the stock market and investing in this manner into rental property where there is a shortage of rental housing. I know there are turn key systems where you do not have the headaches usually associated with being a landlord. The holding company finds 2-4 unit rental property in areas where there is a shortage. The properties are often in foreclosure and after purchase they renovate them. Then they screen applicants. The properties are easily rented because they keep the rent affordable. Your investment earns 9% interest and your money is only tied up for a minimum or 45 days and a maximum of 1 yr. This option beats double digit loses many people are still seeing on their statements. If you have questions see the links below. |
| Answer by :
Savvy Investor On Date
2009-08-13 09:55:29 |
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