I want to buy a home on Homepath in CA
I found a home on HomePath asking $99.900 in my area in Southern California. If you are familiar with SOCAL it's a steal and would be a great opportunity for my first home purchase. My credit is only 591 in which I have started to work on getting up by adding my joint-account car payment which just went on my credit in September because the bank forgot to add my information for credit reporting and said they could not retro the date on my credit. . I have a few negatives on my credit I'm trying to pay off and owe less than 3,000 on them. I make $36000 a year before commissions which vary each month, but probably making about 40-42K after. My only current monthly responsibilities are a $250 car payment and small bills like my cell phone. Would I be eligible for this homepath home and what would my downpayment and interest rates be about? I know that homepath financing allows for a gift/borrow of the down payment which I may be able to negotiate with my employment. by clippe_769_843 from Tustin, California. Oct 12th 2012
William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions
No.. HomePath is a conventional loan product and will require 660 mid credit score. FHA will go down to 580 with 3.5% down, and if your score is lower than 580, you will need 10% down.. Both will allow for gifted funds, but because of your low score, very, very few lenders will approve you.. Keep in mind that it's difficult to know if you can be approved with the little info you provided.. Your best bet is to contact a LOCAL mortgage broker and apply with them. Not the local "Big" bank, and certainly not one of those 50 states internet lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders. Also, if he cannot approve you now, he can at least point you in the right direction to get you approved in the future. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com
Michelle Curtis Loan Originator NMLS 401173 (MichelleCurtisLO)
#77 ranked lender in Florida - 2,245 contributions
You would not qualify now but speak to a mortgage broker not a bank that covers CA and let them help you get ready to qualify. Good luck!
Actually the bank did do the paperwork wrong and gave me .5% off my APR for the mistake. I am working on getting my negative's REMOVED (yes it can be done I have done it before it's just a slow process and you generally can't "negotiate" a settlement, you just have to straight pay.) Basically what I am getting is that I won't qualify through homepath, however, if I get an FHA approval can I buy a homepath listed home? It's probably going to be too late to get the home I want but I keep my eye open for deals that are similar and thinking I can raise my credit score over the next 6 months. Also - I have the option to open secure credit cards through my bank, does anyone know what would be better to help raise my score: 2 smaller balanced secure cards or 1 larger balanced secure card? Any guidance would be helpful. I am getting married in 18 months and want to buy a home in my name only before hand.
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