First Time House Buyer?

Question

I'm planning to buy a house in LA county. Need info about low interests and down payments. Also about programs that help people with low income and is a first time buyer for a house.

Answer 1

Check out banks who will make you a loan under the California Plan for First Time Buyers. Start with B of A.  You will find info on the internet.

Answer 2

It will be harder for you because you are a first time home buyer, especially in the current market.  If I were you I would probably try to get a FHA loan.  Getting the loan will be harder still if you do not have a steady job (at least two years+) preferably 15 to 20% down payment and 680 plus fico score.  If you haven't already, pull your own credit through a service like truecredit.com  Make sure to pull all three and fix anything you see that is wrong (i.e) old inquiries, old collections, old canceled credit cards, old student loans and etc.  Do not just let mortgage broker companies pull your credit; give them your scenario and see what they say they can do for you.  In order for them to give you an accurate set of mortgage rates they will need the following information:

State/county you plan to be buying in

Amount that the house you want will cost

Property Type: (Single family, condo, town-home, mobile home and etc.)

Generally the middle score of your three credit scores: (this is why you pull the credit scores yourself)

LTV: what will be the loan to value of the home

Documentation: Do you plan to disclose all your financial information and let them verify it(Full Doc)  Do you plan to disclose your information and only let them verify only basic stuff like credit(Stated & Lite Doc) or do you plan to not disclose any information (No Doc, must have very credit min 720+)

Let the broker know that you are shopping around for the best rate.  If the broker gets offended then he or she is not out for your best interests and you should RUN AWAY FAST.

Finally, be very wary if any broker offers you an pick-a-pay, option arm or cash flow arm.  This loan is basically a sure way for your interest on your mortgage to rise faster then your payments thus you losing the house.  The best type of loan would be a 30yr fixed mortgage with rates around 6.125 to 6.375 assuming you have a good fico (680+)

Hope this helps