California’s Education Professionals, Public Employees and First Time Homebuyers have many resources available to assist in the purchase of a new home in today’s real estate market.
Following are links to the tools and resources we talked about in the live, on-line webinar.
DOWNLOAD WORKBOOK & NOTES FOR CLASS HERE
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- How to use the CalHFA CHDAP loan to lower your mortgage payments Down payment and closing cost assistance programs seem to be a rarity in today’s strict lending market. With the reinstatement...
- Video: Introduction to the CalSTRS 80/17 Purchase Loan A Complete Guide to the CalSTRS 80/17 Home Purchase Program The CalSTRS 80/17 Home Purchase Program offers an amazing, low...
Chris "Doc" Apodaca
Jeff Brown – BawldGuy
Scott Schang
{ 6 comments… read them below or add one }
I have a discharged BK (chapter 7) that’s 1 year old, almost. I’m a teacher. Do I stand a chance to obtain any kind of loan?
Hi Jose,
There are many folks in your situation in today’s economy. The loan guidelines are very specific regarding the amount of time after the bankruptcy that must pass before you would qualify for financing using a Fannie Mae or FHA loan. With a large down payment and a good “story”, there is higher “cost” money available – that’s private money.
Fannie Mae requires that 4 years have passed since the discharge of your bankruptcy before you can qualify for financing, FHA only requires 3 years.
I have some late payments and am working to pay off all my debts. I have about 6 more months to go. And alot of student loans is there any loans out there for me. I am also a single mom and a teacher.
Hi Jennifer,
It sounds like you’ve got a plan, and that’s a great start! There would be no down side to beginning to work with a loan officer now so that you know exactly what is required to qualify to purchase a home. I would like you to speak to Frank Homonai from our office. He has helped many home buyers in your exact situation, eventually resulting in them buying a home.
If you would be interested in working with Frank, you may email him at FrankH@BroadviewMortgageCorp.com
Hi,
My husband and I qualfied earlier but have not been able to find a house. Since then my husbands job has been a little rocky. I am a teacher and we needed to buy a car. Will we still qualify for a loan?
Hi Kristin,
Owning a home of your own is a great accomplishment and it is a great responsibility. Many home buyers in the past few years bought homes because someone told them they could, with no consideration for whether or not they could reasonably afford it.
I would seriously consider waiting to purchase a home if your household income or employment is “rocky”. If you can qualify for the purchase off of only one income, that’s perfect! If not, there should be no hurry to buy – home prices are not going to sky rocket like they did in the past, homes will be “affordable” for the next few years I am guessing.
As far as you purchasing a car – the lender is looking at two things primarily when determining how much they will lend you. The maximum payment you qualify for is calculated by adding up your proposed housing expense and all of your liabilities (including your new car payment) and determining the maximum that can equal as a percentage of your total, gross monthly income. This is where the stability of employment comes into play as well. This is called your “Debt to Income” ratio.
If your new car payment is going to be higher than what you pay now, it will increase your debt resulting in your maximum purchase price going down to compensate for the loss, keeping your Debt to Income ratio at the same percentage.
The best thing to do is to get re-approved based on the new circumstances. This will give you the ability to make an informed decision about your options.
I know this isn’t a good news parade, but I would rather err on the side of caution instead of taking risks when it comes to buying a new home.