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Given our situation can we afford a home and get out of rent?

My wife and I are both retired. I am 69 and my wife Tina is 66 with no kids living in out house. We are both on Social Security for a total income of $2932.00. Our rent is currently $1,335 and we have other expenses $1,569/mo (some of which we can eliminate). My question is if we could somehow come up with the down payment of 3% what price home if any we can afford. We have OK credit but want to get out pf paying rent since it keeps increasing. Any advice is welcome. by larry_elmore28 from Santa Ana, California. Mar 10th 2015 Reply


Pete Bass (PeteBass)
#31 ranked lender in Connecticut - 476 contributions

Hi Larry!Your best bet is to contact your local community bank or lender. Calif may have special 1st time homebuyer programs that may benefit you. There may be grants and assistance available also-

Mar 10th 2015
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Tim Kepler (tlkepler@gmail.com)
#1058 ranked lender in California - 2 contributions

There are a number of programs to assist with down payment. There is the CalHFA program that can assist and there are other programs in each designated communities that offer assistance. In which area (city or town) are you looking?

Mar 10th 2015
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 7,802 contributions

In order to answer your question we need much more info.. Expenses and debt are two totally different things.. when determining one's eligibility, we need to look at your debt.. specifically payments associated with your debt. Car payments, credit card payments, student loan payments.. these are all debt and the payment will need to be accounted for in your ratios.. car insurance, utilities, phone, cable, daycare, etc.. these are monthly expenses and are not considered when determining one's eligibility.. In order to know exactly what you would qualify for, we would need to look at your complete loan profile.. so step away from your key board, and pick up the phone and call a local mortgage broker.. The broker is much better equipped to help you than any bank.. Brokers deal with numerous lenders ( i have 21), with each one offering a different lending program.. the more lenders, the more lending options, and the more likelihood your loan will get approved. 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. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Mar 10th 2015
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Laleh Hanks (laleh@americachoicemortgage.com)
#1082 ranked lender in California - 13 contributions

Hi There! There are many things that come into play here. First, FHA financing does require 3.5% down but they will also allow for down payment assistance programs. Most of these programs have limited funding and have income requirements. Credit score is also important with the program and pricing. I have a program with as little as 0.5% down. www.americachoicemortgage.com or feel free to contact me 888-843-5525. Laleh

Mar 10th 2015
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Laleh Hanks (laleh@americachoicemortgage.com)
#1082 ranked lender in California - 13 contributions

Hi Larry & Tina, Yes, it can feel very overwhelming trying to navigate without a mortgage professional in your corner. I personally don't recommend the local banks or community lender as much as I would a career professional that understands how to fully guide you through the program, rather than just push an application up in their system. FHA will require 3.5% down and they do take gift of funds or DPA (down payment assistance) programs. I am familiar with Orange County and can get you in touch with some great agents once you are approved. Feel free to contact me and I will put together a rent analysis for you. www.americachoicemortgage.com 888-843-5525

Mar 10th 2015
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