About Your Home Loan as a New Home Buyer
Your first purchase is a game changer when it comes to creating wealth. There’s a lot of information out there, so it’s tough to figure out what’s true and what exactly applies to you. The good news is that many of our clients are in your same position. Our job is to get you the advice you need in order to make the best decision. Let us show you how. Set up an appointment with one of our professional consultants, call, or email and get answers to any questions you have, detailed planning strategies, and how much in benefits you’ll receive for being a part of this program.
Inquire to find out your eligibility and savings
Get rewarded for being a
new home buyer
Get Financing for Whatever You Need
Home buying with expert negotiation and buyer strategy planning. You can apply online or schedule an appointment with one of our consultants. Loans can close in as fast as 14 days.
Get top dollar when you sell with professional photography, staging consultation, and relocation strategy. Don’t be the ones who get bad advice. We have advanced analytics to help you determine your true market value.
Whether you’re looking for cash out to pay down bills, do a home improvement project, or you just want a lower interest rate, we have you covered. Our partners are approved with dozens of programs for all different situations.
If you’re looking for commercial services, remote investing, credit repair, or default assistance, we can help. Not all situations are inside “the box”. If this applies to you, don’t worry, there’s people who know how to help. Schedule an appointment and we’re sure to help.
Frequently Asked Questions
Our mission is to deliver reliable, latest news, and opinions.
If I don’t have a down payment can I still buy a home?
Yes, there are loan programs out there which will allow for you to buy a home with no down payment. Keep in mind that you’ll have to have decent credit (above a 640 score) and that the qualifications are more strict than other types of loans.
What if I’m just starting out the process?
That’s great! Buying a home is an exciting thing and we’d love to be a part of the process with you. Our goal is to work within your timeframe and comfort level. If you’re looking to do something soon, we will work quickly. If you’re just trying to get an idea for what you’ll need to do in 6 months or even 2 years from now, we can put a plan together for you.
What are the most important things needed to qualify?
There are 3. Credit, Income, and Down Payment amount are the three most important factors when qualifying for a loan. Your credit score/history could be considered the most important. Having good to excellent credit opens the door to elite pricing, allowing you to qualify for more. Income is also a crucial item because underwriters will use your “debt to income ratio” (total of house payment, car payment, student/personal loans, & credit cards divided by your monthly income) as one of the primary means of qualifying you. Take your monthly income and divide it in half; now subtract your credit debts, what’s left is an approximation of the max amount your total mortgage payment can be. The amount you have for a down payment isn’t as important as the others because we offer programs for any down payment amount, including 0%.
Are there advantages for 1st time homebuyers?
There can be. The 0% down payment program is for people who haven’t owned a home for the past 3 years. The terms are stricter, though, than if you had a down payment. Keep that in mind for qualification purposes. You will qualify for a higher purchase price with a down payment versus without one.
Are there different rules based on where I want to buy?
There absolutely are. Every county has a set up loan limits for both conforming and FHA loans. Here is a link where you can see both: http://www.loanlimits.org/california/ Generally speaking, LA and Orange Counties use the same limits and are higher than other counties here in Southern California. Riverside and San Bernardino Counties are on the lower end, and come with additional needs if they are to be exceeded. This is a very crucial subject as the cap for an FHA loan in Orange County is almost $300k greater than what is allowed in Riverside County. Please take the time to look at the link provided.
Do you offer any loan programs that nobody else does?
The loan and real estate industries are so highly regulated now that if anyone is offering something that nobody else is, can be considered a red flag. Our approach and benefit is that we partner you up with highly skilled and experienced professionals who all believe in giving back to you.
Loan – Eligibility
Credit can be considered the most important component of lending. The better your credit, the more positive we can be with potential loan approval, elite pricing, and more access to loan programs.
Debt to Income Ratio
This is the % of your monthly credit debt (mortgage, cars, student loans, personal loans, and minimum credit card payments) divided by your monthly income, before taxes. Keep below 50%.
There are 0% down programs as well as 3%, 3.5%, 5%, and up. The 0% program is going to be more strict with qualifying terms than the others. There are also loan limits and income limits by county.
Find Out About Mortgage Loan Programs
We provide real solutions to today’s housing market for educators, military, healthcare professionals, first responders, and new home buyers
Min FICO: 620
Max LTV: 100%
County based loan limit rules
No manufactured homes
Max Debt to Income of 55%
Down Payment Assistance
Min FICO: 640
Max LTV: 105%
(100% plus closing costs)
0% Down Payment
Not just for 1st time home buyers.
Multiple options, both state and privately funded.
Income limits apply per county.
Min FICO: 620
Max LTV: 95%
PMI Factor: .25% – 1.25%
Need a 680 or > score to go up to 95%
Max Debt to Income is 50%
Past Bankruptcy needs to be discharged for 4 years
Refinancing may not need an appraisal
HOME READY/HOME POSSIBLE
Min FICO: 620
Max LTV: 97%
Competes with FHA
Max Debt to Income between 45-50%
Income restrictions based on location – Contact Us
Needs HUD Approved Counseling
Min FICO: 680
Max LTV: 90%
Loan Amounts up to $3 million
No PMI over 80% LTV
Need 10% Down Payment
Max Debt to Income Ratio of 43%
Min FICO: 580
Max LTV: 96.5%
Debt to Income Ratio 55%
Some HOAs are not FHA approved
Better credit flexibility than conforming
More expensive than conforming
PMI is .80% if putting down 5% or >,
.85% if < than 5%
LTV means Loan to Value ratio
Take the Loan Amount divide by House Value ($400k loan/$450k value = 89% LTV)
DTI means Debt to Income
Take your total pretax, monthly income, multiply by the max DTI listed above. Subtract out minimum monthly payments on credit debts for Cars, Student Loans, Personal Loans, & Credit Cards. The remainder is your max mortgage payment, use the loan calculator to estimate purchase price
PMI means Private Mortgage Insurance
(See PMI Chart in Loan Calculator)
To Calculate PMI: Take the Loan Amount and multiply by the MI Factor (not the coverage %), then divide by 12, that is your monthly amount. This figure varies based on FICO score, LTV, and Loan Program
CARE Advisory Network powered by Charis Loans
135 S State College Blvd, Suite 200
Brea, CA 92821