buying first home in los angeles? foreclosure?

Tips and Deals Forums Buying Your Home Buying a Home in Los Angeles buying first home in los angeles? foreclosure?

Tagged: ,

Viewing 13 reply threads
  • Author
    • #199696

      I make about 50k a year, and I want to buy in the los angeles area. I’ve looked around, and it seems like there’s no way for any single person like me to buy a house/apt (the price is just so high with all the HOA, insurance, property taxes, etc.)… so I’m thinking about foreclosures. How does that work? or is it still better for me to buy normal listings instead of foreclosures? Can I still get an agent if I’m looking for foreclosures? (also, additional info about this, I have very good credit, and I want to do 100% financing or low down payment…) Please advise! Thanks a bunch!

    • #257873

      I live in LA also and its very hard to buy a home on that income….i would look into rent-to-own condos, condos are hard to sell but if you don’t mind living there long then that should be fine….i would also not go for 100% financing since the price of the home will be inflated……I am a RE investor in LA and if you want i can find you a fixer upper substantially belwo market value….email me [email protected]

    • #257931

      The lenders have been burned so I doubt you will be able to find any lender who is willing to do 100% financing and/or accept a low down payment, especially when you only make 50K/year (is this gross or net?). Houses in the LA area are still fairly expensive – at least 400-600K (if you don’t want to live in a crappy area)…if this is gross, then you probably only net 35K (single person, lots of taxes)….

      Yes, you can find an agent who specializes in foreclosures to find you property….

    • #415750

      They do not “track” your income, they verify it. As long as you can show your income is sufficient to make the payments plus normal living expenses and you have enough for the down payment, it does not matter if it is vacation money.

    • #415751

      To the best of my understanding you are allowed to do this, as it is considered earned income. And as for tracking you can simply disclose the earnings when meeting with your loan originator. Yes, they will go over your banking & financial records with a FINE tooth comb.

    • #415752

      Yes, it’s OK. The lender’s main concern is that you are not borrowing money on the side from another source to fund the down payment.

    • #415753

      Yes it is.

      You are not borrowing the money…this is legitimate pay.

      As long as you can track it, and prove it’s not a loan, you are very much OK.

      FHA underwriters look very, very closely at bank statements..don’t start moving money around to make them question where things are going..once that happens, you will have to wait 60 more days to give your bank statements a chance to stabilize.

    • #415754

      No problem with using vacation earnings as part of your down payment
      It’s your money, you earned it and it can go towards down payment
      And if they need to track where the down payment money came from, it’s easy enough to show them

    • #415755

      Good day,
      I am Mr Lim Koh, a reputable, legitimate & an accredited money Lender.
      I loan money out to individuals in need of financial assistance.
      Do you have a bad credit or you are in need of money to pay bills?
      I want to use this medium to inform you that i render reliable beneficiary
      assistance as I’ll be glad to offer you a loan.
      Services Rendered include:
      Home Improvement
      Inventor Loans
      Auto Loans
      Debt Consolidation
      Line of Credit
      Second Mortgage
      Business Loans
      Personal Loans
      International Loans
      Please write back if interested.
      [email protected]

    • #415756

      HI my name is Thomas Smith, i am from U.K, want to give you a friendly advise on the best international loan company you should contact for help,DO YOU HAVE BAD CREDIT? ARE YOU HAVING DIFFICULTIES GETTING A LOANS? DO YOU WANT TO CONSOLIDATE YOUR DEBT ?THEN CONTACT Jerry Luckson loan firm FOR FRIENDLY & CONFIDENTIAL ADVISE and help you consolidate your debt and more, they offer loan at a very low interest rate and fast processing and transfer of your loan, Jerry Luckson Loan Firm has help my husband and i for a house loan and i think they we be of great help to you.
      contact them now

      via email;[email protected]

      tell them Mr,Thomas refer you to them.

    • #415757


      The loan that gives you the opportunity to own the asset which you have been longing for. your opportunity to acquire asset without having problem you are save with me. I am who i say i am.

      1. Obtain a form
      2. Complete brown Mcalin Loan application form.
      3. Submit your application form to [email protected]

    • #415758

      I am Mr. John Clarke, a Reputable, Legitimate, Certified, Reliable & an accredited money Lender. I loan money out to individuals and corporate bodies in need of financial assistance. Do you have a bad credit or are you in need of money to pay bills? I want to use this medium to inform you that i render reliable beneficiary assistance as I’ll be glad to offer you a loan at 2% interest flat rate. What did your bank say concerning having a loan from them???? Don’t feel disappointed if they refuse granting you a loan. I hate what the banks do when customers/consumers are willing to lend money even with collateral and valid documents. I look forward permitting me to be of service to you. Send me an- E-mail me by replying to my email [email protected] and I’ll do my best to help you out in your bad finances situation.
      Mr. John Clarke.

    • #415759

      AS long as you have the correct percentage for down payment, it doesn’t matter where it came from, as long as “it is from your own money” that is how i was told it worked, i received a gift from a brother & father inlaw for my downpayment…..

    • #415760

      Yes this is allowed you may use unused vacation money as a down payment as long as you can prove where the funds came from if this is a requirement of your mortgage underwriter.

      I hope this has been of some use to you,good luck.

      “FIGHT ON”

Viewing 13 reply threads
  • You must be logged in to reply to this topic.
Register New Account
Reset Password