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First time buyer looking for advice on buying first home

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macgtc

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We're a family of 4 with a combined income of 125k. We have bk on our record from 6 years ago. What steps or programs can we look into finding a home? Our priority is a safe area and not a low-cost crime infested neighborhood.
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July 29 - Carson
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Johnny James, "Palmdale Mortgage"

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the good thing about the first time buyer programs they give you information on the programs available in the area
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November 01
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Frank Becerra, "Las Vegas agent"

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Looks like you would be a great candidate for first time buyers classes, they are free and they will answer so many questions that you may or may not have at the moment. They will likely put you in contact with a lender that will work with you on credit and other aspects of the home buying process.
Go to the HUD website and I'm sure you'll find non profit groups in the area or surrounding areas such as Torrance, Carson, Long Beach etc.
Well worth the price (FREE).

P/S: I miss the ocean, got plenty of sand though.

Good Luck.


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August 08
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DebtsNMesses

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First, work on your credit score and pay off all your other debt to max your buying potential. This will give you a better interest rate and lower payments. Banks will WANT to loan to you. Do not buy with two incomes, although many do, I still don't recommend it. If one of you loses your job, do you want to lose your home?

Second, save money. Most likely you'll need to pay off your debt before doing this step. Your income should be high enough to save quickly. If you can save 1/4 to 1/3 of your net, you'll have a home quicker. We actually have very well off friends that lived w/o cable, used restarant sugar, etc to save quick! lol If you manage to get to 20% down, then you'll be out from under pmi, which saves you money, too. :-)

After you do that, buy your home. :-)
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August 08
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Roberto Ribas, "azrob"

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somebody didn't read the "no spam, no self promotion" policy.
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August 08
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John Barry, "Realtor_JB"

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Hi there macgtc,

There are other programs available - you may meet the income qualifications for the City of Los Angeles moderate income Purchase Assistance Program depending on how many childern you have & the size of your household.  This program provides down payment assistance for first time homebuyers in the form of a second deed of trust with deferred payments, up to $75,000.00.  Info on that can be found here:
http://www.lacity.org/LAH ... 01807.pdf


There is also a program called the Housing Economic Recovery Ownership (HERO) program providing downpayment assistance for foreclosed Fannie-Mae owned homes in certain specific areas.  Info on that program can be found here:
http://www.lacdc.org/CDCW ... x?id=2848

Hope this info helps - if you have any questions or would like any assistance in your search for a new home, please feel free to contact me anytime.  You can email me at [content removed by moderator for being self promotional]

Thanks, have a nice evening..

John Barry
Coldwell Banker Residential Brokerage
Sherman Oaks, CA
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August 08
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macgtc

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Thank you. What if i apply alone? What's the limit for local grants.
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July 29
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Irene Jarosz, "ijarosz"

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Your first step is to talk to a lender, try your local bank for starters. The bankruptcy does not matter after 5 years. How is your credit score? I would be happy to refer you to a local realtor. The only program you qualify for is the tax credit and you must close by Nov 30th. You make too much money for any type of local grant.
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July 29
 

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