Zillow Advice: Buying Process - Few questions from a first time buyer http://www.zillow.com/advice-thread/Few-questions-from-a-first-time-buyer/420023/ Zillow Advice | Zillow Real Estate Rudi thank you for your offer ... http://www.zillow.com/advice-thread/Few-questions-from-a-first-time-buyer/420023/ Rudi thank you for your offer and the advice. I have your contacts. <br/><br/>Dan,..thanks for the links, need to do some reading. As far as renting vs buying,...i have rented in LA for the past 10 years. Im a bit over it. Would like to own...<br/><br/>You know what they say (at least in my parts): Man needs to:<br/><br/>1. Build a house<br/>2. Have a kid<br/>3. Plant a tree<br/><br/>then you can say goodbye :) Fri, 21 Oct 2011 22:07:00 GMT http://www.zillow.com/advice-thread/Few-questions-from-a-first-time-buyer/420023/ 2011-10-21T22:07:00Z Mac,Your welcome. Your income ... http://www.zillow.com/advice-thread/Few-questions-from-a-first-time-buyer/420023/ Mac,<br/><br/>Your welcome. Your income is good. You have enough for a 5% to 10% down payment. I wouldn't pay-off the bikes as of now. There are "what-if" scenarios to see if that would help. <br/><br/>You don't need to pay a "specialist" to dispute items in your credit report,&nbsp;I can help there and help you with a conventional loan with as little as 5% down. I don't originate 3.50% down FHA loans.<br/><br/>Happy funding, Rudi Fri, 21 Oct 2011 17:01:00 GMT http://www.zillow.com/advice-thread/Few-questions-from-a-first-time-buyer/420023/ 2011-10-21T17:01:00Z Mac, just be sure that buying ... http://www.zillow.com/advice-thread/Few-questions-from-a-first-time-buyer/420023/ Mac, just be sure that buying makes sense. It may or may not in your case. Paying a small premium to own I can understand. Paying a lot more is a different story.<br/><br/>Read the blogs below before deciding to buy.<br/><br/><a href="http://www.trulia.com/blog/dan_chase/2010/01/does_it_make_more_sense_to_buy_or_to_rent_look_at_the_numbers_and_decide_for_yourself" rel="nofollow">"Does it make more sense to buy, or to rent? Here is the way to find out for sure."</a><br/><br/><a href="http://www.trulia.com/blog/dan_chase/2010/02/why_rent_if_you_could_buy_for_less_money_valid_reasons_inside" rel="nofollow">"Why rent if you could buy for less money? Valid reasons inside."</a><br/><br/>Once you have decided to buy consider the blogs below.<br/><a href="http://www.trulia.com/blog/dan_chase/2009/11/questions_i_would_ask_when_purchasing_any_property" rel="nofollow">"Questions I would ask when purchasing any property."</a><br/><br/><a href="http://www.trulia.com/blog/dan_chase/2010/02/what_should_i_watch_out_for_when_choosing_a_home_to_buy_so_that_i_don_t_jump_into_a_money_pit" rel="nofollow">"What should I watch out for when choosing a home to buy so that I don't jump into a money pit?"</a><br/><br/><br/><br/><br/> Fri, 21 Oct 2011 02:57:00 GMT http://www.zillow.com/advice-thread/Few-questions-from-a-first-time-buyer/420023/ 2011-10-21T02:57:00Z Thank you Rudi. Gathering ... http://www.zillow.com/advice-thread/Few-questions-from-a-first-time-buyer/420023/ Thank you Rudi. Gathering up the 20% (120-140k..) will take more time then just paying the MI fee,...thats my thinking at least. Myabe its wrong..?<br/><br/>I think i have about 12k debt on a couple of motorcycles. I can pay that off quick or add that 12k to the downpayment for the house. I have kept the monthly payments on the bikes as a means to get my credit up (?) rather then because i didnt have the means to pay them off... Thu, 20 Oct 2011 23:24:00 GMT http://www.zillow.com/advice-thread/Few-questions-from-a-first-time-buyer/420023/ 2011-10-20T23:24:00Z Mac,Your income is fine. ... http://www.zillow.com/advice-thread/Few-questions-from-a-first-time-buyer/420023/ Mac,<br/><br/>Your income is fine. You should be OK. You didn't mention anything about about your debt. The main thing lenders use for qualifying is the borrower's debt-to-income ratio (DTI). I lieu of a FHA loan you can get a conventional loan for as little as 5% down. Any loan with less than 20%&nbsp;down&nbsp;will require mortgage insurance (MI). FHA also has an upfront MI fee.<br/><br/>I would certainly check with your credit union first. That will give you something in hand to shop around with if you desire to do that.<br/><br/>Good luck on wanting to stop smoking.<br/><br/>Happy funding, Rudi Thu, 20 Oct 2011 22:46:00 GMT http://www.zillow.com/advice-thread/Few-questions-from-a-first-time-buyer/420023/ 2011-10-20T22:46:00Z Upon my honor, as i carry ... http://www.zillow.com/advice-thread/Few-questions-from-a-first-time-buyer/420023/ Upon my honor, as i carry my girl through the doorstep, no more smoking. I like to build things so i will take the nonsmoking frustration to breaking walls and building garages and pools or whatever.<br/><br/>Sorry for derailing my own thread. :) Thu, 20 Oct 2011 21:46:00 GMT http://www.zillow.com/advice-thread/Few-questions-from-a-first-time-buyer/420023/ 2011-10-20T21:46:00Z Zillow is great place to ... http://www.zillow.com/advice-thread/Few-questions-from-a-first-time-buyer/420023/ Zillow is great place to ask whatever questions you have and get links to information. I always get good helpful answers here.<br/><br/>p.s. If buying a house will make you quit smoking, I think you need to buy right away ;) Thu, 20 Oct 2011 21:33:00 GMT http://www.zillow.com/advice-thread/Few-questions-from-a-first-time-buyer/420023/ 2011-10-20T21:33:00Z Thank you very much for the ... http://www.zillow.com/advice-thread/Few-questions-from-a-first-time-buyer/420023/ Thank you very much for the quick replies.<br/><br/>Gary: Yes, i am on 1099 and have been for many years. My income is "consistent" within the range i was mentioning. I will be starting to ask around for a good loan broker. As far as the interest rates go, that is one of the reasons i wanted to buy sooner rather then later.<br/><br/>sunnyview: I didnt know about FHA until yesterday and rad up a bit on it. Seems like a decent way to get into a house and stop paying rent. My rent has been at 2300 for the last 4 years. I am comfortable paying above that for a house...of course as you say, taxes,insurance etc need to be added, but if i quit smoking i can definitely cover those,...and get healthier in the process :)<br/>I will talk to my CPA about the deductions under this light.<br/><br/>Spirit: thank you,..i will do that and go talk to local lenders. I hear from coworkers entertainment credit union is decent and i can work with them since i am in the entertainment industry.<br/><br/>Montgomery: Yes self employed, under my own LLC. That is the standard for the kind of job i do. Is the 2 year average what the standard is for looking at income or just as many years as necessary. I have been living/working in LA for the past 9 years,...maybe that gives a better/bigger picture ?<br/><br/>The reason i was intersted in the FHA was that the downpayment cost of entry was negligible and an interesting option to get smth tht i think i can afford as far as monthly payments go, but not have to come up with say 150k. Houses under 400k around here dont look like a lot of fun to live in...<br/><br/>thank you again gentlemen (and ladies ?). Thu, 20 Oct 2011 21:21:00 GMT http://www.zillow.com/advice-thread/Few-questions-from-a-first-time-buyer/420023/ 2011-10-20T21:21:00Z Here is the number of an ... http://www.zillow.com/advice-thread/Few-questions-from-a-first-time-buyer/420023/ Here is the number of an excellent mortgage broker.. he can pre-qualify you for a loan and then you are ready to look.&nbsp; Please let him know I referred you and he will take the best care of you.<br/><br/>Home Loans LA - Bob Drapeau&nbsp;[phone removed by Zillow moderator]<br/><br/>Please give me a call when you've completed the pre-approval process, I would love to earn your business.<br/><br/>All the best,<br/>Jeff Giordano<br/>[phone removed by Zillow moderator] Thu, 20 Oct 2011 21:18:00 GMT http://www.zillow.com/advice-thread/Few-questions-from-a-first-time-buyer/420023/ 2011-10-20T21:18:00Z If you get a 1099, financing ... http://www.zillow.com/advice-thread/Few-questions-from-a-first-time-buyer/420023/ If you get a 1099, financing can be a bit tricky, especially if your income is inconsistant. I would advise staying away from the large banks as they seem to be the leats helpful today and find a good loan broker in your area or your Realtor should be able to help you. There is a good chance that you may be paying a higher than normal interest rate, but keep in mind that a higher than normal rate today will seem cheap in a couple years when rates get back to normal. &nbsp; Thu, 20 Oct 2011 20:59:00 GMT http://www.zillow.com/advice-thread/Few-questions-from-a-first-time-buyer/420023/ 2011-10-20T20:59:00Z