dazedandconfusedincali

Approved for Mortgage for first time homebuyer

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I can't believe it!! I actually got pre-qualified to buy my first home through CalPERS. I got an FHA loan 5.65% and 7/8ths of a point for $100,000 loan and 3.5% down, which I borrow out of my CalPERS fund. (retirement). My Fico is 668 and I worked really hard at establishing and repairing my credit the last 2 years.

My question is can I have more than one Realtor? Mine seems to be so busy all the time and I can never get a hold of her. It actually gets on my nerves. Is it hard to bid on repos? It seems like everyone already has an acceptance or no one ever answers her emails or phone calls. I don't want to lose this opportunity and I want to move fast before FICO changes their scoring system. HELP!! Any information will help me, I'm a single mother who's proud to say I'm doing it on my own!!

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Congrats. Judging by your $100k budget I'm assuming you're in the central valley somewehre. What bank are you prequalified through?

Buying a foreclosed home is not a fun process. I'm aslo in the central valley (Bakersfield), and out of 20+ homes I looked at every one was a foreclosure or short sale. I had absolutely no luck with short sale properties, they always seemed to be a big pain in the a$$.

You need to have a realtor that is checking the MLS listings daily for new homes coming on the market, because at least in Kern County, homes are selling within the first week of going on the market, at least the competitive priced ones. The ones that sit are being offered for too much. You need to look at the homes asap and decide if you want to put in an offer or not. I missed out on a few homes by waffling over an offer price, so it helps to be immediately decisive. You can always back out of the deal if the house does not pass inspection or has serious issues.

Also, its pretty much useless to drive around looking for for sale signs in front of homes. Usually by the time the sign goes up the house is already sold. The signs are just there as advertising to drum up more business. I called on at least a dozen homes with for sale signs and they were all already in escrow.

And I'm sure every bank is different, but the bank I bought my home from counter offered within a day and a half of my submitted offer. I was hearing horror stories from other people that the banks could some times take up to 30 days to reply. Any realtor that tells you it takes that long to get a response hasn't sold many forclosed homes. My realtor was a pro! In the end I bought a 2550 square foot home for $80 per square foot.

Good luck!

Eddie

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I can't believe it!! I actually got pre-qualified to buy my first home through CalPERS. I got an FHA loan 5.65% and 7/8ths of a point for $100,000 loan and 3.5% down, which I borrow out of my CalPERS fund. (retirement). My Fico is 668 and I worked really hard at establishing and repairing my credit the last 2 years.

My question is can I have more than one Realtor? Mine seems to be so busy all the time and I can never get a hold of her. It actually gets on my nerves. Is it hard to bid on repos? It seems like everyone already has an acceptance or no one ever answers her emails or phone calls. I don't want to lose this opportunity and I want to move fast before FICO changes their scoring system. HELP!! Any information will help me, I'm a single mother who's proud to say I'm doing it on my own!!

Congrats! But just to confirm....pre-qualification does not equal pre-approval!

Pre-approval is what you want! You may have a pre-approval and not a pre-qualification.

If you only have a pre-qualification, then you haven't gotten the mortgage yet! Double check.

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Yes, I am pre approved not pre qualified. And to Slow Eddie, I am actually in Riverside co. I am doing all that you were doing and it sure is a slow process. My realtor seems to be really good with the repos. but I feel I need someone that can put my offers in faster. I think she sits on them too long, to be honest. And thanks for the advice. I got a mortgage loan through Broadview Mortgage.

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I wish I lived in an area where you can buy a house for $100,000- Near me anything better than a mobile home is 250,000. I got a company car- so maybe I should move further out (away from beach) and commute- but then there is the whole school district issue....... oh my!

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