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Need Advice - First Home Purchase

Established Contributor

Re: Need Advice - First Home Purchase


$550/mo auto payments (can be excluded if you can prove/document that the payment is being paid by relatives showing it's coming out of their account).

Based on that you could get approved for approx $2k-$2.2k per month payment (if you have no other bills on your CR)

Don't go through a broker (3rd party) as they have skin in the game then put you in touch with a lender-just go with a direct lender.

" EX 689 EQ 691 TU 687 MMS 695"
Message 11 of 13

Re: Need Advice - First Home Purchase

Thanks so much I end up going through a direct lender as you said and they pulled my reports and used my 737 score for the mortgage and it is going through underwritting now, I have not chosen a house yet, but I have a list on which ones I want to choose. At the moment they asked me for why I deposit so much money every week, and wanted to know the source of my big deposits! After I explained they provided everything to the underwritter and now I am just waiting. Should know of approval by Monday. I applied last weeek. Thanks everyone for the tips and what to do!

Message 12 of 13

Re: Need Advice - First Home Purchase

I did what you said and applied with the bank, I bank with! (Wells Fargo) I will shop later if approved to get the best rate. Just a heads up they said I qualified for 4.75% but not approved yet. And they said I should do lenders pay because it will make my mortgage lower even though my interest would be higher. Closer to 5.375% I told them the other Wells Fargo quoted me at 4.74% and she said she will see what she can do. So I felt it was a little shady there. With my score I thought it would be closer to 3.5% but they said interest rates are going higher and higher. And that my score was okay. She said people with scores of 800 and above see that rate, and that the only way I can get close to that is if I buy points. But she stated that was not worth it, and that made me feel a little comfortable because I heard that from a few people as well. However, I think the interest rate even with Lenders Pay should be cheaper. 


Also I applied for 250k the details are below. Switching from LA to Bakersfield because I don't want to apply with anyone else on the loan, and with my income there stating I would not afford to live in inner LA only San Bernandino and so on....

Loan Number  
Customer(s) DM
Property Address BAKERSFIELD
Kern County
CA  93313
Loan Purpose Purchase
Property Usage Primary Residence
Purchase Price $250,000
Loan Amount $242,500
Loan Product 30 Year
Fixed Interest Rate 5.375%
APR 5.475%
Your Adjusted Origination Charges $0
Discount Points 0.00%
Interest Rate Range Not Locked
Message 13 of 13