3/13/2008
Purchase price : $320,000 (cannot get any lower)
Closing costs + Down Payment Total : $30,000 (max willing to give up front)
Income: $52,000 documented
Outstanding Debt : $0

Liquid Money : $30,000
Vehicle Assets Owned : $31,000 ($22k + $9k)
Total Net Worth : $51,000

Credit Score: 580ish
Components of credit profile:
**In Summary no real credit history (no installment loans)**
Victimized by identify theft: 2 accts charged off total $1,800 in 2002-confirmed & documented by creditors these were fraudulently opened however credit agencies have not removed this
2 credit cards (discover+usaa) paid off monthly, no carrovers, no lates
2 items MY FAULT : $30 Target card delinquent 6mo (paid off 2/08) & $60 AAA towing service outstanding

Property Info:
2br Condo in Orange County, 1,000 sq ft
Planning to occupy one room / rent other

Mortgage product preferred:
CALhfa 30 yr fixed
FHA 30 yr fixed

Using a maximum of $30,000 (or less!) for all loan costs & down, is it reasonably possible that I can get funded for a loan with total mortgage payments of less than $2,000/month (excluding tax/insurance/association)? Would any lenders/mtg brokers fund this situation? (no other costs whatsoever)

Please e-mail me (ignore the “***”):*** petertheanteater ***@ *** gmail . com ***
Thank You,
Peter
(purchasing within 45 days)

petertheanteater lol

Edit: Didn't know that was the UCI mascot.

What did your mortgage lender say when you called?

Edit: You shouldn't post your email address, petertheanteater@gmail.com, to a public forum. Gmail's spam filters are pretty good, but you'll still get spammed a lot.

Rent

As the poster above me said, 52K annual income is too little to afford a 320K home. And the combination of your extremely low credit score and low downpayment(less than 10%) will prevent you from getting any kind of decent interest rate.

Its a no brainer to keep on renting, improve that credit score of yours(go down to creditboards), build a decent downpayment and wait for the prices to fall.

Try and see if you are eligible for any federal or state housing programs if you are convinced you want to buy a home.

On $52,000 HHI you're probably grossing less than $2200/mo, AND you expect to be able to afford a $2,000+ (without taxes/escrow/insurance) mortgage payment every month? Let's exclude the fact that you plan on renting out half the house, the lender only cares about you.

Let me know how long it takes the lender to laugh you out the door.

Why OC ??? 3000 sq ft house in Corona are like $300K !! (save the money for a chopper to fly to OC since traffic on the 91 will kill you)

I like the fact that you have 30k saved. Still confused about the 31k in two cars unless there is two of you and I didn't read your post properly.

While you seem set on buying this property it doesn't seem to me like a good financial decision given your income level. I make a little more than you but my mortgage is only 90000. That high monthly payment of 2k is a little too high unless you can rent out the other bedroom for a grand or so a month. It is your decision but you did ask us.

However, to answer your question, yes you will get funded. Someone will take the chance and if you forfeit, they'll take your condo. I hope it works out for you and you can afford it and enjoy the place for a long time.

With that strong of a credit score? No problem!