Buying houses in California

As a former broker of a independent office in Downey, California, I can give you my best advice. Buying homes in California is very easy, if your have good credit. Now with the new foreclosure problems in California, the banks are extremely careful about who they loan money to. Years ago, we use to help less than perfect buyers obtain homes through creative financing. But, now that is a thing of the past. If you know what you can qualify for ahead of time, it will save you a great deal of hardship.

The amount that you can qualify for is 33 percent of your income after taxes, in most cases. But wait, you must deduct all your debts. So if you make $5000 per month and you have $1200 in monthly debts, that leaves you with a monthly income of $3800. You take 33 percent of that figure or $1254 per month. That figure includes the cost of PMI (private mortgage insurance), taxes and insurance. If you are putting more than 20 percent down on the purchase of a home, then there is no PMI. Some loans with hard pressed areas, are offering basically no money down loans and no PMI.

Wells Fargo Bank is one such bank offering a loan without no PMI. You can look at their offers through this website:

https://www.wellsfargo.com/mortgage/

If you are looking for a bank that offers no down payment, here is a link for a article listing the major banks. Wells Fargo also does no down payment along with Bank of America. Bank of America is much easier to get a loan through.

http://www.msnbc.msn.com/id/24580917/

As the article discusses, the down payment is disguised through gifts. Normally a down payment must be in your account for over 2 months. Some banks are offering no down payments, where a 3rd party holds interest on the property, such as a lien holder. All of these loans have catches.

California is still the most expensive place to live out west. Home prices generally run in excess of $200,000 unless you live out in the country. California is the land of the rich and the famous, but even Los Angeles has its slums. Some of the nicest areas to live in Southern California is Downey and Lakewood. They are very affordable communities. San Bernardino and Riverside communities are more affordable, but with the drive to commute, many prefer the locality of being close to Los Angeles. 

If you want to find a reputable Realtor, contact the California Board of Realtors at:

http://www.car.org/

A local Realtor will be able to guide you to the best deals and many companies have on line services. One such service would be Century 21Jervis offices located in Downey. If you want any other area, they can direct you. They are the best office there:

http://century21jervis.com/index.htm

Financing can be set up through the home loan departments at Bank of America:

http://maps.google.com/maps?oe=UTF-8&sourceid=navclient&gfns=1&um=1&ie=UTF-8&q=bank+of+america+in+home+loans+at+downey+california&fb=1&split=1&view=text&latlng=2450088227044241933&ei=S_KFSvX9B9nTjAeC3dSiCw&sa=X&oi=local_result&ct=result&resnum=1

These are merely examples of places I have dealt with in the past and know that they are reputable. In no way can I guarantee them today. Buying a home is a simple matter with prequalifying for a loan, finding a Realtor, who will in turn find you the home of your dreams.