Question 1

What credit score do I need to buy a house in California?

Accepted Answer

Most loan programs require a minimum credit score of 580 to 620 to buy a house. FHA loans allow scores as low as 580 with a 3.5% down payment. Conventional loans typically require 620 or higher. The higher your score, the better your interest rate will be. If your score is below 580, there are steps you can take to improve it before applying.

Question 2

How much down payment do I need to buy a house?

Accepted Answer

You do not need 20% down to buy a house. FHA loans require as little as 3.5% down. Conventional loans can go as low as 3% down for qualified buyers. VA loans for eligible veterans require zero down payment. There are also down payment assistance programs through cities, counties, and the state of California that can cover part or all of your down payment.

Question 3

Who pays closing costs when buying a home and how much are they?

Accepted Answer

Closing costs are typically 2% to 5% of the purchase price of the home. Both buyers and sellers can pay closing costs. In many transactions, buyers can negotiate to have the seller cover some or all of their closing costs. There are also programs that help cover closing costs for first-time buyers in California.

Question 4

Where do I start as a first-time homebuyer in the San Gabriel Valley?

Accepted Answer

The first step is getting pre-approved for a mortgage so you know exactly what you can afford. Before that, you will want to check three things: your credit score, how much you have saved for a down payment, and your monthly income. These are the three things every lender looks at. Once you know where you stand on those three, we can figure out the best loan program for your situation — including whether you qualify for down payment assistance.

Mortgage Loan Officer - West Covina & San Gabriel Valley | Armando Novelo

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