Buying a home in LA starting the process help!

cbeanshop

HI there, I am pretty regular over on the know LA board, but I recently got married in september and thought I'd come over and check out the nest! Anyway, my DH and I are beginning to think about purchasing a home. We were looking a few years ago when the market was over inflated and now that prices are dropping we are looking again. As of right now we have $0 downpayment (after the wedding and all). We have perfect credit, and both have solid incomes. I have heard of California down payment assistance programs/grants and can't seem to find any info on this- or what I find says you have to make less that $80k combined which we make much more than. ?Have any of you used or heard of such things? Any home buying advice or tips would be very useful!?

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We are looking for Echo Park/Eagle Rock/S. Pasadena/Silverlake 2-3bd under $400k. ?

Mindymo25

I'd be shocked if you found a 2-3 bedroom home in any of those areas for under $700k....and South Pasadena for under $800-900k.

I"m not sure about the CA assistance programs but if you guys have 401ks you can use some of them for a 1st time home purchase...maybe look into that.

cbeanshop

Thanks for the reply, Mindy. Actually there are a ton of homes in the areas we are looking for anywhere between 300-400k right now that are 2-3 bedrooms due to the economy. (This wasnt the case a few years ago). South Pas is more expensive but not completely undoable. Granted we are looking for more of a cosmetic fixer/starter home than a top of the line completely renovated type house. Unfortunately our employers don't offer 401k's although the DH's boss offered to lend us DP money, I would rather do it without that assistance if possible.?

AlisaS

Zero downpayment is tough these days. Can you wait and save up some money? Have you checked with a realtor/loan officer to see what they can do for you and/or what you qualify for?

princess_shelly

I was speaking with a few friends in the real estate industry the other day, My IL's want to buy. ?The DP assistance programs in LA county are for low income families & if you say you make over $80k, combined with a 2 person household, I don't think it will happen. ?

There are no more 100% financing lenders. ?The best you can do is get a FHA loan & you would need 3.5% down payment. ?

If you have a good Real Estate Agent they can get the seller to pay your closing costs. ?If you need one I can recommend a great one!

Good Luck!?