All Forum Posts by: Jim Horrigan

 Hi Anthony, I just recently purchased my first house here in California. I would suggest you need a pre-approval letter NOT pre qualified because you wouldn't know how much you would qualify for until you get your pre-approval letter. When I filled out an online pre-qualify letter they qualify my loan to be 450k but when I actually give them all my paperworks it turns out to be 350k because I have other debt that I did accounted when I filled out online but wasn't an exact amount. I did saved substantially amount because I buy the house.

FHA you will have to pay the PMI for the rest of your loan amount. If you choose FHA the loan amount will be less because they have to consider the mortgage insurance you have to pay on top of your mortgage. If I were you I would try to save a little more or ask your parents/ relatives for the 20% down payment so you don't have to pay for the unescessary $.

I hope it helps, good luck on your process!

Thank you everyone! After giving more documentations the current lender is more optimistic now. They said I had provided all the required doc it's up to the under writer to make the final decision.

Hi everyone! 

I'm fairly new to BP the reason I know this website because I'd stumble upon BP Podcast on Youtube. Currently I'm in progress of purchasing my first house and it had been a nightmare! I live in the bay area but my first house is going to be in central valley.

I'm currently run into so many problems lately. 

1) My agent is okay the reason I said okay because sometime she doesn't really help me when I needed I tried to call her but she's not alway there to answer the phone.

2) I'm having a problem with my previous lender because at first they had told me that the underwriter had APPROVED just need a few documentations regarding the gift money from my relative, some of the items I sold for so I can get some money toward the downpayment. It took me 5 days to gather all the information and I submitted to the lender now she said the underwriter wouldn't accept those documents. She had an alternative solution and told me that "ask your uncle to gift you the whole downpayment". I'm frustrated and furious because she had made me jump hoops to get all the required documentations and now she's telling me that it's NOT ACCEPTED. The problem is I had already paid for the home inspection which was $400.

3) I have a friend that know a lender that does loan and they told me they can meet the dead line which is two weeks from now. They had gather all my informations and said the under writer had Approved. Now I'm telling myself is this going to be the same as the first lender? They told me that they can't use the 1st lender home appraisal even though the appraisal I paid for it. 

Please shine some light for me.

1. Does the first lender miss lead me?

2. Can I asked for appraisal refund from the first lender since they're not straight forward with me?
3. Will the first lender used my information to use against me if I decided not to go with them?

4. Is my 2nd lender correct about not able to use the 1st home appraisal that I had paid for?

5. What would you do if you're in my shoes? 

Thank you for all your time! 

Hi everyone, I'm a MB Technician working at the dealership roughly over 2 years. I was an intern there and once I graduated the dealership want to hire me as a full time technician. I have no real estate back ground but I just got my offer accepted couple weeks ago, we're at the apprasial phrase of the process and one more week than I'm officially home owner!