Looking to buy a house in California does not have to be a difficult process, that is why you need to call me and speak with a licensed loan officer about the proper step in the home buying process. 

There are 4 requirements to buying a home, income, credit and down payment, sometimes reserve are required as well.

Income needs to be supplied on traditional financing, this is income that is claimed and verified that has been reported on your tax returns with W2, Schedule C and E income.

Credit is determined by running a mortgage related credit report. There are 2 areas related to the credit report, the credit scores and what is in the body of the credit report. You may have a lendable credit report but something reporting negatively in the body of the report can hurt your ability to purchase property.

Down Payment can be as little as .5% down to no money down, this is factor by the home loan program you qualify for. The USDA and VA home loan programs do not require any down payment (depending on the purchase amount in a particular county with the VA home loan may require a down payment). The .5% down or any of the amount for the down payment can come from a down payment assistance loan, gift from a family member, retirement plan, 401K, selling an item of value, there are many ways to locate money for the down payment requirement.

Reserve requirements are based on the home loan program you wish to move forward on. Not all purchase loan programs require 2 months of the total mortgage payment and that is made the principle, interest, homeowner's insurance, property taxes and if applied, mortgage insurance, flood insurance and monthly HOA payment. Not all programs require this but can be a compensating factor to strengthen your loan request.

These requirement above are for traditional financing, we do not have the loan products available today like we had in 2005, 2006 and 2007 that caused the housing crash in 2009. Today offers much more stable purchase home loan programs that will prevent another major housing crash. The real estate industry does have up and down markets, that is the nature of the industry but with stable home loan programs we will not or should not see the effects of 2009. 

If you have the income, credit but lacking the full or all the down payment to own a home, you should still press forward to see you full purchasing power. With today's rent ever increasing and home is still very affordable in terms of monthly payment, you can own a home and pay closing in a monthly mortgage payment that you are in rent, then it is time to explore your loan options on purchasing a home.

There are many and I mean many down payment assistance home loan programs in the city, county and state you are looking to buy a house in.

Each city and county have available loan programs for a first time home buyers to take advantage of. Do not turn yourself down because you spoke to someone outside the mortgage industry because of what they said. If I have a medical issue, I go to a doctor not my buddy who works in the construction industry. The mortgage industry updates and changes underwriting standards it seems every 3 months, that is why you need to call me at 909-503-5600 to discuss your goals of owning a home.

I have been in the lending industry since 1988 and it is my duty to stay abreast of all the lending guidelines to serve my valued client with the best customer experience that I can. We can always find ways to gather money for the down payment if you have the income and credit to purchase a house.

It does not hurt to explore your options in buying a home, I welcome the opportunity to review your current financial situation and present you with options that best fits your needs and goals. The best part is, if you are not in the position to move forward then I will work with you on the steps to get you in the position to own a home here in California.

My name is Nathan Rufty and I am a licensed loan officer here in Rancho Cucamonga California and I look forward in speaking or meeting with you to start your path towards homeownership. You can reach me at 909-503-5600 (call or text) or email me at nathan@nathanrufty.com.