1st Time Home Buyers

Basics you will want to know

If you are looking to buy a house for the 1st time here are some basics you will want to know. When you are buying a house you are buying two things, a house and most importantly, a loan. We will make sure you get the best loan you can buy. This will take added work, but will save you tens of thousands and maybe keep you from losing your house.

Income

With family monthly income as low as $2,000 you can buy a home.
All sources of income have to have proof and verifiable paperwork.

Income can be from:
Salary, wages, part-time and seasonal work, SSI, Retirement, Welfare Foster Care, Child Support, Alimony, Disability, Gifts, and others.
Food stamps cannot be used as income as of 1997.

Credit

We can help you improve your credit and increase your score. Most all of our successful home buying families started with fair-to-bad credit. With a little work we can help you enhance that credit and get a home loan.

Collections, judgments, charge-offs, liens; in most cases do have to be paid off prior to ownership.

Cash

We have access to several down payment assistance programs that can greatly lower the cash you need. All of our successful families spend between $1,000 and $2,500 total cash to get a home, depending on family income and the house purchased. That is total cash, including down payment and all loan closing costs.

Documentation

Documents you will need to Pre-qualify for A Loan.

• Taxes with W2’s for the last two (2) years.
• Recent Check stub for each job worked this year.
• If income from SSI, SSA, DISABILITY, or RETIREMENT, then a copy of the Award Letter and copy of recent check, if not Direct Deposit.
• If Child Support and/or Alimony Income, then copy of court order.
• Bank Statements, recent, for all accounts.
• I.D: Drivers License, SSI Card, or Resident alien card (green card).

Home Loans

1st Mortgage

We will pre-qualify you for a Class A Mortgage Loan. Typically a fixed rate loan with FHS or CalHFA (a State agency that helps low-income home buyers), who has the lowest interest rate possible. This gives the low monthly payment that your family can afford.

2nd Mortgage

For income qualified low-income families we can get you a San Joaquin County or City of Stockton down payment assistance loan. These 2nd loans greatly lower your monthly payment, and eliminate the need for you to make a large cash down payment.

Loan Prequalification – Preferred Lenders

We always prefer to work with a local mortgage lender. They have the most experience with the typical working class Stockton family buying their first home. Following are some lenders that we have had a lot of excellent experience working with and highly recommend their services.

Mortgage House

Sharron Bethards
Senior Loan Officer
7339 Pacific Ave, Suite A
Stockton, CA 95207
(209) 274-7111 x227
sbethards@themortgagehouse.com

Stearns Lending, Inc.

Josie Rodriguez
Loan Officer
4750 Quail Lakes Dr., Suite 205
Stockton, CA 95207
(209) 451-1422
josier@stearns.com

Academy Mortgage

Mike Ericson
Loan Officer
2105 W. March Lane
Stockton, CA 95207
(209) 473-9277
mike.erickson@academymortgage.com

Platinum Home Mortgage

Collen Stewart
Manager and Loan Officer
3031 W. March Lane, Suite 116
Stockton, CA 95219
(209) 955-2200
cstewart@ephmc.com