Ayear ago, the only person who can buy a house in Los Angeles scratch with the help of a fresh loan funds veteran to acquire (the so-called Alliance of loans). In recent years there has been an explosion new loan programs designed to most buyers any circumstances. Today, more and everyone can shoot zero to buy a house, if they have sufficient income and credit-worthy.

There are three factors that determine whether you have sufficient income to buy a house payment zero, and these are: the purchase price for the house, interest rates and the ratio between debt and income, the program requires mortgage. These three factors are interrelated, as described below.

Debt-to-income ratio of monthly mortgage payment of the loan down to zero, divided by the total monthly income (and not to take home your net income). Can this figure varies between 35% to 50% depending on the program loans and credits your particular. Monthly mortgage payments are based on the purchase price and current interest rates, the type of property, for example 15 or 30 years, compared with a fixed to a Adjustable Rate, etc. There is another, mortgage banks, the total debt to income ratio is very complicated to discuss here. This percentage is also the analysis of other liabilities that you may have, such as car payments, credit card transactions, and so on.

I’m your credit rating by three different agencies to report called Experian (formerly TE W. AR), Equifax and transunion. Your ranking is reduced to a number called Fico particular. Fico The result is excellent and will be around 800 and higher, and a good score around 700 to 800, or the rate classification of about 600 to 700, and the poor Fico less than 600 degrees. Some mortgage lenders even some programs zero-down loans to borrowers with poor credit classifications in somewhat higher interest rates and lower the ratio of debt to income.

We are sometimes asked whether you buy a house, without money ever. The answer is not in most cases. Even if it is determined that the payment is zero, and there is a certain threshold for closure. Closing costs typically consist of loan fees and loan charges innovation, and perhaps points loans, for assessing the costs, Alta title, and guarantee fee. But there are other options. We can sometimes negotiate with the seller of the house to pay a large part of your costs. We have the best result so far, and helped that the purchaser bought the apartment in Los Angeles and private pocket a total cost of $ 795 cash! The buyer was a woman, and was the first time buyers, with the help of zero-down loan, where we found, and had a credit on the average. We can convince the seller to pay all their expenses except for the closure of 795 U.S. dollars. The owner of the house now more than $ 50000 of the shares in their house, she could continue to be exempt if they tried, Home for sale today!