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Form and Function
Join Date: May 2008
Location: Alta Loma, CA
Posts: 3,046
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Anyone trying to buy a Home in Socal...Banks are Lame!!!
With a little one on the way, we are looking for a home, but it is impossible to get a loan. I talked with a few different banks (Wells Fargo, Penn Fed Credit Union). Here is where Wells Fargo is at:
For a conventional loan, you need to put 20%, and on top of that you must show $300 K cash reserve!
If you want FHA (gov.) loan, you can put as little as 3.5% down (of course this is unwise because you will have no equity, and fall into this trap/mess yet again). They will, of course, add points, and it depends on which county you are in as to how much of a loan they will give you.
San Bernardino County will only loan up to $500 K.
Los Angeles County will only loan up to around $729 K.
NO ONE is doing seconds.
Cash is king!
any after thoughts?
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