I thought I would not be able to borrow a loan now because I did not have a 2-year working history but I was wrong. After filling out a prequalification form from Bank of America, I got a phone call yesterday from the bank. The bank person asked me about my income, my workplace, my maximum price of purchase, my down payment, the zip code of the home I intended to buy etc. and she said I was qualified for the amount of 200k which I asked for (I put the max price of 250k with 50k down payment). I received her email within 15 mins with a copy of closing cost estimation. She did ask me to fax her my 2010 W-2, a verification showing that I was in school, and the offer letter to work in California. I told her that I have not had an offer letter yet and asked whether I would be able to get the loan. She suggested to buy it as second home/ vacation home. She also referred two real estate agents working in the area that I wanted to buy. I already have recommendations from my friend and my mom’s insurance broker, so my next step is to choose an agent.
I also got the HUD cost settlement booklet in the mail today. Its content is 31-page long.
It pretty much covers everything mentioned in the videos in my previous post (Buying home 101). I really want to attend the homebuyer workshop offered by a housing counselor in California this weekend but it will be in Spanish :(. I will have to register at my current place then.
I have searched the listing from realtor.com. With 250k, mostly are condo and townhouse. I prefer house, so I do not have to pay Homeowner Association fee (HOA fee), but there are not many choices with that price. I am not in a hurry, so hopefully I will be able to find the house I want. Buying a home in the U.S. is much more complicated than in Vietnam. Anyway, it is part of learning process and it is more exciting that way.
I will be gone on Thursday for a vacation (again, I know) but I will try to keep you posted:D.