Capitol Hill Blue Forums Political Issues Finance, the economy & Economics How will the financial crisis develop?

With your income you will qualify for an FHA loan in CA. The problem with the house you want to buy is that the previous owner does not have the house for 90 days (90 days are measured from the day the deed is recorded in the previous owner's name to the date on the purchase contract not the last addendum or counter offer or when the loan closes). Because of that the government won't insure the loan thus any good lender would not originate an FHA loan on that property.

You might also have so problems even if you close it as conventional because of the fast turnover of owners of that property and lenders are very wary of property flipping. Make sure your lender is well aware of that and if they tell you to hold off on making the offer do that.