Foreclosure in Murrieta>Question Details

Cary, Both Buyer and Seller in Indio, CA

I've got $10-$12K as down pymt for a home. Looking in the Murrieta, CA area. Don't want a payment over $800. I have decent credit. What?

Asked by Cary, Indio, CA Thu Dec 9, 2010

can I get?

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3
Homes in that price range go very quickly in Murrieta. They rarely come up- a SFR detached home in that price range is rare but it does happen. Especially if you are also open to small 2 bedroom homes. Find a realtor that will really watch the market for you. If you are a little flexible on the condition of the home that might work to your advantage. You also may want to consider a 203k FHA loan if you qualify. Sometimes a fixer can be bought and the lender will let you finance the cost of the repairs. There are options for you and they get better still in some of the surrounding communities such as Menifee or Wildomar.
0 votes Thank Flag Link Tue Dec 14, 2010
I did a quick search for homes under $150K and found 60 different homes. I choose $150K as the list price because your approximate monthly payment would be $805 / month at 5% interest rate for 30 years. Most of them were condos but there were 8 that were single family residences. The big question here is what do you want and need in a new home? Is a condo a good fit for you? If so, then there are plenty to choose from and a lot of them should fit your budget. Or are you only looking for a single family residence type home? Another question is what do you mean by "a payment of $800"? Are you okay with a mortgage payment of $800 plus the cost of home owners insurance, property taxes, and possibly Home Owner's Association Dues too? Or do you want your payment to include all these extras for only $800? Let me know some more of what you are looking for and I will be happy to send you everything that is available that matches your needs.
Mike Knutson
0 votes Thank Flag Link Thu Dec 9, 2010
Hi Cary,

I'll shoot it to you straight, not much. Murrieta is a highly sought after area and most SFRs are at least 150k and up. Now condos might work but with the HOA and mello roos its going to be close. More than likely over 800 a month. There are other areas that may work but you would need to be open to them. Good Luck!

Chris Blasic
0 votes Thank Flag Link Thu Dec 9, 2010
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