I see that you are saying that you want to be at a price at no more then 250k. Why is that? Have you already been approved by a direct lender? With interest rates being incredibly low way under 5% you may want to try to get approved with financing to know what your options are. Purchasing a second home is a difficult task. If you have equity in your home you need to be at 70% loan to value or better to count in rental income. The rental income will help you in your loan prequalification. But, if you are at approx 80 % loan to value or higher they may NOT count in your rental income in which case you will have to qualify for both mortgages with your income only and be at an approx debt ratio of 50% or better. With an FHA loan you can purchase an upgrade house with 3.5% down but if you are buying a home smaller and in the same neighborhood they will call it an investment home and you will have to put down at least 20%. Please call me at 619 972 8798 and I can go over your scenario briefly so you know your options. I was mortgage lender for over 6 years prior to getting into real estate. I love to help:)
Vincent Villafranca, REALTOR, A.B.R.,G.R.I.
Certified Distressed Property Expert
Prudential CA Realty
9400 Eastlake Parkway
Chula Vista CA 91914
Direct 619 972 8798
Why buy now? Tons of foreclosures are coming to california.
Patrick A. Hale, CDPE, RSD
Real Estate Broker & Investor
REO & SHORT SALE EXPERTS WITH A MISSION TO:
"Help Over 360 Distressed Home Owners Avoid Foreclosure"
If You or Someone You Know is in Financial Distress Visit: http://www.SDRealEstate360.com
Since you said that you are not ready to move back yet and are going to rent the property you are at an advantage to buy. I would recommend starting a plan of action. My recommendation is to set up a search criteria of your desired home in Chula Vista. You can then look at all sales including Short Sales and Foreclosures. Also, (a fellow realtor commented below) it is true, even though Short Sales typically take longer than a Traditional Sale or Foreclosure, banks are attempting to streamline their processes. So the potential for a "good deal," does exist.
I hope this information is helpful. Please contact me if I can be of further service or send you a copy of this listing.
Thank you for your question,
I'm a local Chula Vista Realtor and my company and I specialize in bank owned properties. I would also recommend opening up your search to include short sale homes and traditional (non-bank owned or short sale).
Since it looks like you have time and you won't be moving immediately, there would be a lot more homes to choose from if you include the short sale inventory. The short sale will take longer (generally 2-5 months) but you can pick up a great deal if you have the patience to wait for the bank to approve the short sale. Banks are much more cooperative now and have streamlined their systems.
Regarding your search criteria, can you please provide me with what you are exactly looking for so we can narrow down the search area since Chula Vista has many different communities. Also, are you open to a property with an HOA (home owner association) fee and properties that have Mello Roos Tax?
You can search for homes on my website for free or if you prefer, I can perform a personal search just for you. Let me know if you have any questions and if you would like to discuss your plans with me. Please contact me anytime at your convenience. Tess, I wish you all the best and I look forward to hearing from you... Thanks!
With Kind Regards,
Bank Owned and Short Sale Specialist
Weichert Realtors Elite
Chula Vista is my company's main area of operation but aside from that I've also lived here for nearly 30 years and know the city block by block. My company and I have the knowledge and expertise you need, but most importantly my company prides itself on superior customer service and I consider each client's transaction a personal commitment. Contact me when you're ready and we can start looking for your 2nd home in Chula Vista with a no obligation property search that will send you active up-to-the-minute listings in the area to your email. Thanks Tess.
Safe Harbor Money Management
CA DRE License #01863531