real quick, just wanted to give some advice to you to save you a lot of heart ache.. in riverside you are going to have a hard time getting your offer accepted due to FHA required repairs, etc., at that price range...anything under your range needs work, has a huge HOA fee and a train running behind it, or has other issues...you can find a nice move in ready home for your range outside of the city of Riverside, but maybe still within the County..you need your realtor to be showing you what your options are, REALISTICLY, in the price range, a fast cash buyer will most likely get it...if its worth the money.....if not, most likely FHA wont approve it....you need help with this and Im racing thru, so talk with your realtor. If you dont have an adviser, call me. Simply put, you will save yourself a long learning experience and cut right to the chase by doing so...one thing comes to my mind right away and that is HUD HOMES. You can save your 3.5% and pay $100 - period. Seller pays ALL closing costs (up to 6%) - its the same loan as your FHA, just converted to a HUD HOME PURCHASE - hard to find and takes work to get them - email or call me if you need help - http://www.DIALdani.com

Carolina,

There are a few homes in Riverside that you can purchase for that amount. It is not impossible, but most will be foreclosures and other distress sales.

See our web reference to get a list of such properties.

Also, that is a price range that many buyers are in. Having a good team of Realtors to assist you is great start. Especially if you are already pre-approved.

Please read my profile for what we can do for you. Also, if you'd like a second opinion on your loan, we can do that, too. No charge or obligation.

Good luck.

Robert Vaughan, CSP
Broker/Owner
Success! eRealty
951.963.0163 ext. 1001
fax: 951.552.6132
info@successerealty.com

Hi Carolina,
Yes, sit down with your REALTOR(R) and ask them what areas you can find a home in that are in that price range. If you are willing to move a little farther out, you can save a bucket of money. We have home buyers in escrow on 3 bedroom, 2 bath home built in 2006. They got it for $110K, and the seller is paying 5K in closing costs. So yes, it can be done, just be persistant. Your hard work will pay off. Good Luck!
Need your own REALTOR(R), call me!

I spoke recently to a young woman who just purchased a home in Victorville for close to that price. You might try taking a look there, at the foreclosures.

Hi Carolina: Yes you can!

With FHA financing the buyer can ask the seller to pay up to 6% of the sales price towards their closing cost, but the seller has to agree to this condition. Plus remember that once you open escrow you have anywhere from 30 to 60 days to save up more money for your closing cost during this escrow period. Though I do advise you to ask this question to your loan rep for guide lines seem to change on us at times when we do not expect them to.

As to possibly buying a home in that price range will depend upon the county, city and type of home you are seeking to buy. Since I read that Riverside is an area you might be buying into my answer to your question is yes. Cities such as Riverside and Corona have homes, condos and town homes for sale within your price range. But with out knowing exactly the cities you are looking into makes it difficult for me to provide you an accurate answer here.

Caroline, where do you want to purchase a home? Let me know the area and I will check out the MLS for you and let you know what you can expect to find.

Happy househunting!

Dear Carolina,

It would be in Wisconsin. I'm not sure of the values in California. However, keep in mind that you will need money for a home inspection and an appraisal. In some instances, you can ask for a sellers credit to you at closing toward closing costs, which might help. You need to get yourself a reputable real estate agent to help you through this process. He or she should be able to better help you in your area.

Hope this helped.

Linda