Home Buying in Oakley>Question Details

Foximama2, Home Buyer in Brentwood, CA

Home Financing questions. =) (Seeking possible agent/broker)

Asked by Foximama2, Brentwood, CA Sun Apr 1, 2012

My husband is real antsy to purchase a home- He feels prices are moving up and with the interest rates what they are- well, he wants in!
I on the other hand, feel it will be hard to secure a loan, considering we will need 100% financing, plus I believe we would be settling for a home not really to our likes... (4bd 3bath pref over 2500sqft- with a max budget of $275k... oh, and did I mention I want a killer yard?? ha)
We LOVE mountain house/Discovery Bay/Brentwood. But Oakley seems to be the size home we "want" at the price we "love"
A friend told us a USDA loan will allow us to purchase with 0 down, but only in Discovery bay and Mountain House (due to city population)
True? False?
Any tidbits on where to start for us first time home buyers would be great. =)
I'd prefer to speak to an agent before applying for a zillion loans.... but I could be doing things @ss backwards. =D

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Answers

9
Hello Foximama,

Your friend is right about those cities offering extra incentives but the the homes may be a little of your price range.

However, you can get a great home in Brentwood if you are not 100% set on Oakley. Also, please be aware of extra taxes that come with these new devlopments as they can be twice or thrice as much as other properties that are older.

If you like, I can show you some homes in either of these cities in your price range...and help you obtain information about taxes as well.
0 votes Thank Flag Link Mon Apr 2, 2012
Sounds like you are on target to me. Choose a Realtor you trust and have them introduce you to the loan officer they trust the most. Team work makes it go better. Good luck,
0 votes Thank Flag Link Mon Apr 2, 2012
USDA is a great option but FHA with a CHADAP "down payment" assistance loan allows you to put down just a half of a percent of your own funds. Call me anytime to discuss further!

Brian
Web Reference: http://www.loansquawk.com
0 votes Thank Flag Link Sun Apr 1, 2012
I think your best bet is going to be a Cal FHA loan with one of the piggy back situations. I know that they exist for Cal FHA. As I understand it no USDA loans around here. I think you should put together money though as it give you more options. Do you have a family member that would gift you funds for the down payment? Do you have a Pension Plan you can borrow against? Do you have a Tax Refund coming? Can you sell some asset? 3.5% is not very much and there are ways to off set it; but having some cash is best. Can you put aside $500 to $1000 every month? I had a family sell it's cars and buy cheaper cars to qualify for a loan. Most toys (and nice cars do not last) a home will.
BTW now is the best time to buy - do what it takes to get in the home.

My web site is below - you can search homes there. It is a direct MLS feed.
0 votes Thank Flag Link Sun Apr 1, 2012
Hi,

It is a little talked about fact and unknown by most loan agents and realtors, but in fact there is more than one way to accomplish buying a home with zero down or very close to it. Most people know about the FHA 3.5% down payment loan and believe that other than a VA 0% down loan, that the 3.5% is the lowest. That is only sort of true. There are a number of down payment assistance programs and community development programs that allow you to take out the FHA 3.5% down loan and then add one of these programs "piggy back" to it. This takes the total down payment to either zero or as little as one half of one percent.

These programs are never talked about and under utilized because most brokers don't know about them or don't know how to put one together. These programs allow you to buy what you want where you want.

Neil Case 925-382-7294
0 votes Thank Flag Link Sun Apr 1, 2012
Hello again :)

I have someone you could talk to who is quite knowledgeable about the USDA loans. You can get a home in Discovery Bay with the paramaters you are looking for. Please call me, I'd love to help you.

Thank you and good luck!

Jana
925-522-1215
0 votes Thank Flag Link Sun Apr 1, 2012
Congratulations, you made a good decision to look into purchasing a home. You will need to understand that purchasing a home in our market can be a very frustrating process. You need to get pre-approved but you also need to know that your situation is unique and their may be hurdles that you need to understand so you can plan a successful approach to achieve your goals. I read a statistic recently that said, for every 10 buyers only 5 will succeed The biggest reason for this was that most buyers didn't plan or understand how the market is working now. I don't want to be a pessimistic but I have experienced it first hand. Please visit my blog at http://www.pauldemariarealtor.com or my website at http://www.shortsalesandforeclosures.com. Hopefully, you will find some helpful direction.
0 votes Thank Flag Link Sun Apr 1, 2012
The first thing to do would be to talk to a lender and get pre-approved. USDA is only available in rural areas so a lot of properties don't qualify. If you or your husband was or are in the military you may qualify for a VA loan which will allow you to pretty much purchase with 0 down. Once you find a lender then you can find a real estate agent to help you with your purchase. Hope this helps.
0 votes Thank Flag Link Sun Apr 1, 2012
Everyone starts in the same place, speaking to a lender and that is where you need to start. 100% financing will limit your search area but the lender can probably fill you in on all that. Once you speak to a lender then find a good Realtor to help you.
0 votes Thank Flag Link Sun Apr 1, 2012
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