Home Buying in Claremont>Question Details

Eugene, Other/Just Looking in Chino, CA

How do I start the process of purchasing a home?

Asked by Eugene, Chino, CA Sat Feb 20, 2010

Help the community by answering this question:


I wrote a few blogs that cover the basics. I provided links below.
Below is a simple overview of the process.
When you find a property you need to find out certain things to not make an expensive mistake.
You will need a down payment. If you do not have one yet here is how to create one on your own.
Things to do if it will be quite awhile like a year or more before you buy a house.

Perhaps the blog below is most important. Does it really make more economic sense to rent or buy?
Use your numbers and find out. I might pay a little extra to buy a house over renting. But I would not pay a large amount as the numbers just work against your wallet doing so.
1 vote Thank Flag Link Sat Feb 20, 2010
Hello Eugene, if you figure out what cities/zip codes you are considering, minimum number of bedrooms and the maximum payment/price you are looking to achieve you can be emailed listings to fit your search criteria. Your email address is needed to set you up for the automatic daily updates.

The purchase in Claremont currently start from 289k for 2bd 2ba condo and the single family homes start from 399k for 2bd 1ba home which is as low as $2,000 down payment from a minimum 580 fico score.

You will need to be pre-approved to be able to meet an agent to view and submit offers on any homes of your choice. Your qualifications will be determined by your credit profile, debt to income ratios, fico scores, home price, loan program and how much you want to invest into the down payment and closing costs.

You may qualify to buy FHA with fico scores between 500-579 with 10% down or minimum 580 fico score may qualify FHA 3.5% down or as low as .5% half percent down payment program. You may consider 3% down conventional from a minimum 620 fico score. Your fico scores can be raised within 3-4 days in most cases to qualify for programs, rates and terms as necessary.

It only takes a few dozen questions to qualify, go over your options and email you listings to study and compare. Here are some links to study as well as web reference links to many loan program pages offered...

Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
Veteran & VA/CalVet Loan Specialist
REO & Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
22+ Years Experience
BRE# 01140252
NMLS# 297251
9am till 5pm by phone Monday thru Saturday, Sundays by appt., EMAIL ANYTIME 24/7
Under640FicoScoreLoans@gmail.com or HomeLoans4U@live.com

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0 votes Thank Flag Link Sat Mar 28, 2015
I don't think that a lender should be your first pint of contact. I think a Realtor should be your first call. The reason that I say that is because there should be a initial consultation. A realtor should explain to you the process and answer any questions that you have to make you comfortable with everything. The Realtor can also help you choose a lender or institution to obtain a loan based on your needs, desires and qualifications.
Bottom line... Work with a reputable Agent that you feel is a good fit.

All the best,

Alex Montelongo/Broker
Coldwell Banker Star Realty
562-810-7387 Cell
BRE Lic #0145982
0 votes Thank Flag Link Sat Mar 28, 2015
The first step would be to contact a lender to see how much you can qualify for. Then the fun part begins of looking at homes!

Joan Patterson, B.A., G.R.I., Realtor, License #01431647
Keller Williams Realty
0 votes Thank Flag Link Tue Dec 18, 2012
The first thing you need to determine is your buying power. How much money you have for down payment and closing costs. Minimum amount neded is generally 5 to7 percent of the purchase price of the home. This is using a FHA loan with 3.5 percent down payment. You also need to know your current credit score and score for your spouse. Free credit report .com can be a good resource. Your home purchasing power, or the amount of home loan a lender will give you is roughly 1/3 your gross income. For example: You and your spouse make a combinded income before taxes of 4500.00 per month. The maximum a lender will allow you to pay for your new home loan will be 1500.00 per month. With interest rates in the 4 percent range , 1500 dollars will cover a loan of approx 300,000.00 dollars.
Now you can get a general idea of the price range of home you can purchase. You should talk to your friends and family to get the name of a good home loan professional and a good realtor in your area.
0 votes Thank Flag Link Wed Nov 3, 2010
Hi Eugene. If you haven't purchased yet, please call me. I promise you won't regret it. By the way, please let me know if you haven't bought a home in the last 3 years. You may qualify for down payment assistance. I've helped people get over 80K in the past. God Bless, Roland.
0 votes Thank Flag Link Fri Sep 17, 2010
Hi Eugene,

A lot of home buyers today are confused by all of the recent foreclosure generated chaos in the housing market. When you combine this with the explosion of information available on the internet, it's no surprise that most people don't know where to start. Here are three common misconceptions that buyers have these days about making sure that they're finding the "best deals."

1) Many people are simply confused by all of the conflicting information that they hear about all of the great deals that they're missing out on (mostly from pitchmen selling a service.)

Aside from courthouse auctions and 'for sale by owner' properties (FSBOs,) there are no special "deals' or sources for homes for sale that you have to 'find.' All properties whether they're short-sales, or bank-owned REOs, or just regular homes are simply for sale and consumers need to focus on shopping for the best deal based on price and features (not the type of sale that it is.)

2) People are confused because they don't know where to start searching. Do you go to Realtor.com, Trulia, Zillow (or one of the 7000 other sources clamoring to be clicked on?)

All homes 'listed' for sale on the internet originate on the MLS system (with the exception of FSBOs.) Data found on Realtor.com comes straight from the local MLS Boards, and new and expired listings are updated every 15 minutes. Big players like Trulia and others also do a pretty good job of publishing this information, but if you go straight to the source there's no need to cross check. On the subject of many of the smaller companies that offer 'complete' online listing info, I can't tell you how many times I've gotten a list of 5 properties to check out from a client who 'found' them online, and had four of them that were sold two months earlier. Consumers (and Realtors,) end up wasting an unbelievable amount of time on false leads.

3) Most people are so distracted by all of this noise that when they do find a home that they like (and is available,) they aren't prepared to make an offer because the don't have a real estate agent or professional loan officer helping them.

When people waste a lot of time trying to find a home by themsevelves on line, they're probably missing out on seeing a lot of the latest and best homes for sale, and don't take advantage of the professional assistance when looking for a home that seller ends up paying for anyway when they buy.

There are two other hazards to be aware of as well. You can lose the window of opportunity on a home by spending a few extra days lining up and agent and loan officer to represent you, especially with everyone trying to take advantage of the Federal Tax Incentives before they expire. Also, many people are tempted to let the listing agent handle both sides of the deal because they're not prepared and it seems convenient. This is called a dual agency in California and though many will disagree with me and say that it's perfectly legal (when done in conjuntion with a 'Conflict of Interest Advisory' disclosure,) I personally think it's a bad idea. You should always have your own representation in a big money deal.

Basically, If you want to buy a home.. get a good agent and a loan officer on your team first. Best of Luck.
0 votes Thank Flag Link Thu Feb 25, 2010
Hi Eugene,

Get pre-qualified from a BANK, interview buyers agents.
It's a buyers market, take your time.
0 votes Thank Flag Link Sun Feb 21, 2010
First speak to a lender to see what you can afford and if you qualify for a loan. Then speak with a few buyers agents and choose one that will walk you through the home buying process. Find one that you are comfortable with and that you feel will work in your best interest. Don't be afraid to ask questions, that 's what they are there for. Happy house hunting.
0 votes Thank Flag Link Sat Feb 20, 2010

I suggest you Learn what the home buying process involves, learn your rights and then interview Agents to select the Best one for you. It is your financial commitment/obligation and your responsibility to choose wisely.
Hud has an Excellent site/information for homebuyers and they suggest 9 steps...
1. Figure out how much you can afford
2. Know your rights
3. Shop for a loan
4. Learn about homebuying programs
5. Shop for a home
6. Make an offer
7. Get a home inspection
8. Shop for homeowners insurance
9. Sign papers
I would suggest reading through this information before making any decisions....You may learn of classes, free counseling/help that may lead to Financial assistance you are unaware of...Check it out

Also the site provide info on where to find all the Gov. Foreclosures/Properties for sale

The Banks also have sites where you can learn about their REO's and see their listings/properties for sale..
You can find links to those sites here...http://www.mortgagenewsdaily.com/wiki/REO_Database_List.asp ..
http://www.biggerpockets.com/bank-reo.html ...

Also if you are interested you can find all the Current Gov. Loan Programs here on a site created by the Fed. Govt. for the public. You can get specific information, compare options, or take a short questionnaire to determine your eligibility for each program.

Good hunting
0 votes Thank Flag Link Sat Feb 20, 2010
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