Home Buying in 94539>Question Details

Homebuyer, Home Buyer in 94539

Loan options for Single Income ( with family of 3) in range of 130k, with 10% down, no debt but no significant funds ( to put 20% down as well. ).

Asked by Homebuyer, 94539 Mon Feb 18, 2013

Looking for house in range of 550k . But don't see houses in that range at all. prefer area : Irvington / Warmspring / San Ramon

Help the community by answering this question:

Answers

11
Shouldn't be a problem I know of lenders that can do a conventional loan with just 3% down and a 620 credit score.
1 vote Thank Flag Link Wed Oct 23, 2013
With 10% down, I just don't see that you are going to have a problem qualifying for either a 5% Down Conventional or a 3.5% Down FHA providing your credit is decent. Even going Conv, that will leave you with enough to cover your own closing costs so you don't have to ask the seller to pay them for you. That at least will put you a head of some of the buyers out there. Let me know if you have any questions regarding available programs in your area.

FYI, I really miss living in the Alameda County. My favorite BBQ place is off of Fremont Blvd. called Carmin & Family BBQ. Best Hot Links around! My lips are smack'n just think about it.

Best of Luck!
Web Reference: http://www.AFN-Loans.com
1 vote Thank Flag Link Wed Feb 20, 2013
The Listing Inventory is considerably low. That means, in a lot of cases, multiple offers for listings. There are a couple of things you can do to improve your chances of finding just the right home, at the right price and in the most convenience to you.
1. Make sure you are Pre-Approved with a LOCAL Lender. For instance, Let's say you are a seller and you receive 2 offers on your home. Both offers are identical, however, one offer is using a lender in New York and the other offer is with a lender in California. Which one has a the best chance of fewer issues and/or problems?
2. Work with a Realtor who has a great deal of experience. One who knows the marketplace and has worked successfully with other Realtors. Those other Realtors know that your Realtor will get the job done, because of previous and past experience. Just recently I had a situation where there were 18 offers on a property. Because of my 29 year track record and previous experience, my offer was accepted and we closed the deal.
3. Once you find your Realtor, tell them what you want, need and desire in your new home. They will then contact their fellow Realtors and seek out what new properties are coming on the market. If they don't, then fire them and find the right Realtor.
In a nutshell, you can not over estimate the need for using an Experienced Realtor who is well respected, trusted and recoginized in the industry. Experience Matters. Hope this helps. Dave Gravelle 510-303-1172.
1 vote Thank Flag Link Wed Feb 20, 2013
Hello Homebuyer, There are some in that price range from time to time and there are a few 2 and 3 bedrooms sfrs right now. Let me know if you want listings emailed to you? You will need to be pre-approved to be able to look at and submit offers on homes of your choice. It only takes a few dozen questions to qualify in minutes. You may qualify from a minimum 580 fico score with 3.5% down, 5% down conventional with NO Mortgage insurance (Lender paid MI) or 3% down with a minimum 700 fico score. Here are some loan program links to study and consider.

http://www.under640ficoscoreloans.com/Pages/JumboLoan.aspx

http://www.under640ficoscoreloans.com/Pages/Conventional.aspx

http://www.under640ficoscoreloans.com/Pages/FHA.aspx

http://www.under640ficoscoreloans.com/Pages/ContactSheryl.aspx
Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
REO & Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
20+ Years Experience
DRE# 01140252
NMLS# 297251
760-486-4225
9am till 9pm 7 days
http://youtu.be/MrygA2_8fAY
1 vote Thank Flag Link Mon Feb 18, 2013
Hi Homebuyer,

If you have not already done so, make sure to obtain a "True Pre-Approval" as defined at http://www.Steven-Anthony.com/GettingStarted before you seriously start looking to buy.

This investment in up-front financial vetting puts you ahead of other Buyers who have not taken this step to reduce risk of the transaction falling apart over a financing issue; and, I'm sure you do not want to unnecessarily waste money on property inspections and the Appraisal only to find out later your financing has not been approved.

Also, review:
"Retail Banks vs. Mortgage Broker/Bankers"
http://tinyurl.com/6qln6nd


The frustrating reality is the majority of the SF Bay Area housing is experiencing a Seller's market - on steroids. I’m seeing properties going over list by $100-125K (and sometimes 100% cash). Recently, I found a property with 63 offers!

I do not see this current market significantly waning until Q3-Q413 after many more Sellers are influenced to list their property (increasing supply) along with a slow increase in mortgage rates over the same time frame (reducing demand).

Having said this, you still have to keep looking! So, make sure your Realtor® sets up automated Local AND Regional Realtor® MLS search agents for you. If you are not quite ready for this step and want to look on your own then take a peek at:

MLS Data Accuracy – Where to search if you’re “without Realtor®”
http://tinyurl.com/ctr4d44

-Steve
1 vote Thank Flag Link Mon Feb 18, 2013
Randy Roberts stop spamming Trulia. The Lendersnetwork is a scam buyers beware. They hire people to creat fake profiles and spam Truila.

Look at Randy Roberts profile he has 100s of spam comments left on blogs. This company uses companies overseas to create fake profiles to leave comments all over the internet to promote their company. There a mortgage lead company that wants to sale your information to mortgage lenders and brokers.
0 votes Thank Flag Link Thu Oct 31, 2013
With 700 credit score, you can put 10% down and have a 10% second. This may push your qualifying up past the $550k.
Doing the math, you should be able to qualify on this program up to $600k.
You may want to send more details info to me @ cgravelle@divmg.com to get a more firm number.
0 votes Thank Flag Link Tue Oct 22, 2013
You can go for 10% down with 90% financing with lender paid PMI. You can try for 80/10/10 no PMI.Regular FHA is also available.
0 votes Thank Flag Link Tue Feb 19, 2013
Assuming the credit score of 700, you do qualify for up to $625 in loan amount.
I highly recommend that you get your self loan approved so that you are ready to go when y find the right house.
You may want to consider a 10% second or a lender paid mortgage insurance loan.
I am located in Fremont ( as it looks like you are, as well).

If you would like to discuss in greater detail my email is: cgravell@diversifiedmg.com
0 votes Thank Flag Link Mon Feb 18, 2013
It will be tough to find house in your price range in these cities.Either increase your price range or change to other cities.There is no other option.check my blog about real estate market analysis in bay area.Good Luck!!!
http://www.trulia.com/blog/joe_patel/2013/02/inventory_down_…
0 votes Thank Flag Link Mon Feb 18, 2013
thanks Joe. My range is based on the how much loan amt that I could be eligible. If I go to 3.5% FHA , I believe I could go higher as well, but then I am also told, FHA are bottom of pile when it comes to sellers preference. I found your blog informative. So if there are 82 offers for a house, is it obvious that higher bidder gets the home or there is some other criteria ? where does first home buyeers like me FHA/3.5 or Conventional/10% down stands ?
Flag Mon Feb 18, 2013
Your choices are going to be determined by your middle fico score. If you have a minimum 580 fico score, you may qualify for FHA 3.5% down up to 417k and minimum 600 fico up to $729,750. If you have a minimum 620 fico score you may qualify for 5% down conventional with NO Mortgage insurance up to 417k. You will need a minimum 700 fico score to qualify for conventional 10% down up to $625,500 loan amount. Do you need listings emailed to you?

I specialize in Under 640 Fico Score Loans and offer credit repair at no cost to raise fico scores to qualify for programs, rates and terms. I can raise fico scores within 3-4 days in most cases. It only takes a few dozen questions to qualify you in minutes for the options to benefit you the best financailly. Here are some links to study and consider.

http://www.under640ficoscoreloans.com/Pages/JumboLoan.aspx

http://www.under640ficoscoreloans.com/Pages/Conventional.aspx

http://www.under640ficoscoreloans.com/Pages/FHA.aspx

http://www.under640ficoscoreloans.com/Pages/CHDAPLoans.aspx

http://www.under640ficoscoreloans.com/Pages/HalfPercentDown.aspx

http://www.under640ficoscoreloans.com/Pages/ContactSheryl.aspx
Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
REO & Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
20+ Years Experience
DRE# 01140252
NMLS# 297251
760-486-4225
9am till 9pm 7 days
http://youtu.be/MrygA2_8fAY
0 votes Thank Flag Link Mon Feb 18, 2013
I do have a 710+ score. My credit is better. when you say I can qualify for upto 720K loan, what are the eligibility criteria apart from FICO score ?
Flag Mon Feb 18, 2013
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer