Home Buying in Concord>Question Details

Tooterturtle, Home Buyer in Concord, CA

What can I afford and where should I look?

Asked by Tooterturtle, Concord, CA Tue Aug 7, 2012

I'm a single man who grew up in Clayton, and I like the area. I have a small inheiritence ($30K) for a down payment and make $37K a year. I don't want to do any yard work or be cash strapped.

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Answers

6
Maria Cipollone’s answer
In order to obtain a mortgage loan, any Lender will be looking at the following factors:

-Employment history ( minimum 2 years at the same job)
-Capacity to repay your loan
-Debt to income ratio
-Credit history
-Capital (the amount of cash that you have for downpayment and closing cost)

Best of Luck,

Maria Cipollone
Century 21 Tenace

http://www.Flahomespecialist.com
1 vote Thank Flag Link Thu Nov 1, 2012
Two steps:

(1) Work with a reputable lender to go over all your options. The lender will help you understand all your options, explain what type of loan will works best and provide you with a prequalification.

(2) Take the preapproval to a local Realtor who will then show you what is available in your price range in the various cities in which you may be interested in living.
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0 votes Thank Flag Link Thu Aug 9, 2012
Having several years previously as a loan officer, the very first step in the process is to talk with a local lender who can explain all of the options for you. There are severaly types of loans out there and qualifying for a loan can vary by loan type (FHA, Conventional, VA) and downpayment. Your debt-to-income ratio that a lender will calculate for you should give you a good idea of what price range you can afford. That mortgage payment will be made up of principal, interest, taxes & insurance (HOA fees if you purchase a condo or townhome) and possibly mortgage insurance. There are also other types of loans for ow down payments that will not have mortgage insurance.

Concord, Martinez, Pacheco or possibly Walnut Creek might work.

Bryce Schumacher
J. Rockcliff Realtors - Pleasant Hill
925-322-0630
0 votes Thank Flag Link Tue Aug 7, 2012
First step is to talk to a lende. I recommend John Kay of Mortgage California - http://tinyurl.com/8nuv7ht. You may qualify for more than you think but focus on the monthly cost to you (mortgage payment plus HOA dues plus taxes, insurance etc.).

Provided you have good credit, you should have some good options in Concord, Walnut Creek, Pleasant Hill etc.


Bernard Gibbons

+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
Bernard Gibbons, J. Rockcliff Realtors
DRE License # 01331583
Phone (925) 997-1585 - bernard@bernardgibbons.com

http://www.BernardGibbons.com
Web Reference: http://tinyurl.com/8nuv7ht
0 votes Thank Flag Link Tue Aug 7, 2012
sounds like a condo or a town home. the only caution I would offer is what happens if you should get married or something in a couple of years. Then you might wish you had bought a house instead. You should talk to a good lender about your credit and what you can afford then look for the house.

The guy I recommend is Brian Skaar with VanDyk Funding bskaar@vandykfunding.com or (866) 900-2342.

He has worked some incredible loans for me. He also offers a 5% down payment conventional loans. FHA will not fund on some condos and town homes.
0 votes Thank Flag Link Tue Aug 7, 2012
Your best source for how much you can afford is a lender. I can then set you up on a customized MLS. Please contact me offline if interested in a referral lender.
Suzanne Looker, http://www.suzannelooker.com
0 votes Thank Flag Link Tue Aug 7, 2012
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