Home Buying in Rossmoor>Question Details

Slowfoodisgo…, Home Buyer in Concord, CA

Would Rossmoor be a viable option for us?

Asked by Slowfoodisgood, Concord, CA Thu Jun 28, 2012

We have $60K to put down on a home and want to pay no more than $1700/mo for mortgage, taxes, and HOA. Would a coop or a condo be feasible for us? We do have the $75K in liquid assets but our fixed income in the future will only be $4K per month.

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Mike Hill’s answer
Yes. Ross may be a viable option for you.

Purchase price of $200K, $60K down (30%) - PITI mortgage of $960, plus about $700 HOA = $1600-1700/mo. These are approximate numbers. With a quick search on the MLS, there are plenty to choose from... even for less than $200,000.

If there is anything else we can do for you, let us know.

Mike Hill and Rita Norman
Norman-Hill Properties/Crown Key Realty
0 votes Thank Flag Link Thu Aug 9, 2012
There are plans here at Rossmoor that can work with your financial parameters and it depends on what size home you require. Using a reverse purchase mortgage is another way you can purchase more home without the monthly burden. I would like to know more about your situation goals for your retirement.lifestyle. I have lived here for 9 years and work everyday to assist people with finding the home that is right for them. Feel free to contact me and explore more options.

Marsha Wehrenberg, SRES
Prudential California Realty
1 vote Thank Flag Link Thu Jun 28, 2012
Dear Clayton Homeowners:
I am one of only 1% of all Realtors in the United States with a Seniors Real Estate Designation. I specialize in working with Boomers, Zoomers and Savvy Seniors who are looking for options when considering a transition. I would be pleased to connect you with a seasoned mortgage broker, reverse mortgage advisor (you CAN use these for purchase!) or a financial advisor who can look at your overall financial world. Please let me know how I can be a resource! I have worked in Clayton and love the town-last listing as in contract in 4 days!! P.S. I have BUYERS, 2 families in particular, who want to BUY in Clayton NOW. Any interst in selling?
0 votes Thank Flag Link Thu Aug 2, 2012

Did you find your home and get your questions answered? Please call if you need assistance in purchasing the right home for the both of you. I can help you get pre-qualified and on the road to being in your new home.

Best regards,

Lillie Missbrenner, Realtor
Short Sale, REO and HAFA Certified
Better Homes and Garden
Cell: 925-628-9100
0 votes Thank Flag Link Wed Jul 11, 2012
As a Mortgage Lender, I would not feel comfortable throwing out what you could buy based strictly on what you have for a down payment and what you want in a monthly payment. There are so many variables in today's market when it comes to determining what loan you would qualify for with that payment and down. Various loan products have different interest rates. I would be happy to provide a free, no obligation, consultation with you so we can figure out what would be in your best interest to meet where you want to be. Sometimes putting all your money down may not be the wisest thing for you to do. This is something I can help you to determine by showing you more then one option.

Don't trust anyone who throws anything at you without first being a licensed mortgage loan officer, asking very specific questions, and taking less then 2 minutes to answer it. Loans are more complex today and it's just not black and white anymore. I would love to help you navigate through the loan process to prepare you to go and buy what you will enjoy for years to come.
0 votes Thank Flag Link Sat Jul 7, 2012
The Rossmoor is a 55+ community. You are too young to live in Rossmoor.
Based on $60,000 down and HOA Fee at $350 per month, you can afford to purchase a property in the $270,000 price range. You also can purchase a property in the $300,000 price range without paying the HOA Fee. You should discuss with a lender before finding a home. Please feel free to contact me at 925-408-6999 for further assistance. Thank you.
0 votes Thank Flag Link Fri Jun 29, 2012
Could someone please tell me what $1700/mo would give us after putting $60K down? Let's work backwards from that. And, yes, I would not be asking about Rossmoor if I wasn't over 55.
0 votes Thank Flag Link Fri Jun 29, 2012
Rossmoor could definitely be a possibility for you, providing one of you is over 55. The numerous activities including golf, tennis , swimming and all types of classes makes living in Rossmoor extremely desirable. Please contact me for more information--thanks,
Len Cohn
Better Homes and Garden--Mason-McDuffie
925.962.6130 email: len.cohn@bhghome.com
0 votes Thank Flag Link Fri Jun 29, 2012
Are you 55+ adult? If not than you are not qualify to live in rossmoor. If you are than give me a call and we will go from there.
0 votes Thank Flag Link Thu Jun 28, 2012
It would definitely be an option. Financing in Rossmoor typically requires 30% down for your loan and a $7,000 membership fee paid as part of your closing costs. HOW fees start around $500 a month there but the amenities are great for active 55+ adults.

Let me know if you need more information.

Bryce Schumacher
J. Rockcliff Realtors
0 votes Thank Flag Link Thu Jun 28, 2012
Hello Slowfoodisgood,

Are you aware that your monthly co-op (HOA) fees will likely run in excess of $550? While Rossmoor has a lovely set of amenities to enjoy, it also has a lovely set of amenities to financially support.

Kindest Regards,
Vickie Nagy, CA DRE#01363932
0 votes Thank Flag Link Thu Jun 28, 2012
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