I am a Realtor/Broker in Eureka and Arcata and work with first time home buyers. Feel free to contact me and I can point you to lenders who can help you get into a home with little or no money down. I sold a house on B Street a couple of years ago to a person who used the Eureka First Time Homebuyer's program.
If you are planning to relocate to Eureka, I would say it is advisable to rent first. That way you can get a feel for the area and spend more time researching the areas that appeal to you.
If you already know the areas you like, then you can avoid the hassel of moving twice.
You may qualify to buy with minimum out of pocket expenses and pay less than rent in many cities. The purchase in Eureka start from 119k for 1bd 1ba condo, 135k for 2bd 2ba condo and the single family homes start from 150k for a fixer 3bd 2ba home which is as low as $750 down payment with a minimum 640 fico score @150k.
Beware of the many rental scams out there these days on all sites. The scams are on all of the rental listing sites except one that us agents/broker use such as mls, multiple listing service.
You should not give anyone any funds or personal information without confirming with a licensed agent/broker or management company to find out whom you should be dealing with and the status of any address of interest.
You will need to be pre-approved if you decide to buy and 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, loan program and how much you want to invest into the down payment and closing costs.
If you figure out what cities/zip codes you are considering, minimum number of bedrooms and the maximum payment you are looking to achieve you can be emailed listings to study and compare. Your fico scores can be raised within 3-4 days in most cases to qualify for programs, rates and terms as necessary.
You may qualify FHA from 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 from a minimum 640 fico score up to 417k. You may consider 3% down conventional from a minimum 620 fico score or even 5% down conventional with NO Mortgage insurance (Lender paid MI) up to 417k.
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
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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I've only been here since June 30th, and I can tell you that I've been able to discern which areas are better than others. Which streets to avoid. The fact that the town is full of beautiful old homes, can cloud one's perception of a neighborhood. Specially if you are moving from a larger town, like I am. Some of the streets have lots of traffic others lots of strange looking individuals. Best of luck!
That's my suggestion. Have your work done before it's time to move to make it a smooth transition. Save your money!
If you need more info feel free to email me at email@example.com
Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
The negatives of rushing into the wrong home are fairly easy to imagine. However, the affect of a rising interest rate must be quantitatively examined to understand its impacts.
For example, a 30-year loan for $100,000 at 5.000% amortizes a total of $93,255.79 in interest. Assume you wait until the end of the year and rates bounce up to 6.000%. In this case you would pay a total of $115,838.19, a difference of $22,582.40. Just my $0.02!
Best of luck to you.
Most mortgage professional believe 5.5% - 6.0% is the range we will be seeing by year's end.
If you know the area well, renting first could cost you because interest rates will almost assuredly be higher as they have been ridiculously low.
If you don't know the area well or haven't been there in a while, you may want to rent first to figure out if you want to be there or what part of town you want to live in because things have changed. Taking a shorter term lease makes sense because you can take advantage of deals or move quickly when you find something you like.
Yes, it will cost you a bit more in terms of moving twice and/or storing your belongings, but in the end you will probably feel better that you took the time to make sure it was right.
Lance King/Owner-Managing Broker
Far as renting first, I have heard arguements either way and there are pros & cons. You should write them down to help you decide, but really it is an opinion question. I deal with a lot of clients who are relocating to Tucson, AZ. Some will rent for say 6 months, put majority of their stuff in storage (which costs & of course the cost of 6 month lease) BUT by doing that, they can scope out the neighborhoods, subdivisions and what is on the market. This helps them get a feel for schools (if you have children) and different areas of town. You MIGHT think you are ok with a certain commute until you realize it takes you 1 1/2 hours each way. You will find a lot out up front BEFORE you buy by renting. Since the housing market is down, not like it will cost you more by renting and finding exactly what you want or need. It is more work than just buying a place over the weekend, as some do.
If you can't tell, if it was me relocating, I would rent for 6 months to help us find not only the "prefect" home at the right place, but the right neighborhood for us as well.
BEst of luck.
Tierra Antigua Realty
You most certainly should re-acclimate yourself to the Eureka area, a lot can change in 2 years. I would agree renting is the best way to do this, I just have a twist to what has been suggested below:
Rent a room month-to-month, this will be more flexible and less costly even considering any storage costs for your personal belongings. There may be some discomfort living in someone else's home but this is probably better than having to bypass a perfect home because you are locked into a lease and need to decide between breaking the lease (and still owing remaining rent) and buying a home.