You will need a minimum 660 fico to qualify conventional with 5% down and 700 fico for 3% down. Rates as low as 2.875% up to 2 million with a minimum 740 fico score. I offer many loan programs to fit your individual needs and debt to income ratio's and fico scores or down payment to invest into the purchase. Here is a link, flyer, maximum income limits and a needs list to gather for processing a loan approval.
CHF Access half percent down flyer, pdf
CHF Access income limits http://tinyurl.com/8lzf8he
Sheryl Arndt, standard needs list checked, pdf
Why Rent brochure
Sheryl Arndt, Real Estate Broker â€“ Sr. Loan Officer CA only
REO & Short Sale Specialist
20+ Years Experience
Great question! Actually the market in the area has been moving higher especially for an entry level home like yours appears to be. These types of homes in RSM have historically been priced between $300-$400k, over the last couple months you can't find any detached home in the city for less than $450,000.
If you don't need the space, I'd look into selling the home if you don't want to deal with the headaches of renting out the home.
I specialize in the local real estate in RSM and have a dedicated farm in the city that my partner and I are activly working in near Trabuco Mesa as well as Las Flores.
Please check out our website, blog and other information about us before giving us a call so you can read more information about who we are along with our testimonials.
First Team Real Estate: Plan A Partners
Broker Associate: 01892077
Unfortunately, your situation is not unique. I have helped others make decisions on how to proceed but each case has individual considerations. Yes, it is true the market is still in a tailspin and you sound like an active player that doesn't want to sit on the sidelines. You say you don't want the upkeep on owning a larger home yet some suggested you become a landlord, interesting. Not to say that normally this wouldn't be great idea, maybe just not for you. First you need to see what your home is really worth, what you owe, how much your payments are, check out refinancing options and whether a smaller home is in your best interest. Also, consider your children, schools, etc. A lot to think about but I have a step by step plan that will help. The time it takes to sell your home, if you choose to do so, depends on how well it's priced, location, etc.
I hope this helps.
I agree with Bob, why sell in this market when you will not get your price and you are competing with REO's and short sales. If you've owned the property since 99', you've got equity, your payments should be low, and you can afford to rent out the property and have positive cash flow to help pay for your rent.
In your situation, I would rent it out and wait for the market to pick up; which no one knows when that will be.
The economic situation has been very difficult! And yes the foreclosures and short sales have hurted many communities.
First I would need to know what is the name of your tract...Dont want to be wrong on the price and you dissapointed waiting for an offer.
The inventory is high and pricing is very important...Once we figured out the price then you can make a better decision and consider if it's worth holding till spring or start working now...
Now you also mention that you could rent..but if your credit is good might be better buying a condo. You will be buying low as well and have the opportunity and convinience of tax deductions...Something to think about!!
You can contact me by email at email@example.com or phone 949-463-3454.
I will be pleased to assist and formost give you the information needed to help you with this!!
May Castro- Realty One Group-
You've received lots of "Pick Me! Pick Me!" type answers, and none of them have really addressed your situation. First, we cannot determine the correct value of your property until we know the exact neighborhood its in, and the location it sits upon.
Here's a different idea. I work a LOT of rentals in the RSM area, and a property such as yours - assuming it has a 2 car garage - rents for at LEAST $2400. per month. Why not just rent it out for a year or two, until values start to go up again - which they will - and in the meantime, rent a small apartment somewhere of your choosing.
I screen prospective tenants thoroughly, and can provide numerous references from happy landlords, whom I represent.
Drop me a line or give me a call if I can be of assistance to discuss different possibilities. I have been a Realtor in South Orange County for 34 years, and am experienced in every scenario you might want to explore.
CA DRE license # 00581357
Not easy questions to answer. Your financial situation is very important to consider. Is the market at the bottom? Is it better to rent as opposed to purchase? How long will it take to sell? What's your home worth?
These are all good questions and the following answers are my opinion.
1. Is the market at the bottom?
In some price ranges, possibly not, however, I think, without knowing more about your home, it could be. The size and type of your home is very desirable.
2. Is it better to rent as opposed to purchase?
You didn't ask this question but did mention renting. As you know there are tax advantages to owning. This is where your financial situation enters the picture. It's always a good idea to consult your tax advisor and financial planner. There again, it's difficult for me, without knowing more, to give my input.
3. How long with it take to sell?
This is a function of condition, location, price and marketing. If you have something unique, it will sell quicker and you'll get the highest price the market will bear. If it's pretty generic, you'll be competing with several properties.
4. What's your home worth?
As you know the value of your home is what someone will pay for it. Here again, several items/factors enter the picture. Just to give you a rough idea,however, in your general size and type of home, there are currently 18 Active Listings ranging from approximately 430k - 550k with an average being about 477k. There are 8 homes in escrow with an average list price of 463k and 21 homes that have closed escrow since 6/1/2010 with an average being 499k.
As mentioned earlier, these are questions that are not easily answered and some can't be answered at this time. With additional information, however, an intelligent plan of action will materialize.
If you would like to contact me, please see my website at http://www.mihaylo.com.
I'd love to talk with you,
Given your status as a single man that is living a house that is too large and cost more to operate than you are getting in return, you have already determined what you want to do. I market exclusively in Rancho Santa Margarita and I am very keen on todays market, I can sell your home and I can even work with you on finding a replacement. Give me a call and we can put a game plan together.
You should meet with 3 local REALTORS to get their individual perspective on the value of your property and then make an educated decision on how to proceed.
Every day you wait, you are likely losing value.
Remember, always use a REALTOR.
Best of luck,
Broker / Owner & Certified HAFA Specialist
Thom Colby Properties
Newport Beach, CA
Moving Lives Forward (TM)
We NEVER DOUBLE-END Transactions in our Brokerage. There is NO benefit to the Seller or Buyer and only benefits the Agent. Also, NEVER use your RE Agent / Broker as your Lender or vice versa. Also, be careful when using Real Estate Broker-owned Escrow and Title Companies - they can be loads of trouble.
888-391-5245 Direct Cell
Sounds like you have a lot of motivation. That is great! I would be happy to give you a market anaylsis of your home value and share with with you how I sell homes for the highest value. Lots of homes are selling in the Orange County area. Yours can be one of the them. It can sell very quickly if priced correctly. All you need to take action.
I can be reached at 949-201-6887
Keller Williams Realty
Everyones situation is unique to them. We would have to sit down and review all your options, that would include tax professional, and the other questions you asked. Please give me a call and we can discuss your options with no obligation to you.
I personally do not think that the market is headed down much further. I recently helped my three children buy homes in Rancho Santa Margarita.