The difference in the monthly payments should be easy to calculate. The challenge is understanding rather or not the property will appreciate enough to cover your costs to sell in the short time (1-3 yrs) that you will have the property. You should figure the cost to sell will be in the 7-8% range.
Good luck,... more
I would talk to a loan officer first and they can go though you income & credit with you in detail and counsel you on what to do. There aren't any "deductions or rebates" necessarily for first time home buyers, but many times a lender can pay some or all of your closing costs. Contact me and I would be happy to help.... more
Buying foreclosures can be a frustrating venture, especially when you don't have cash. I hope you have found a good agent to work with as that is the most important way to get your ducks in order to prepare for an offer. Your agent should be clear on what your looking for and when you find something, should be calling the listing agent immediately to find out what the competition is like. although selling agents cannot tell you what the actual other offers are, they can give you some general idea. Also, I try and encourage my clients to choose houses with minor defects that have fewer buyers competing, or watch for a short sale. If your pre-approval is for a very low down, you might try and increase your downpayment. Best, Terry Bell, Realtor, Santa Rosa, CA... more
If you need a home loan there are 3 basic loans: conventional loan requires 20% down, FHA, 3.5%, and VA 0%, is a loan that is for buyers who served in the military. If you would like more information call or email at 661-431-8864 email@example.com... more
Yes, a few of them. Some make you pay the money back and some even allow the money to be gifted to you over time. Your credit score will determine the one that can work for you. Call me and I would be glad to point you in the right direction to get a loan that works for you. Then I can help find you a home that meets your requirements.
Adrian Diniz/ Broker
You can find the answer within your offer that you made. On page 1 of 8, Section 3, Sub-Section B, of the Calif. Residential Purchase agreement will let you know when occupancy is to be delivered to you. Typically on a home that is occupied you will obtain the keys 3 days after close of escrow. If the home is vacant then typically occupancy takes place on the day of close of escrow. Your agent should also be able to let you know when occupancy is to take place. Congrats on your new home!
Try to avoid foreclosure by either doing loan modification if they have income to support the new payment or do short sale. For short sale, contact an experienced agent in your area who has closed short sale. Consult with CPA or real estate attorney for any tax and legal issues.... more
I think we'll be busy due to the huge inventory, the low prices and the great interests rates right now. The fact the home ownership is more affordable than ever is making those who never thought they could step and take the plunge. However, I don't think our economy is anywhere near a recovery state. None the less...I agree ...I think we will see a busy winter.... more
I have my weak moments. However, I find that coaching doesn't work for me as I am harder on myself than most coaches. The key here is this: Like anything else in life, just because you mess up doesn't mean give up. Kind of like being on a diet, just because you messed up and ate the cookie doesn't mean you have to eat the whole bag. Just pick up where you left off and in some cases we have to start over.
My motto is I may not be where I need to be, but at least I'm not where I used to be.
Great question though!!!
Getting your loan approval is the biggest hurdle. If that's in order then ask around to your friends and family and see if they know an agent that can help you, or interview a couple of agents on your own and find one that you feel will help you best.... more