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90201 : Real Estate Advice

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  • Local Info1
  • Home Buying7
  • Home Selling0
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Activity 9
Yesterday at 8:35pm
Findingme1965 answered:
I absolutely think you should buy rather than rent. We did not have a down payment or even money for closing cost just money for appraisal and inspection. Oh and for the I forgot the real term but it's basically a good faith down payment. I found out there are so many programs out there that help with down payment assistance that would include closing cost.. If you are able to qualify with good credit it would definitely be less than rent. And the include the tax in your monthly payment along with insurance and everything and it's still less than rent. The only thing is if you don't qualify for at least $150,000 it is so hard to find a place in Southern California well I should say California in general. I live in Northern California and we decided to leave to buy the house because we live in Monterey and there was no way we could buy a house up here. But our rent went up and are loan is not as much as we would have liked so it was a little difficult to my place that would be in our price range. Being that we are in our 50s and we are first time buyers we learned a lot read everything you can about home buying Home Inspections appraisals anything that Trulia realtor.com or Zillow gives you to read about the home buying experience read it you will learn so much. I found it very helpful and now we are getting ready to purchase a place in Hemet. So Fontana is where I children live and in Colton so we're still far from them but we're not 6 hours away anymore once we move down there. But we will miss our perfect weather. Best wishes on your home-buying journey and I hope this helps. One more thing. I found out San Bernardino County has a lot of locations that qualify for the USDA loan which is 100% financing and also pays for your closing costs. You can look up the USDA on Google and also look at Cal HFA and Cal HFA zip or I think it was Cal zip one of the two but either way they help with the down payment assistance and even closing cost. Hope this helps ... more
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Thu Mar 2, 2017
Gregg Pomeroy answered:
Hello, I'm a mortgage professional.

It depends on how much you can afford to spend on a monthly basis.

There are programs that do allow no money down.

I would need more details to determine what you could qualify for.

If you have any other questions or would like help with this you are welcome to get in touch with me.
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Thu Mar 2, 2017
Sheryl Arndt answered:
Hello Cashbuyer1, are you talking Florida or 90201, Bellflower, CA? You can buy with minimal out of pocket expenses with down payment and closing cost assistance programs we have here in CA.

Here is CA there is still room to gain equity in many cities throughout CA and I am not sure of Florida. The purchase in 90201 zip code of Bellgardens, CA start from 280k for 3bd 1ba condo and the single family homes start from 325k for 2bd 1ba home.

If you figure out what cities/zip codes you are considering, minimum number of bedrooms and the maximum payment/price you are looking to achieve you can be emailed listings to fit your search criteria. Your email address is needed to set you up for the automatic daily updates.

If you are buying a primary residence you could consider a down payment assistance program such as CalHFA or Sapphire Grant which can cover your down payment and closing costs. You may close with minimal out of pocket expenses. You may consider the CalHFA from a minimum 640 fico score and the Sapphire Grant from a minimum 620 fico score up to 424k.

You may qualify FHA from fico scores between 500-579 with 10% down or minimum 580 fico score may qualify FHA 3.5% down up to 424k. 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 424k.

Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
Veteran and VA/CalVet Loan Specialist
REO and Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
24+ Years Experience
BRE# 01140252
NMLS# 297251
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Thu Feb 2, 2017
Wanyeronaldloancompany asked:
Fri Dec 16, 2016
Gissel answered:
Depends on which state and city you would like to buy, and lenders take into consideration whether you have a valid SSN for residency or any temporary. In California the norm for a down payment under FHA loans is 3.5%, conventional loans range from 4%+, although the norms will change next year 2017. If you have a temporary visa you may be able to qualify for a loan but a 30% down payment will be requested, along with higher than normal fees for the transaction, such as closing costs. If you plan to buy cash you won't need anything except for the full cash amount of purchase price on any property you would desire to buy.
If interested in Southern California area, feel free to contact me with any questions you may have through my profile.
Sonnocco Real Estate Group
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Sun Aug 25, 2013
Steven Ornellas answered:
Hi mcortez2121,

First, you should be asking your Realtor® this question since nobody on this forum knows the details of your transaction - and yes, knowing ALL of the facts can make a difference!

However, assuming you used the most recent version of the CA Association of Realtors® purchase contract I would draw you attention to Para 14F of the CAR RPA states, "If Buyer or Seller gives written notice of cancellation ….A Buyer or Seller may be subject to a civil penalty of up to $1,000 for refusal to sign such instructions if no good faith dispute exists as to who is entitled to the deposited funds (Civil Code §1057.3)."

Civil Code §1057.3 says the Seller must release the deposit within 30 days. http://law.onecle.com/california/civil/1057.3.html

Again, speak with your Realtor®!

-Steve
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Mon Jan 19, 2009
Steven Ornellas answered:
Jill, let a professional investigate your ability to buy. contact a mortgage broker and get pre-approved. As far as buying, this is your first step (not a pre-qualification, see:. http://www.Steven-Anthony.com/default.aspx?pp=39377 for the difference between the two) so you can be ready to act when you need to, or be aware of any issues that may prevent you from buying when you want to.

FHA is the best deal in town right now. The 3.5% minimum down payment provides you many options not available with other programs out there. FHA also allows you an extra $8K in loan (that does not affect your debt-to-income ratio), provided it’s used for energy efficient upgrades on the house you buy.

Best, -Steve
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