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Rent vs Buy in 91730 : Real Estate Advice

  • All34
  • Local Info4
  • Home Buying15
  • Home Selling2
  • Market Conditions0

Activity 3
Mon Jan 30, 2017
answered:
The sellers pay the agent fees. Lease with option to buy are risky and usually require a 10% or more non refundable deposit as well as other fees. You may already qualify for traditional FHA financing with 10% down from a minimum 500 fico score.

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.

The purchase in 91730 zip code start from 172k for 1bd 1ba condo, 200k for 2bd 2ba condo and the single family homes start from 305k for 3bd 1ba home.

Do you have down payment and closing costs or do you need down payment and closing costs assistance? You would need a minimum 620 fico score to qualify.

If you decide you want to buy you will need to be pre-approved to be able to meet an agent to view and submit offers on any homes of your choice. You will need to gather some documentation for each applicant.

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. Your fico scores can be raised within 3-4 days in most cases to qualify for programs, rates and terms as necessary.

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.

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 any agent can email listings to fit your search criteria. Your email address is needed to set you up for the automatic daily updates.

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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0 votes 2 answers Share Flag
Mon Feb 10, 2014
answered:
Here's an interesting video on the subject if you are interested. https://www.khanacademy.org/economics-finance-domain/core-finance/housing/renting-v-buying/v/renting-versus-buying-a-home
If I can be of assistance, feel free to contact me at your convenience. My contact information tagline will be posted below as a reply to this comment. Regards, Robert Hanson: robertlh66@verizon.net
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0 votes 4 answers Share Flag
Wed Sep 12, 2012
Roland Corral answered:
Hi Michelle, don't sweat it, if I can help someone buy a home and they just sold their home on a shortsale less than a year ago, I can certainly help you! :) I need to take a good look at your whole situation and yes your credit report. If you already have a copy, I won't have a lender pull it again but I'd like to see it just the same. There are many situations where it is acceptable. give me a call when you have a chance. :) Roland 909-917-6176 ... more
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