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Home Buying in 94550 : Real Estate Advice

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  • Local Info9
  • Home Buying12
  • Home Selling3
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Activity 8
Mon Jul 27, 2015
There are more than one of those. There is a private 2nd and there are several set up through CalFHA. The City Programs are almost all the CalFHA

They have their good points and bad points.

The private one has a higher rate but it will usually close on time. They CALHFA has a lower rate but never closes on a timely fashion, it also requires a higher credit score. I have only done one of these and it closed three months after it was supposed to. I had sellers and sellers agents calling me every day screaming. That was in 2000 I have never done another one. They have such a bad reputation for closing late that many agents advise sellers not to accept offers containing this type of loan. So be ready to make a lot of offers. Your agent will earn every cent of that commission.

So what to do. The problem is that once they CALFHA loans are a week or so late, the sellers cancel the sale and go with someone else. Trust me the stress and hard feelings are not worth it.

But we have the problem of the other one being so expensive. Not such a problem really because in 6 months we can streamline refinance to a less expensive FHA loan ( assuming that rates stay the same. This might not be a good assumptions.)

If you are going to try the CalFHA or Chdap I would recommend going with Sheryl Arndt below, she seems to do a lot of them and so that may be your best bet.
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Thu Jul 23, 2015
Farhad Khan answered:

SHOWING - SAT 7.25TH FROM 2.30 TO 3.30 PM


- 2/1


- LIST: $129K


TEXT: 415.329.4008 OR 916.912.9722 ... more
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Mon Jul 8, 2013
Michael Tessaro answered:
Many times when your purchase using FHA financing the lender adds the MI premium to the loan amount so sometimes the loan is for the purchase price or more even though you have put 3.5% down. MI (mortgage insurance) premiums have increased significantly to know your costs exactly you should ask your lender doing the loan for your Truth in Lending Disclsures this is where you will find all your costs. ... more
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Mon Jul 8, 2013
Michael Tessaro answered:
Wed Mar 20, 2013
My NC Homes Team answered:
If you're buying using an FHA/VA mortgage then you and the seller signed a specific FHA addendum specifiying that the property must appraise to full asking price. Since it did not there are only two options, you may terminate your contract and walk away. This appraisal will become public record for a period of six months and must be disclosed to any other FHA/VA financed buyers. Teh seller may agree to reduce the contract price to the appriased value (This is typically what happens though there will likely be a lot of gnashing of teeth accompanied by moaning and groaning. Your agent and the sellers agent will be the ones who should be addressing this issue on your behalf with the Sellers.

Good luck, I hope everything works out for the best. With an FHA mortgage I suspect it is highly unlikely that you can or would be permitted to make up the shortfall, though with conventional mortgage this is always an option.
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Wed Oct 17, 2012
Carmen Brodeur, JD answered:
Sounds like the California market is really improving based on these comments. That is great news!
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Wed Oct 17, 2012
Carmen Brodeur, JD answered:
There is never set number of homes to view as every buyer is different. Some people find a home after viewing just 5 total and others it will take many, many more. I do recommend keeping it to a fairly reasonable number of viewings each day that you go out just so that you do not get overwhelmed. When buyers start to look at 30 homes in one week it can become very confusing and you can get flustered since you don't know what house had which feature. ... more
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Wed Oct 17, 2012
Ivy LoGerfo answered:
Hi Avy did you secure your home in Station Square? I know that this community was experiencing financing issues. Livermore is such an awesome community. If you check crime stats you'll see that over all it is a very safe place. Livermore has a lot to offer! If I can assit you with your Livermore home search please feel free to call me!! ... more
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