First time home buyer in Corona. Any advice?

Asked by Nikki, Thu Oct 11, 2012

I have $10000 in cash for down payment, FICO score 720 , stable income from same employer 10 year. I am looking to buy newer SFR in Corona price range between $200000 - $250000. I need advice on a loan, first time home buyer assistance program, etc? I am a renter paying rent $1800 a month utilities. Any advice? Thank you

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33
Cameron Novak, Agent, Corona, CA
Thu Oct 11, 2012
Go see the folks at The Homefinding Centerâ„¢ in Corona off Green River Rd. They've been helping buyers just like you at the same location for almost 20 years.
2 votes
Craig Yace, Agent, Corona, CA
Thu Oct 11, 2012
Yes... The advice is to keep moving in the direction you are going right now. STOP PAYING SOMEONE ELSE'S MORTGAGE. You've got to have an excellent team behind you in order to get a home in today's market.
I would love to talk more. Feel free to reach out to me. My contact info is on my profile. I will not charge you for my services, I will get the seller to pay my fee.
Web Reference:  http://MakeCoronaHome.com
2 votes
Thumbs up Craig!
Flag Mon Nov 4, 2013
Aryn Reynolds, , Eastvale, CA
Tue Apr 15, 2014
Sounds like you're ready to go. Now you just need to contact a reputable real estate agent.
0 votes
Jawad Afzal, Agent, San Dimas, CA
Mon Mar 24, 2014
I believe your down payment is sufficient, but unfortunately 92880 has surpassed the 300k as average median price of a home, so it may be difficult to find a single family home, but you want to look into condominiums or town homes.
0 votes
Mike Carman, Agent, Corona, CA
Fri Mar 21, 2014
Great FICO score. Great job history. But it is getting extremely difficult to find SFR in Corona for less that $250,000. I suggest you look in Riverside. Prices are lower and there are special loan programs that may work for you. Give me a call and we can discuss your options.

Mike Carman
Realty One Group
Homes-Lives-Dreams
951-258-2728
0 votes
Kim Kenefsky, Agent, Corona, CA
Thu Mar 20, 2014
Hi Nikki,
There are a few different loan programs out there, and it seems if your info is correct you would qualify for your choice. Get in contact with a good direct lender, I have some great recommendations I can give if you need. The lender, if they're good, will give you the pro's and cons of each type of loan. "First time home buyer" was a marketing technique that caught on, theres no loan programs specifically for 1st time home buyers. There are programs more popular for 1st time buyers, and anyone that qualifies can use the same loan even if theyve purchased before. Some loans are geared towards less down, while others are geared towards lower monthly. Each has their own benefit. You should really work with a lender to taylor to your specific needs and wants. Hope this helps.
0 votes
Ariel Perez, Agent, Lake Forest, CA
Fri Jan 10, 2014
My advise would be to first speak to a mortgage lender and really understand the numbers (monthly cost for taxes, insurance, HOA, mortgage insurance if applicable, and of course, the mortgage payment). You may find that with $100K down that you may be able to afford more home than $250K. Newer SFR's in Corona are going to cost you more than $250K and this will allow you to figure out what is in your budget. I can refer you to the best lender in the business if you are interested. GOOD LUCK!!!
0 votes
Peter McNaug…, Agent, Corona, CA
Fri Jan 10, 2014
Make sure you use an agent who knows Corona well. There is allot of variation on taxes which can greatly affect affordability.
0 votes
Ruth and Per…, Agent, Los Gatos, CA
Thu Jan 2, 2014
Hope you found one Nikki.

There are many fine Homes by New builders.

Good luck
Ruth
Web Reference:  http://www.ruthandperry.com
0 votes
Kevin and Ju…, Agent, Wildomar, CA
Thu Jan 2, 2014
Nikki - Did you find the home of your dreams?
0 votes
Terri Chen, , Eastvale, CA
Mon Dec 30, 2013
If you are buying new home from builder.
Plz works with discount real estate broker to assist instead of contact the builder directly.

Builders typically pay 3% broker co-op fee to real estate broker.
In return, discount real estate broker will rebate part of their commission to buyer.
This way, buyer can save thousands of dollar. And use the extra cash to buy furniture.
For example, Lennar currently pay up to 4% broker co-op, see Lennar link below
http://lennaragentvip.com/IN/

To qualify for broker co-op rebate program, buyer must sign-in with agent on first visit to builder sales office together. Do NOT fill out any registration card or document without greenpot agent accompany. Otherwise, builder will deny broker co-op fee. Remember, do not register any builder document on line or on site without agent assistance.

The broker co-op is the new home version of a buyers agent's commission. Agent gets a broker co-op for a new home transaction from the builder as commission. The rebate will refund part of the broker co-op commission back to the buyer. Greenpot discount realty rebate up to 66.66% of our broker co-op commission to buyer at close of escrow.


We serves Riverside County / Orange County
Irvine Broker co-op Rebate / Eastvale Broker co-op Rebate


Good luck,
Terri Lu
951-888-0598 (text and voice mail only)
949-335-6449 (direct)
Web Reference: http://www.greenpot.com/brokercoop.htm
0 votes
Terri Chen, , Eastvale, CA
Mon Dec 30, 2013
Using an experienced real estate broke is a very good idea.

All the details involved in home buying, particularly the financial ones, can be mind-boggling. A good real estate professional can guide you through the entire process and make the experience much easier.

A real estate broker will be well-acquainted with all the important things you'll want to know about a neighborhood you may be considering...the quality of schools, the number of children in the area, the safety of the neighborhood, traffic volume, and more.
On top of that,

We rebates 50% of our commission to home buying and selling customers.
We split 50-50 our commission with home seller.
If buyers purchase home at $600,000, the rebate would give 50% of 2.5% buyer commission = $7,500 back to buyers.


Eastvale Discount Realty
Website: http://www.greenpot.com
Contact Info: marklu123@gmail.com
949-335-6449 Office
951-888-0598 Text & Voice mail
0 votes
Mike Carman, Agent, Corona, CA
Wed Aug 28, 2013
Your credit score is outstanding. Your job stability is great. With the recent price increase single family homes in Corona for $200,000 to $250,000 are very difficult to find. You may want to consider Riverside. Your selection will be much greater.
0 votes
Abu Musa, Agent, New York, NY
Thu Jan 24, 2013
You may talk to mortgage banker to get the information as a fist time buyer,because they are the one who deals with the mortgage.
0 votes
Hena Martin, Agent, Hot Springs, CA
Thu Jan 24, 2013
You sound so awesome so ready call the realtor of your choise to help you ,HENA MARTIN BROKER 760-251-2868
0 votes
Rick Smith, Other Pro, La Quinta, CA
Tue Nov 6, 2012
Most first time homebuyer programs require qualification (such as maximum household incomes) that provide money to close the purchase have strings attached to the money that will pull it back when and if you sell the property (so it's really not free money, but it still helps). Although this means that you will net little or no gain from the "grant" on the balance sheet, it does give you some money upfront to work with towards the purchase. Think of most first time home buyers programs as loans with low or almost no interest. Although they can give a first time home buyer that extra boost that's needed to get a loan approval or make the down payment requirements for funding.
0 votes
Craig Yace, Agent, Corona, CA
Thu Oct 25, 2012
up to 10k toward closing costs at... http://vip-buyer.MakeEastvaleHome.com
0 votes
Lydia Kray, Agent, Corona, CA
Fri Oct 12, 2012
Hi Corona first time buyer,
The main down payment program I use often for first time buyers is called CHDAP which stands for
(California housing down payment assistance program). They just require you to come up with 1/2% down payment. Yes! That is right a half percent down!!! This is incredible! They just have a few things that are required to qualify for this program. Also some local cities offer programs such as Corona, Riverside.
Some of these programs take up to a year to here back from them as they have limited funds and often times run out of these funds.
Please make sure to work with a Realtor that specializes in the area that you are house hunting in.

If you don't have a Corona area Realtor, I would be happy to be of service as I specialize in Corona & Eastvale area. :)

Lydia Kray- Corona/Eastvale area specialist
http://www.LydiaKray.com
cell 951-733-1058
0 votes
Ray Wright, Agent, Riverside, CA
Fri Oct 12, 2012
So many good answers below. I won't read them all but I'm sure I'm going to be saying the same as some before.

Your BEST option, if you're serious about purchasing a home is to get with a Realtor who knows the area and can help you through the process. That's the FIRST and foremost step in purchasing a home. Check with friends and family to see if they can refer someone to you or research sites, such as this one to find a good professional Realtor. Your SECOND step is to get pre-qualified for a loan. AFTER you find a Realtor, he or she will have you meet with the lender that he or she uses regularly. This is important. Please let me know if I can help or if you have any more questions.

Also, please let us know who was the most helpful by voting for the "Best Answer" and giving us a "Thumbs Up".!

Good luck!

Ray Wright
Keller Williams Realty
951-354-1303
RayWright@kw.com
0 votes
Ruben Muro, Agent, Corona, CA
Fri Oct 12, 2012
Get with an experienced and well connected LOCAL Real Estate Consultant. A connected consultant will put you in touch with the right lender who will review your file and direct you to the available resources of 1st time home buyer assistance programs. A connected RE Consultant will regularly network with other local agents so that you will have "an in", an inside track to be made aware of upcoming listings before they even become listings. An office such as mine has 170 agents who regularly network with each other and other local offices. Today's market is very competitive and your offer may be one of the weaker offers a seller will be presented with, you'll need the experienced consultant to present your offer's strong points.
0 votes
Elise Timpe, Agent, Corona, CA
Thu Oct 11, 2012
The whole process can be found here: http://coronasbesthomes.com/Buyers-real-estate-homes-agent.html

It's an excellent time to buy a home because prices are starting to rise, interest rates are low and mortgage is cheaper than rent in most cases.

Our current market is challenging because we have record low inventory of houses for sale coupled with low interest rates. Laws of supply and demand are in full swing and good homes are receiving multiple offers. Many homes are selling over the asking price.

You will need an experienced agent that you are comfortable with and trust.It's likely you may make more than one offer to secure the right home.

I would be happy to meet with you to see if we make a good team. I've been specializing in Corona since 1996.

Please call, text or email me.
Elise 951-500-8969
Elise@CoronasBestHomes.com
Web Reference:  http://CoronasBestHomes.com
0 votes
Trina Daniels, Agent, Norco, CA
Thu Oct 11, 2012
call or email me! My profile is here or http://www.homesbytrina.net, trinadaniels4@gmail.com
0 votes
Connie Bramb…, Agent, Rancho Cucamonga, CA
Thu Oct 11, 2012
The first thing you should do is choose a Realtor in yoiur area to work with. They will let you know what you buy for the price you think you want to be in. We also have access to many lenders in the area. We can get you in contact with a few great lenders so you can choose the one you feel most comfortable with. If you have someone in mind (bank you deal with, credit union ect.) to do your loan your Realtor can set an appointment with that person for the 3 of you to discuss your loan.
Once you have a maximum price we can show you what you are looking for in that range or less. I will always try to find what you are seeking for the very best price. You may well be qualified for $300,000 but feel more comfortable at $230,000. But we can show you the differences and you make the choices.
Please feel free to call me if I can be of any help to you.
Best of luck in your search,
Connie Bramble
714-337-8718
0 votes
Devona Garri…, , Beaumont, CA
Thu Oct 11, 2012
There is a very low stock of inventory of homes right now, so A: Be patient! It may take a while to get an accepted offer on a home you want. B: don't try to under-bid, because again, lack of homes on the market. And C: consider NOT using buyer assistance programs- sellers and listing agents are passing over these offers for less-complicated ones.
0 votes
Devona. Are you suggesting a seller is more likely to give a buyer a $5,000 - $6,000 credit for closing costs rather than accept a buyer using a 3% down payment assistance program that closes in 30-45 days? The bad complicated 60+ day escrow assistance programs are the ones from the county....not the state.
Flag Fri Oct 12, 2012
Ralph Allen, , Murrieta, CA
Thu Oct 11, 2012
Absolutely, I am a direct lender and I can get your application taken over the internet, and get you pre-qualified. Visit. http://www.MortgageBankerCa.com in addition I work hand in hand with a couple Real Estate Brokers and agents who can send you emails on all the available property via email if you prefer and when you're ready to see the dream home we'll set the appt. you can also reach me by phone @ 951.757.1758 TY
0 votes
Ralph Allen, , Murrieta, CA
Thu Oct 11, 2012
Very Good Question... Lucky for you there are a lot of FREE professionals here locally that can help you. I personally recommend you get with a direct lender first and get your pre-qualification letter in hand this will let you know before you ever go looking around and wasting your time and others to see how much you can qualify for. Secondly I recommend working with a team of Real Estate professionals so they are all in sync with your needs and understand what your goals are. No piecemeal this way. I would be happy to assist if you are interested in a FREE HOMEBUYERS WORKSHOP send me an email. rallen@envoymortage.com = ANSWERS
0 votes
Ron Rovtar, Agent, Boulder, CO
Thu Oct 11, 2012
Hi: Since I am from Colorado I cannot tell you what kinds of home buying assistance are available in your area. HOWEVER, I can tell you that you will probably get the best advice from a HUD-approved counseling service. You can find one a the link below. And, BTW, never pay anyone for this kind of advice. The HUD-approved folks are absolutely free.

Best,
Ron Rovtar
0 votes
Cindy Vedder, Agent, Irvine, CA
Thu Oct 11, 2012
Wow, Congratulations! You sound like you are in a great position to purchase. It's an awesome time to buy a new home with the interest rates being so incredibly low. For loan advice; you want to shop it. Ask each lender you check with to provide you with a good faith estimate based upon your estimated purchase price. For an FHA loan you can expect to pay 3.5% of the purchase price for your loan down payment and then between 3.5% - 4% of the sales price for your closing costs. Additionally you will have to pay approximately $450.00 at time of service for an appraisal as well as approximately $300.00 for a home inspection-which you should elect to do no matter the age of the home.

A Realtor can help you select the appropriate first time buyer down payment assistance programs based upon your employment and the availability of funds for various programs.

Patience, knowledge and a great Realtor walking you through the process will help you reach your goal.

Of course we are available to assist you if you need help and we would appreciate the opportunity to earn your business.

Cindy Vedder
Prudential Ca. Realty
951.231.8439

Good Luck!!
0 votes
Melissa Munn, , 92880
Thu Oct 11, 2012
There are many first time buyer assistance programs out there. Just be careful that you know what you are getting into and understand all the parameters.

Work with an experienced agent and lender you can trust!

It's a great time to buy with interest rates so low.

If you have any additional questions or I can be of further assistance, please let me know! :)

Best of luck to you!
Web Reference:  http://MunnRealty.co
0 votes
Trina Daniels, Agent, Norco, CA
Thu Oct 11, 2012
Align yourself with a good, well experienced buyers agent! Get pre qualified before shopping, be patient and have fun! Check out my profile here or go to my website. http://www.homesbytrina.net
0 votes
JJ and Lovina…, Agent, Corona, CA
Thu Oct 11, 2012
Hi there, The first thing we advice our client who is planning to buy in today's market is to get preapproved for the home loan. This will tell you how much house you should look for in the area that you want. Once you are preapproved for the home loan, then you can seek the help of a real estate agent whom you are comfortable working with. There are downpayment assistance programs available right now provided that you meet certain income limits. Good Luck on your home purchase. You may email us at anivolcabrera@sbcglobal.net if you want us to help you. or visit http://www.cabrerahomes4u.com and click on our client testimonials to read on the quality of our services.
0 votes
, ,
Thu Oct 11, 2012
Don't ask seller to pay closing costs......that will cause your offer to be stuck at the bottom of the pile every time....then the stress of making 20+ offers will cause you to pull your hair out.....no bueno.

Problem is you don't have enough to cover your 3.5% down payment for FHA loan and pay your own closing costs. And even if you did, who wants to use up every dollar to their name on a down payment and paying closing costs.

You'll want to make sure you have money in the bank after moving in....for buying stuff and for security/emergency purposes.

I would suggest using our 3% down payment/closing cost assistance program when buying a home in Corona or anywhere in Riverside County to increase odds of getting offer accepted.
0 votes
Craig Chasta…, Agent, Rancho Cucamonga, CA
Thu Oct 11, 2012
Be aggressive and remain patient.
0 votes
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