I am an engineer with around $100K as annual income in Santa Clara Count(just out of cupertino school

Asked by Newbuyer95051, Santa Clara, CA Mon May 26, 2008

district) and with a 3 years old kid. I am planning to buy a house, my montly expences for home needs are around $2,500. What is the best place and time to look for a house? What would be my Montly mortagage given that I can pay a down of $200K and I am fine with min 2 bed room and max 3 bed room house.

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Peter Bruno, Home Buyer, San Bruno, CA
Fri May 8, 2009
Hello Newbuyer,

Since you want to cap your monthly home expenses at $2,500, I imagine that includes your mortgate payments plus taxes, insurance, and possible HOA fees.

I suggest that you get a GFE from a lender and ask for an "impound account". This will provide you with a quote that also includes taxes and insurance to be included in your monthly mortgage payment. All you need to add is the HOA fee (if there is) and you can come up with the total payment per month.

Hope that helps.
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Jacob Varghe…, , San Jose, CA
Fri May 8, 2009
Looking at your numbers, it would be difficult for you to qualify for a single family home in Cupertino. You can get SF homes in Santa Clara. You may get a townhome or Condo in Cupertino.

Being a financial expert, I would not recommend you put all your 200K into a home which is worth only 500 to 600K. The current rates are so good and low. Take out a a maximum loan, make payments. Invest the difference wisely. As you know all investments have risk and a risk tolerance assessment will have to done.

I am at your disposal to answer and help you with any questions you may have.
Web Reference:  http://www.buytermins.com
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CJ Brasiel, Agent, San Jose, CA
Fri May 8, 2009
Newbuyer -

I agree with posts below. First connect with a lender (or two) to get a feel for options. Talk with a broker and talk with a bank. See what they can offer after go over your financial situation. Pull your own credit from the 3 major reporting groups and tell the loan officers you are looking/learning and don't want to start a formal application yet.

Once you have the money figured out, talk with REALTORs. Find out how they work and the neighborhoods they specialize in and do any of them fit your price range. Find out about how they work for buyers, how they will show you houses, how often, etc..

This is great start by asking questions here on TRULIA. There are a lot of great loan officers and agents that can help you with the big picture. Good luck!

Web Reference:  http://www.TalkToCJ.com
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Steve Mun, Agent, Campbell, CA
Thu May 7, 2009

As many have mentioned previously, the first thing you should do is get in touch with a good lender to get you pre-approved to determine what would be the best price point you should be seeking. That may automatically address some of your concerns automatically.

When is the best time to buy? Real Estate is a cyclical business; traditionally, the spring season is when many sellers put their homes on the market, in the hopes of completing their transactions by the end of summer. So this is also a good time for buyers, as there will be many homes from which to select.

Caveat: right now, in Silicon Valley, the hottest market segment is the sub $500K market. These are all getting multiple offers and are selling for above list price.

Again, get pre-approved and that will determine the price point and the level of competition you will encounter.

If you need a good lender, please contact me, I know several.

Steve Mun
Web Reference:  http://www.stevemungroup.com
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Rashid, Home Seller, Santa Clara, CA
Tue Jul 1, 2008
Helo there,
I wish you good luck.
it's better to know how much you want to spend on your home. which includes mortgage, insurance, taxes, and utility, it goes like this.
for loan is about $ 600.00 for every 100k you borrow.
taxes is one ercent of teh value of the property you purchase.
insurance around $ 50.00
I recomment oto buy property inthe range of $ 600,000.00 or less.other wise you will be tight on budget. there is a program in Santa clara where the city loan you 75k first 5 years no payments to interests. you can take advantage of it.
Good Luck,
Rashid K
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Grace Keng, Agent, Santa Clara, CA
Tue Jul 1, 2008
Dear Newbuyer95,

I would like to meet you in person to discuss the details of your personal needs.
You will have a good chance to buy a Cupertino schools home for what you have told so far.

Grace Keng
Over 20 years helping buyers and Sellers in Cupertino
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Charles Coac…, , San Jose, CA
Wed May 28, 2008

I would like to recommend that you get in touch with an excellent lender by the name of George Pires with Princeton Capital in Los Gatos. He can help you with all your finance questions and let you know what your best options are. His email address is: georgepires@princetoncap.com.
I wish you the best in finding the right property for you and your family.

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Rashid, Home Seller, Santa Clara, CA
Tue May 27, 2008
Hello Sir
How are you today? in order to pay $ 2500 a month your loan should not exceed three hundred fifty thousand dollars. Why? Because the monthly payment on a loan of 350k with good credit is will be around 2098 dollars a month with a good credit. Adding 400 dollars tax and fifty dollars insurance will add up to 2500 dollars per month. Putting down 200 k that will qualifies you to buy a property for the value of 500-550k. Buying 700k property will place a burden on you, the good chance to get property like this is to look for a bank repo, short sale, town home, or condo. I will be glad to send you listings in an area that you like with a budget you can afford. you can contact me by email at kaddourarashid@yahoo.com or log onto my website http://www.myagentsspace.com/rushkd I can email you properties to review, when you have time I can tour you around in the afternoon, week ends, or when you have time. I'm very friendly and very professional I work for Remax Luxor in Santa Clara; I 'm familiar to the area. You can get a town home in Cupertino school district for this price. I bought a town home fin Cupertino school district for a price like this last month.
My best wishes to you,
Rashid Kaddoura
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Michael Barr…, Agent, Irvine, CA
Mon May 26, 2008
Hi there, You should be in a great position to buy a wonderful home. The first step would be to meet with a realtor and get pre approved so you will know the price ranges that you will be comfortable with.I t looks like around $ 700k but would need to review all the details before determining that fact.

If you would like more information on the process or the best homes in this area drop me a line
Kind Regards
Michael Barron
First Team Real Estate
(714) 552-6817
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Ali Moein, Agent, Saratoga, CA
Mon May 26, 2008
Hello Newbuyer,
Based on the information you've provided, you can get a loan of up to $500,000 and with your $200,000 down payment your looking at properties of about $700,000. There are a lot of choices at this price range. The best first step is to sit with a Realtor and discuss your needs and wants. This way you'll be able to narrow down the type and the location of your home. I'd be happy to take this first step with you.
Ali Moein
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CJ Brasiel, Agent, San Jose, CA
Mon May 26, 2008
New -

From the information you have given, sounds like you are set for buying your first home. Of course, the easiest way to know the real deal is to sit down with a lender and get some idea of what you can pre-qualify for in this new lending market. There are lots of products out there with good down, good credit, and good debt to income ratio. If you would like a couple of lending referrals, please let me know.

Good luck,
Web Reference:  http://www.TalkToCJ.com
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