I have been approved for a $105,000 loan from the bank, and I propably could get a loan up to 120,000. What price range should I be looking in.?

Asked by Lenocom, 97217 Sat Jul 9, 2011

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Carol Perdew, Agent, Manteca, CA
Sat Jul 9, 2011

Congratulations, you have been approved for a home loan. There are several factors to consider when buying a home such as location and condition of the home. There are benefits to buying in a desirable area for resale value. Also in determining a sale price, consider the condition of the home and repairs that will be needed. Often, a home at a lower price that needs numerous repairs may not be as good of a deal as a comparable home in good condition at a higher price. The best recommendation is for you to buy a home in a price range that best fits your budget and you can comfortable life with.

Carol Perdew
Prudential California Realty
(209) 239-7979
DRE 985176
2 votes
Ron Thomas, Agent, Fresno, CA
Sat Jul 9, 2011
not nuff infomation:

If you want a fixer-upper, most banks will not lend on it, because of Health & Safety issues; it has to be "habitable".
So how much cash do you have for Down Payment?
and how much cash do you have for Closing costs?
And how much cash do you have for repairs and upgrades?

Please, please go get a Buyer's Agent to represent you and answer your questions.
The Buyer's Agent costs you nothing,
but not having one can cost you a lot!

Good luck and may God bless
1 vote
Tom Inglesby, Agent, Portland, OR
Tue Jul 12, 2011
Lenocom, when deciding how much to spend there are things to consider. For every $1,000 you go up in price it raises your payment $4.50. This might seem small but to go up $10,000 in purchase price to have to put out only $45 more a month or try and save $10,000 to do that small remodel is done at one time and right. There is also a 203K loan that you can borrow up to $30,000 for a remodel project that will allow you to do the new kitchen and get it in the loan up front before the home closes after an appraiser looked at the plans and says that the house will be worth the new amount after the remodel. You have 6 moths to do the work and you the buyer are not supposed to do the work only the contractor. There is also an energy loan from Umpqua Bank that they will loan $8000 towards energy features like windows, insulation, a furnace and appliances and this can be higher than you loan ratios because the bank knows that you will actually save money and these things will not cost you a lot more to operate compared to the old replaced items. There are other programs in the areas that loan money for sweat equity and you have to attend classes but it helps towards your final down payment. Good luck to you, find an agent that can help you negotiate a good price on the house that you want.

Tom Inglesby, Broker
RE/MAX Equity Group
0 votes
Linda Peters…, Agent, Portland, OR
Mon Jul 11, 2011
Lenocom - you are at the very beginning of your road to purchasing a home - previous answers have great information, and the questions brought up by Ron Thomas are valid. I would add another - how skilled are you at DIY - and/or how much time can you spend on a home.
A good, practical, down to earth resource for information (general and specific to Oregon) to Home buying is Homeownership Opportunities Website NW. No obligation, no personal info collected - hownw.com
the other source to recommend is your lender - you've already gone over financing w/them - ask them to break that 'loan amount' to a monthly payment - and determine how comfortable you are with that.
Good luck, and have a great time in your hunt!
Web Reference:  http://www.hownw.com
0 votes
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