I want to buy a home, but I can't afford one in Foster City, yet the schools are great here. How do I get out of my apartment?

Asked by Steve Peart, San Diego, CA Fri Mar 30, 2012

Seems like condo's here are $500k on average, my budget is $400k max. If I want my kids to go to the schools here, am I stuck in rent-land forever?

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8
Claudia Mull…, Mortgage Broker Or Lender, Fremont, CA
Wed Aug 22, 2012
There are many first time homebuyer programs available for families in the county of San Mateo. They offer down payment assistance.
You may qualify for those programs and you may be able to push yourself a little higher than what you think.
If you email me more exact information about your income, number of people in the family, possible down payment,etc. There may be a fit for you.

You can send that to: cgravelle@diversifiedmg.com
0 votes
Elena Wyman, Agent, Foster City, CA
Wed Aug 22, 2012
I just listed 2 bdrm/2bath condo in Foster City, second floor, good sq footage, and with price of under $430K. If you are able to qualify for just $30k more of loan, you might be able to buy the condo.
If you need more information on the unit, please give me a call at (650)740-1597 or shoot me an email at properties@RealtorElena.com
Also you are welcome to view the unit at the Open House this coming Saturday and Sunday ( August 25th and 26th), 1pm-4pm.

Address:
1041 Shell blvd, Foster City, CA 94404

-----------

Elena Wyman, Realtor

Phone: (650)740-1597
Fax: (650)830-0415
Email: properties@RealtorElena.com
Web: http://www.RealtorElena.com

Proqvest, Inc (DRE# 01881277)
0 votes
Haneen Hayder, Agent, Burlingame, CA
Wed May 30, 2012
Finding Short sales in your price range is one of your options. Also finding REOs that have home-path financing is also an option where the payments are low and you only need a low percentage as a down payment. In your price range you are mainly looking at condos but make sure to ask about Special assessments as many complexes in Foster City are suffering from that. I have seen some HOAs as high as $700 per month recently!! So beware of that too
Schools are important and as parents we have to pick our battles. For example for myself I picked an affordable private school over public school because I calculated my savings to be over $200K when buying a home in different San Mateo neighborhood and the private school education will cost me about $48K for the first 8 years!! so my savings are $152K
But again schools are an important factor in determining the value of Real Estate
I hope this is helpful! and best of luck

Haneen Hayder
0 votes
George Raymo…, Mortgage Broker Or Lender, Fort Worth, TX
Fri Mar 30, 2012
Hopefully you have already been pre-approved making sure you have been provided accurate numbers in order to maximize your buying power. If you limited to an area where there are nothing but condos, make sure you know your options. I have done many FNMA Homepath loans on condos that aren't not able to be financed FHA or Conventional because they are not HUD Approved or they are Unwarrantable. Homepath offers a 3% down home loan, no required appraisal, quick closing, no upfront PMI or monthly PMI therefore giving you the lowest possible payment for your purchase. If you have any questions, feel free to contact me.


Best of Luck!
0 votes
Phyllis McAr…, Agent, San mateo, CA
Fri Mar 30, 2012
I live and work here in Foster City and there have been multiple offers on several condos that are on the market here. The inventory is extremly low and many buyers being priced out of the market. There is nothing wrong with renting a place while you settle in this community.

Beware of professonals telling you they have "something" for you. Many buyers are looking for "off market" listings, and I can tell you theres almost nothing in that catagory.

best to you and family,

phyllis
0 votes
David Tapper, Agent, Burlingame, CA
Fri Mar 30, 2012
Hi Steve, you are in the same position as many, but there is hope. Since you know your budget, you have probably gotten pre-approved for a loan. If you haven't, that is the first thing you should do.

After getting pre-approved, it's time to find an agent. The best way is to get a referral from a trusted friend, co worker or relative. Or, you can probably find someone here on Trulia. One of the most important parts when working with your agent is communication. Make sure you follow you instincts, and your agent has your best interest at heart.

Asking this question is a great first start.

All the best!

Tap
http://www.zillow.com/profile/DavidTapper/Reviews/
http://www.DavidTapper.com
http://www.TeamTapper.com
0 votes
Suena Suen, Agent, Daly City, CA
Fri Mar 30, 2012
Dear Steve,

There are some 2 bedrooms condos in low $400K in Foster City. If you can give me a call or send me an email, then I can get more information from you and give you better advice on what options you have.
I am very familiar with Foster City so do not hesitate to contact me.

Suena Suen, CDPE, GRI
REALTOR
Realty World Advance Group
DRE# 01764273
Cell: 650-787-2221
Email: suenasuen@gmail.com
0 votes
Michael Chal…, Agent, San Mateo, CA
Fri Mar 30, 2012
Hi Steve,

I have some solutions for you.

Feel free to call me to discuss

Regards

Michael Chalhoub
Dolphin Real Estate
1700 S. El Camino Real #200
San Mateo CA 94402
650.465.9036 Direct
chalhoubmike@hotmail.com
0 votes
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