Home Buying in San Diego>Question Details

Wm Baker, Home Buyer in Ocean Beach, San Diego...

looking for a realtor in san diego can i buy for same as rent $1415

Asked by Wm Baker, Ocean Beach, San Diego, CA Thu Feb 23, 2012

looking for a realtor in san diego
can i buy for same as rent $1415
retired on fixed income

Help the community by answering this question:


Yes you can buy in many places to the same or less than that rent. I depends what type of property you are looking for and where. Also, when you buy you get 2 things you do not get when you rent:
1. Mortgage interest and property tax write-off
2. Loan principle pay down (ever time you make a payment a few hundred dollars goes towards paying the loan principle down)
0 votes Thank Flag Link Fri Feb 24, 2012
Hi WM!
Absolutely! There are definitely a lot of places you can get for that amount. There are a lot of things to take into consideration first, so please feel free to call me to discuss. First step would be to sit down with a loan professional and get prequalified and see what price range match your payment amount. I would love to help you out.

Sinead McAllister
0 votes Thank Flag Link Fri Feb 24, 2012
Depends on a lot of variables. Give us a call or drop us an email. we'd be happy to help you figure it out. onthelevel@cox.net Cell: 760 815-6977
0 votes Thank Flag Link Fri Feb 24, 2012
Hello Bill!

Consider a detached single family home with a sales price of 215,000 or less. Of course, this depends on how much you have for a down payment and closing costs, how you qualify, etc.

Using an FHA loan as an example, your total monthly payment including real estate taxes and insurance would be approximately $1,419 with a $7,525 down payment. This could drop down to $1,075 with a little known home buyers grant that does not need to be paid back. The FHA loan is a fixed rate so won't impact your fixed income as long as you are comfortable with the payment which it seems you are.

The seller can pay up to 6% of the sales price towards your closing costs and the remaining down payment can also come as a gift under this program.

You don't need to speak to a lender as this point, you need a knowledgeable agent with experience. You don't need to be sold, you need help to buy.

Take care Bill and good luck with your search for your new home!

0 votes Thank Flag Link Thu Feb 23, 2012
As others have said you definitely can buy a home and have payments the same or less than your rent. The most important step is to get pre-approved by a reputable lender who offers several types of loan programs. The loan officer can determine which loan program would work best for you.
After you are pre-approved we can start looking for a home that meets your needs. We will discuss what part of San Diego you are interested in living in and then find a home that you like. I have been in the real estate business since 1977 and am a Broker who owns my own company. I pride myself on delivering personal service to my clients.
Please let me know how I may help you find a home that will make you happy and not subject to rent increases.
Best wishes,
I am never too busy for your referrals

Jerry Heard
Your Broker
The San Diego Property Shop
Direct 619-920-9796
Office 619-269-5545
Fax 619-269-9168
CA DRE # 00648687
0 votes Thank Flag Link Thu Feb 23, 2012
Hi There. You definitely can purchase a home in San Diego with this payment. What areas are you interested in? I am a Realtor and a home loan officer here in San Diego. Therefore, I can help you determine what you qualify for and help you find your new house without having to have multiple people involved. We also offer buyers an incentive where you can earn a cash back rebate at closing. Please let me know how I can help.

To learn about our buyers rebate program. Visit my website. http://www.socalrebaterealty.com

Scott McPherson
So-Cal Rebate Realty
C2 Financial Corp
P: 619-609-7006
0 votes Thank Flag Link Thu Feb 23, 2012
Hi there,

You can definitely buy and have payments of $1415. Your first step would be to talk to a couple of lenders to see what type of loan you'd qualify for. They'll look at your work history and income, what your credit score is, and other criteria. It would also depend on where you want to buy, and what type of property you'd like to buy.

I can help get you started with some of these things, and give you a few lenders to talk to that will be up front with you. You choose whatever lender you're most comfortable with. And, once you've talked to a couple of lenders, you'll have a better idea of what's required on your part. I can help you understand the buying process by breaking it down for you.

Just so you know, you can choose whichever services you want. And, as a buyer, you may be using the seller's escrow company if the seller's a bank, and sometimes even regular sellers. A lot of times escrow has already started with paperwork. As long as you have an agent that stays on top of everything that's happening, especially your loan, you'll be OK.

Also, be sure you get an agent that understands what type of property will work with your loan. It's easy to get into escrow, but it's expensive for you, not the agent (except for wasted time). Buyers have to pay approximately $800 out-of-pocket in the first few days for an inspection and appraisal. So, it's important you know that your choice of property will work for your loan.

Don't hesitate to contact me anytime.

Warm Regards,
0 votes Thank Flag Link Thu Feb 23, 2012
You can definitely buy in San Diego and spend that amount ($1,415) monthly on housing. First you might talk to a loan officer who can give you a better idea of what a lender will loan you based on your income, credit, etc. You might call Karen McKee with Guild Mortgage at 888-637-2828. She is knowledgeable about various government loan programs you might qualify for. After you talk to her (or another loan officer), a realtor will have a better idea of what to look for on your behalf. Please let me know if you have any questions or concerns.
Good luck!
0 votes Thank Flag Link Thu Feb 23, 2012
I am REALTOR in San Diego. I have a team that I work (Lender, Title Co., Escrow, Etc), that can help with all your real estate needs. Your first step will be to get Pre-Qualified to see what amount you will qualify for, and what your payment will be for that amount. I have included my contact details, as well as my lenders contact info below.
Libeth Osborne
Prudential California Realty
Kenneth Bush
Home Services Lending
0 votes Thank Flag Link Thu Feb 23, 2012
I'd be more than happy to help you with your search.
Feel free to contact me.

Daniel Di Matteo
Century 21 Award
0 votes Thank Flag Link Thu Feb 23, 2012
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