Is it possible for a single parent/teacher EVER be able to purchase a home in MV? Oh heck, let me dream BIG and add, can I get a swimming pool too????

Asked by Jorojo659399, Mon Jul 30, 2012

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Karen Parsons…, Agent, Laguna Beach, CA
Fri Aug 10, 2012

Has anyone suggested that you check out some of the down payment assistance programs available? CalHFA has a program which gives you a "silent second" loan in the amount of 3% of the purchase price. A silent second is a loan which is a second loan, but you make no payments and it's not due unless you refinance or sell the home. It would work in conjunction with an FHA loan. Right now the down payment for an FHA loan is only 3.5% and we can get the seller to pay your closing costs. So you would only need 1/2% for the rest of the down payment, and that can be a gift.

If you'd like more information, or a referral to a great lender (she does this for me all the time)...go ahead and shoot me a private email and I'll get you the proper contact information.

3 votes
Deborah Garv…, Mortgage Broker Or Lender, San Diego, CA
Mon Oct 15, 2012
I recognize that this is an older question; however, it is important to know that there are programs that could help you (and others in the same situation). As Karen mention, CalFHA is a great option. HUD also has the "Good Neighbor Next Door" program designed specifically for teachers, nurses, fire and law enforcement so they are able to buy in their communities. The GNND programs is specific for HUD owned homes; and, therefore can be challenging to find a home. The program allows qualified borrowers to buy the property at a 50% reduction in price (YES, HALF OFF) and, if using an FHA loan you can have as little as $100 as a down payment and closing costs can be financed.

There may be other options specific to your area (through community and/or county/state). Connect with an experienced mortgage professional who works with First Time Homebuyers and who understands these programs.

And, yes, you could have a pool...if the property already has a pool!!!

Deborah Garvin
NMLS #279125
(619) 787-8212
2 votes
Jodi Valdes…, Agent, Mission Viejo, CA
Mon Jul 30, 2012
I just closed a condo in Rancho Santa Margarita and needless to say, the guy was a teacher! He used a direct lender that I recommended to him and we were able to find him something that he absolutely loved. There's no reason we can't find you something in Mission Viejo as well. The prices are very similar for condos and they both have great city amenities (Lakes, beach club, gold courses)
Like the other agents mentioned, with rates as low as they are, and the different incentives out there, when there's a will, there's a way.
You need to speak to someone about preapproval first to see how much you can afford. You'll want an aggressive agent who will work for you to find you exactly and as quickly as possible, your dream home.
If you're interested in speaking with me, you can call or email, and I'd be happy to give you the name of my lender who I've referred plenty of clients too. I can also set you up with a program that'll send you reports daily of all activity that happens on the MLS, so you can see as soon as a property comes on the market.
Either way, I wish you best of luck, it is possible.
2 votes
Deborah Garv…, Mortgage Broker Or Lender, San Diego, CA
Mon Jul 8, 2013
Old question, great answers! The Good Neighbor program is still in effect and is a viable option for school teacher, police, firefighters and EMT personnel. Contact a mortgage professional to determine programs that may be beneficial for your specific situation.

NMLS #279123
1 vote
Chandra Watk…, Agent, Redlands, CA
Mon Jul 1, 2013
I love your question and your attitude!!! Would LOVE to help you get into your dream home!
1 vote
Pat Thatcher, Agent, Mission Viejo, CA
Sat Aug 11, 2012
There are special programs for teachers. Of course, your credit score and down payment affect different programs. My daughter is a single teacher and just purchased her own home in April. Call me 949-235-0161 or email . Owner with 22 yrs in real estate.
1 vote
Brian Wilson, Agent, Laguna Beach, CA
Mon Jul 30, 2012
Hello Jorojo659399,

The professionals who answered before me are all correct, Yes you can buy and your timing couldn't be better with the low interest rates and financing options available to you as an educator. There is a specific educator loan program I know of, CalSTRS 80/15/5 Home Connection Program. I know a lender that specializes in these and I would love to refer you to him.

If you also have not decided on a Realtor I would love to throw my hat in the ring too. I know the El Dorado area of Mission Viejo and have clients in that community. In fact I have helped a client and his family buy right around the corner from Cordillera, on Corriente, and then later sell the home due to a job relocation. I would love to help you too!

Brian Wilson, Realtor
DRE #01321478
1 vote
Sounds great to work with you. I'm dying to find out if the home I LOVE is back on the market. Can you help me with that? (26156 Cordillera) I met with the realtor at the open house, it was/is a short sale and I was outbid. But I've been hunting for about 5 years or more for just the right home! Let's chat soon. I need someone to go to bat for me and my sons! We are starving for our own home!!!. Thanks, hope to hear from you soon. 714-356-5900
Flag Tue Jul 31, 2012
Joe Homs, Agent, Laguna Hills, CA
Mon Jul 30, 2012

Is that not the definition of the American Dream? You need to sit down with a lender and a Real Estate agent to see where you at now and what is possible.
Follow your dreams...

Joe Homs
1 vote
Arna & Avi t…, Agent, Laguna Niguel, CA
Sun Oct 21, 2012
Yes, it's possible, there are some governement sponsored programs that will allow you to buy!
Of course it would depend on your income and credit! Don't hesitate to call to discuss your needs.
0 votes
Jorojo659399, Renter,
Mon Jul 30, 2012
Thanks to all for your feedback. Rumor has it that teachers have access to an interest rate even lower than others, due to the fact that teachers have steady incomes, however, we make enough to pay monthly mortgages, but not quite enough to save for a down payment!! I've searched for my own home for over five years and cuts everywhere have kept me from becoming a homeowner. I help my landlord make SO much money! It's heartbreaking. My dreamhouse is on 25616 Cordillera, MV!!!
0 votes
Mac Mcvey, Agent, Lake Forest, CA
Mon Jul 30, 2012
What a great question,

I have closed in the past couple of months two properties one to an early 20's son of past clients. He asked the same questions you are asking. together We discussed what he wanted and along with a selected lender was able to help him reach a goal he was not sure he would ever be able to reach. Especially here in south Orange County.. We would love to help you as well.
0 votes
Stephen Smith, Agent, Mission Viejo, CA
Mon Jul 30, 2012
Of course! I'm a longtime Realtor and Mortgage Broker in Mission Viejo, and I'd be happy to chat with you about qualifying, and what's going on in the market today. I'm here to help!
Web Reference:
0 votes
Stephen Smith, Agent, Mission Viejo, CA
Mon Jul 30, 2012
Of course! I'm a longtime Realtor and Mortgage Broker in Mission Viejo, and I'd be happy to chat with you about qualifying, and what's going on in the market today. I'm here to help!
Web Reference:
0 votes
Bob Phillips, Agent, Rancho Santa Margarita, CA
Mon Jul 30, 2012
Of course it's possible! A home like you've described is presently more affordable than at any time in the past 20 years, thanks to historically low interest rates, and the price declines which occurred between 2007 and 2011.

As Joe mentioned earlier, you should align yourself with an experienced agent, like either of us, and a good lender, which we both can recommend, as well.

This is a great time to start your search.
0 votes
Kim Hegeduis, Agent, Aliso Viejo, CA
Mon Jul 30, 2012
With today's interest rates and prices, YES!!!!!

Let's do it! : )

0 votes
It looks like homes, not condos necessarily, are increasing in price. I'm thumbing through to get a general view, and I see increases all over the place! I've been on the hunt for over five years. :(
Flag Mon Jul 30, 2012
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