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Home Buying in Lake Elsinore : Real Estate Advice

  • All206
  • Local Info19
  • Home Buying60
  • Home Selling9
  • Market Conditions12

Activity 68
,  in
Fri May 6, 2016
answered:
Well I believe this confuses about everyone. Most people in the business are confused, they tend to use charts and none of them agree.

There are two sets of taxes you are paying, this year's and next years.

The 1 st installment of taxes is due Dec 10. So you pay the taxes from January until June. They only have two months to collect 6 months worth of taxes.
They like to have 2 months of taxes worth of taxes left in escrow after each payment so you actually need 8 months of taxes collected by Dec 10.

Therefore they need to collect 6 months worth of taxes. If they only collected 1 month of extra tax money and the payment is not received by the 10th the account would go to zero of be overdrawn. Remember these are bank accounts with the same rules as bank accounts.

Your pain does not stop there. The seller have already paid the taxes from Sept to Dec.. You will also need to reimburse that money.
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0 votes 3 answers Share Flag
,  in
Fri Feb 12, 2016
answered:
Yes, there are a couple, in the Lake Elsinore area there is the USDA, but it is only available in the surrounding areas and the loan limits are low. You can buy with supper low rates and 0 down.

Otherwise there is FHA and there are some zero down programs.

Call me if you would like to go over your options 714-968-2500

NMLS 287206
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0 votes 2 answers Share Flag
Sheryl Arndt, Real Estate Pro in Woodland Hills, CA
Wed Aug 26, 2015
Sheryl Arndt answered:
Hello Allencis, not likely so you should study RENT vs BUY options as you may qualify to buy with minimum out of pocket expenses and pay less than rent in many cities of your choice.


If you figure out what cities/zip codes you are considering, minimum number of bedrooms and the maximum payment you are looking to achieve you can be emailed listings to study and compare. Your fico scores can be raised within 3-4 days in most cases to qualify for programs, rates and terms as necessary.

The rentals in 92532 zip code start from $550 for a room, $1,100 for 1bd 1ba condo, $1,650 for 3bd 2.5ba condo and the single family homes start from $1,800 for 3bd 2.5ba home and up.

The purchase in 92532 zip code of Lake Elsinore start from 170k for 2bd 2ba condo, 204k for 3bd 2.5ba condo and the single family homes start from 274k for 3bdf 2.5ba home which is as low as $1,020 down payment with a minimum 640 fico score @204k.

You should study RENT vs BUY options as you may qualify to buy with minimum out of pocket expenses and pay less than rent in many cities. Your fico scores can be raised within 3-4 days in most cases to qualify for programs, rates and terms as necessary.

Beware of the many rental scams out there these days on all sites. The scams are on all of the rental listing sites except one that us agents/broker use such as mls, multiple listing service.

You should not give anyone any funds or personal information without confirming with a licensed agent/broker or management company to find out whom you should be dealing with and the status of any address of interest.

You will need to be pre-approved to be able to meet an agent to view and submit offers on any homes of your choice. Your qualifications will be determined by your credit profile, debt to income ratios, fico scores, loan program and how much you want to invest into the down payment and closing costs.

You may qualify FHA from fico scores between 500-579 with 10% down or minimum 580 fico score may qualify FHA 3.5% down or as low as .5% half percent down payment program from a minimum 640 fico score up to 417k. You may consider 3% down conventional from a minimum 620 fico score or even 5% down conventional with NO Mortgage insurance (Lender paid MI) up to 417k.

It only takes a few dozen questions to qualify, go over your options and email you listings to study and compare. Here are some links to study as well as web reference links to many loan program pages offered...

Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
Veteran & VA/CalVet Loan Specialist
REO & Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
22+ Years Experience
BRE# 01140252
NMLS# 297251
760-486-4225
9am till 5pm by phone Monday thru Saturday, Sundays by appt., EMAIL ANYTIME 24/7
Under640FicoScoreLoans@gmail.com or HomeLoans4U@live.com
http://youtu.be/MrygA2_8fAY
http://www.trulia.com/profile/SherylArndt

If my response was helpful, consider clicking Thank, Link or Best Answer.
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0 votes 1 answer Share Flag
Sheryl Arndt, Real Estate Pro in Woodland Hills, CA
Wed Aug 26, 2015
Sheryl Arndt answered:
Hello Allencis, yes there are so if you figure out what cities/zip codes you are considering, minimum number of bedrooms and the maximum payment you are looking to achieve you can be emailed listings to study and compare. Your fico scores can be raised within 3-4 days in most cases to qualify for programs, rates and terms as necessary.

The rentals in 92532 zip code start from $550 for a room, $1,100 for 1bd 1ba condo, $1,650 for 3bd 2.5ba condo and the single family homes start from $1,800 for 3bd 2.5ba home and up.

The purchase in 92532 zip code of Lake Elsinore start from 170k for 2bd 2ba condo, 204k for 3bd 2.5ba condo and the single family homes start from 274k for 3bdf 2.5ba home which is as low as $1,020 down payment with a minimum 640 fico score @204k.

You should study RENT vs BUY options as you may qualify to buy with minimum out of pocket expenses and pay less than rent in many cities. Your fico scores can be raised within 3-4 days in most cases to qualify for programs, rates and terms as necessary.

Beware of the many rental scams out there these days on all sites. The scams are on all of the rental listing sites except one that us agents/broker use such as mls, multiple listing service.

You should not give anyone any funds or personal information without confirming with a licensed agent/broker or management company to find out whom you should be dealing with and the status of any address of interest.

You will need to be pre-approved to be able to meet an agent to view and submit offers on any homes of your choice. Your qualifications will be determined by your credit profile, debt to income ratios, fico scores, loan program and how much you want to invest into the down payment and closing costs.

You may qualify FHA from fico scores between 500-579 with 10% down or minimum 580 fico score may qualify FHA 3.5% down or as low as .5% half percent down payment program from a minimum 640 fico score up to 417k. You may consider 3% down conventional from a minimum 620 fico score or even 5% down conventional with NO Mortgage insurance (Lender paid MI) up to 417k.

It only takes a few dozen questions to qualify, go over your options and email you listings to study and compare. Here are some links to study as well as web reference links to many loan program pages offered...

Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
Veteran & VA/CalVet Loan Specialist
REO & Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
22+ Years Experience
BRE# 01140252
NMLS# 297251
760-486-4225
9am till 5pm by phone Monday thru Saturday, Sundays by appt., EMAIL ANYTIME 24/7
Under640FicoScoreLoans@gmail.com or HomeLoans4U@live.com
http://youtu.be/MrygA2_8fAY
http://www.trulia.com/profile/SherylArndt

If my response was helpful, consider clicking Thank, Link or Best Answer.
... more
0 votes 1 answer Share Flag
Lori Hicks, Real Estate Pro in Columbus, OH
Tue Mar 17, 2015
Lori Hicks answered:
Talk with your lender or another about a rehab loan. I am doubtful that a home with fire damage is going to get a standard loan.
0 votes 11 answers Share Flag
Alexander Gr…, Real Estate Pro in San Jose, CA
Fri Feb 6, 2015
Alexander Greer answered:
Yes. I would be more than happy to help you get your payment to where you want and still have the purchasing power you need.

I do not check replies, so if you have a comment or question email me here:
AGreer@TheMortgageOutlet.com

Alex Greer
Loan Officer
408-352-5147
NMLS #1056079
http://www.TheMortgageOutlet.com
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0 votes 1 answer Share Flag
Annette  Law…, Real Estate Pro in Palm Harbor, FL
Thu Jul 3, 2014
Annette Lawrence answered:
First, what you describe, referring to the auction is typical short sale antics. Nothing new there.
Agent moving into house. That is new, but irrelevant in this situation.
Getting money back.
Remember, it's a short sale.
Those stacks of papers is essence stated the buyer will hold bank and banks representatives harmless even if the bank action is the cause of material lose. That what it says and the buyer agreed to and signed many times.

The deposit/escrow will be returned (unless the documents state money is non-refundable) at the time of the banks choosing. Wait it out. The agents involved know the process. They however have notinfluence regarding what happens behind the veil of secrecy from with the bank operates or able to influence the speed at which they perform.

Your Daughter and her husband were warned that short sales are a wild ride with an unknown outcome. What they were told has proven to be true.

Welcome to the Wild, Wild, West of Real Estate - Short Sales.
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Lyle Miller, Home Buyer in Arrowhead Phase V, G...
Sun May 4, 2014
Lyle Miller answered:
You can actually take side streets all the way to Long Beach except you will have to get on the freeway between Green River and Gypsum Canyon. You can get off the 15N at El Cerrito to Foothill to Ontario to Green River. Cutting across Corona like that saves an amazing amount of miles depending on how you cut through...between 9 and 15 miles. Back off the 91 at Gypsum Canyon to La Palma and that will take you to the 55/57/22...possibilities are endless...just check a map. ... more
0 votes 5 answers Share Flag
Martin Monta…, Real Estate Pro in Corona, CA
Sat Jan 18, 2014
Martin Montanez answered:
If you like I can send you a list of properties that fit your criteria as well as a market report report with the information you want. It as a Free service.

feel free to contact me at myhomenow@hotmail.com ... more
0 votes 9 answers Share Flag
Martin Monta…, Real Estate Pro in Corona, CA
Sat Jan 18, 2014
Martin Montanez answered:
If you like I can send you a report with the information you want. It as a Free service.

feel free to contact me at myhomenow@hotmail.com
0 votes 5 answers Share Flag
Martin Monta…, Real Estate Pro in Corona, CA
Sat Jan 18, 2014
Martin Montanez answered:
Hello JJknowles,

If you like I can send you a report with the information you want. It as a Free service.

feel free to contact me at myhomenow@hotmail.com
0 votes 2 answers Share Flag
glkelsnr4, Home Seller in Lake Elsinore, CA
Tue Oct 22, 2013
glkelsnr4 answered:
My home in the Tuscany Hills area of Lake Elsinore has a Mello-Roos tax in addition to regular property taxes. This is a 25-year tax to pay for the infrastructure when the community was built. It will expire (be all paid off) in about 9 years. For my 2400 square-foot home, the Mello-Roos tax is around $1600 per year. ... more
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Jane Grant, Real Estate Pro in Aguanga, CA
Sun Oct 20, 2013
Jane Grant answered:
Eileen: Ruling out newer homes that have Mello Roos will make the options slim. The building trends allowed builders to incorporate infrastructure bonds into their projects so they did not have to pay for sewer, street lights, and even in some cases schools. It's pretty much unavoidable if you want a newer community.

The bonds last for 20-30 years and then they are paid off. The base rate will always be there which is 1% to 1.2% depending on the area you live in. If you get a copy of the tax bill for each home you are looking at then you will have a better idea of what to expect for a payment.

Looking in a price range that is a little lower to compensate for the taxes is your best bet if you want to live in a newer community.

Best of luck to you and see my link for some home buying options in Lake Elsinore's zip code of 92532.
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0 votes 3 answers Share Flag
Alexander Gr…, Real Estate Pro in San Jose, CA
Tue Sep 3, 2013
Alexander Greer answered:
Looks like you got some really good answers below.

Let me know if you need a purchase loan for the property or want to get pre-approved (this will increase the chances of your loan being accepted) because I can certainly help you out there. You can call me at 408-352-5147 or email me at AGreer@themortgageoutlet.com. You can check us out at http://www.TheMortgageOutlet.com. I will look at your situation and present you with some options.

Alex Greer
NMLS #1056079
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0 votes 3 answers Share Flag
Farmersgurl, Other/Just Looking in Lake Elsinore, CA
Tue Aug 27, 2013
Farmersgurl answered:
Great community and if you are having trouble locating an insurance company that will insure your home contact Farmers Insurance in Lake Elsinore 951-471-2029
0 votes 5 answers Share Flag
Ray Wright, Real Estate Pro in Riverside, CA
Tue Jul 2, 2013
Ray Wright answered:
There's a long process for REO's. It's very rare for any REO companies to work directly with you on the sale. GMAC's asset manager will assign it to a Realtor in preparation to list it. The assignment typically happens within days of acquiring it, however it could be weeks to months before it actually gets listed. I haven't seen many GMAC assignments in the past year so I'm not sure who they'll use for this property. They've used SLS, ALS, PMH & others to mange their properties in the past. We always place our sign and window posts with our info as soon as we get the assignment so we can begin gathering buyer calls.

Once the Realtor sign goes up in the yard, you can contact them to make your offer. That will most likely be your only option.

Ray Wright
Keller Williams Realty
Direct: 951.354.1303
Email: RayWright@kw.com
... more
0 votes 4 answers Share Flag
Ray Wright, Real Estate Pro in Riverside, CA
Fri Jun 21, 2013
Ray Wright answered:
Actually, the air quality is not as bad as it is further North in Riverside. It's still unhealthy for sensitive people, as is most of Southern California, however it is not considered as bad as in some other cities. The Air Quality Index is typically the same as Temecula (usually around 100 to 110). Whereas Riverside is usually higher (around 150-160). ... more
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Bobby Kielty, Real Estate Pro in Canyon Lake, CA
Sat Jun 8, 2013
Bobby Kielty answered:
Lake Elsinore Housing along with surrounding cities is extremely hot. There is nothing for sale with a ton of buyers out there. Kielty Realty expects this to continue for some time. The main reasons are low inventory and huge demand. Not only are new buyers coming into the market but short sellers are coming back into the market from 3-4 years ago. ... more
0 votes 8 answers Share Flag
Heidi Frankl…, Real Estate Pro in Corona, CA
Sun May 19, 2013
Heidi Franklin answered:
I know of a home in Lake Elsinore that is income restricted (lower income). for a single person, the income needs to be under $22,300 for a family of two, under $25,500, for a family of 3, under $28,700 and for a family of 4, under $31,850. Down payment and closing cost assistance of up to $75,000 may be available. If you are in this income range, please contact me. I will be happy to help you.

If you are not within these income restrictions, you might be able to have a family member, partner or friend buy with you or give you a gift to help you qualify.

Heidi Franklin
Remax Partners
(909) 772-8842 cell
... more
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