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Home Buying in Monterey County : Real Estate Advice

  • All26
  • Local Info1
  • Home Buying12
  • Home Selling2
  • Market Conditions1

Activity 186
Fri Jun 16, 2017
Sheryl Arndt answered:
Hello Yapar2, you can make adjustments by making the maximum price at 700k in your search criteria. I am afraid that the 700k maximum price range you are looking for may not show many listings. There are only a few under 700k so they are showing you a little higher to research home prices in the 93926 zip code of Gonzales.

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. Are you considering any other cities or zip codes?

If you figure out what cities/zip codes he is considering, minimum number of bedrooms and the maximum payment/price you are looking to achieve any agent like myself can email listings to fit your search criteria. Your email address is needed to set you up for the automatic daily updates.

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. Your fico scores can be raised within 3-4 days in most cases to qualify for programs, rates and terms as necessary.


Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
Veteran and VA/CalVet Loan Specialist
Credit Repair Advice At No Cost
ALL Loan Programs Available
24+ Years Experience
BRE# 01140252
NMLS# 297251
... more
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Thu Jun 1, 2017
Horselady4nc answered:
For those interested in applying for an FHA loan, applicants are now required to have a minimum FICO score of 580 to qualify for the low down payment advantage, which is currently at around 3.5 percent.
If your credit score is below 580, however, you aren't necessarily excluded from FHA loan eligibility. Applicants with lower credit scores will have to put down a 10 percent down payment if they want to qualify for a loan.
So if you're planning to buy a house, and your credit score doesn't meet the minimum, you should weigh the advantages and disadvantages of putting down a larger down payment or using those funds to try and improve your credit score first.
Benefits of an FHA Loan
The reason why FHA loans are so popular is because borrowers that use them are able to take advantage of benefits and protections unavailable with most traditional mortgage loans. Loans through the FHA are insured by the agency, so lenders are more lenient. Here are a few benefits you can enjoy with an FHA loan:
Easier to Qualify
While most loans exclude applicants with questionable credit history and low credit scores, the FHA makes loans available with lower requirements so its easier for you to qualify.
Competitive Interest Rates
You've heard the horror stories of subprime borrowers who couldn't keep up with their mortgage interest rates. Well, FHA loans usually offer lower interest rates to help homeowners afford housing payments.
Lower Fees
In addition to lower interest rates, you can also enjoy lower costs on other fees like closing costs, mortgage insurance and others.
Bankruptcy / Foreclosure
Just because you've filed for bankruptcy or suffered a foreclosure in the past few years doesn't mean you're excluded from qualifying for an FHA loan. As long as you meet other requirements that satisfy the FHA, such as re-establishment of good credit, solid payment history, etc., you can still qualify.
No Credit
The FHA usually requires two lines of credit for qualifying applicants. If you don't have a sufficient credit history, you can try to qualify through a substitute form.
For many home buyers, using an FHA loan can really make the difference between owning your dream house comfortably or turning it into a financial nightmare. The FHA provides a wealth of benefits for applicants that qualify, so make sure you're making full use of them.
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Tue May 9, 2017
Sheryl Arndt answered:
Hello rharrell, when you put in the city and state in the search bar and hit enter you will see the choices to the right to narrow down a search on this Trulia site.

Are you in the market to purchase anytime soon? You will need to be pre-approved to be able to meet an agent to view and submit offers on homes of your choice.

Do you know what your fico scores are and do you have down payment and closing costs or do you need down payment and closing cost assistance programs? You can buy with minimal out of pocket expenses with DAP up to 600k sales price in high balance areas like Carmel. You may go up to $636,150 loan amount with FHA 3.5% down.

Otherwise you may consider 5% down Jumbo with a minimum 720 fico score from 424k up to 1.5 million and 10% down from a minimum 680 fico score and up to 3 million. You will need 20% down to purchase over 3 million.

If you figure out what cities/zip codes you are considering, minimum number of bedrooms and the maximum payment/price you are looking to achieve any agent can email listings to fit your search criteria. Your email address is needed to set you up for the automatic daily updates.

Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
Veteran and VA/CalVet Loan Specialist
Credit Repair Advice At No Cost
ALL Loan Programs Available
24+ Years Experience
BRE# 01140252
NMLS# 297251
... more
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Wed Mar 1, 2017
Hellojaylove asked:
and the money I spent just went down the tubes. I'd like to know how many new home buyers really rip out new carpeting and quality flooring and repaint a house that is turnkey with…
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Sun Aug 14, 2016
Apexclipper asked:
Certainly where a home is located is important to a prospective buyer but with the cold reality of a person's budget and their affordability factor this feature could be useful, particularly…
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Fri Jul 29, 2016
answered:
I think you are looking at at least $16,000 to move in to buy that home, if you have good credit then your payment would be about $2300.

Give me a call if you would like to get pre-approved to by a house.

714-968-2500

License 287206
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Sat Jun 11, 2016
Hrajeh asked:
Comps of 3 bedrooms and 3 bathrooms in the Beach Tract average $1.7 million.......not $1.1 M.
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Thu May 12, 2016
Sheryl Arndt answered:
Hello Arreguin1325, yes you are a first time homebuyer if you have not owned a home in 3 years.

Are you looking for down payment assistance? The 3%-5% Sapphire Grant down payment assistance program can get you into a purchase with minimum out of pocket expenses.

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. Your fico scores can be raised within 3-4 days in most cases to qualify for programs, rates and terms as necessary.

You will need to be pre-approved to be able to meet an agent to submit offers on homes of your choice. You will need to gather documentation such as one month paystubs, two month bank statements, last two year tax returns, 1040's, 1099's, W2's and all schedules, copies of drivers license/ID and social security card for each applicant.

You may qualify FHA from fico scores between 500-579 with 10% down or minimum 580 fico score may qualify FHA 3.5% down. You may consider a 3%-5% Sapphire Grant down payment program up to 417k from a minimum 620 fico score which does not have to be repaid.

If you figure out what cities/zip codes you are considering, minimum number of bedrooms and the maximum payment/price you are looking to achieve you can be emailed listings to fit your search criteria. Your email address is needed to set you up for the automatic daily updates.

It only takes a few dozen questions to qualify, go over your options and email you listings to study and consider. Here are some links to study about me as well as web reference links to many loan programs...

Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
Veteran & VA or CalVet loan specialist
REO & Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
24+ Years Experience
BRE# 01140252NMLS# 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
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Tue Apr 5, 2016
Junie asked:
I own 611 Lantern Lane, Monterey, 93940. You have the wrong picture on your site, you are showing a garage on Hoffman Street. Please use the photo on Zillow. And, your value is $300K less…
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Sun Feb 14, 2016
Nick Tortorelli answered:
they will lift the moratorium once the water tables begin to rise again, also chances are when the de-sal plant is finished in Marina, it could be lifted. I have heard some estimate that it will be in 2019. ... more
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Sat Feb 6, 2016
Adolfo answered:
Can I get a commission if I am the Agent and Buyer at same time buying a bank own property?
Thank you.
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Tue Nov 10, 2015
Jesse Reyes answered:
Hi grenreaper,

A very simple answer to your question. First and foremost, you have to ask your self. "What can you afford to pay every month on a mortgage?" Based on the information you provided, you could qualify for a mortgage. One major factor that will determine the amount you would qualify for is your income. I'm currently working with a client who is qualified for $315,000. His yearly income is $68,000 with just about the same credit score and no dept.

My best advice to you is, Contact a lender and make an appointment. This way he or she can go over your debt to income rations, which is what determines the amount you qualify for. Currently, buyers have many first time buyer programs available that you can use to purchase your first home as well.

I hope that this information helps you on your quest to buying a home. If you need any additional information. You can contact me and I will help you with any other questions you might have in-regards to purchasing a home. I can also refer you to several Banks and mortgage companies that can best assist you with the pre qualification process.
... more
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Sun Nov 1, 2015
Daniel asked:
The Do's and Don'ts about HOA's caught my attention. I have some personal insights on living in one.
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Mon Aug 3, 2015
Derek Jones answered:
The agent as in real estate agent isn't so helpful with that type of loan? How so? You can always get a new agent if you feel your needs aren't being met.

But as a side note; if you have any questions about your loan those should be directed towards your lender. ... more
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Tue Jul 28, 2015
Doug McKenzie answered:
Schools. I see a clear preference with respect to school districts expressed by buyers. Pebble Beach is in three school districts - PG, Carmel and Monterey. Buyers with young families seem to generally prefer Carmel over PG and PG over Monterey. ... more
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Thu Jul 23, 2015
Sheryl Arndt answered:
Hello Firstraiderette, 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 to buy with minimum out of pocket expenses such as $2,000 down payment with a minimum 640 fico score @400k.

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.

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.

You will need to be pre-approved if you decide to buy and to be able to meet an agent to view and submit offers on any homes of your choice.

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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