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Home Buying in Salinas : Real Estate Advice

  • All161
  • Local Info5
  • Home Buying75
  • Home Selling9
  • Market Conditions4

Activity 83
Sun Aug 6, 2017
Actingclasses answered:
Depends on your market. High end buyers seem to rip everything out just to say that they did. Mid- and lower-end market buyers might leave the same neutral paint on the walls and flooring in place till THEY sell the house years later. And while TV has taught people that hardwood floors are their birthright, I have never seen a buyer quick to rip out new, warm tan or taupe carpeting with thick padding (that's KEY). It's just too comfy, especially in bedroom and den areas.

However, I'd avoid laminate no matter what. Buyers don''t consider it an upgrade anymore, but rather, a problem that needs to be eliminated. Even though it is not that cheap, it has that cheap sound and feel underfoot, reacts badly to water, and just doesn't look very good on more than casual inspection.
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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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Mon Oct 17, 2016
Ramon Campos answered:
Start by talking to a real estate agent who can provide valuation on your restaurant. You will need to list all assets and inventory in your restaurant. for any questions regarding selling your business you may contact me. ... more
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Mon Oct 17, 2016
Ramon Campos asked:
How much value can a property zoned for second dwelling add to a property? zoning r-1-15 being future benefit. Can an appraiser use the R-1-15 zoning
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Thu May 12, 2016
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 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.
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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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Thu Jul 23, 2015
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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Mon Jul 6, 2015
Teresa Lee asked:
know im trying turning to sale it and she either turns down all my or shows them another mobile that she is saling and sales it cheaper she also says know i cant be in park because im not…
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Wed Mar 25, 2015
answered:
Hello n_chole, you may qualify to buy with minimum out of pocket expenses with those scores with low interest rate and premium financing.

You may qualify to buy FHA with 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. You may consider 3% down conventional from a minimum 620 fico score. 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 know your purchasing power and 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, home price, loan program and how much you want to invest into the down payment and closing costs.

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 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
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Tue Jan 6, 2015
Cesar fuentes asked:
Sat Dec 6, 2014
mirandasrgiantsfans87 asked:
Fri Aug 1, 2014
Susan C answered:
Have you located properties in the Monterey area as of yet? It's definitely a Landlord's market right now.
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Thu Jun 27, 2013
Linda Michaels answered:
Have you been pre-approved for a mortgage by a lender? That is is the first step to see how much house you can afford to buy. Since you can afford the payments, you might qualify for more than you think! They have great programs to help first time homebuyers too. I know of a home in that price range in Salinas. I would love to help you. Linda MIchaels, DRE #0187260 ... more
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Tue Feb 19, 2013
Donald Stevens answered:
I would have to say just by asking the question it seems as though you may already know the answer. Think of it this way, do you want to give the insurance company your money and then let them deny a claim when you need them. It is better to pay a little more for insurance that will pay a claim than it is to pay less for one that may not. Food for thought


The Home Insurance Specialists
www.getgliga.com
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Wed Jan 30, 2013
answered:
I feel you pain. I can't tell you how many times I hear the same old story. My suggestion is to check out your prospective LO by requesting references either from previous clients or by Realtors. I have a client who is buying a home in your area right now using a special program that requires no down payment. Please feel free to contact me if you have any questions. See below. ... more
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Fri Jan 25, 2013
Susan Brownlie answered:
I suggest that you call a lender in Salinas- Joseph Sanchez @ Prospect Mortgage -he will be able to answer this question for you. I am a Realtor in Salinas and unfortunately do know the answer to your question. I believe you can but can't be sure. 831 751 1990- ... more
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