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Home Buying in San Diego : Real Estate Advice

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  • Home Buying980
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Activity 1,279
Tue Feb 13, 2018
Robert Ashburner answered:
I have recently been asked a question regarding eligible properties that can be financed using the same occupancy guidelines. According to FNMA a family can purchase a 1 to 4 unit property per the Fannie Mae Single Family Selling Guide Section B2-3-1 General Property Eligibility (04/15/2014) Published January 30th 2018. Keep in mind as the number of units goes up your down payment requirements will also go up as such:

1 Unit Property Minimum Down Payment 5%
2 Unit Property Minimum Down Payment 15%
3-4 Unit Property Minimum Down Payment 25%
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0 votes 19 answers Share Flag
Fri Feb 9, 2018
Vfranks67 answered:
Looking for land owned under 55 manufactured in Escondido,San Marcos and Vista
0 votes 22 answers Share Flag
Sat Jan 27, 2018
Kathy Burgreen answered:
I know this is an old question but the correct answer is as follows. Lenders will approve buyers based on their ability to pay back the mortgage loan on time. That's it. Coop Boards approve buyers based on the ability to pay back the mortgage loan + the monthly maintenance. Lenders don't concern themselves with the maintenance fee as this is not their problem. However, coop Boards do concern themselves with both payments, so if a guarantor is required, it means you don't have the income to pay both monthly payments. So yes, a coop Board can force the buyer to sell their rental property if they want to be approved to buy a coop. As a buyer, you do have the choice to choose another apartment and cancel your current contract.

The reply below from the realtor is not accurate.
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0 votes 2 answers Share Flag
Thu Dec 21, 2017
Randall Ortiz answered:
In California only, we can do ITIN loans. You will need last two years tax returns using your ITIN number, 20% down payment (or more if you want to put more), a drivers license or ID and other documentation, but we can definitely get it done for you. You can get more information at http://www.spcloans.com/ITINLoans ... more
0 votes 10 answers Share Flag
Tue Dec 12, 2017
Ellisdurham2043 answered:
what can i do to get my condo building approved in a hurry i am paying wellsfargo bank 6% intrest
0 votes 18 answers Share Flag
Tue Dec 5, 2017
Frank S. answered:
Hello Lewtogo, 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. Do you know what your fico scores are and what is the maximum payment you are looking to achieve?

You may consider 5% down jumbo from a minimum 720 fico score up to 1.5m and a minimum 680 fico score may consider 10% down jumbo up to 2.5m.

If you figure out what cities/zip codes you are considering, minimum number of bedrooms, baths and the maximum payment/price you are looking to achieve and you can be emailed listings to fit your search criteria.

Once you are pre-approved you will know your purchasing power and perimeters to narrow down your search areas by price. Check out the web reference link below...
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0 votes 1 answer Share Flag
Mon Dec 4, 2017
Tammy answered:
Fri Nov 17, 2017
Amalikyar answered:
how many years are left paying mello roos on 712 via barquero,san marcos ca
0 votes 8 answers Share Flag
Wed Nov 15, 2017
anilcs0405 asked:
I got an updated lease agreement that had current rent crossed out and updated with no initials from tenant. Can I proceed legally against seller?
0 votes 0 Answers Share Flag
Fri Nov 10, 2017
Chrisnoland asked:
Fri Nov 10, 2017
Kellie Wilson answered:
How bad is bad? If your scores are below 530, there's not much a bank can do. If above that, we have to see what your income allows you to borrow. I'm assuming you don't have a mortgage on the home now and are wanting cash out. You may use up to 85% of the value of the home on an FHA cash out deal. Where ever you decide to go, please remember that no one is allowed to charge you an application fee. contact us for a loan email: oceanicfinance113(at)gmail. com ... more
0 votes 28 answers Share Flag
Tue Sep 19, 2017
Patricia Marr asked:
Would this be something to get from my real estate agent?
0 votes 0 Answers Share Flag
Mon Sep 18, 2017
Mbaker answered:
I used to, but don't anymore. It becomes discouraging to all parties involved. Without the pre approval letter, you don't truly know the price range you're looking for, and you can't submit an offer without the letter in most cases anyhow. The pre approval process saves everyone time. ... more
0 votes 32 answers Share Flag
Fri Sep 15, 2017
Derek Jones answered:
Thu Sep 14, 2017
Ramin Salman Roughani asked:
Wed Sep 13, 2017
Kathy Burgreen answered:
If you have a residential home loan, the terms are you need to live there for the first 12 months (1 year). After 1 year, then you can rent it out. Read your loan documents. There is a clause that states this. ... more
0 votes 1 answer Share Flag
Fri Sep 8, 2017
Kathy Burgreen answered:
First of all, your statement is NOT completely accurate! Although I'm not familiar with San Diego and never lived in Calif., it's general knowledge that parts of CA is extremely expensive. However, manufactured homes itself is NOT "really attractive" period. Manufactured homes is thought of less valuable than stick built homes and reserved for those on very tight budgets. That said, there is a case to be made for San Diego and San Francisco where housing is so expensive that buyers don't have any option except to buy a manufactured or mobile home - unless they want to live much further inland.

If I were you, I would contact several realtors and ask them if manufactured homes have sold for more money this year compared to a few years ago - and if yes, by how much more. This will give you an idea if the value will increase over the next few years. Also ask how many days on market it takes to sell manufactured homes.

Finally, compare the above questions on manufactured homes to condos. How much has condos increased in value over the past few years? How many days on market does it take to sell a condo? Ask the realtors - if given the choice to either sell a condo OR a manufactured home - which would that realtor choose to sell? This question is very important because realtors are independent contractors and they CAN CHOOSE which sellers they want to work with and which homes they feel they can sell quickly and for a higher commission. The realtor's bottom line is about earning a commission - the more money, the better. This means they can be picky about which homes and which sellers they will work with.
So, if given the choice between a condo OR a manufactured home - which would the realtor you are trying to work with - choose? Think about it - if you buy a manufactured home and most realtors in your area would rather be selling a condo or a house than a manufactured home - how do you think realtors will help you to buy or later sell your manufactured home? Better to test them out now before you put any money down.
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0 votes 2 answers Share Flag
Thu Aug 31, 2017
Shawnanicole21 answered:
I'll post question first and then you can read more about my plan below,

Is buying a manufactured home a good idea? Will it like break down on me or something ? lol I've read they only last 30 years?

I would really like some advice please

I am thinking of purchasing a piece of land for $200,000 in the most perfect neighborhood for myself with no other manufactured homes and putting a beautiful manufactured home on the lot. It's one of those manufactured homes that looks stick built. you would never know the difference without seeing it being delivered and the city has approved this.

I would like to know if this is a smart idea? I'm worried that my m.f home won't last as long as a stick built home. I'm not too worried about the resale value because I'm 10 minutes from the beach in southern Ca and there are literally zero homes on the market in my area..plus I'll own the land in a gorgeous a great middle neighborhood

That's why I'm thinking of going this route, anything in my price range is located in the city's bad areas and if anything in my price range pops up it literally sells the next day and even those need work.

I can get the land for 200, the manufactured home for $150-160 and then the costs for permits and utilities. It would still be expensive but cheaper than the homes selling in my budget AND I'd have a brand new home that I helped design.

Thoughts? Advice? Thanks in advance
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0 votes 1 answer Share Flag
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