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Home Buying in San Mateo : Real Estate Advice

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  • Local Info18
  • Home Buying79
  • Home Selling15
  • Market Conditions3

Activity 113
Mon Oct 31, 2016
Alexander Greer answered:
The best program right now for FTHB is the HomeReady program from Fannie Mae. It lets you go up to 97% LTV. There is also the Freddie Mac HomePossible program that allows for only 1% down. Both have these programs can have no MI if you choose.


Alex Greer
Loan Officer
408-352-5147
NMLS #1056079
http://www.TheMortgageOutlet.com
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Fri Jul 1, 2016
USMortgageRanger answered:
Hi Ann,

You would be able to use the income from the first job as you have establish 2 years or more of income from that job, but the income from the 2nd job could not be used to underwrite the file as you have not demonstrated any ability to work this job for any period of time and can quit anytime. The income however will be used a compensating factor in the underwriter decision.

I would be delighted to provide you with some mortgage options, this does not require us pulling your credit and will allow you to make the best decision for your family. I can be contacted for a FREE no obligation consultation.

Lowell Sterling
Mortgage Banker
NMLS 968898
Phone 469-347-3572
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Fri Apr 22, 2016
Tinoresident answered:
If you are building a prefabricated house that meets California Building Code (CBC), it is considered as a site build home. You should not have issues with the local building departments. Below is a link to State of California Publication that you can refer to:

http://www.hcd.ca.gov/codes/factory-built-housing/fbh-bklt.pdf

I built a prefabricated home in Cupertino back in 2009, the building permit process was quick and smooth.

I have seen prefabricated houses being built in Palo Alto, Menlo Park, Cupertino, Santa Clara and San Mateo. As far as I know, these cities treat the building permit process just like regular construction.
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Thu Nov 12, 2015
Bryan asked:
In my area (SF Bay Area), the school ratings do not match the data on GreatSchools.org. When will this data be updated?
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Wed Nov 11, 2015
Arpad Racz answered:
Hi,

Ask your auto insurance company if they have home insurance.

All the best,

Arpad
0 votes 9 answers Share Flag
Wed Sep 16, 2015
USMortgageRanger answered:
Hi Felix,

The very first thing that you will need to do in order to qualify to purchase a Bank Owned property is to get qualified with a Lender. Once that is done you will be able to work with a Lender to make an offer to the bank in question.

I would be delighted to provide you with some mortgage options, (this does not require us pulling your credit) that will allow you to make the best decision for your family. I can be contacted via my profile information for a no obligation consultation. My Office hours are 08:00 AM-08:00 PM Mon-Fri and Fri and Sat 08:00 AM-06:00 PM CST.

Lowell Sterling
Mortgage Banker
NMLS 968898
Capital One Bank
7933 Preston Rd
Plano TX 75024
Phone (469) 315-1709
EFax (855) 606-5476
https://mortgages.capitalone.com/home-loans/loan-officer/plano-texas/lowell-sterling
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Sun Dec 21, 2014
Kevin and Julie McLaughlin answered:
Please include address or link to the property so local agent can help you.
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Sun Dec 21, 2014
USMortgageRanger answered:
Thanks for your post & congratulations on your decisions to purchase a home. I would suggest you get APPROVED not just pre-qualified. Let me explain the difference. When you start shopping for a home, most Agents and Builders want you to get pre-qualified, before they spend any time with you. However, being pre-qualified doesn't mean you are ready to buy. In this market, property is moving faster than ever. So if you are ready to buy, you should get APPROVED by a competent Lender. Approval is similar to having cash in your pocket and this tells the seller you are truly ready to buy. In fact many listing Agents and Builder won’t even look at your offer unless its attached to a real Approval. I would welcome the opportunity to get you approved with 48 hours of application.

I am here to help you make the best decision for your family based on sound responsible, knowledgeable financial guidance. I can be reach at 501-717-0403 for further consultation with no obligation.
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Thu Dec 11, 2014
Sam Shueh answered:
Tue Sep 23, 2014
Scott Godzyk answered:
Before you purchase it, the buyer broker should assist in what the cost and expenses will be as opposed to what income you will bring in from it. You should hire the property manager after you purchase. ... more
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Mon Sep 22, 2014
jeffdlinn answered:
The main service that real-estate agents provide is convenience. All of the services they offer, finding a real-estate attorney (which they are not), coordinating home viewings and so on can be done by any homeowner willing to put in the effort. The general requirements to be a REA is 1) 18 years of age, 2) Proof of Legal Presence in the US, and 3) Applicants must be honest and truthful (might as well leave the 3rd out, how do you prove or hold one accountable). A REA does have course requirements and must have successful completion of three college-level courses to qualify to the REA salesperson examination. So, after you meet the minimum requirements you take the test, hopefully pass it and then that person can be in charge of selling or buying a person's home, which is likely one of the largest financial assets you will ever purchase in your life.

Now that being said, I do believe those "low information" buyers/sellers who won't invest their time or do their home need to engage a licensed REA to assist with the purchase or sale of their home.

However, if you are of average intelligence and will invest the time and research you can handle this transaction on your own. I'm in the process of FSBO now and when I attend local open houses (doing my homework) I already have a better idea of what is for sale in my neighborhood then any real estate agent I've spoken with. I am also candid with the REA letting them know that I am paying a commission and so far I haven't had any issues. One last thing. Pay the $500 to $1,000 to have an attorney draft or review the purchase agreement and to complete the disclosure documents.
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Sun Sep 21, 2014
Jason Wheeler answered:
There is a little known program in California for down payment assistance. This loan sounds like it might fit your loan scenario the way you've described it in your posting.

If you fit within certain financial peramaters you will qualify for a 2nd loan that does not have regular monthly payments. This loan will cover just about all of the 3.5% that an FHA loan will not cover.

Depeding on you income and if the funds are currently available this may be a good solution for you.

I'm not sure that this forum will allow me to post a link to the specifics of the program I am referring to. So if you email me directly I will send you everything you will need in order to see if you qualify and make a well informed decision if it will work for you and your family.

I hope this helps you.

- Jason Wheeler
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Tue May 20, 2014
Claudia Muller answered:
The first rule of BMR:

Borrower must be a First Time Homebuyer
Applicant(s) must be a First Time Homebuyer, defined as a purchaser who has not previously owned a home, condominium or mobile home, whether as sole owner, tenant-in-common, joint tenant or in other form of ownership within the past three (3) years. The City, at its discretion, may consider displaced persons or other hardship cases to be within this definition.
You will be required to proved three (3) years of tax returns to demonstrate that you have not had any mortgage interest deductions.

Second rule of BMR:Homebuyer Education Certificate
Homebuyer(s) must successfully complete a City approved BMR 8-hour Homebuyer Education Class prior to the close of escrow and must provide the City with evidence of completion.

Also, have you seen the conditions that the BMR notes stipulate? When you go to sell the property, you must sell it as a BMR. The city has the first right of refusal to buy property or allow your sale to move forward. You will limited as to how much profit you, personally, can make on the property.

Request a copy of all the loan documents that go along with a BMR. CAREFULLY review. You may find you do not want to get into this type of transaction. These are designed for buyers who intend to stay in the property for a long time (neighborhood integrity).
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Thu Mar 20, 2014
Laura Bertolacci answered:
Hi Amy,

Congratulations on beginning your home search! I have worked with several short sales and have a great team that works with me to complete the process as smoothly as possible. I'd be happy to discuss with you your needs, as well as the current market conditions and my qualifications, if you'd like to setup a time. Please feel free to visit my website www.LauraBertolacci.com for additional information.

Take care,
Laura Bertolacci, Real Estate Broker
CA BRE # 00868180
650-575-3822
Laura@LauraBertolacci.com
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Mon Mar 17, 2014
Phyllis McArthur answered:
Lindsey, the best bet for a rental is to go to a reputable property manager. Single family homes are much sought after rentals, and craigslist is not always the best way for you. I know a few property managers and if you need their info, call me. ... more
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Sun Feb 2, 2014
Phyllis McArthur answered:
Hi Lilly there's not as many foreclosure homes as there were a few short years ago, the market here in San Mateo is very short of inventory as well. It may be easier to contact an agent here to find a home that is appropriate for you. A 3 bedroom home in San Mateo for 550K and under may be a challenge. Please do contact me directly, I have most of my sales in San Mateo and surrounding areas.
Phyllis McArthur
Better Homes and Gardens JF Finnegan
(650)315-8904
http://www.phyllisfindshomes.com
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Sat Feb 1, 2014
Phyllis McArthur answered:
Hi Lily, where is the home and when are you available to see it, call me anytime (even during superbowl)
Phyllis McArthur (650)315-8904
http://www.phyllisfindshomes.com
0 votes 3 answers Share Flag
Wed Jan 8, 2014
Ricardo Archila answered:
Hi Prash,

Welcome to the Bay Area. I'm sure you will love it here. San Mateo is a great city to live in, I have lived in San Mateo for the last 7 years. As your looking for potential homes I would recommend meeting with a Realtor so they can give you a general overview of areas and pricing. It would be a good Idea to visit Open Homes and drive around the different areas so you can get a feel for what you like.

To answer your questions:

1. How far are you willing to drive? Will you both be working near the 101 or 280? Are both your jobs accessible through public transportation?

2. Home prices have been going up, but it seems some areas are starting to level off. It really depends which city you ultimately want to end up in.

3. There are several nice areas in San Mateo, in order to find something that would fit your needs we would need to know what your price range is. That way we can deterimine which areas work best within your range.

4. You should be able to find a place to rent for $2500.

If you have more questions or want to go into more detail feel free to contact me at 650 438-1562.

Thanks,

Ricardo Archila
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Wed Jan 8, 2014
Ricardo Archila answered:
Yes, there are many ways I can help a person going through foreclosure. In order to help you best:

1. Are you looking to purchase a home in foreclosure?
2. Are you looking to avoid a foreclosure?
3. Are you looking at selling or saving your home?

Feel free to contact me,

Ricardo Archila
650 438-1562
... more
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