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Rent vs Buy in Contra Costa County : Real Estate Advice

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  • Local Info5
  • Home Buying37
  • Home Selling3
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Activity 3
Tue Jun 21, 2011
Suz A answered:
Hello Bpt:
In the best case, your wait may be only two years. And there are special circumstances where in dealing with an FHA or VA loan, you may not have to wait at all. You should consult a lender or a mortgage broker to see if you qualify.

To work with an agent, you should obtain a pre-qualification letter from a lender, anyway.

I included a few links for you to consult.

Generally, a borrower presents a better profile if they're not in default on their current mortgage. And your chances improve if you have 20 percent to put down. You enhance your profile by having paid your bills on time, too.

Here are charts that you might find helpful:
http://bit.ly/mI5V01
http://www.colleencraig.com/upload/client2115/pdf20100930214849.pdf
http://bit.ly/iwQXLV

The bottom line, however, is money is tight. Best of luck.

SuZ
PML of Longmont, CO
... more
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Mon Apr 19, 2010
Dan Chase answered:
Maybe you could get a part time job somewhere. It will be tough as we have about 10% unemployment and it is closer to 20-25% for the youth. Legally in my state under 18 can only work a limited number of hours a week by law.

Your father would be making about $52k a year. If he has good credit and a dependable income he might be able to get a loan for about 3 times that amount. That would be around a $150k house.

I would consider living in a trailer on either its own or a rented lot. It might be a lot cheaper than the apartment. However, It looks like you could get a condo or normal house for what should be an easy monthly payment for your father.

He will need a down payment. That is money in the amount of 3.5% of the purchase price.

Below is a place to look for many different kinds of homes for sale. It is set for a 2 bedroom with 10 miles of your city. On the left column you can change the search settings for a more precise search.
http://www.realtor.com/realestateandhomes-search/Concord_CA/beds-2/price-na-165000/type-single-family-home/type-condo-townhome-row-home-co-op/type-multi-family-home/type-mfd-mobile-home?sby=1&ml=3
Below is a 3 bedroom condo for $50k.
http://www.realtor.com/realestateandhomes-detail/19-Werden-St_Vallejo_CA_94590_1116995516
Below is a 3 bedroom normal house for sale in Vallejo for $58k.
http://www.realtor.com/realestateandhomes-detail/812-Gateway-Dr_Vallejo_CA_94589_1117742487
... more
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Wed Dec 1, 2010
Michael answered:
Hi Nrv, I would do your research in San Ramon. I am an Architect that has worked in that several times and I have found that home owners in San Ramon are staying put because of the cost of moving and adding on to their homes because they have alot of equity. I have not done research, but I know that the home owners in San Ramon have a higher income and the area appears to be pretty stable. In fact the area around (Dublin, Pleasanton, Alamo($$$) etc..) San Ramon is very desirable and wanted. So this period may be a great time to buy a very nice house at a price that is high but leveling out (not dropping) and will take off again when the economy starts running again. Good Luck, Mike ... more
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