Archive for the 'Buyer advice' Category
Walnut Creek Executive Home
Updated executive home 4 bedrooms and 2 full baths in Diablo Shadows neighborhood of Walnut Creek, California. Home has large office on ground floor with lots of built-ins. Hardwood, Travertine and wall to wall carpets. Kitchen and bathrooms have been remodeled. Top Walnut Creek schools. This video was made with the permission of listing agent, Catherine Larson of ReMax for one of my clients. Priced at $819,000
We Are All Pulling Together In Contra Costa Real Estate
Contra Costa County and many of the cities in COCO County are deffering and even cutting builder’s fees as incentive to kick start new home construction.
We all know someone in our County that has worked in real estate , construction and financial services. These incentive will help get people back to work in one of the biggest employment bases in our area. Besides housing, think of the other areas that will need development or improvement. Roads bridges, schools and other infrastructure that supports development.
In 2006 there were over 10,000 housing starts int he San Francisco East Bay Area. Year to date, there have been only 1769. These efforts by our cities and county are very admirable and shows certain creativity of our government.
Repair a Home in Walnut Creek with a FHA 203K Home Loan
FHA 203K home loans provide buyer’s with the ability to include the repairs of the house into the loan amount.
Walnut Creek Real Estate Shows Signs of Stability
Buyers and sellers have access to a great number of trend and statistics that give their real estate agents the ability to provide accurate information of a specific market. This Video about real estate in Walnut Creek California is a good example.
Walnut Creek Foreclosure Opportunities
Walnut Creek California has foreclosure opportunities in all price ranges. We were not hit as hard as other parts of California, but there are opportunities for the home buyer that want to buy a “fixer.” Many of the bank owned homes in the Walnut Creek area are in the higher end. $750,000 up to $2,000,000.
Conventional Financing vs. FHA
Why more and more applicants are turning to FHA
Most applicants are overwhelmed by the amount of financing options. The most popular options are FHA and conventional.
FHA was developed by the Federal Government to establish affordable financing for qualified borrowers. FHA has the ability to not only insure the loan, but also limit the lenders risk. Usually the borrower pays an insurance premium which is roughly 2.25% of the required loan amount. This money can be financed straight from the loan amount. In addition, the borrowers will need to pay a monthly premium of .55% of the loan divided by 12 months and the FHA requires down payment of 3.5%. This may sound like a lot, but the benefits on FHA are still very good.
A major benefit of this is the money can be a gift, and no reserves are required, and qualifying is much easier. Higher debt to income ratios, Credit scores to qualify are significantly less that conventional mortgage loans. Lots of advantages
Most people are familiar with is the conventional style mortgage. Applicants usually are those with excellent credit, job stability with reasonable income, a sizable down payment, and low debt to income ratios.
Many of the homes in Contra Costa County qualify for FHA financing. Local and National lenders have become very good at funding these loans too. FHA is a very good way to buy a home. I hope you explore these opportunities.
First Time Home Buying in Contra Costa County
Homes for Sale, Pending and Sold Homes
Purchasing your first home might be the greatest decision some people will ever make. Although it can be daunting to think about the biggest investment you make in your life, if you take the appropriate steps it can be a smooth ride. A first time home buyer is actually in a great position to take advantage of many opportunities that will benefit them. One of the most important differences between renting and purchasing is that you OWN your home. When you rent and sign that check, that money is gone permanently. On the other hand, when you purchase you allow the money to be put to good use and you will save tons! Here’s a rent vs, buy caculator from THE NEW YORK TIME BLOG.
One of the most common problem facing buyers is bad credit, but there are other options that are available. Federal mortgage programs like FHA, local home buying programs and housing counseling agencies can assist buyers. The key is to stay positive and not lose hope.
To become familiar with the home buying process a real estate broker is the best idea. We cover the entire process from A-Z and keep your stress at a minimum while they keep the entire experience simple and easy. If you have questions about a particular neighborhood, traffic volume, safety, etc., we will have the answers. Almost anything that you can think of the broker will be able to determine, especially the important financial questions that can be confusing. Home buyers in Contra Costa County have access to a lot of this data online though all the City websites and other blogs.
Another topic that worries most buyers is the amount of money they need to buy a home. This depends on a number of factors and is looked at by the mortgage programs available. The rule of thumb is the buyer needs to come up with three costs: the initial deposit, down payment, and closing costs. This can range from 3% to over 20% depending on the loan program and your individual situation. We will also be able to point you in the right direction toward getting a loan and finding the right lender. We are familiar with the market and what lenders are offering. Typically the mortgage approval process takes 3-6 weeks.
The current real estate market in Contra Costa County offers opportunity to all buyers and sellers. If this is your first time buying a home or if you are buying up to a larger home or if you’re down-sizing the San Francisco Bay Area real estate market is very attractive.
Sam Benson, 925-262-4299
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