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First time buyer or investors, pay attention. Recently remodeled. 2 bed/1 bath. Stainless Granite Kitchen with talking refrigerator. Remodeled bath. Stacked washer and dryer. All located in Martinez. Great Location. Close to everything.
Call/Text 510-701-3494 for more info or to schedule a showing.
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Unless you're an ALL CASH buyer, chances are you'll need a loan to get into that home of your dreams. With the record low interest rates we are seeing today even people with big bank account are choosing to finance.
In the time of COVID-19 sellers are restricting the amount of traffic in their homes. In many cases a pre-approval letter is required to simply view a property in person.
Tired of swiping right on real estate and ready to meet your future home face to face? We'll get you on the right track.
Angela Rocconi - Realtor
DRE 02103143
925.314.6081
www.EastBayHouseHunterGroup.com
So you’re planning to buy your first home. Congratulations! It’s a big step; one of the most important milestones in your life.
And you might be pleasantly surprised by the wide array of first time home buyer programs designed to help you.
From low- or zero-down loans, to down payment assistance and closing cost grants, there are tons of programs for first time home buyers.
The only question is, which one is right for you?
Many mortgages come with low down payments: as little as 3% or 3.5% of a home’s purchase price.
Sometimes, this is possible because a loan is guaranteed by the federal government.
That includes mortgages backed by the Federal Housing Administration (FHA loans), Department of Veterans Affairs (VA loans), or U.S. Department of Agriculture (USDA loans).
Or, a mortgage may come with a low down payment because it is eligible for purchase by the mortgage giants Fannie Mae and Freddie Mac. These are called conventional loans.
The smallest down payment you can make with an FHA loan is 3.5%. But it’s easier to qualify for an FHA-backed mortgage than a Fannie or Freddie one.
Your application may be considered even if your credit score is as low as 580 (with a 3.5% down payment) or 500 (with a 10% down payment).
And your lender may not be as bothered if your existing debt burden (your “debt-to-income ratio” or DTI) is big.
For many types of loans, lenders want to see your debt-to-income ratio at 40% or below. FHA loans can allow yours to be as high as 50%.
So it’s easier to qualify for an FHA loan if you currently have a lot of monthly debt you’re paying off.
The downside? FHA loans do have a higher down payment (3.5%) than a conventional loan from Fannie or Freddie (3%).
Plus, your mortgage insurance costs are likely to be higher, at least over the long term. So you may end up wanting to refinance sooner.
The FHA offers a specialist loan for those who want to buy “fixer-upper” homes, called the FHA 203(k) mortgage. This might be especially appealing to first time home buyers on a budget.
The problem with buying a fixer-upper is that you typically need a mortgage to buy the property and a separate loan to do the rehab work. Once the project’s finished you then refinance the two loans into one new mortgage. But that’s costly and cumbersome.
The FHA 203(k) lets you borrow the purchase and rehab costs in a single loan. You get the latter in stage payments or installments (“draws”) as the work reaches pre-set milestones.
“Conventional” loans have two clear advantages over FHA ones.
The first is that your down payment can be as low as 3%.
And the second is that you can ask to stop paying for mortgage insurance as soon as your loan balance drops below 80% of the appraised value of your home.
A conventional loan is one that is not backed by the federal government, unlike FHA, VA or USDA.
Fannie Mae brands its 3%-down conventional loans as HomeReady™, while Freddie Mac calls its Home Possible®.
So why doesn’t everyone go for a Fannie or Freddie mortgage? Because you’ll need more robust finances and a higher credit score than with an FHA loan.
Expect your lender to require a score of 620 or higher and for your debt burden to be lighter than the FHA’s threshold allows.
There are two prominent mortgage loans that don’t require any down payment at all: the VA loan and USDA loan.
But they both have special eligibility requirements, so not all first time home buyers will qualify.
VA loans are backed by the US Department of Veterans Affairs. And you can get one only if you’re a veteran with an honorable discharge, a current service member or a member of a very small number of other, closely related groups.
VA loans are arguably the best mortgages out there. If you’re eligible, you’ll need zero down payment, and there’s no minimum credit score (though individual lenders can set their own).
And — after an affordable initial payment that can be added to your loan balance — you won’t have any mortgage insurance costs.
Better yet, VA loans typically come with lower rates than other mortgages.
USDA loans are backed by the US Department of Agriculture (USDA) and promote rural development. So you cannot get one in metropolitan areas, though a surprising number of suburbs are eligible.
You can look up whether a home you want is in an eligible area using a tool on the USDA’s website.
But you, as well as the home, have to be eligible. That means you’ll need a low or median income compared to your area’s averages. You’ll also need OK credit (a 640+ score) and easily manageable existing debts (a DTI of 41% or lower).
In exchange, you could get a zero down payment, a below-average mortgage rate, and reduced mortgage insurance premiums.
There are more than 2,000 down payment assistance programs operating across the nation. And many of them put first time buyers at the head of the line.
Many are run by state or local governments or by nonprofits. And a lot of mortgage lenders are happy for you to access them for help.
Each of these first time home buyer programs has its own rules:
Which you get will depend on what’s available where you live.
>> Related: Down payment assistance programs in all 50 states
Closing costs typically cost between 2% and 5% of a home’s appraised value. That’s $4,000-$10,000 on a $200,000 home loan.
As a result, closing costs may be a significant burden for first time home buyers with limited savings.
Luckily, some first time home buyer programs offer help with closing costs as well as down payments. And, if you hunt around, you may find other sources that will give you grants or loans.
For example, motivated sellers and even some lenders will occasionally help with closing costs, though the latter may require a slightly higher mortgage rate in return.
Typically, your lender won’t mind if you accept “gift money” toward your down payment from a family member or even sometimes a friend.
But you’ll have to prove that you really are accepting a gift, rather than a loan disguised as a present.
So your benefactor has to sign a document to that effect, and may need to show where the money came from.
>> Related: How to give and receive a cash down payment gift for a home
CalHFA — MyHome Assistance Program — Up to $10,000 in down payment assistance
First Home Mortgage Program — Grant for down payment and closing costs assistance, for borrowers in L.A. and Orange counties
HUD resources CA — More California first time home buyer programs
Article from: https://themortgagereports.com/64872/first-time-home-buyer-programs-50-states#CA
With the Shelter in Place order still in effect in the Bay Area many of us are finding ourselves working from home. For some of us it may be the new normal. With the ability to work remotely comes a new found freedom in no longer being tied to "The Big City". Less densely populated areas are becoming more and more attractive to potential buyers.
Our newest listing is a waterfront 2 bedroom, 2 bathroom condo on the California Delta just about an hour outside of San Francisco. Just steps from your balcony is the waters edge. Between Zoom meetings and conference calls you can watch the boats go buy, cast a line, or take a boat ride form your own covered boat slip.
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3D Tour of 3505 Wells Rd, Oakley
COVID UPDATE IN REAL ESTATE
Are you looking to Buy or Sell? Virtual Viewing and sale are Up! How do you buy a home in this Market? What are rates? How do you see a home in Shelter in Place? Call us, let our team help you.
Homes are still selling, multiple offer, banks are lending really low rates. 42 years experience, let us help you!
Les Palia, Angela Rocconi and Marissa Smith Keller Williams, The East Bay House Hunter Group. Download our Real Estate App. Did you know you may be missing homes on the other top sites? With our KW Consumer App, you won't miss any. Check out our website and download our app. Or just keep missing out on new homes as they hit the market! Keller Williams Realty. Click on our site!
https://www.lespalia.com
Les Palia, Angela Rocconi and Marissa Smith Keller Williams, The East Bay House Hunter Group. Download our Real Estate App. Did you know you may be missing homes on the other top sites? With our KW Consumer App, you won't miss any. Check out our website and download our app. Or just keep missing out on new homes as they hit the market! Keller Williams Realty.
Check our site for local listings. We've been helping buyers and sellers over 41 years in the local market. Looking for Homes in the Danville or surrounding area? Check our site. We are one of the top bay area sales team. We are here to help. FInd a few homes you like and we will set up the showings. Let's get you going.
Our site is very user friendly. 2020 is here... The Market is Changing. Call us to discuss your needs. Experience matters. Living locally matters. Our team will listen and guide you.
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Click here to see our fabulous new listing in Classic San Lorenzo Village .Redone and move in ready!
WE are here and working during this challenging times. Please contact us for information
Danville Homes for Sale.
Check out this weeks inventory for the local Danville Ca Neighborhoods.
https://youtu.be/UjTY1b87muk
How long has your home search been going on? Do you hope to be in home by Summer? We'd love to meet you. If you are in the market to Buy or Sell. We are a team of top Bay Area Agents dedicated to helping Buyers and Sellers. Interview US. Check out our site and get up to date local listings. We will give you a call and set up a showing appointment for you. It's simple. We are here to help. Also, download our Consumer App. It's the BEST Real Estate App out there! Why? Because you will get all current listings. Did you know Zillow doesn't always have that?
Experience Matters. Work with a local Agent who lives in the awesome little town of Danville. Danville Homes For Sale. What's your Home Worth Danville Ca? Local experts with 42 years of experience.
Living and Selling in Danville over 40 Years! Work with a local. Ask someone who knows the ins and out of this awesome town!
Les Palia, Marissa Smith, Angela Rocconi. Keller Williams Realty. Top Local Sales Team.
Why does experience matter? In a market with competition? You better make sure to work with agents who know the strategies in getting offers accepted and homes sold for top dollar.