Help for young couple buying a first-time condo with FHA?

[sdnerd]

Do you have 6-12 months emergency cash fund in addition to that $15k?

[barnaby33]

Mission Hills seems the obvious choice, but I haven’t seen anything in that range. I also like some of the pockets in 92116, for example right across the foot bridge from Ralphs.
Josh

[barnaby33]

Mission Hills seems the obvious choice, but I haven’t seen anything in that range. I also like some of the pockets in 92116, for example right across the foot bridge from Ralphs.
Josh

[barnaby33]

Mission Hills seems the obvious choice, but I haven’t seen anything in that range. I also like some of the pockets in 92116, for example right across the foot bridge from Ralphs.
Josh

[barnaby33]

Mission Hills seems the obvious choice, but I haven’t seen anything in that range. I also like some of the pockets in 92116, for example right across the foot bridge from Ralphs.
Josh

[barnaby33]

Mission Hills seems the obvious choice, but I haven’t seen anything in that range. I also like some of the pockets in 92116, for example right across the foot bridge from Ralphs.
Josh

[Anonymous]

First of all, congratulations on your marriage. I completely understand that you want to buy a home and get settled in and start your lives together. You said that you want to buy a 2-bedroom condo and that you plan to live in it for 5-10 years and then rent it out. Have you considered that you might have children within the first 10 years of marriage and that a condo might not be the best setting if you do? Are you sure you are cut out to be landlords? Here’s my advice: try to resist the temptation to buy now. I know it’s a strong one. I feel the same way; I hate renting and want to buy something of my own NOW (but I’m waiting until at least late 2009). With your combined income, you would easily qualify for a $400,000 home (if not more) if you had more saved for a downpayment. Here is what I suggest you should do: defer buying for a year or two. Continue renting while you save as much as you can toward a larger downpayment. Have as your goal saving enough to put down at least 10% and do not use FHA for your loan (HLS can explain to you why not … briefly, it is a bad deal due to the 1.75% up-front fees plus PMI for 5 years). And then, once you have $35K to $45K saved up, buy a single-family house in an area of your choice with good schools (Clairemont, La Mesa, Rancho Bernardo, and many other areas would work). If you buy a condo now with only 5% down, I think you will ultimately look back and wish you had waited, saved up a larger downpayment, and bought a house. Prices will probably still drop more, and do you really want to live in a condo for 5-10 years? When the market reaches its bottom, with your combined incomes, you will be able to buy a single-family home in a good school district with a yard for your kids to play in. If you decide to buy a condo now, though, make sure to buy in a complex that was built as condos (i.e., not converted during the recent market bubble) and that has good reserves and no deferred maintenance. Mission Valley would probabaly be a good place to look. It is centrally located, and HOA fees are generally reasonable. You might want to check out Escala (Friars Rd. across from Costco/IKEA). The units were built in 2004-2005, the design and floor plans are modern and attractive, HOA fees are reasonable (roughly $220/month), amenities are good (great pool, fitness center, etc.), and prices have dropped a lot. Best of luck.

[Anonymous]

First of all, congratulations on your marriage. I completely understand that you want to buy a home and get settled in and start your lives together. You said that you want to buy a 2-bedroom condo and that you plan to live in it for 5-10 years and then rent it out. Have you considered that you might have children within the first 10 years of marriage and that a condo might not be the best setting if you do? Are you sure you are cut out to be landlords? Here’s my advice: try to resist the temptation to buy now. I know it’s a strong one. I feel the same way; I hate renting and want to buy something of my own NOW (but I’m waiting until at least late 2009). With your combined income, you would easily qualify for a $400,000 home (if not more) if you had more saved for a downpayment. Here is what I suggest you should do: defer buying for a year or two. Continue renting while you save as much as you can toward a larger downpayment. Have as your goal saving enough to put down at least 10% and do not use FHA for your loan (HLS can explain to you why not … briefly, it is a bad deal due to the 1.75% up-front fees plus PMI for 5 years). And then, once you have $35K to $45K saved up, buy a single-family house in an area of your choice with good schools (Clairemont, La Mesa, Rancho Bernardo, and many other areas would work). If you buy a condo now with only 5% down, I think you will ultimately look back and wish you had waited, saved up a larger downpayment, and bought a house. Prices will probably still drop more, and do you really want to live in a condo for 5-10 years? When the market reaches its bottom, with your combined incomes, you will be able to buy a single-family home in a good school district with a yard for your kids to play in. If you decide to buy a condo now, though, make sure to buy in a complex that was built as condos (i.e., not converted during the recent market bubble) and that has good reserves and no deferred maintenance. Mission Valley would probabaly be a good place to look. It is centrally located, and HOA fees are generally reasonable. You might want to check out Escala (Friars Rd. across from Costco/IKEA). The units were built in 2004-2005, the design and floor plans are modern and attractive, HOA fees are reasonable (roughly $220/month), amenities are good (great pool, fitness center, etc.), and prices have dropped a lot. Best of luck.

[Anonymous]

First of all, congratulations on your marriage. I completely understand that you want to buy a home and get settled in and start your lives together. You said that you want to buy a 2-bedroom condo and that you plan to live in it for 5-10 years and then rent it out. Have you considered that you might have children within the first 10 years of marriage and that a condo might not be the best setting if you do? Are you sure you are cut out to be landlords? Here’s my advice: try to resist the temptation to buy now. I know it’s a strong one. I feel the same way; I hate renting and want to buy something of my own NOW (but I’m waiting until at least late 2009). With your combined income, you would easily qualify for a $400,000 home (if not more) if you had more saved for a downpayment. Here is what I suggest you should do: defer buying for a year or two. Continue renting while you save as much as you can toward a larger downpayment. Have as your goal saving enough to put down at least 10% and do not use FHA for your loan (HLS can explain to you why not … briefly, it is a bad deal due to the 1.75% up-front fees plus PMI for 5 years). And then, once you have $35K to $45K saved up, buy a single-family house in an area of your choice with good schools (Clairemont, La Mesa, Rancho Bernardo, and many other areas would work). If you buy a condo now with only 5% down, I think you will ultimately look back and wish you had waited, saved up a larger downpayment, and bought a house. Prices will probably still drop more, and do you really want to live in a condo for 5-10 years? When the market reaches its bottom, with your combined incomes, you will be able to buy a single-family home in a good school district with a yard for your kids to play in. If you decide to buy a condo now, though, make sure to buy in a complex that was built as condos (i.e., not converted during the recent market bubble) and that has good reserves and no deferred maintenance. Mission Valley would probabaly be a good place to look. It is centrally located, and HOA fees are generally reasonable. You might want to check out Escala (Friars Rd. across from Costco/IKEA). The units were built in 2004-2005, the design and floor plans are modern and attractive, HOA fees are reasonable (roughly $220/month), amenities are good (great pool, fitness center, etc.), and prices have dropped a lot. Best of luck.

[Anonymous]

First of all, congratulations on your marriage. I completely understand that you want to buy a home and get settled in and start your lives together. You said that you want to buy a 2-bedroom condo and that you plan to live in it for 5-10 years and then rent it out. Have you considered that you might have children within the first 10 years of marriage and that a condo might not be the best setting if you do? Are you sure you are cut out to be landlords? Here’s my advice: try to resist the temptation to buy now. I know it’s a strong one. I feel the same way; I hate renting and want to buy something of my own NOW (but I’m waiting until at least late 2009). With your combined income, you would easily qualify for a $400,000 home (if not more) if you had more saved for a downpayment. Here is what I suggest you should do: defer buying for a year or two. Continue renting while you save as much as you can toward a larger downpayment. Have as your goal saving enough to put down at least 10% and do not use FHA for your loan (HLS can explain to you why not … briefly, it is a bad deal due to the 1.75% up-front fees plus PMI for 5 years). And then, once you have $35K to $45K saved up, buy a single-family house in an area of your choice with good schools (Clairemont, La Mesa, Rancho Bernardo, and many other areas would work). If you buy a condo now with only 5% down, I think you will ultimately look back and wish you had waited, saved up a larger downpayment, and bought a house. Prices will probably still drop more, and do you really want to live in a condo for 5-10 years? When the market reaches its bottom, with your combined incomes, you will be able to buy a single-family home in a good school district with a yard for your kids to play in. If you decide to buy a condo now, though, make sure to buy in a complex that was built as condos (i.e., not converted during the recent market bubble) and that has good reserves and no deferred maintenance. Mission Valley would probabaly be a good place to look. It is centrally located, and HOA fees are generally reasonable. You might want to check out Escala (Friars Rd. across from Costco/IKEA). The units were built in 2004-2005, the design and floor plans are modern and attractive, HOA fees are reasonable (roughly $220/month), amenities are good (great pool, fitness center, etc.), and prices have dropped a lot. Best of luck.

[Anonymous]

First of all, congratulations on your marriage. I completely understand that you want to buy a home and get settled in and start your lives together. You said that you want to buy a 2-bedroom condo and that you plan to live in it for 5-10 years and then rent it out. Have you considered that you might have children within the first 10 years of marriage and that a condo might not be the best setting if you do? Are you sure you are cut out to be landlords? Here’s my advice: try to resist the temptation to buy now. I know it’s a strong one. I feel the same way; I hate renting and want to buy something of my own NOW (but I’m waiting until at least late 2009). With your combined income, you would easily qualify for a $400,000 home (if not more) if you had more saved for a downpayment. Here is what I suggest you should do: defer buying for a year or two. Continue renting while you save as much as you can toward a larger downpayment. Have as your goal saving enough to put down at least 10% and do not use FHA for your loan (HLS can explain to you why not … briefly, it is a bad deal due to the 1.75% up-front fees plus PMI for 5 years). And then, once you have $35K to $45K saved up, buy a single-family house in an area of your choice with good schools (Clairemont, La Mesa, Rancho Bernardo, and many other areas would work). If you buy a condo now with only 5% down, I think you will ultimately look back and wish you had waited, saved up a larger downpayment, and bought a house. Prices will probably still drop more, and do you really want to live in a condo for 5-10 years? When the market reaches its bottom, with your combined incomes, you will be able to buy a single-family home in a good school district with a yard for your kids to play in. If you decide to buy a condo now, though, make sure to buy in a complex that was built as condos (i.e., not converted during the recent market bubble) and that has good reserves and no deferred maintenance. Mission Valley would probabaly be a good place to look. It is centrally located, and HOA fees are generally reasonable. You might want to check out Escala (Friars Rd. across from Costco/IKEA). The units were built in 2004-2005, the design and floor plans are modern and attractive, HOA fees are reasonable (roughly $220/month), amenities are good (great pool, fitness center, etc.), and prices have dropped a lot. Best of luck.

[urbanrealtor]

I would check out Normal Heights north of Adams.

I just showed a house on Mansfield there (about 1300 sqft) and about 250-300k asking.

Thats pretty much the price of a 2br apt in central Hillcrest.

I host open houses there (Hillcrest) constantly.

As an alternative, I would look at North Park east of 30th (probably north of Upas).

Finally, I would have a peak at some of the places in South Park (basically greater North Park South of Juniper). I have seen several places there (especially those with the 92102 zip code) that really make a lot of sense.

Okay and one other area to check out.
Sorry, I am a geek about this.
This is more for those who don’t have kids and are more interested in really gorgeous historic neighborhoods. Its a touch sketchy but Sherman Heights (east of the ballpark and south of 94) has lots of buildings that are more than 100 years old and can be bought for cheap. Again a sketchy neighborhood but truly incredible homes.

[urbanrealtor]

I would check out Normal Heights north of Adams.

I just showed a house on Mansfield there (about 1300 sqft) and about 250-300k asking.

Thats pretty much the price of a 2br apt in central Hillcrest.

I host open houses there (Hillcrest) constantly.

As an alternative, I would look at North Park east of 30th (probably north of Upas).

Finally, I would have a peak at some of the places in South Park (basically greater North Park South of Juniper). I have seen several places there (especially those with the 92102 zip code) that really make a lot of sense.

Okay and one other area to check out.
Sorry, I am a geek about this.
This is more for those who don’t have kids and are more interested in really gorgeous historic neighborhoods. Its a touch sketchy but Sherman Heights (east of the ballpark and south of 94) has lots of buildings that are more than 100 years old and can be bought for cheap. Again a sketchy neighborhood but truly incredible homes.

[urbanrealtor]

I would check out Normal Heights north of Adams.

I just showed a house on Mansfield there (about 1300 sqft) and about 250-300k asking.

Thats pretty much the price of a 2br apt in central Hillcrest.

I host open houses there (Hillcrest) constantly.

As an alternative, I would look at North Park east of 30th (probably north of Upas).

Finally, I would have a peak at some of the places in South Park (basically greater North Park South of Juniper). I have seen several places there (especially those with the 92102 zip code) that really make a lot of sense.

Okay and one other area to check out.
Sorry, I am a geek about this.
This is more for those who don’t have kids and are more interested in really gorgeous historic neighborhoods. Its a touch sketchy but Sherman Heights (east of the ballpark and south of 94) has lots of buildings that are more than 100 years old and can be bought for cheap. Again a sketchy neighborhood but truly incredible homes.

[urbanrealtor]

I would check out Normal Heights north of Adams.

I just showed a house on Mansfield there (about 1300 sqft) and about 250-300k asking.

Thats pretty much the price of a 2br apt in central Hillcrest.

I host open houses there (Hillcrest) constantly.

As an alternative, I would look at North Park east of 30th (probably north of Upas).

Finally, I would have a peak at some of the places in South Park (basically greater North Park South of Juniper). I have seen several places there (especially those with the 92102 zip code) that really make a lot of sense.

Okay and one other area to check out.
Sorry, I am a geek about this.
This is more for those who don’t have kids and are more interested in really gorgeous historic neighborhoods. Its a touch sketchy but Sherman Heights (east of the ballpark and south of 94) has lots of buildings that are more than 100 years old and can be bought for cheap. Again a sketchy neighborhood but truly incredible homes.

[Author]

Posts