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January 20, 2009 at 9:30 PM in reply to: Help for young couple buying a first-time condo with FHA? #332554January 20, 2009 at 9:30 PM in reply to: Help for young couple buying a first-time condo with FHA? #332638
thebazman
Participant[quote=sdnerd]Do you have 6-12 months emergency cash fund in addition to that $15k?
[/quote]That is a good point … Do 401(k) savings count for emergency fund? I have $15K saved up in the bank, and also $25K in the 401(k) … of course that value has sagged all the way down from $30K last year and even hit a low of about $22K in November of 2008, LOL…
Lucky for me I live in a low-end apartment, as it keeps my expectations from getting out of line. Hahaha. The O.P. is lucky to be able to afford a house — I would not be able to in a nice, central SD area until they are at $150K, at which point investors will probably be snapping them up. 🙁
ParticipantAre you talking about those brown-colored condos on Mt. Alifan? I saw that price and it seemed a little low considering all the amenities that were offered. I say low, considering that down the street at Village Square there are 2BR/2BA units with fewer amenities and less parking, selling for close to 200K! And those are older condos, too!
I’d be surprised if the lender lets them go for that low but some of the real estate agents and loan consultants here may disagree and say that the market still has more distance to fall lower, even in such a convenient area as Clairemont.
Probably there will be a lot of offers on that low-priced short sale.
ParticipantAre you talking about those brown-colored condos on Mt. Alifan? I saw that price and it seemed a little low considering all the amenities that were offered. I say low, considering that down the street at Village Square there are 2BR/2BA units with fewer amenities and less parking, selling for close to 200K! And those are older condos, too!
I’d be surprised if the lender lets them go for that low but some of the real estate agents and loan consultants here may disagree and say that the market still has more distance to fall lower, even in such a convenient area as Clairemont.
Probably there will be a lot of offers on that low-priced short sale.
ParticipantAre you talking about those brown-colored condos on Mt. Alifan? I saw that price and it seemed a little low considering all the amenities that were offered. I say low, considering that down the street at Village Square there are 2BR/2BA units with fewer amenities and less parking, selling for close to 200K! And those are older condos, too!
I’d be surprised if the lender lets them go for that low but some of the real estate agents and loan consultants here may disagree and say that the market still has more distance to fall lower, even in such a convenient area as Clairemont.
Probably there will be a lot of offers on that low-priced short sale.
ParticipantAre you talking about those brown-colored condos on Mt. Alifan? I saw that price and it seemed a little low considering all the amenities that were offered. I say low, considering that down the street at Village Square there are 2BR/2BA units with fewer amenities and less parking, selling for close to 200K! And those are older condos, too!
I’d be surprised if the lender lets them go for that low but some of the real estate agents and loan consultants here may disagree and say that the market still has more distance to fall lower, even in such a convenient area as Clairemont.
Probably there will be a lot of offers on that low-priced short sale.
ParticipantAre you talking about those brown-colored condos on Mt. Alifan? I saw that price and it seemed a little low considering all the amenities that were offered. I say low, considering that down the street at Village Square there are 2BR/2BA units with fewer amenities and less parking, selling for close to 200K! And those are older condos, too!
I’d be surprised if the lender lets them go for that low but some of the real estate agents and loan consultants here may disagree and say that the market still has more distance to fall lower, even in such a convenient area as Clairemont.
Probably there will be a lot of offers on that low-priced short sale.
ParticipantThat was one thing that turned me off about the CalHFA loans … “must be owner occupied”. I would want the option to rent out the place if I moved away, personally. 🙂
The closest you can come to renting it out is having a roommate, or maybe saying that you are on business trips a few months out of the year, LOL.
On a serious note, I wonder how often they actually inspect properties to verify that the owner is indeed occupying them?
ParticipantThat was one thing that turned me off about the CalHFA loans … “must be owner occupied”. I would want the option to rent out the place if I moved away, personally. 🙂
The closest you can come to renting it out is having a roommate, or maybe saying that you are on business trips a few months out of the year, LOL.
On a serious note, I wonder how often they actually inspect properties to verify that the owner is indeed occupying them?
ParticipantThat was one thing that turned me off about the CalHFA loans … “must be owner occupied”. I would want the option to rent out the place if I moved away, personally. 🙂
The closest you can come to renting it out is having a roommate, or maybe saying that you are on business trips a few months out of the year, LOL.
On a serious note, I wonder how often they actually inspect properties to verify that the owner is indeed occupying them?
ParticipantThat was one thing that turned me off about the CalHFA loans … “must be owner occupied”. I would want the option to rent out the place if I moved away, personally. 🙂
The closest you can come to renting it out is having a roommate, or maybe saying that you are on business trips a few months out of the year, LOL.
On a serious note, I wonder how often they actually inspect properties to verify that the owner is indeed occupying them?
ParticipantThat was one thing that turned me off about the CalHFA loans … “must be owner occupied”. I would want the option to rent out the place if I moved away, personally. 🙂
The closest you can come to renting it out is having a roommate, or maybe saying that you are on business trips a few months out of the year, LOL.
On a serious note, I wonder how often they actually inspect properties to verify that the owner is indeed occupying them?
Participant[quote=pabloesqobar]My friend paid $275k for one on Pierce Street. It was with the help of a silent second with the City of El Cajon, or something. The unit next to him is on the market for $100k. He’s currently looking to rent it out. He can easily afford the payment but it sucks to see a friend take that kind of “loss”.[/quote]
That is disappointing to lose that much equity…good that he can afford it, just not the best investment.
I know all about “silent seconds”…My mortgage broker back in 2006 preapproved me for 275K through the CalHFA program, and every loan estimate I inquired to him about, he used the 7,500K silent second to lower my monthly payment. That was the 35-year loan with interest-only payments for the first 5 years. I’m so glad I didn’t buy a 250K condo back then….I would not be able to afford the payments!
FYI, if you go to the CalHFA website now, the 35-year loan is no longer an option.
Participant[quote=pabloesqobar]My friend paid $275k for one on Pierce Street. It was with the help of a silent second with the City of El Cajon, or something. The unit next to him is on the market for $100k. He’s currently looking to rent it out. He can easily afford the payment but it sucks to see a friend take that kind of “loss”.[/quote]
That is disappointing to lose that much equity…good that he can afford it, just not the best investment.
I know all about “silent seconds”…My mortgage broker back in 2006 preapproved me for 275K through the CalHFA program, and every loan estimate I inquired to him about, he used the 7,500K silent second to lower my monthly payment. That was the 35-year loan with interest-only payments for the first 5 years. I’m so glad I didn’t buy a 250K condo back then….I would not be able to afford the payments!
FYI, if you go to the CalHFA website now, the 35-year loan is no longer an option.
Participant[quote=pabloesqobar]My friend paid $275k for one on Pierce Street. It was with the help of a silent second with the City of El Cajon, or something. The unit next to him is on the market for $100k. He’s currently looking to rent it out. He can easily afford the payment but it sucks to see a friend take that kind of “loss”.[/quote]
That is disappointing to lose that much equity…good that he can afford it, just not the best investment.
I know all about “silent seconds”…My mortgage broker back in 2006 preapproved me for 275K through the CalHFA program, and every loan estimate I inquired to him about, he used the 7,500K silent second to lower my monthly payment. That was the 35-year loan with interest-only payments for the first 5 years. I’m so glad I didn’t buy a 250K condo back then….I would not be able to afford the payments!
FYI, if you go to the CalHFA website now, the 35-year loan is no longer an option.
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