We Specialize In These East Bay Area Communities

Oakland - Hayward - San Leandro - Castro Valley - Dublin - Pleasanton
Livermore - San Ramon - Danville - Walnut Creek - Lafayette
Concord - Pleasant Hill - Martinez - Antioch - Pittsburg - Oakley
and surrounding areas

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How to Avoid Disaster During a Transaction

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Today I wanted to tell you about what happened to one of our buyer clients recently. They had been looking for a home for quite some time, but couldn't find one that suited their needs exactly.

Finally, they found a home and they fell in love with it. They liked it so much that they were actually willing to forgo a home inspection. We recommended that they get one, and we're happy they did because they discovered that the former owner had made a lot of his own repairs on the home, and they weren't up to par.

Sure enough, when the inspector came in he noticed all of the bad repairs the former owner had made. This caused our buyer to back out of the purchase, but we're happy we helped to prevent our buyer from making a terrible decision and not get a home inspection.

Home inspections are your only safety net as a buyer, and we recommend that you never purchase a home without one. Even new homes need inspections.

It's like buying a car without taking it out for a test drive. Why wouldn't you do that with your home?

If you have any further questions, please don't hesitate to reach out to us. We would be very happy to speak with you!

Why Are People Waiting to Buy Homes?

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One thing we know for certain about the real estate market is that it is never going to stay the same for long. Today we want to talk about an interesting trend we’ve noticed in real estate: millennials are waiting longer to purchase their first homes than their parents did.

The typical first-time buyer now rents for an average of 6 years before buying a home, which is up from 2.6 years in the early 1970’s, according to Zillow.

We came across this great video from CNBC. I will give you my three biggest takeaways from the video.

1. Down payments are a huge factor
Renters in today’s market are struggling to save for down payments and qualify for mortgages. Most first-time buyers still depend on personal savings for at least some of their down payments, but rising rental prices have complicated the task of socking away money for a down payment.

2. Rising rental rates are complicating things as well
 Rental rates are causing 46% of renters aged 25-34, to spend more than 40% of their incomes on rent, up from 30% a decade earlier.

3. Job security is important to millennial buyers
 The Money Source, a mortgage lender, examined applications from 5,404 millennial buyers and found that these buyers averaged nearly 4.5 years in their field of work and had held their current job for slightly more than three years. Those figures point to how critical career stability is to a younger generation.

Thanks for joining us today. Give us a call or send us an email if you have any questions. Talk to you soon!

How Can You Buy a Home with Under 3.5% Down?

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Want to buy an East Bay Home? Search all homes for sale

Today, we discuss whether you can purchase a home for less that 3.5% down.
Most people without much real estate experience think that they need to have 20% down in order to buy a home. This is a limiting belief that leads many to believe that they can't afford to purchase a home. In reality, the government offers a program that allows people to put only .5% down!
The program is called the CalHFA and it's really quite simple. It's for people who qualify for a home loan, but who don't have enough money for a large down payment. If you are able to show that you're in good financial standing, but for whatever reason don't have the cash on hand for a down payment, you might be eligible.
The credit score requirement for this kind of loan is around 645 FICO.If your score is less than that, we have a credit analyzer that will look at look at all your debts and determine which ones you can pay down. In other words, we would love help you get your score up in order to qualify for the loan.
Like any other purchase, there is a down payment requirement; in this case it's 3%. We help you with it, so all you're required to bring in is 0.5%. So, if you plan on buying a $300k home, you only have to bring $1,500 to the table. Be aware that you'll run into some additional fees in the form of closing costs, which could be as much as $6,000 on a $300k home. However, you may be able to negotiate to get the seller to pay for it or, if you have the savings for it, you can pay for it yourself.

The loan limits with the CalHFA are conforming up to $217,000. There are income limits as well, but as long as you don't make too much money,there is a good chance you are eligible if you don't go above the median home income for your household size. The wait period can usually get done within the normal 30-day period, but you can expect to be asked for a 35- to 40-day escrow period to work through any hiccups that might arise in the process.

Melvin Camarena is one of our preferred Lenders, and if you have any questions for him regarding the CalHFA, or about general lending information, you can reach him here - 

Melvin Alexander Camarena
Ph: 510-432-3374  
nmls# 306061
Hablo su idioma
 Stearns Lending, LLC

As always, if you have any questions or need real estate assistance of any kind, don't hesitate to reach out to us. We would love to hear from you!