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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What Should You Know Before Getting a Home Loan?

We are answering all of your home loan questions today. Patricia Chavez is here to help us out.

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We are delighted to be joined today by Patricia Chavez of Pacific Funding Group. She is here to answer questions from some of our great viewers about home loans. 

The first question comes from Linda, who wants to know if it’s possible to use two different types of financing (VA and conventional) on one loan. Sorry to say, but that is not actually possible. When you are applying for a VA loan, the only other person allowed on the loan is a spouse. If you want to apply jointly, you have to be married or do it through a conventional loan.

Another question we got was about individual programs available for move-up buyers. While there aren’t specific programs for these buyers, there are a number of different options you have in how to proceed. You can sell your current home and use the proceeds for a down payment. You can also rent your current home and use the rental income to qualify for your application.

Now, which institution will give you the best access to a loan? In our experience, it’s less about the institution than it is about the lender themselves. If the lender doesn’t do everything they need to do correctly, it can cause delays in your transaction. This could ultimately lead to you not being able to purchase the home.

When you’re hiring someone to help you with your loan, make sure you trust them. That will ease a lot of the stress. Part of Patricia’s approach that I found so helpful when she helped me with a loan was that she tries to address any potential issues up front. That way, once your file is in the process of being underwritten, we can proceed as smoothly and painlessly as possible. 

If you have any questions for us, don’t hesitate to give us a call or send us an email. We look forward to hearing from you soon.

Answers to Your Home Financing Questions

We've received a lot of financial questions from first-time home buyers, so I brought in a financing expert to help me give some answers.

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We've received a lot of financial questions from our viewers, so today I'm pleased to be joined by Patricia Chavez from Pacific Funding Group to help me answer some.

Who is actually considered a first-time home buyer? This is somebody who has not owned a property for three years or has rented a property for three years.

Are there down payment assistance programs? Yes, there are plenty of down payment assistance programs. Some do require you to be a first-time home buyer. There are also plans that will allow you to own a home already and still qualify for down payment assistance.

Do you have advice for first-time home buyers with low credit scores? For starters, first-time home buyer programs don't have high credit score requirements. The minimum score required is 640, which is not very high. If you're nowhere near 640, it all depends on why. In some instances, buyers who don't have established credit could open credit cards and, within a couple of months, be ready to buy. In other cases, we have potential buyers with a couple of dents in their credit, and in most cases, those credit problems can be fixed.

Hopefully, you find this information helpful if you're thinking about buying your first home. If you have questions about financing for Patricia, give her a call at 707-361-4228 or send her an email at pchavez@pfgbayarea.com.

If you have any questions about East Bay area real estate, give me a call or send me an email. I would be happy to help you!

What Really Matters in Your House Hunt?

We see a wide range of buyers, from those who want homes of a very specific size, style and architectural design, to buyers who simply want four walls, a roof, and electricity for their next home.

Most clients are somewhere in the middle - they’re looking for a home that looks good and has most of the features they want.

You've probably looked at houses and checked off a few boxes, making sure it has the number of bedrooms and bathrooms you want, but have you ever looked at a home and really thought, "Is this house right for me?"

Not many do. That's why we wanted to share a Consumer Reports video with you that we recently found. It's a nice checklist to go through in order to make sure the home you're considering actually fits you and your lifestyle. Here are my favorite items:

  1. Communicate with people at the local coffee shop or any place where locals hang out. Simply ask their thoughts on the area.
  2. You can tell a lot about the sense of community in a neighborhood based on the sidewalks and porches. Seriously!
  3. Proximity to places and amenities you frequent shouldn't be overlooked. Do you want to be close to restaurants and shops, the airport, or parks and trails?
  4. Mortgage cost shouldn't be the only factor when considering affordability. Look at transportation and utility costs too, for example.

Remember, the average homeowner will stay in their home for about nine years. Don't ignore the important checklist items when considering the place you’ll call home for nearly a decade.

Now, this example is pretty broad. Each family has its own unique situation and its own unique checklist. We'd love to sit down with you and use our experience to help you come up with that all-important checklist of your own to help find the right home for you. Give us a call or send us an email and let’s talk soon.