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.

Want to sell your East Bay Home? Get a FREE home value report
Want to buy an East Bay Home? Search all homes for sale

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.

Want to sell your East Bay Home? Get a FREE home value report Want to buy an East Bay Home? Search all homes for sale

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.

How Can Sellers Prepare Their Bay Area Home for Sale?

Want to sell your East Bay Home? Get a FREE home value report
Want to buy an East Bay Home? Search all homes for sale

Is it time to prepare your home for sale? Check out these tricks to maximize profits and add value to your property.

  1. Pre-sale inspection: This helps you understand what’s going on with your home. It can also prevent any further negotiations after accepting an offer. Buyers won’t expect more, since you already know of any issues with your property.
  2. Curb appeal: Your home should shine for those first impressions. Spruce up the front yard, so your property looks its best from the curb.

  1. Staging: Your home should be organized and cleaned from top to bottom. When you hire us, we’ll help you organize and stage your home, so it’s ready to be listed.

If you’re thinking about buying or selling a home in the surrounding area, give me a call or send me an email! I’d be happy to help answer any questions you might have.

How We Made Harry's Home Buying Process Flow

How was your experience with the Spivey Daniel Real Estate Group?
"They were the greatest group of people to help me personally as a veteran of the United States of America. She made the process so flawless and fluid -- it just flowed. Look at me now!"

What would you say to a first time home buyer?
"To me, you should really find the most experienced Realtor you can find based on reputation. [Spivey Daniel Real Estate Group] has that reputation, and I truly recommend them."

To contact the Spivey Daniel Real Estate Group, email info@spiveydaniel.com or call 510-500-5428

How Important Is Buyer Representation in the East Bay?

Want to sell your East Bay Home? Get a FREE home value report
Want to buy an East Bay Home? Search all homes for sale

Today, I’ll answer the question: “Do you need buyer representation when you’re buying new home development?” Yes, you absolutely do!

When you walk through new home developments, they have over $100,000 worth of upgrades inside. At Spivey Daniel, we can help you through the process for free.

Secondly, you are allowed to have buyer representation when purchasing a new home development. Most people aren’t aware of this.

If you have any questions about this topic or more, contact our office by phone or email. We’d be happy to assist you!

Introducing Our New East Bay Preferred Business Partner

Want to sell your East Bay Home? Get a FREE home value report
Want to buy an East Bay Home? Search all homes for sale

I’m so excited to announce that we’ve become preferred business partners with Home Loan Assist! This means if you have any credit issue, there’s a two-step process to repair your credit.

After conducting a detailed analysis of your financial history, Home Loan Assist can assist with clearing any derogatory information. This simple process will help you become a homeowner in the East Bay area!

If you’d like to learn more information, feel free to contact our office by phone or email. We’re happy to serve your real estate needs in the surrounding area and look forward to hearing from you soon!

Don’t Miss Out on This Wonderful Financing Option

Want to sell your East Bay Home? Get a FREE home value report
Want to buy an East Bay Home? Search all homes for sale

There is a wonderful opportunity for potential homeowners that we want to discuss briefly today.

NACA is a program that allows for either a 15-year or 30-year fixed mortgage. It allows buyers to finance a loan with no money down and a below-market interest rate. Additionally, there are no buyer’s closing costs or PMI associated with this product!

Anyone can purchase a NACA as long as they do not own a home at that time and they plan on living in the property for as long as they maintain NACA mortgage on the home. It’s a flexible program, as you can buy a single-family unit, condo, or an up to four-unit residential property. Another benefit of this loan is that there is no credit requirement to obtain it!

All NACA buyers go through a very detailed underwriting process. We verify their income, assets, liabilities, payment history, and their ability to afford the mortgage payment that they’re asking for before we give them an approval letter to go out shopping. In fact, it’s stronger than a traditional pre-approval letter from a lender! So, if you’re a seller who receives an offer from a NACA buyer, there is no need to worry!

The first step if you want to obtain NACA financing is to visit NACA.com. There, you can register for a free homebuyer workshop that is hosted two Saturdays every month! Of course, you can always reach out to us if you would like more information about this or any other real estate topic. We would love to hear from you!

Take Advantage of Our Wonderful Real Estate Programs in 2016

Want to sell your East Bay Home? Get a FREE home value report
Want to buy an East Bay Home? Search all homes for sale

Happy New Year! Today, we want to go over all the wonderful services we provide.
First of all, there's the referral directory. We mentioned this last week and we received so many wonderful referrals! Thank you so much, and keep them coming!
We also offer a vacation incentive program. If you buy or sell with us, you will qualify for a five-day, four-night cruise for two! More details to come, but we are very excited about this program.

Also, you should know that we have over 35 offices with Berkshire Hathaway home services, which entitles you to over 900 agents. Having so many offices helps if you are involved in multiple transactions or if you're buying in different counties. For example, if you're selling in San Francisco and buying in Oakland, our offices can handle both transactions. The whole process is streamlined so you don't feel like you're juggling too much at once!
Other services include first-time home buyer grant programs, assistance for closing costs, and a credit assistance program. We will go over these programs in more detail later, so keep an eye out.
Finally, we have a commercial real estate department, property management, and a pool of investors ready to purchase investment properties.
As you can see, we have a wide selection of services available to you. Thank you again for your referrals. We look forward to an awesome 2016, and assisting you in the new year.
As always, if you have any questions, give us a call or send us an email. We would be happy to help you!

We Want Your Business in Our Referral Directory

Today we are going to talk about our referral directory. This is something we’ve put together to connect our clients with service providers and business owners in the area. 

Want to sell your East Bay Home? Get a FREE home value report
Want to buy an East Bay Home? Search all homes for sale

Today we are excited to talk about our referral directory. Our referral directory is an awesome thing we have put together in order to connect those in need of services with those who provide them. If you are a business owner or provide some type of home service, we want to make sure we give back to you.

You’ve been giving us referrals for the past 18 years, and we want to make sure we are giving back to you as well. If you’ve started a new business or have a product our clients should know about, let us know! We are here for you.

Just give us a call or send us an email, and we will get you added to our directory that we send to all of our clients! We hope to hear from you soon!