Getting ready to purchase a home takes some discipline and research, here are some things you can do to improve your chances of being successful in being real estate:

Check your credit score: Your credit score will impact your ability to get a mortgage and the interest rate you’ll qualify for. Check your credit report from each of the three major credit bureaus and make sure there are no errors. If your credit score needs improvement, take steps to improve it before applying for a mortgage.

Determine your budget: Use a mortgage calculator to estimate how much house you can afford based on your income, expenses, and debt. Keep in mind that in California, home prices can be higher than the national average, so you may need to adjust your expectations accordingly.

Get pre-approved for a mortgage: This will give you an idea of how much you can borrow and what your interest rate will be. To get pre-approved, you’ll need to provide documentation such as income verification, employment history, and credit score.

Hire a real estate agent: A local agent can help you navigate the California housing market, find properties that meet your needs and budget, and negotiate with sellers on your behalf.

There’s no surprise that buyers seek down payment assistance. The immediate reaction is to seek it from friends and family, but there are other programs available that could help buyers obtain down payment funds. The reason why this is so important is because an escrow typically needs the buyer’s down payment plus closing costs in order to complete the sale. Here are some avenues:

Alameda County Mortgage Credit Certificate (MCC) Program: This program provides a federal income tax credit of up to 15% of the annual mortgage interest paid on a home loan. The credit can be used to reduce the borrower’s federal income tax liability, which can make homeownership more affordable. To qualify, borrowers must meet income and purchase price limits and complete a homebuyer education course.

California Housing Finance Agency (CalHFA) MyHome Assistance Program: This program provides a deferred-payment junior loan of up to 3.5% of the purchase price or appraised value (whichever is less) to help with down payment and/or closing costs. The loan does not accrue interest and must be repaid when the home is sold, refinanced, or no longer used as the borrower’s primary residence. To qualify, borrowers must meet income and purchase price limits and complete a homebuyer education course.

City of Oakland First-Time Homebuyer Program: This program provides up to $75,000 in down payment and/or closing cost assistance in the form of a deferred-payment loan with no interest or monthly payments. The loan must be repaid when the home is sold, refinanced, or no longer used as the borrower’s primary residence. To qualify, borrowers must meet income and purchase price limits and complete a homebuyer education course.

City of Fremont First-Time Homebuyer Program: This program provides up to $75,000 in down payment and/or closing cost assistance in the form of a deferred-payment loan with no interest or monthly payments. The loan must be repaid when the home is sold, refinanced, or no longer used as the borrower’s primary residence. To qualify, borrowers must meet income and purchase price limits and complete a homebuyer education course.

Single-family homes: These are detached homes built on their own lot, typically ranging from 1,500 to 4,000 square feet in size. There are many builders in Alameda County that specialize in single-family homes.

Townhomes: These are attached homes that share walls with neighboring homes, usually two or three stories tall. Townhomes offer a lower-maintenance lifestyle and are often more affordable than single-family homes.

Condominiums: These are multi-unit buildings where individual units are sold to buyers. Condos offer an even lower-maintenance lifestyle than townhomes, with shared amenities and services such as landscaping, security, and maintenance.

Apartments: In addition to rental apartments, there are also new construction apartment complexes that offer units for sale. These buildings can have a range of amenities, such as gyms, pools, and rooftop decks.

Custom homes: For those who want a completely unique home, there are custom home builders in Alameda County who can build a home tailored to your specific needs and preferences.

1. Find a Realtor to get a home list for you
2. Determine your affordability with a lender
3. Generate Pre-approval
4. Identify new home communities to visit with your Realtor
5. Bring Realtor to first visit and interact with sales office and register yourself

Builders release houses in phases. They do this to ensure they can fund the entire project. Buyers can leverage this by buying in early phases to see instant appreciation over time.

Builders are risk averse entities. They want solid buyers who can commit to spaces even before it is built.

How do builders convince buyers they will not run away with their money and build an incomplete house? They do so with their track record and reputation.

In the bay area, there are many household builder names to look out for.

Sometimes you can tell there is a smaller builder if you have never heard of them before, but other companies dominate the bay area.

Builder first scoop up vacant land that has the potential to be rezoned. Properties on large lots next to major streets tend to do well.

Once they finish this, they market their spaces to the public.

Realtors are an important factor in this as they regularly tour new home sites in order to share them with their clients.

Why is it important to bring your Realtor on your first visit? The reason is to get the representation. Realtors are different entities from the builder’s sales office. Because of this, they look out for the buyers’ needs better than the builder can.

Models Now Open – new construction homes at Anza at Agrihood. Click or call 510-304-6060 to learn more.

Starting at $1,224,990

2-3
Bedrooms

2-3.5
Bathrooms

2
Car Garage

What’s great about new construction? The ability to customize it the way you want it, the new house smell, the builder warranties, the phase appreciation, the list goes on. Not sure how to proceed? Call 510-304-6060 and plan your first visit.

With all the bidding-wars going on, what is the final price going to be, and can you afford it?

Many people approach me with this question. While I am the Realtor, this question is really answered by one of your allies– the Mortgage Loan Originator, or the one who qualifies you for the home loan.

After you submit your financial documents, a pre-approval is generated showing your maximum price you can be loaned on the purchase. The seller may not know this highest value, so that is why it can be tweaked for offer purposes.

When offers are submitted, you may be subject to counter offers. These could increase your original price beyond what you are qualified for. When this happens, it is called “Priced Out”. It’s a situation that can be avoided when your Realtor shows you properties that you qualify for with margin of error for counteroffers.

When you link up with a Realtor, the notifications get made, the qualifications are in place, and you can be successful with your home purchase with ease.

#Interestrates are poised to rise by the end of the year according to Federal Reserve chair Janet Yellen. Can rising interest rates motivate #homebuyers to buy before rates change? They might. Buyers seeking 30 year fixed home loans may prefer a lower interest rate over a higher rate, which could #save hundreds of dollars on their mortgage payments each year. Your #banking institution or credit union may have more helpful information for you. We may recommend some loan originators as well, if you ask. Happy buying and stay educated!

#Interestrates are poised to rise by the end of the year according to Federal Reserve chair Janet Yellen. Can rising interest rates motivate #homebuyers to buy before rates change? They might. Buyers seeking 30 year fixed home loans may prefer a lower interest rate over a higher rate, which could #save hundreds of dollars on their mortgage payments each year. Your #banking institution or credit union may have more helpful information for you. We may recommend some loan originators as well, if you ask. Happy buying and stay educated!