Buyer Info Archives - Page 27 of 28 - Santa Maria CA Real Estate Blog & Information, REALTOR® Selling Santa Maria CA Homes

Santa Maria and Lompoc First Time Buyers, FHA Loan Info

01/10/2010
Buyer Info, Lompoc / Vandenberg Village, Santa Maria

What is an FHA loan? -- Essentially a FHA loan is a loan that is guaranteed by the Federal Housing Administration. Lenders typically do not want to lend unless on a home unless a buyer has a 20% down payment. If there is less than a 20% down payment, mortgage insurance is required. And, in today's market unless you have a credit score at least 720 or above you won't be able to get mortgage insurance.

Santa Maria & Lompoc Buyers Betting on Appraisals to Save Them From Bidding Wars

11/20/2009
Buyer Info, Central Coast Real Estate, Foreclosure / Bank Owned (REO) Info, Lompoc / Vandenberg Village, Santa Maria

There is intense competition for homes in the Santa Maria and Lompoc markets, especially for homes priced under $300,000. There simply aren't enough homes for interested buyers. It is not unusual when competing for a home to go up against 12 - 15 other buyers. And, some are pulling no punches when it comes to asking price.

Cal STRS Home Loan Program for Santa Maria & Lompoc Teachers

08/30/2009
Buyer Info, Central Coast Real Estate, Lompoc / Vandenberg Village, Santa Maria

Local teachers in Santa Maria & Lompoc may be eligible for the home ownership loan programs available through the California State Teachers Retirement Program ("Cal STRS'). Eligible participants can apply for several different loan options which can increase borrowing power and lower down payment requirements. Currently, Cal STRS offers a zero down option using a two loan 95% and 5% structure, as well as a low down option using a two loan 80% and 17% structure

Where Have all the Houses Gone in Santa Maria – Orcutt?

07/15/2009
Buyer Info, Santa Maria

When I searched the MLS for active properties this morning, I came up with 158 single family homes or condos for sale. 29 of those listings are short sales, and 35 are active REO listings. There are 234 contingent listings, and 222 of them are short sales. In the last 30 days, 131 homes have sold, with an average price of about $250,000, average price per square foot of $150, and averaging about 75 days on market. 28 of those sold homes were closed short sales, and 61 were REO (bank owned property) sales. Average days on market for short sales were about 120 days (this reflects the time period to obtain bank approval), and average days on market for REO listings was about 53 (this includes the time it takes to get the contract finalized by the bank).

The Santa Maria CA Market is Tough on Buyers

05/16/2009
Buyer Info, Santa Maria

Currently, there is intense competition among buyers in the Santa Maria market. If this is a buyer's market, it sure doesn't feel like it anymore. Indeed, with the banks calling almost all the shots in the under $300,000 market (short sales and foreclosures), it certainly feels like a sellers market.

Should I Buy a New Home or a Newer Home in the Santa Maria – Orcutt CA Market?

04/30/2009
Buyer Info, Santa Maria

Buying a new home versus a newer home can be a difficult decision. I've found that some buyers just cannot see past the gleam of the perfectly manicured model home. I am often asked by buyers which they should consider, new or newer. In today's declining market, there is often a big difference price wise between the two.

Clean Up Your Credit Before Shopping for a Central Coast Home

04/04/2009
Buyer Info, Central Coast Real Estate

I've recently found a company that I feel good about referring people to for credit repair. I am often asked for credit repair referrals from prospective buyers. However, until recently I never felt confident sending people anywhere except off to a local book store to learn how to do it themselves -- which is a lot of work. For those who want assistance with their credit repair, please give me a call and I will provide you with contact information for this company. I feel confident referring people to them because they are using local representatives who have long standing relationships with the local community who can provide testimonials of people helped by the service, the price is reasonable at $500, and they offer a performance based gurantee.

Central Coast Investor Tip — 20% Down Payment Required

03/22/2009
Buyer Info, Central Coast Real Estate, Lompoc / Vandenberg Village, Santa Maria

For those looking to buy your first rental property, or pick up an extra one now that prices make sense again, be aware that lenders have rolled back the down payment requirements for investment property. Most lenders I polled recently say that a 20% down payment is required for an investment property. Many of us remember when lenders required a 30% down payment for investment property, and I wonder how long it will be until we are back to those days. Lenders slowly but surely increased the down payment requirement for investors during the housing boom and have slowly but surely increased that obstacle again.