First Time Homebuyer in the Bay Area

[Arron Paulino]

I am thinking about moving into a new home in the Bay Area and just got pre-approved for up to $800k conventional financing not FHA due to me owning rentals. I will probably only be budgeting to use up to $600k to be safe, which I know will be tight depending on what location is selected. I will be moving from the peninsula area of the bay to somewhere in the East Bay to a more affordable area (Possibly Hayward area or as far east around Antioch). The type of home that we've looked into is a condo (I am not a fan of HOA dues), apartment, new construction (ideal, but will this have equity in it later on?), or single-family home (open to finding one that needs to be rehabbed to build sweat equity). What should I be looking for? We've got stable W2's and good credit.

I do own OOS rentals that I acquired over the past few years. I am planning to liquidate a couple to put into the down payment. It is possible with finding a SFR I'd stay a few years and consider either keeping it as a rental or selling it and moving into another home.

What should I do in my scenario with the information given here? Thanks!