All Forum Posts by: Steven Tankersley

Hello,
Im planning on "jumping in" and buying my first home this summer. I realize that as a first time home buyer, I have alot of great options at my disposal. One of these options is the CALHFA program here in California. From what I understand, the requirements of this program are: less than 75k income, 1st time buyer, 2 months mortgage in the bank, and credit score over 680.

My main concerns about not being able to buy a house are: I dont have the cash for a significant down payment, so I would be using the 100% financing option. Also, I have 1 year left of college, and will not be making my FULL income for at least a year. However, I am currently in an internship with a company making on average 35k a year, which has offered 70k when I graduate.

I have excellent credit, and the home I plan on purchasing is brand new, 2100 sq ft, 4 bedroom, and I plan on picking it up for 220-250k (the builder has already expressed that this price range might be accepted). I plan on living in the home, and renting the other 3 rooms to my college friends to cover part of the mortgage (1400 worth).

Now that the background is out of the way, I would like your opinions on the CALHFA program? Or, are there any other options that fit my needs that I should look into?

Thank you!
Steve

What do you guys think? Do you think weve seen the worst, or is it just the tip of the iceberg? Im seeing houses getting close to dipping below 200k that were 300k a year ago. I can throw a rock in any direction from my front porch and hit 3 REOs. I dont see houses dropping much below low 200k, but maybe Im optimistic? Good time to hop on the market, or ride it out? Just seeing what the Northern California REIs think of this volitile market

In sacramento, REOs and foreclosures are happening faster than you can blink. Most people see this is a disaster, but I see opportunity. Im not afraid to buy something that need a bit of work, however I dont think the lease option would work in this case. The homes Im looking at buying are typically homes that need to be paid for ASAP to the bank, or a desperate seller close to foreclosure. In this case, wouldnt the only, and best option to be an outright purchase? Am I just way out of my league here as everyone has been telling me, or is it possible to actually do this (buy a home before I graduate)?

I just wanted to add a couple things I felt I left off, experience wise...

Im a noob to real estate investing, however I am not a noob to real estate. Im currently working on getting my CA class A engineering liscense, Ive worked in Residential, Commerical, and heavy civil construction and done my fair share of remodels, including the home I live in now (travertine, granite, recessed lighting, new windows, doors etc) which I am lucky enough to live in rent free in exchange for the work I complete on the house. Basically, I want to figure out how to get into this home, rent it until my full salary kicks in once I graduate. I have real foreseeable income, I just need to somehow figure out how to get into a home in the mean time. My stepmom is a real estate agent, my parents own a construction business, and multiple homes in CA; I have lots of advice to pursue this but not much real insight. Theyre just not willing to help me financially on my own deal, which is fine by me. I just think that with the collective knowlege on this forum, I might gain some insight or options that I havent explored yet.

Hello all,
Im 22, and graduating from Sacramento State Univ next year with my degree in Construction Managment. I already have my career started with CC Myers Inc as a project engineer, however I wont be making my full salary (70k year) until I graduate in 2008.

Heres the deal- The house I live in now my parents purchased as an investment which I "flipped", and did all the work myself.. complete remodel. As you all well know, the market has taken a turn, and Sacramento has taken a big hit.. I see an opportunity to start home ownership, however I am on my own financially. A 1500 sq ft, 3 br house down the street from me went on the market last week at 219k asking- great structural shape, great neighborhood, but very rough around the edges.. easily a 310k dollar house in good condition. I see a great opportunity for me to purchase the house, get it in livable condition, rent it to fellow college students until I graduate in 2008. By the time the market begins to level out, remodel, and hopefully sell for a profit, or hold for rental income.

My dillemma is that I am financially limited. I currently have a steady career, however I am only making roughly 30k a year since I am part time while I am in school. I can get the 5% down to purchase the home, but Im worried about getting the loan. I have excellent credit (above a 700), and I plan on renting it to make the mortgage ( 1200-1400 month). I was about to give up on the idea of home ownership until I came across FHA/HUDs 203k assistance program. From what I gathered, its for first time buyers who want to buy a house that needs rehab. They basically insure the borrower so that a lender will be comfortable lending 110% of the finished homes value. Sounds great, but also sounds like a lengthy process. Any experience with this???

Basically, Im trying to find out how I can make this deal work on my own- if at all possible. Risk is OK with me, I have a level head on my shoulders, and I realize that risk comes with the game. This house already has 3 offers on the table, and I am confused on how to proceed.
Thanks
-Steve