Planning to buy house in Bay area CA, need advise

[dzvero]

I'm reaching out to community for help. Planning to buy a house with my wife. Situation is like this: My scores are good, 780 , my wife's not so good. Market is skyrocketing right now. The banker /wellsfargo/ told me either I put 20% down and we can both be in the loan or if I do 15% it will be only me who qualify. The problem is I cant do 20% without emptying the bank or if I do 15% it is not enough for what I'm looking for. Any advise on lender that will do 15% with no min requirements for points? Any advise for better lender?

[jgoens]

Originally Posted by dzvero

I'm reaching out to community for help. Planning to buy a house with my wife. Situation is like this: My scores are good, 880 , my wife's not so good. Market is skyrocketing right now. The banker /wellsfargo/ told me either I put 20% down and we can both be in the loan or if I do 15% it will be only me who qualify. The problem is I cant do 20% without emptying the bank or if I do 15% it is not enough for what I'm looking for. Any advise on lender that will do 15% with no min requirements for points? Any advise for better lender?

What part of the Bay are you looking at?

[dzvero]

south bay , campbel , SJ

[///WORK-F36]

Originally Posted by dzvero

I'm reaching out to community for help. Planning to buy a house with my wife. Situation is like this: My scores are good, 780 , my wife's not so good. Market is skyrocketing right now. The banker /wellsfargo/ told me either I put 20% down and we can both be in the loan or if I do 15% it will be only me who qualify. The problem is I cant do 20% without emptying the bank or if I do 15% it is not enough for what I'm looking for. Any advise on lender that will do 15% with no min requirements for points? Any advise for better lender?

I've been doing mortgage since 2003....send me a PM if you'd like some help.

[jgoens]

Originally Posted by dzvero

south bay , campbel , SJ

As you know prices for homes is pretty high in the bay area....and not does not appear to be dropping soon. Credit score is more beneficial for rate and your stable income is going to be a big factor in getting a loan for properties in the $600k+ level...which is basically the minimum you can find. Don't think most lenders are going to easily give a big loan with less than 20% down unless you have long term high enough income. I will PM you the lender I have dealt with just as an alternative quote.

[jtodd_fl]

None of this matters. Only one thing matters: is it infested with skunks?

[dzvero]

No skunks

[kprocivic]

when you say not so good, is that under 620?

[BMW F22]

Campbell has shot through the roof. Never expected that. Everything here is expensive as you know. A good enough house (IMO) is at least $750-800 in SJ area and $850-900k+ in Campbell. Buddy's family lives in a single story home, 3 bedrooms, maybe 1,400 sq ft (?) and it's closing in on just under $1m in Campbell.

Prices have stopped going up though (and perhaps decreased just a tiny bit). My thinking is that 2017 and 2018 will be good years to buy. That falls in line with the 10 year cycle of the RE market.

[dzvero]

Tell me about the prices. Not see them going down with the "fruit" building coming soon.
me , I was looking at houses last year but was thinking I will wait until my "little" one finishes high school this year and got //M$$$$4 instead
Now its like

[BMW F22]

Originally Posted by dzvero

Not with the "fruit" building coming soon

Tech bubble is going to burst in the next few years. Apple's growth stunted and they are laying off people. They won't have any exciting products coming until next year. Even then it may not meet investors' expectations.

[dzvero]

But still the space ship will affect the local market

[BMW F22]

It's Silicon Valley as a whole. The tech industry isn't just one company. But if Apple drives it so much as you said, their decline would mean tons of homes available as people leave (along with those here on work visas).

2008-2011/2012 was grwat time to buy. I regret not having done so but what can you do? Just gotta roll with the punches.

[pikkagtr]

Originally Posted by BMW F22

Campbell has shot through the roof. Never expected that. Everything here is expensive as you know. A good enough house (IMO) is at least $750-800 in SJ area and $850-900k+ in Campbell. Buddy's family lives in a single story home, 3 bedrooms, maybe 1,400 sq ft (?) and it's closing in on just under $1m in Campbell.

Prices have stopped going up though (and perhaps decreased just a tiny bit). My thinking is that 2017 and 2018 will be good years to buy. That falls in line with the 10 year cycle of the RE market.

Well if Trump gets in and fucks up the economy, I'm hoping the housing market plummets and I can get a decent 4 bed in evergreen area for $450k

[Templar]

Just came back from a trip out to Monterey. Loved the area, beautiful... No way in hell would I pay that much for a house though. I'll take my 2500 sqft home in eastern NC any day.

Sorry I provided no info of any help to you. The area is beautiful though, so good luck.

[eluded]

Fha loan?

You're going to need at least three quarters of 1 million for a decent place and the school districts will suck at that price range.

[TopQuark]

Budget $1 million minimum for a house. The going rate for a townhouse at a reasonable location are at this price now.

[jgoens]

Originally Posted by jtodd_fl

None of this matters. Only one thing matters: is it infested with skunks?

What are you implying?

[dzvero]

Originally Posted by eluded

Fha loan?

You're going to need at least three quarters of 1 million for a decent place and the school districts will suck at that price range.

Not interested in schools anymore.

[eluded]

Well if you don't need a good school district and you don't mind skunks, you might get a decent house in that price range.

[dzvero]

Originally Posted by TopQuark

Budget $1 million minimum for a house. The going rate for a townhouse at a reasonable location are at this price now.

not my thing, looking for SFH with possibly bigger lot/backyard vs many rooms. schools etc. Some fruit trees, veggies to compliment the BBQ

[dzvero]

Originally Posted by eluded

Fha loan?

You're going to need at least three quarters of 1 million for a decent place and the school districts will suck at that price range.

Me alone can apply for more than that but not enough for what im looking for