Home loans available to prospective buyers

In California, there are several types of home loans available to prospective buyers. Here are some common options:
  1. Conventional Loans: These are traditional loans not backed by a government agency (such as FHA or VA). They typically require good credit and a down payment of at least 3%.
  2. FHA Loans: Insured by the Federal Housing Administration, FHA loans are popular among first-time homebuyers due to their lower down payment requirements (usually around 3.5%) and more lenient credit score requirements.
  3. VA Loans: Available to eligible veterans, active-duty service members, and some spouses, VA loans are guaranteed by the U.S. Department of Veterans Affairs and often require no down payment.
  4. USDA Loans: Backed by the U.S. Department of Agriculture, USDA loans are designed to help low to moderate-income buyers in rural areas. They offer low-interest rates and no down payment is typically required.
  5. Jumbo Loans: These are used when the loan amount exceeds conforming loan limits set by Fannie Mae and Freddie Mac. They often require higher credit scores, larger down payments, and have stricter qualification criteria.
  6. Fixed-Rate Mortgages: These loans have a fixed interest rate for the entire term, usually 15, 20, or 30 years, providing stable monthly payments.
  7. Adjustable-Rate Mortgages (ARMs): ARMs have interest rates that can change periodically, typically after an initial fixed-rate period. They may offer lower initial rates but can increase over time.
  8. Interest-Only Loans: These allow borrowers to pay only the interest for a certain period, after which they begin paying principal as well. These are less common and may carry more risk.
  9. Home Equity Loans and HELOCs: These allow homeowners to borrow against the equity in their homes. A home equity loan provides a lump sum, while a Home Equity Line of Credit (HELOC) works like a credit card with a revolving credit line.

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Get Pre-Approved Before House Hunting

Once your lender reviews your credit, income, and assets, they’ll assess your eligibility for a mortgage.

If approved, they’ll determine your maximum price range based on your financial profile and provide you with a pre-approval letter.

With this in hand, you can confidently start house hunting alongside your Realtor, Don Skultety in search of your ideal home.
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When you’re ready to make an offer, Don will submit the pre-approval letter along with the contract, demonstrating to the seller that you’re already approved for financing, streamlining the buying process.

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CA – Most expensive real estate market nationwide

According to an analysis of housing market data, California remains one of the most expensive real estate markets nationwide, with certain areas notably labeled as “extremely overpriced.” Sacramento has positioned itself among the state’s top 10 overpriced markets, where the average listing price for a single-family home stands at $580,804. Meanwhile, Modesto has been identified as the most overpriced market in California, with home prices inflated by 32% above their perceived value, as per the research findings.

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Several factors have contributed to the sharp increase in prices, including a limited supply of homes for sale, intense competition among buyers, higher mortgage rates, and inflationary pressures. The appeal of relatively lower living costs has drawn California residents and others to markets like Modesto, where average monthly expenses are only 13% higher than the national average, according to insights from Go Banking Rates, a personal finance company.

Source: The Sacramento Bee

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Home Prices Hit a New High

Home prices have soared to unprecedented levels, according to the latest report. The median statewide price has surged to an astonishing $904,210, marking a significant 11.4% rise since April 2023 and a 5.8% increase from just last March. This marks the 10th consecutive month of annual price hikes in California, a trend that appears poised to continue unabated in the near term.

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Several factors are cited by experts as driving this sustained growth. Chief among them is the persistent issue of tight inventory. The ongoing scarcity of homes for sale relative to robust demand has continued to exert upward pressure on prices. Furthermore, California’s robust job market and overall economic stability are further stimulating buyer interest, particularly among higher-income individuals who are less susceptible to the impact of rising interest rates.

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California Housing Demand

 In May 2024, 49.8% of homes in California sold above list price, up 0.8 points year. There were only 27.0% of homes that had price drops, up from 20.0% of homes in May last year. There was a 101.4% sale-to-list price, up 0.4 points year over year