It can be difficult to buy your first home. Although you may have been saving for years to accumulate your down payment, home prices are so high that just 33% of the people in the Bay Area can afford to buy a home. (Two years ago, just 25% could afford to buy their first home.)
Yet there is hope. Home prices have stopped their dramatic rise. In some areas, homes are dropping in price. Condos are often less expensive than single-family homes, and are easier to maintain, though HOA fees will add to your costs. Loan interest is deductible from income taxes, saving you thousands of dollars each year.
By getting you preapproved by a lender, we can find out what you can spend. Then we discuss what you need in a home. We then look at homes that suit you. When you have chosen a home, I’ll help you make the offer and get the best deal. After we’ve gone over the disclosures, you’ll have a home inspection done. When your purchase has completed escrow, the property is yours.
The process is a bit complex, but I'll help you navigate your way to homeownership.
There are a few sources of loans for first time homebuyers. CalHFA, ACORN, and the City of Oakland offer downpayment assistance at below-market rates. They have income guidelines and require that you take a workshop about the home buying process and meet with a counselor.
