I want to get into My California Dream home.... (3%, mortgages, insurance)

[Kellypink]

So, I really, really want OUT of my home here in Texas, but I don't think we are going to end up Selling it, rather we will probably resort to Leasing it out for a 2 yr contract.
So, that leaves us with almost NO downpayment on a home I want want want in Cali, because it is tied up in our Texas home.
Is it possible to buy a home with 0 down anymore?
What options do I have.
Home I want is approx 275K
what is the lowest I will need to come up with to get in?

[shenane]

Google the Nehemia Program - they might be able to help with down payment assistance
Also see if your community has the IDP program - it matches your savings if you use it for a house, business, or school
Also, check FHA, I think you can do 3% down with them.
Are you ready to pay 2 mortgages if your Texas house doesn't rent - or worse yet, you get renters and they don't pay? IMHO, you really should have a good cushion before pressing forward

Good luck

Originally Posted by Kellypink

So, I really, really want OUT of my home here in Texas, but I don't think we are going to end up Selling it, rather we will probably resort to Leasing it out for a 2 yr contract.
So, that leaves us with almost NO downpayment on a home I want want want in Cali, because it is tied up in our Texas home.
Is it possible to buy a home with 0 down anymore?
What options do I have.
Home I want is approx 275K
what is the lowest I will need to come up with to get in?

[Lionhearted]

Due to the credit crunch that was caused by the sub-prime mess to qualify for a loan don't expect to get in for nothing.

[golfgod]

TX is a terrible place to be a landlord. High property taxes, crazy insurance rates, lousy appreciation, flat rents.

Being a long distance landlord is a terrible idea. I know I'll catch flak for the following but; "there is no such thing as a good property manager. At least not for SFHs.

If you've got equity sell that house now and move on.

BTW, I've been a RE investor for 30 years, much of it in TX.

golfgod

[desertsun41]

golfgod is pretty right on.

But I thought the "go west young man" attitude went south when the California home prices went north.....way way way north. $275K in Southern California? Not since 1985 or so.

And yes like Golfgod said, the no money down loans are also a thing of the past no matter how good your credit is.

Hey Im in the same boat as you. Wana trade houses? Im heading for Texas in a couple months for good. Why would you want to leave such a good economy for California which is as much in the dumps as Vegas is?

Besides, Homes are selling in Texas and in Cali they sit and sit and sit and sit.

Good luck to ya though............