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Cesar Mendoza


5 Recent Sales (last 12 months)

Realtor (10 years experience)

Buyer's Agent,
Listing Agent,


  • (8 Contributions,
  • 1 Best Answers,
  • 0 Helpful)

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Questions regarding buying second home

Best Answer

My first suggestion is not to tell people you have money. As soon as people know you have some money they will start knocking on your door with the best investments opportunities ever.Second, decide whether you like your current house or not. If you like your house, then refinance to get a lower interest rate, and buy multifamily properties. You will have less vacancy, less property taxes per square feet, and higher cash flow.If you don't want to live there anymore, then refinance before moving out so you get owner occupied rate, and then buy another house. I always work this situation on a spreadsheet, when I can play with the rates, prices, commissions, title fees, etc.Thanks.

How to get home loan without income?


Unfortunately, is very hard to find a $40,000 property in California, even harder in a move-in condition. If you own a free and clear $70,000 home, I would suggest to buy another one nearby to where the first is. Or you can buy in another state where the prices are lower than California (pretty much all the other States). If you must buy in California then Counties like San Bernardino and Riverside Counties have properties around $70,000. Keep in mind that these will not be the top neighborhoods in the West Coast.On top on everything else, lenders don't like to work with mortgages of less than $50,000. You may find a lender but it will charge you extra points for the small loan if they decide to fund your loan.

Not sure of the right time to sell on Balboa Pennisula, Newport Beach--now or wait until next spring


If you don't need the money then wait until next year to sell it. Prices keep going, specially in crowded cities as Newport, where there almost no empty lots for new construction.Also consider the property taxes, insurance, utility bills, and maintenance. If you believe the appreciation the property may have for the next year is much higher than the expenses above then I would wait.But if you're trying to sell your property to buy another one, I would recommend to sell and buy now. All things being equal, and considering a higher purchasing price in 2013, you will be paying less in property taxes for the new property if you buy in 2012 rather than in 2013.

What are other options besides FHA, if i have great credit but may not have the full 20% down?


Here are some options:1) If you have more than 660 on your FICO score, you can buy a Homepath property with 3% down.2) If your credit is at least 720, a 5% conventional loan is a good option. The seller will accept cash offers first, conventional second, FHA and VA at the end ( provided that the offering price is the same on all of them) So you increase your chances of getting your offer accepted by going conventional.To get the best deal you should calculate the interest and principal, mortgage insurance, taxes, home insurance. Hope this helps.

How much money would I need to purchase a second home?


If you have good credit I don't see why you wouldn't qualify for FHA financing. If the house to buy is bigger, or closer to work than your current one you may qualify for FHA.Otherwise you would need 20% down. But it you like a Homepath home, you can get it with 10% down at least.You can use up to 75% of the rent income on the first one to boost up your income and buy the second.

My husband and I just put in offer on a house. How long does it usually take to get a response?


It really varies from seller to seller.If it is a Homepath property can take several days, and your agent should follow up on the offer everyday. If it is a Bank Owned can take from 2 to 10 days. Standard sales sometimes in a matter of minutes. Many agents work with investors, so they can call them and get an answer in the moment.If you really want that house and is the only one that interests you, do not include a expiration date on the offer. If the seller reads your offer after it expired you will not get the deal.How many houses are you interested in? what kind of financing do you have? Is this a standard sale? REO? Flip? Short Sale?



It means that you don't have the usual 14 days for this contingency to be removed. This home inspection report lets you know the repairs needed on the property, your agent should prepare a Request for Repairs, and send it to the seller.So you have 10 days to let the seller know what repairs need to be done, and have a seller's writen response to your request. After this you can only request repairs that the appraiser points out, and the lender will pretty much require the same repairs.