I want to be a new home owner in SoCal, but i don't know where to start?

Question

I think I am ready to leave the nest and be responsible. I'm 23, have a steady job, live in So Cal, and would love to own my own manufactured home/condo/town home. The only problem is that I have only some idea what owning a home is going to involve. I need some advice on how to go about getting a loan, real estate agent and the like. How do I keep away from getting one of those upside down mortgages? Anything you have to share would be greatly appreciated.

Answer 1

Google “First time home buyer” and/or go buy a couple of books on the subject.

How do I keep away from getting one of those upside down mortgages?

Um, shouldn’t be a problem now. This happened to people who bought homes at the hight of the real estate boom. Now that prices are correcting they owe more than their home is currently worth.

Answer 2

All you need to do is find a respectable real estate agent, they can help you with all the rest. The best part is that you don't have to pay them, their comission comes from the home that you buy. When I bought my house, she referred me to the lender, inspector, insurance...everything. As far as the loans go you will need to speak with the lender to see what kind of loans you can get approved for and then do your research from there.