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Expert: John Hendricks - 8/30/2008


Question
Hello John:
It looks as if you have experience in CA real estate; does this include the north and/or south orange county area?
My question is this:
I have no credit history and am currently seeking employment (which I expect to lock in prior to doing anything else of course).  If I can cover a fairly large down payment up front, would there be any way to get a loan for the rest of the money?  Say I did have credit and a job and $80,000 to put down on a $145,000 home...how would the rest of the payment scheduling be set up?
Thank you in advance.  I look forward to hearing any words o wisdom you can offer me.
Sincerely,
Jessica E.

Answer
Dear Jessica;

Thank you for your question.

A large down payment such as you are suggesting will undoubtedly help you qualify for a loan, but you still have to meet the requirements for the loan based on your income to debt ratio and credit history. Your large down payment will help a great deal with the credit history, but your income and employment will still be an issue.

You are correct to solidify you employment and income prior to attempting to purchase a home. Once your employment is secured and you have a solid income stream; you would then meet with a good mortgage broker who will help you identify the type of loan that would be best suited for you under the circumstances.

This is a great time to buy a home, with good interest rates, and lower prices. I would recommend you select the best Realtor available in your area. You do not have to be concerned with paying the Realtor for their expertise as when you buy your home, the commission is paid by the Seller. If that is the case, why settle for someone who is anything less than the best in the industry.

Your Realtor will walk you through the process from helping you identify a Mortgage Broker, to selecting and negotiating the purchase of your future home. If you need help in selecting a great Realtor, don’t hesitate to contact me directly. I have relationships established with some of the best Realtors in the business in Southern California and I would be glad to help you in your selection at no cost to you. You can reach me at 415-259-4518 or email me directly at JohnHendricks@Marin1.com

It is not too early to start the process of preparing yourself to buy your home. When you select your Realtor, he/she should have you well prepared to select the right home when you are ready regardless if it is 1 week, 1 month or longer.

I hope this helped you, and good luck with your future home purchase.

Warmest Regards;
John Hendricks

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John Hendricks

Expertise

As a California Realtor for 23 years practicing in Marin and Sonoma Counties, it is now time to provide counsel through AllExperts.com to those who need advise in real estate. My knowledge and experience includes a wide range of resale residential real estate purchases, new home sales, income related investment properties involved in 1031 exchanges, and land. Let me help you in any of these areas...

Experience

John Hendricks has established himself as one of Marin & Sonoma Counties premier Realtors. A native Californian, John is a well-known and respected Realtor in both Marin & Sonoma Counties who has resided in the Northbay since 1976. John began his real estate career in 1986, and since then has distinguished himself as one or Northern California's top producing Realtors. Before joining Frank Howard Allen Realtors, John was an associate of the Prudential California Realty from 1990-1992 where his outstanding sales achievements earned him one of the company's highest honors, the prestigious "President's Circle Membership", presented to the top 2% of associates for sales and earning excellence. Since his association with the highly regarded Frank Howard Allen Realtors in 1992, John has once again established himself as one of his company's Top 10 Producing Realtors in Marin & Sonoma Counties for the years 1993 through 2007 and now in 2008. Five continuous years of outstanding performance has now allowed John to join 15 other Realtors in the prestigious "Lifetime Hall of Fame" for Frank Howard Allen Realtors. John established a group of professional individuals who specialize in a variety of areas in real estate called, 'Lundmark-Hendricks Fine Homes' This group of professionals are dedicated to the success of representing clients with the greatest amount of care and service when either buying or selling real estate.

Organizations
California Association of Realtors National Association of Realtors

Education/Credentials
Upon Request...

Awards and Honors
Frank Howard Allen Realtors "Hall of Fame Member" Chairman's Circle for 10 consecutive years

Past/Present Clients
Joe Louis & Sharon Sigurdson We want to thank you again for your excellent representation of interests during the recent purchase of our home in Petaluma as well as the sell of our home in Mill Valley. We had the unusual pleasure of working with you during the last year both as sellers and buyers. We felt that our interests were always paramount and that we received a very fair price for the sale of the Mill Valley house as well as our purchase of our new home. This speaks particularly well of you, because of the recent unstable and chaotic real estate market. Will Finke "Quite frankly, we came out of a very difficult situation, which time does not allow elaborating on. This was one of the greatest experiences of our lives as clients. John Hendricks is one of the top businessmen I have ever met." Bruce & Nancy Rosentreter "I chose John Hendricks to sell my house. I picked him because I thought he was professional, aggressive, and that he could get top dollar for my house. He fulfilled my expectations completely." Joy Schuelke "Since we were trying to sell a high end home in a very tough market, and in the middle of a very rainy winter, the prospects seemed quite bleak. I was convinced at the time, and am even more so now, that without John's tenure, patience, and tenacity, we would have not been able to move the property." Lynn McCarthy "I cannot stress strongly enough how impressed I was with the service provided to me by John and his group. Throughout the entire transaction, John was always available, always forthcoming with excellent advice based on his years of experience, and always willing to put in the extra effort to make this a positive experience for me. I feel lucky to have had the experience of working with him." Lea Lieurance-Turk "Thank you John for your outstanding real estate services for the past 5 years I have known you. You have made my dreams come true as far as selling and buying property."
http://www.LundmarkHendricksFineHomes.com

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