The Tehachapi Area Association of Realtors is holding a Community Wide Open House on July 22. Agents in the know tell me that if you want to have much of a choice in our current market, you’ll want to be looking at houses costing around $300,000.

What does that mean money-wise? A survey of low-down-payment loan programs suggests that no matter how you slice it, you’d need to be able to afford around $1900 per month for those homes.

Of course VA financing wins as the lowest payment and lowest cash to close. Using a “regular” loan with 5% down payment comes in next, followed by USDA. Recall that USDA gets funded every fall based on budget allocations, so there is no guarantee we’ll have that loan type into September.

In Kern County, FHA loans cap out at $275,665. You can still use these loans for buying a more expensive house, but that means paying the difference in cash – it pretty much defeats the purpose of this 3.5%-down-payment program.

Will you be driving around on July 22 to see what homes are available? If so, be sure to get your home loan pre-approval early. You’ll want to have your financing in place so you can be the best offer submitted when you find the perfect place.

Authors note – And “thank you” to whoever left the tomato plant at my front door. It’s doing beautifully!

Tammy Engel is your local Mortgage Advisor and she’s been working for your best interest since 1990 and wants to talk to you about purchase, refinance, and reverse mortgage. Contact at your convenience (661) 822-7325. NMLS #235051 CalBRE #01273839