UP to $125,000. to Purchase your First Home?

Yes! There are programs to assist First Time Buyers to purchase a home.  These programs are available to homebuyers that have not owned/held interest in a principal residence in the past three years.

These  Programs provide First time buyers a differed 30 years second mortgage loan that vary from $40,000. and up to $125,000. depending on what  city you’re applying and  availability of funds. Funds are available until used up…First come First served!

For these  homeownership programs, applicants must complete a pre-purchase homebuyer counseling program.

All applicants must be pre-qualified with the pre-qualification lender assigned to the property if they are interested in purchasing. However their first mortgage can be from any lender as long as the loan meets program requirements.

This First Time Homebuyer Program is being funded by the U.S. Department of Housing & Urban Development HOME Program. GREAT time and BEST opportunity!

 

 

 

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$125.000. ¿Para comprar tu Casa Propia?

 

¡Así es! Programas para asistir a Primeros Compradores esperan por ti.   Estos programas están enfocados para ayudarte como primer comprador de casa y hacer realidad el sueño de tu Casa Propia.

Estos prestamos proporcionan a los compradores un segundo préstamo a 30 años diferido. Estos pueden variar entre $40,000. hasta %125,000. dependiendo de la disponibilidad de los fondos.

Para todos los programas de asistencia para primeros compradores, los aspirantes deben completar una clase de Primeros Compradores como uno de los requerimientos mas importantes para ser elegible.

Así mismo, Los aspirantes deberán ser PRE-calificados con el prestamista asignado a la propiedad en particular. Sin embargo su primera hipoteca puede ser de cualquier prestamista mientras el préstamo cumpla con los requisitos del programa.

Este programa está financiado por el departamento de la vivienda y desarrollo urbano de los Estados Unidos HUD-HOME.  Este es el momento y esta TU gran oportunidad!

Sandy Flores  3 (2)

Broker/Realtor

BRE # 01122114

http://www.sandyflores.com

 

How much down payment do you need to buy a house?

How much down payment do you need to buy a house?

the-state-bank-of-vietnam-said-wednesday-it-has-changed-its-mind-about-a-proposed-ban-on-people-gifting-foreign-money-after-the-plan-evoked-fierce-criticiSaving for a down payment is an important step in becoming financially prepared for homeownership, and there are options and opportunities for financing a home purchase that will allow the borrower to come with little or No Down Payment. For most first-time home buyers, coming up with funds for a down payment is the biggest obstacle to homeownership.

In the mortgage industry, 20% down is considered the benchmark down payment for looking strong on paper as a home buyer. How strong you are on paper will determine how you could obtain a loan.

However, being this a general standard for financial strength does not mean a requirement to get a loan. Reality is that there are home loans that can be obtain with $0 Down Payment if you are eligible.

  1. FHA loans will allow you to apply for as low as a 3.5% down payment up to the maximum conforming loan limit in the county in which the property is located. Most lenders can lend up to $417,000 under FHA guidelines.
  2. Conventional 5% Down Payment is another option for first time homebuyers. This is an excellent alternative to the higher-priced FHA loan Mortgage Insurance that allows to get rid of PMI after accumulating 20% equity after a minimum of 24 months.
  3. $0. Down payment: 2 options that are available if you are eligible:  a. VA loans allow 100% financing all the way through the maximum  conforming loan limit in the county in which the property is located.  Veteran’s Affairs mortgage loans are available to veterans, current members of the military and their spouse.  b. USDA Loans allow 100% financing through the Rural Development United States Department of Agriculture. Property must be located within an area designated to be eligible for 100% financing.

There are also 10% down payment and 15% down payment loans. All 3 of these types of loans involve PMI. As time goes on, the push will be for a minimum 20% down payment. Remember with 20% down, there is no PMI. Conventional wisdom says you should put down as much as you feel comfortable putting down to buy a home. Generally, more is better than less. But don’t wipe out your savings account to do it. You will still need to have funds set aside for a rainy day and for things to buy after buying a home.

Jumbo loans are loans that usually can go as high as $750,000 with as little as 10% down.

However keep in mind that if you’re putting less than 20% down payment on a home, your monthly property taxes and fire insurance terms are most likely to be built into your monthly mortgage payment, and you’ll maybe have to pay for private mortgage insurance, as well.

Ultimately, the minimum down payment required will depend on the type of loan that you choose. Each mortgage loan type carries its own guidelines, and today underwriters closely scrutinize a borrower’s ability to repay the loan before giving you a loan.

Murrieta Listing – Back on the Market!

Murrieta Listing – Back on the Market!

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Beautiful Home in a great community.  Open Floor plan with a large living room and dining area. Spacious family room with cozy fireplace. Lot of windows. Good 4 size bedrooms plus additional bonus room that can be used as studio, second family room  or , or even a 5th bedroom.  IMG_0478

Large and Open kitchen with lots of kitchen cabinets, center island and additional dining room area.  Backyard Is Private With Patio. Property is located On A Cul-De-Sac.  Close to Shopping centers, schools, parks and ez access to freeways.

Murrieta is a magnificent land blessed with verdant open spaces dotted with towering oak trees, sycamores, a valley of rich grasses and natural hot springs. The natural scenic beauty of the area and what is still by California standards reasonably priced housing continues to attract significant numbers of residents and businesses who are finding Murrieta a great place to grow. It’s a community with a past and vision for its future. One that welcomes challenges, takes risks, embraces opportunity.   Murrieta trailsguide

Click the following link to view the report:
http://mrmlsmatrix.com/Matrix/Public/EmailReport.aspx?ID=1252703662&k=3496717XWZF6

 

 

 

California remains the nation’s priciest housing market

imagesCA9ELC9MFor the seventh consecutive quarter San Francisco, San Mateo, Redwood City,  California remains the nation’s priciest housing market, according to the NAHB index.  About 11 percent of homes sold in the second quarter there were affordable to families earning the area’s median income of $100,400.-

Cities that were found to be among the least affordable in the second quarter are:

  • Santa Ana-Anaheim-Irvine, Calif.
  • Los Angeles-Long Beach-Glendale, Calif.
  • San Jose-Sunnyvale-Santa Clara, Calif.
  • New York-White Plains-Wayne, N.Y.-N.J.

In general The Housing affordability is facing another hit due to higher home prices and qualifying income levels despite borrowing costs from mortgages rates remaining at their lowest levels of the year according to the National Association of Realtors latest reading on its Housing Affordability Index.  Nationally, affordability is down from 168.5 in June 2013 to 153.4 in June 2014

However, Homeowners are still able to take advantage of programs that allow them to refinance and lock in a low mortgage rate with price growth providing equity. Locking in a lower rate now will save money paid in interest for the long term.