SIMI VALLEY HOMES ELIGIBLE FOR DOWN PAYMENT ASSISTANCE: Up to $200,000 in Down Payment Assistance

I LOVE SIMI VALLEY!  I really do and it's not just because it's my own hometown.  I love coming home over the Santa Susana Pass where I can see the entire valley nestled between the mountains.  It's a fantastic view! 

I love Wood Ranch, the neighborhood where I live.  As I'm driving down Madera Rd. towards Wood Ranch I love the view of the rolling hills rising up the mountains behind Wood Ranch.  It's extraordinary! 

I love how we're not some big metropolis city.  With a population of just barely 100,000, Simi Valley pales in comparison to not only other Ventura county cities but to most cities over in neighboring LA county as well. 

I love how it has consistently been ranked in the top 10 safest cities in CA and for many years, in the top 5 safest cities in the state.  I love how "young" Simi Valley is; the median age here is 35, which makes it a great place for young professionals to raise a family. 

Because I love Simi Valley, I love telling my clients about living here and how they can too.  The best part of buying here in Simi Valley is that first time buyers can get up to $200,000 in down payment assistance to purchase a home here. 

The City of Simi Valley offers a First-Time Home Buyer Assistance Program to qualified first-time homebuyers who wish to purchase their first home in Simi Valley.  I like this program because the Simi Valley city administrators for this program are not only the easiest ones to reach but they are also some of the friendliest ones to talk to and deal with. 

The property may be a detached or an attached single-family home, a condominium, or a town house.  The program is available to those who have not owned a home in the last three years.  Single parents who owned a home while married and displaced homemakers may qualify even if they owned a home in the previous three years. 

• Program eligibility will be based on total household income, a housing cost ratio not to exceed 35%, and a debt-to-income ratio not to exceed 45%.  Housing costs include principal and interest, property taxes and insurance, private mortgage insurance, homeowner association dues, if any, and a utility allowance.
• The primary loan must be a fully amortized loan provided by a bank, savings and loans, mortgage banker or other institutional lender.  The City will not allow balloon payments or stated income loans for the first trust deed.
• Buyers must occupy the unit as their primary residence.
• A portion of the proposed $50,000 per bedroom subsidy may be used for necessary repairs to bring the property into compliance with the City's Housing Quality Standards (HQS).  The maximum home price and City subsidy limits appear below: 

Right now, there are nearly 50 homes that are eligible for this program.  All of these homes are currently active listings that don't have a gazillion offers on them and many are not REO's or short sales but actual equity sales where you're not dealing with some horrendous bank but a real live motivated seller. 

Buying a home is one of the most important decisions someone can make.  Today's real estate market can be really scary, which is why it's important to get as much information as possible before starting your search. 

The pre-approval process is not a simple process and it's because it can get really complicated and convoluted, that borrowers today need affordable loan options that are best suited for their own needs. For more info on how you can qualify for this program, contact me, Donne Knudsen of Cobalt Financial Corp, at 805.2069123 or donne4loans@earthlink.net.