Lupe Soto, Bilingual Realtor, FHA Real Estate Agent, assisting first time home buyers and savvy investors in the areas of  Burbank, San Fernando Valley, Antelope Valley, Los Angeles County, Southern California,  HABLO ESPANOL.

 

 

BUYERS FIRST STEP TO HOMEOWNERSHIP, BE PRE-APPROVED, learn more

Atencion Compradores:  Primer paso para ser dueno de casa -
Estar pre-aprobado con su banco.

It is important for you to know your price range.
If you are just looking around and searching the internet, that's fine.
But if you are serious about buying a home and would like to schedule showings with a Realtor,
then you need to get pre-approved before shopping.

You need to know how much you can afford...

We are not giving you any pressure. We are here to help you.  

 

HOW TO QUALIFY FOR A HOME OR CONDO FHA LOAN WITH LOW DOWNPAYMENT:  There are (4) important factors to qualify for a mortgage loan:  INCOME, CREDIT/FICO Score & ASSETS or down & APPRAISAL value.  I hope the following info motivates you to contact a Realtor to help you organize your finances  and to refer you to a mortgage lender for first time buyers with low downpayment, after the initial inteview with Lupe Soto Realtor, you will be guided every step of the way, from the loan pre-qualification, the home search, how to write the offer, the escrow process, home inspection, loan processing and the successful closing of your most important transaction, you dream home or condo.   Thank you for allowing me to guide you thru the process. Please CONTACT LUPE to schedule a complimentary consultation.

INCOME, if you have a stable job min 2 years with same employer or same line of work, you qualify! you will need to provide income tax returns for last 2 years, paystubs with year to date earnings and W-2 from your employer.   Once this is reviewed, a credit report will be pulled to determine who many liabilities you have or present loans you are paying to determine the maximum loan amount based on income versus total liabilities.  If you are self-employed, your average income for the last two years will be considered to determine the loan amount you qualify. Regarding annual income,  let's say your annual income is $30K per year, this income may help you qualify up to $80K to $110K sales price. 

CREDIT or fico score:  if your fico score or credit score is more than 620 you qualify for a mortgage loan, other factors will be considered by the bank such has 3 lines of credit references, rent history.  for bankruptcy, child support, short sales showing in your credit report, please review more info provided below or contact Lupe Soto Realtor for assistance.

ASSETS or downpayment,  savings or gift will be considered by FHA first time homebuyers. you will need to provide bank statements to show the lender that you have saved for the down, or if you are getting a gift for the down from a family member, you will need to document the source of the gift, copy of the check and copy of the deposit.  call Lupe Soto Realtor for more info.  Regarding the minimum downpayment for a home or duplex or 2-4 units, the downpayment amount would be 3.5% of the sales price i.e sales price $120K the 3.5% down would be 120,000 x 3.5 = $4200.  For a  condo or townhouses loans, the downpayment may be higher or you will need to consider buying a condo or townhouse from homepath.com , I will help you get a list of these properties and will refer you to a homepath lender, the downpayment is from 3 to 5% down. for more info, please feel free to call me or CONTACT LUPE via email to schedule a complimentary consultation.

APPRAISAL and value of the property.  this will be determine by an appraisal once your offer is accepted.  this last factor will not be required to be pre-approved for a home or condo loan.

 

 

COMO CALIFICAR PARA EL PRESTAMO DE CASA:  A continuacion le explico los REQUISITOS generales que le ayudaran a darse cuenta si usted o su co-signer o garate pueden calificar para el prestamo de una casa, condo o unidades, primero, se requiere SEGURO SOCIAL VALIDO.  segundo, si usted tiene 2 anos de trabajo estable con W-2 mismo empleador o misma linea de trabajo; o usted trabaja por su cuenta y ha hecho sus income taxes por los dos ultimos anos; igualmente se requerira que usted o su co-signer o garante deberan tener 3 lineas de credito establecidas por mas de dos anos, asimismo, el puntaje de credito minimo de 600 (es posible con menos FICO o menos puntaje con mayor enganche). 

Si usted tiene estos requisitos y tiene ahorrado el 3.5% del enganche, le invito a que se reuna con Lupe Soto Realtor agente casas en venta o compra para una consulta complementaria para explicarle como podria ser dueno de casa o condo. 

Si usted tiene dos anos de trabajo estable pero NO tiene credito, seria posible que Bank de America lo pre-apruebe para el prestamo de su casa o condo si usted puede demostrar que ha pagado su renta a tiempo por los ultimos 12 meses, si usted puede proporcionar recibos de renta o cheques cancelados, ademas le pediran verificacion de pagos de utilidades en su nombre, si usted puede proporcionar esta informacion, le recomiendo se comunique conmigo para presentarle con un representante del Banco de America en espanol.

 

LOAN PAYMEMT SCENARIO -

If you are buying a house, please use the table below to give you an idea of the loan payment scenario.  Use this tool as an example only, this is not a quote.  To apply for an FHA loan or Conventional Loan, please CONTACT LUPE.

If you are buying a townhouse or condo, FHA low dowpayment is possible, the requirements for an FHA (Federal Housing Authority) mortgage loan with low downpayment 3.5% are: the complex must be FHA approved and the HOA (home owners association) payments from homeowners must be current.  Due to market correction, most of HOAs have a high delinquency factor over 15% which means that there are more than 15% of homeowners that are not paying their HOA fees and FHA will not approve the condo loan even if you qualify by income and assets, another option to buy a condo or townhouse is to apply for a CONVENTIONAL LOAN the downpayment shall be from 5% to 20% down, fico requirements apply for 5-15% down such as 740 mininum fico due to MI mortgage insurance guidelines, please call me or email me for details or for lender referral.  The safest way to buy a condo now these days is with at least 20% down owner occupied or cash due to HOA high dellinquency factors. For your information, Lupe Soto Realtor is a Condo Specialist that can help you negotiate a condo deal with the right lender, learn more.   If you are interested in buying a condo or townhouse newly built from 2000 to 2010, please apply for a conventional loan.  For more information or for lender referral or for any questions, feel free to  CONTACT LUPE

HOW MUCH HOME CAN YOU AFFORD? See examples of mortgage payments and income requirements. This is a tool for general information. For detailed information. please CONTACT LUPE

CUANTO CALIFICO CON MI SUELDO?  De cuanto pago mensual puedo calificar de acuerdo a mis ingresos: favor revise estos ejemplos, ingresos requeridos y ejemplo de pagos:

EXAMPLES/EJEMPLOS loan payments: this is not a commitment it is just an example to give you an idea. These examples are with low downpayment 3.5% FHA loan.  The breadown below shows the mortgage loan, property taxes, fire insurance and mortage insurace.  the HOA monthly fee is not included if you are considering a condo or townhouses.  For 20% downpayment the mortgage insurance is not needed and you can pay your taxes and insurance separate.  For FHA loan PITI principal, interest, tax, insurance must be included.  for more detailed info or for lender referral CONTACT LUPE

$90,000, loan payment $511 PI, $94 tax, $35 fire in, $38 mtg ins = $678 PAYMENT/pago PITI , income to qualify $1,506/mo, $9/hr

$120,000, loan payment $681 PI, $125 tax, $35 fire ins, $50 mtg ins = $891 PAYMENT/pago PITI, income to qualify $1,980/mo or $11.50/hr

$150,000, loan payment $851 PI, $156 tax, $35 fire ins, $62.50 mtg ins = $1,105 PAYMENT/pago PITI, income to qualify $2,455/mo or $14/hr

$180,000, loan payment $1,022 PI, $188 tax, $35 fire ins, $75 mtg ins = $1,320 PAYMENT/pago PITI, income to qualify $2,933/mo or $17/hr

$210,000, loan payment $1,192 PI, $219 tax, $35 fire ins, $88 mt ins = $1,534 PAYMENT/pago PITI, or income to qualify $3,408/mo or $20/hr

$240,000, loan payment $1,362 PI, $250 tax, $35 fire ins, $100 mtg ins = $1,648 PAYMENT/pago PITI or income to qualify $3,662/mo or $22/hr

$270,000, loan payment $1,533 PI, $281 tax, $35 fire ins, $112 mtg ins = $1,961 PAYMENT/pago PITI or income to qualify $ 4,357/mo or $25/hr

$300,000, loan payment $1,793 PI, $312 tax, $35 fire ins, $125 mtg ins = $2,265 PAYMENT/pago PITI or income to qualify $5,033/mo or $29/hr

$350,000, loan payment $1,987 PI, $364 tax, $35 fire ins, $160 mtg ins = $2,546 PAYMENT/pago PITI or income to qualify $5,658/mo or $33/hr

$400,000, loan payment $2,271 PI, $416 tax, $35 fire ins, $183 mtg ins = $2,905 PAYMENT/pago PITI or income to qualify $6,455/mo or $37/hr

$450,000, loan payment $2,441 PI, $447 tax, $35 fire ins, $197 mtg ins = $3,120 PAYMENT/pago PITI or income to qualify $6,933/mo or $40/hr

 

 Estimated interest rate (subject to change) 5.5%  APR 5.875%, FHA fixed 30 years, 3.5% downpayment, min fico score 620, this is not a commitment to lend, please use it as a reference, rates are subject to change until you have an accepted offer. If you are considering buying a condo or townhouse, please add HOA fee (usually $150 to $250 per month) and delete fire insurance which is included in the HOA fee. 

 

EASY TO QUALIFY - Facil de calificar - How to qualify?  What are the general requirements? see below

• Low Interest rate 5.5% (APR 5.875 % APR with approved credit) for a 30-year fixed loan, this is just an example.  Rates changes every day.  As of November 2010, rates are down to 4.25%, please contact your lender for a quote.
• Minimum down payment is 3.5%, can be a gift from your family or your employer
• Fixed rate and Adjustable rate programs are available , buy down interest rate available
• Minimun fico score is 600, minimum 3 lines of credit 2 years old
• Borrower must provide full documentation paystubs, W-2s, 1099 and tax returns
• No reserve requirement for single family residence, condos or townhouses.
• Seller contribution is ok up to 6%, seller  can pay for all your closing costs
• Co-signers are Ok on houses, condos, townhouses. Easy to qualify.
• No need to be first time buyer, you can own another home, as long as the new FHA loan will be occupied by you.
• Collections account under $500 and older than 24 months may not need to be paid

• Bankruptcy is ok after 24 months from discharge date
• Foreclosure is ok after 36 months from foreclosure proceedings

 

WHY FHA LOANS ARE GOOD FOR BUYERS?

• There is low mortgage insurance or PMI at 0.5% point per month plus 1.5% points up front which is deductible from your taxes during the year that you buy
• The property must meet strict appraisal requirements, property must be in move in conditions NO FIXER UPPERS, renovations must be built up to code.  if the property you are interested has a bonus room without permit, ask your Realtor or appraiser before writing an offer.
• The appraiser must be FHA-approved appraiser
• The property must have a useable garage, no garage conversions. 
• The property cannot have code violations, illegal additions or bonus rooms with no permits.
• The property must have hot water, sanitary facilities and a safe method of sewage disposal. Connection to public systems is required if available.
• Heating systems must be operable for healthful and comfortable living conditions.
• Condo projects must be pre-approved; they can be spot-approved but this is much more difficult. New condos built after 2000 the association must be approved as FHA. Ask your Realtor
• Condo projects must have sufficient reserve funds.

 

ELIGIBLE PROPERTIES WITH FHA LOANS - Lo que puede comprar

Houses, Condos, Townhouses, Planned Urban Developments (PUDs), Approved Condos, Double-wide manufactured homes are all considered to be eligible. Special eligibility requirements for certain properties are listed below.

Duplex, Triplex & Fourplex Unit Properties: The 3-4 Unit Property must be self-sufficient. The net rental income must be equal to or greater than the monthly mortgage payment. The net rental income is the appraiser's estimate for vacancies or the vacancy factor used by the jurisdictional HOC, whichever is greater.

Borrowers must still qualify for the mortgage based on income, credit, cash to close, and projected rents received from the remaining units.

Borrowers must have reserves equivalent to three months of PITI mortgage payments for 3-4 Units. These reserves can not be gifted and must be the borrowers own funds.

 

NOT ELIGIBLE PROPERTIES - Propiedades no elegibles

If the re-sale date is 90 days or less following acquisition by the seller, the property is not eligible for an FHA mortgage.

Co-ops are ineligible - Propiedades Co-Ops o cooperativas NO son elegibles

Commercial properties, boarding houses, hotels and motels, tourist homes, private clubs, sanitariums, and fraternity or sorority houses are also NOT eligible.

 

FHA CREDIT GUIDELINES - Requisitos de credito

Credit scores must meet certain guidelines for all FHA mortgages except for streamline refinances that do not require any credit check. Generally credit scores must be in the following range:

 

620 minimum credit score with most approved FHA lenders.  Some lenders will consider less than 620 with a higher interest rate.

Certain circumstances will allow FHA to be forgiving and may allow credit scores that are lower if certain compensating factors are meet such as large retirement savings, higher then expected income, or more of a down payment.

If your credit score falls within or below the 620 range you owe it to yourself to start rebuilding good credit, get access to your FREE ANNUAL CREDIT REPORT OR visit www.myfico.com and buy a standard report & fico score for $15.95, learn how to raise your fico score, dispute any derogatories in your credit report, feel free to CONTACT LUPE with any questions.

 

CREDIT HISTORY - Historia de Credito

Non-Traditional Credit is acceptable if the borrower does not have any prior credit history or if the length of credit history is too short to qualify.  To qualify for a loan with non tratidional credit, you would need at least (3) three letters from any repeated monthly obligation such as rent, utilities, store accounts, cell phone accounts, auto insurance, and/or any other acceptable sources. Make sure to let Lupe Soto, FHA Expert & Realtor know about your current credit situation to avoid any mishaps in the processing of your mortgage.

 

DEROGATORIES IN YOUR CREDIT REPORT

Judgments:  Court ordered judgments must be paid completely, unless the borrower has been making regular and timely payments and the creditor is willing to subordinate that judgment to the new insured mortgage. The borrower must provide a satisfactory written explanation.

 

Collections: Handled on a case by case basis. If collection is more than $500, it will usually need to be paid at close of escrow.  Call/email Lupe for more details.

 

Bankruptcy OK - Bancarrota OK: Chapter 7 requires a minimum two-year lapse period since discharge date; minimum one-year lapse period may be acceptable if bankruptcy was caused by extenuating circumstances that are not likely to recur the reason can not be debt caused by uneducated choices. Only extenuating circumstances will be considered and only after one year has passed. In all cases the borrower must have re-established credit and must demonstrate the ability to manage financial affairs.

Chapter 13 is permitted if a one-year payout period has elapsed and performance has been satisfactory. The borrower must receive court approval to enter into the mortgage transaction.

 

Foreclosures - Reposeciones de Casas - Require a minimum of 3-5 years since the completion of the action and the borrower must have re-established good credit.

 

Delinquency or Default on Federal Debt: If the borrower is presently delinquent on any federal debt or is obligated on any type of federal lien, he or she is not eligible for an FHA loan until the delinquent account is brought current, paid, or otherwise satisfied, or a satisfactory repayment plan is made between the borrower and the federal agency owed and is verified in writing.

HOW I CAN HELP YOU OWN A PROPERTY: My sucess as a Bilingual Burbank & San Fernando Valley Realtor, FHA Mortgage Loan consultant & NACA Realtor has come in large measure from a relentless commitment to providing you with the finest real estate services in Burbank, San Fernando Valley, Santa Clarita Valley & Antelope Valley in Los Angeles County, California.

With years of experience and state of the art real estate services, mortgage planning and processing software.  Lupe provides you with the information and advice to help you make the right decision.  Now more than ever you need a mortgage broker and Realtor not a banker.  My business is built entirely upon referrals.  Please feel free to offer my servies to your friends. co-workers and family in need of professional real estate services. Simply forward this article to them, they can take advantage of all of the services I provide.

Owning a home is a keystone of wealth...both financial affluence and emotional security.

Every day. you will have opportunities to take chances and to work outside your safety net. Sure, it's a lot easier to stay in your comfort zone.  But sometimes you have to take risks. When the risks pay off, that's when you reap the biggest rewards.   Think about this and have a great day!

REALTOR EN ESPANOL, como puedo ayudarlo?

LISTA DE CASAS - TODOS LOS PRECIOS - TODAS LAS AREAS

 

COMO CALIFICAR PARA EL PRESTAMO PRIMEROS COMPRADORES CON FHA O CON BAJO ENGANCHE O SIN ENGANCHE?

Si usted tiene 2 anos de empleo estable y verificable, si califica, si usted ha hecho sus income taxes por los dos ultimos anos y tiene ingresos de mas de $25,000 al ano, si califica, si usted tiene 1-2 tarjetas de credito, un prestamo de muebleria, prestamo de auto y no tiene colecciones recientes, si califica. Si usted tiene el dinero para la cuota inicial o el enganche, usted esta listo para que le ayudemos con la pre-aprobacion de su prestamo.  Co-signers o garantes pueden ayudarlo a aplicar para un prestamo mas grande. Los co-signers deberan ser primeros compradores de preferencia, llame si tiene alguna pregunta. la consulta es gratis!

 

 

El exito que tengo como Realtor en Espanol en Los Angeles Caifornia & Consultora de Prestamos Hipotecarios FHA, conventional a primeros compradores o inversionistas en espanol, national or internacional, me permite ofrecerle el mejor servicio de representacion en la compra  y guiarlo en todo el proceso de compra y el tramite de su prestamo aun asi que usted tenga su banco de preferencia, una segunda opinion es imporante ya que los gastos de papeleo varian de banco a banco.  Lupe le ofrecere una opcion con calculos de pagos por escrito y con gastos estimados de gastos de papeleo para que usted compare.  Mi meta es su completa satisfaccion.  Ofresco la completa satisfaccion de una representacion profesional, etica y una relacion de negocios de compra/venta de por vida. La mayoria de mis clientes me recomiendan con sus amistades y familiares.  Garantizado!. Llame y haga una cita con Lupe o si tiene alguna pregunta, su llamada es bienvenida.  Para un  mejor servicio envie un email a Lupe y le prometo contestarle pronto. CONTACTE A LUPE AQUI

 Si usted esta rentando y pagan do mas de $1,000 al mes, usted tiene opciones y deberia saber que comprar una casa o condo no esta al alcance de todos. Le envio un ejemplo de los pagos de prestamos fijos con FHA para que se de cuenta que valdria la pena reunirse conmigo y ayudarle a clinical. Si tiene trabajo estable minimo de 2 anos, tiene ingresos de mas de $25,000 al ano y usted hace sus taxes, y tiene poco credito, llameme para hacer una cita o para contestarle su pregunta. Felices Fiestas

 

FHA LUPE SOTO REALTOR (SPANISH/ENGLISH) SERVING AREAS:  Burbank CA & San Fernando Valley areas including: Arleta, Burbank, Canoga Park, Calabasas, Chatsworth, Encino, Glendale, Granada Hills, Hidden Hills, Lake Balboa, Lake View Terrace, Mission Hills, North Hollywood, North Hills, Northridge, Panorama City, Pacoima, Porter Ranch, San Fernando, Reseda, Sherman Oaks, Studio City, Sylmar, Sun Valley, Sunland, Shadow Hills, Toluca Lake, Topanga Canyon, Tujunga, Valley Village, Valley Glen, Van Nuys, Universal City, West Hills, Winnetka, Woodland Hills,

Hollywood, Hollywood Hills, Santa Clarita Valley, Antelope Valley in Los Angeles County, San Bernardino County, Riverside County, Orange County

La Crescenta, La Canada, Montrose, Los Feliz, Atwater, Ecko Park, Eagle Rock

Hollywood, West Hollywood, Hollywood Hills

Santa Clarita Valley areas:  Valencia & surrounding areas

Los Angeles County, San Bernardino County, Riverside County, Orange County.