Port Hueneme is just one of the wonderful beach communities here in Ventura County. Much of Port Hueneme is just minutes from some of the counties best beaches as well as the shopping and entertainment destinations of Channel Islands.
While the market here in Ventura County is still considered a distressed market, buyers in the Coastal Communities can still purchase great properties (minutes from the beaches) with only 3% down and still pay less for their mortgage than what it would cost them to rent the same property.
Right now, Fannie Mae REO's, which are called HomePath (HP) properties, are properties that were foreclosed by a lender where Fannie Mae was the investor.
Because Fannie Mae holds these liens, they can revise their own conventional guidelines in order to move these properties out of their inventory. As a result, there are some great benefits to purchasing one of these properties.
The HP guidelines aren't as stringent as most other loan programs (there are still some basic requirements). The HP loan program also doesn't require monthly mortgage insurance (MI) or an appraisal. The benefits of no appraisal or MI can eliminate some of the biggest challenges that can come up in an escrow transaction.
One of the best benefits is that HP only requires 3% down payment, which basically allows Fannie Mae to compete with FHA loan products. The HP down payment can also be from either the borrower's own funds or a gift from a relative. Here in Los Angeles & Ventura counties, there are literally hundreds of HP condos available that would be perfect for the first time buyer who wants to stop throwing their money away on rent and stop paying their landlords mortgage.
Like this wonderful 4bd/2ba PEARSON PARK home offers nearly 1,600 sq. ft. of living space on a more than 6,000 sq. ft. lot. This neat and clean and move-in ready home is just minutes away from Hollywood Beach, Oxnard Shores and Silver Strand as well as shopping and entertainment and the CBC Naval Base.
Right now, comparable rentals in this neighborhood are running approx $2,100-$2,400 a month. For approx $2,100 a month (PIT-no MI), you could own this home.
Today's real estate market and lending environment can be really scary, which is why it's important to get as much information as possible before starting your search. Finding out more about affordable home loan options and getting pre-approved is an absolute must.
The home buying 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 the HP program and how you can qualify to purchase this home, contact me, Donne Knudsen from C2 Financial Corp. at 805.2069123 or donne4loans@earthlink.net.
Photos courtesy of flickr: kenlundusnavymailmans
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