Lupe Soto Realtor, FHA Real Estate Agent, assisting first time home buyers and savvy investors in the areas of Burbank CA, San Fernando Valley, Santa Clarita Valley, Antelope Valley in Los Angeles County, Southern California, HABLO ESPANOL
MARKET CONDITION 2015: Sellers are accepting offers with FHA loans for homes for sale and CONVENTIONAL LOAN for Condo or townhome buyers with 5% down both for first time buyers. For DUPLEX TRIPLEX FOURPLEX 2-4 units the min downpayment is 3.5% with FHA loans (Federal Housing Authority loans) plus reserves, for investors the downpayment is higher approx 25% same if you already own a property.
PRICE RANGES IN SAN FERNANDO VALLEY: CONDOS & townhomes for sale from 180,000 for 2 and 3 bedrooms, call for a list or update. Downpayment 5% or $9,000 plus closing costs. HOUSES for sale in SFV from $330,000 with 3.5% down or $11,550 plus closing costs, call for a list or lender referral. for PALMDALE or lancaster houses for sale form $180,000, down 3.5% or $6,300, call for details and lender referral.
BUYERS - FIRST STEP TO HOMEOWNERSHIP, BE PRE-APPROVED
Atencion Compradores: Primer paso para ser dueno de casa condo o unidades -
Estar pre-aprobado por un banco hipotecario.
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 funds down & APPRAISAL value.
INCOME: minimum 2 years of stable job, same employer, if you have changed employer, same line or work is ok. Ideal minimum income requirements for a house in San Fernando Valley from $330,000, ideal income is $60,000 per year. Co-signers are allowed, please contact Lupe for more info.
CREDIT or fico score, ideal is 620. if you have bankruptcy chapter 7, short sale, foreclosure or child support, the waiting time is approx 3 years, please contact Lupe for more info.
SAVINGS for downpayment: Savings must be in account for at least 2 months.
APPRAISAL and value of the property. this will be determined by an appraisal once your offer is accepted.
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 garante pueden calificar para el prestamo de una casa, condo o unidades,
INGRESOS: primero, se requiere SEGURO SOCIAL VALIDO. Ingresos estables por dos anos, misma profesion, income taxes del 2014 & 2013 con W-2 o 1099.
CREDITO: puntaje de credito ideal es minimo 620, tener 3 lineas de credito establecidas por mas de dos anos, asimismo, Si Ud tiene poco credito o no tiene credito, sirvase llamar para explicarle, pero considere pedir una carta de como hizo sus pagos a las utilidades: La luz, el agua, el telefono, a su aseguranza,m estas cartas serviran de ayuda. Si Ud esta casado legalmente, ambos ingresos se utilizaran y los income taxes seran verificados por el IRS. Si Ud esta separado y esta pendiente su divorcio y o no desea que su esposo/esposa figure en el prestamo hipotecario, le comento que el credito del esposo/esposa sera verificado y sera tomado en cuenta para tomar una decision de credito hipotecario. lo mejor es esperar a estar separado legalmente o divorciado. Para los que son SELF-EMPLOYED o trabajan por su cuenta, hay algunos programas de prestamos que califica con los 12 ultimos estados de cuenta de su banco, para ver sus depositos. para mas info. sirvase llamar a Lupe.
AHORROS: Minimo $6,300 para un condo de $180,00 u $11,500 para el enganche de una casa. Si usted tiene estos requisitos y tiene ahorrado para el 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 ayudarlo a ser precalificado con verificacion de renta y prueba de pago de renta, ademas le pediran verificacion de pagos de utilidades en su nombre, si usted puede proporcionar esta informacion, le recomiendo se comunique conmigo.
ELIGIBLE PROPERTIES WITH FHA LOANS - Lo que puede comprar con FHA o bajo enganche
Houses, Condos & Townhouses hay ciertas restricciones sirvase llamar a Lupe para una explicacion o preguntele a su banco de confianza los requisitos para que el condo projecto califique, 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 660 range you owe it to yourself to start rebuilding good credit, get access to your FREE CREDIT REPORT go to http://www.FreeCreditReport.com , 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!
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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
Antelope Valley: Lancaster East West, Palmdale East West, Quartz Hills, Rancho Vista, Anaverde, Juniper Hills, Pearblossom, Littlerock, Lake Los Angeles.
Los Angeles County, San Bernardino County, Riverside County, Orange County.
Lupe Soto Realtor & FHA Real Estate Agent