FAQs

The typical one-bedroom apartment in Los Angeles will now cost you about $77 less per month than the same time last year. … The latest National Rent Report from Zumper suggests that one-bedroom rents in Los Angeles dropped 0.9 percent from May to June, amounting to a median price of $2,150 per month.

Government-backed USDA and VA loans can allow you to buy a home with $0 down. … Depending on your down payment amount, it’s possible to get an FHA loan with a score as low as 500 points. You‘ll need to increase your score before you apply for a loan if your score is lower than 500.

Many potential home buyers wonder how much they’ll need to save in order to get a mortgage. But did you know it’s possible to buy a home without a down payment? We’ll take a look at some options you have when you want to buy a home without a down payment. We’ll also show you a few alternatives for low down payment loans as well as what you can do if you have a low credit score.

If you want to qualify for a single-family home at the median cost in Los Angeles County, your annual income will have to ring in around $127,000, a new report from the California Association of Realtors found. Orange County buyers have an even higher minimum income to meet, at a jarring $162,000.

Credit score requirements will vary for each program, but the minimum score is between 660 and 680, depending on some other factors. A Preferred Loan Officer can assess your financial situation and tell you what score you‘ll need to qualify.

An FHA loan has lower down payment requirements and is easier to qualify for than a conventional loan. FHA loans are excellent for first-time homebuyers because, in addition to lower upfront loan costs and less stringent credit requirements, you can make a down payment as low as 3.5%

Obtaining a mortgage will be a crucial step in purchasing your first home, and there are several factors for choosing the most appropriate one. While the myriad of financing options available for first-time homebuyers can seem overwhelming, taking the time to research the basics of property financing can save you a significant amount of time and money. Understanding the market where the property is located, and whether it offers incentives to lenders, may mean added financial perks for you. And by taking a close look at your finances, you can ensure you are getting the mortgage that best suits your needs.

To be eligible for an FHA loan, borrowers must meet the following lending guidelines: FICO score of 500 to 579 with 10 percent down or a FICO score of 580 or higher with 3.5 percent down. Verifiable employment history for the last two years,

An FHA loan is a government-backed mortgage insured by the Federal Housing Administration, or FHA for short. Popular with first-time homebuyers, FHA home loans require lower minimum credit scores and down payments than many conventional loans. Although the government insures the loans, they are offered by FHA-approved mortgage lenders. FHA loans come in fixed-rate terms of 15 and 30 years.

You can only get a mortgage with no down payment if you take out a government-backed loan. Government-backed loans are insured by the federal government. … You may want to get a government-backed FHA loan or a conventional mortgage if you find out you don’t meet the qualifications for a USDA loan or a VA loan.

Many potential home buyers wonder how much they’ll need to save in order to get a mortgage. But did you know it’s possible to buy a home without a down payment? We’ll take a look at some options you have when you want to buy a home without a down payment. We’ll also show you a few alternatives for low down payment loans as well as what you can do if you have a low credit score.

What Is a First–Time Home Buyer? A first–time homebuyer is an individual who is purchasing a principal residence for the first time. A principal residence is the primary location that a person inhabits, also referred to as primary residence or main residence. A principal residence is not always a home,

What Is a First-Time Homebuyer? The term first-time homebuyer generally refers to an individual who purchases a principal residence for the very first time. First-time homebuyers often qualify for special benefits such as low down payments, special grants, and assistance with paying closing costs that are sponsored by state and federal governments. Many lenders also offer first-time homebuyers with incentives and special loans.

KEY TAKEAWAYS A first-time homebuyer is someone who buys a principal residence for the first time. Many first-time homebuyers qualify for financial help when making a first-time home purchase through various government-sponsored programs. Certain lenders also provide first-time homebuyers with certain benefits and special loans. First-time homebuyers are generally able to withdraw from their IRA without incurring the early withdrawal penalty.

The majority of lenders will require you to have saved at least 10 per cent of the property’s value – although some may only require five per cent. This means you’ll need a deposit somewhere between $30,000 and $60,000 if you’re looking to buy a residential property with a value of $600,000

It’s the question on the lips of every first home buyer – how much avocado toast do I need to forgo to buy my first place? And it’s certainly an important question. Sitting down and properly working out how much you can afford will ensure you won’t be blindsided by extra costs you hadn’t considered.

Take for example Alex, a first home buyer who had been saving for a home in Brisbane. Alex had factored into his plans that he’d need a five per cent deposit to buy a home – meaning he’d need $35,000 if he found a place for $700,000. What he soon found, however, was that you need to cover a lot more than just the deposit when it comes to buying property in Australia. Stamp duty, Lender’s Mortgage Insurance (LMI), conveyancing costs – not to mention extra costs for things like pest and building reports if you’re buying a house, all add up and were not factored into Alex’s savings.

As he told us: ‘You probably need to add $20,000 to $30,000 extra on top of a five per cent deposit to actually acquire a house’. This is why it’s important to go over just what you’ll need to buy property in Australia. We’ll also cover the government grants and concessions that are available to first home buyers.

Alex dropped his price criteria back to under $550,000, which made him eligible for a stamp duty concession (Queenslanders can claim a first home concession for stamp duty when buying their first home if the home is valued under $550,000). He was able to buy a gorgeous property 20 minutes from the city in Wynnum.

Buying your first home is considered one of the biggest milestones — in life as well as finances. It’s a big commitment, and there’s a good chance this will be the largest purchase you’ve made to date. As you prepare, here are the steps to follow as you purchase your first home. Determine If You Are Ready to Buy a Home First, you should determine if you are ready to buy a home. Homeownership is a lot more expensive than renting since you’re responsible for added costs like home repairs, utility costs, garbage pickup, water, and electricity. You also need to pay for taxes and insurance related to your home. These costs add up quickly, and if you are not financially prepared, you may end up in a bad position. Consider getting out of debt (or at least reducing your debt) and saving up an emergency fund before you purchase your first home. Look for ways to reduce high-interest credit card debt before purchasing a home. While you may be under pressure to buy a home from friends or family, it might make sense financially to wait until you’re truly ready. If you’re not sure you can afford a home, try sticking to a budget with what you expect your home payment will be and put the extra money in savings. This can build your confidence and your savings so you can move forward with the home purchase.

1. Determine If You Are Ready to Buy a Home.
2. Start Shopping for a Loan.
3. Find the Best Payment Options and Loan Types.
4. Have a Down Payment Ready.
5. Be Honest About What You Can Afford.
6. Find a Good Real Estate Agent.
7. Request a Home Inspection.
8. Be Patient During Escrow.

If your goal is to buy a home for it’s resale value and the one you are thinking of buying in the older neighborhood is at the upper end of values for that neighborhood, then it may not be the wisest choice. If it is similar or lower in price to the others, then there should be no problem, because pricing should be considered in relation to the local neighborhood and not compared to homes in other neighborhoods (for the most part)

Plus, is it a neighborhood on the decline, or are others going to be fixing things up, too, so that it is a neighborhood that is improving? It could turn out to be a very good deal as long as you don’t “overpay” because of the recent improvements.

Remember that you also buy a home for it’s value to you as a “home,” and that is something else you should consider. Which neighborhood would you AND your family feel most comfortable in?

A lot depends on why you are buying the house. Are you buying it mostly as a home or mostly as an investment? There is a difference.

For the most part, upgrades are high-profit items for builders. They aren’t designed to enhance the value of the house, but make you happier with the house you do buy.

If you are looking at your home as an investment, then you buy from the smaller to medium size in the tract and spend only a minimal amount on upgrades. If you are looking at your purchase as a home, then you select upgrades that will enhance your quality of living.

One rule of thumb is to always upgrade the carpet and padding.