Right now, there are dozens of properties in Simi Valley that are eligible for up to $200,000 in down payment assistance (dpa). Many of these properties are not REO's or short sales but actual equity sales with really motivated sellers and are NOT like all the other run-down, dilapidated dumps you've been seeing, like this Parkview townhome.
This lovely 2-story, 2bd/2.5ba, townhome has more than 1,200 sq. ft. of living space and has been fully upgraded. There is new flooring throughout (hardwood & carpet), new paint, new stainless appliances & new granite counters and scraped ceilings. Kitchen has a large walk-in pantry with new stackable washer & dryer too. The large patio with brick cobblestone is the largest one in the complex. This incredible unit comes with a 1-car garage and a parking space.
The complex is secluded in the cul-de-sac of a quiet residential neighborhood. The complex offers a community swimming pool and spa and is one of the few FHA approved complexes in Simi Valley. This is not a Short Sale or an REO. This wonderful home is perfect for the single professional or a couple.
The best thing about this home is that it qualifies for the City of Simi Valley First-Time Home Buyer Assistance Program. Right now, homeownership affordability here in Simi Valley as well as Ventura county is the best it has been in years, maybe even decades.
For less than $1,500 a month (PITI+HOA), you could own this wonderful home. In this complex, the rent for a unit this size runs between $1,700 - $1,800 a month.
This program is specifically geared for the low-medium income 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%.
- The primary loan must be a fully amortized loan. No interest only 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:
|
# Bedrooms
|
Maximum Market Purchase Price
|
Per Bedroom Subsidy Limits
|
Maximum Affordable Sales Price
|
|
1
|
$206,700
|
$50,000
|
$156,700
|
|
2
|
$280,900
|
$100,000
|
$180,900
|
|
3
|
$349,300
|
$150,000
|
$199,300
|
|
4
|
$418,600
|
$200,000
|
$218,600
|
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 this property, please contact Ken Barker at 805.2174183 or ken.barker@camoves.com. For more info on how you can qualify for this great program, please contact me, Donne Knudsen, at 805.2069123 or donne4loans@earthlink.net. That's what I'm here for and I would love to be able to assist you in your search for an affordable home loan.
