About Simi Valley's Rancho Sequoia

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. Many have been remodeled and/or upgraded like these properties that are both eligible for upto $100,000 in dpa.

These wonderful 2bd/1ba Rancho Sequoia homes offers nearly 900 sq. ft of living space on more than 4000 sq. ft. lots. These great homes have been newly painted and have upgrade kitchens with new cabinets and granite counters. These starter homes are perfect for the young single or couple just starting out.

The best thing about these homes is that they all qualify for the City of Simi Valley First-Time Home Buyer Assistance Program. For less than $1,200 a month (PITI), you could own one of these wonderful homes. For many people, that's less than what they're paying to rent a small 2bd apartment. Right now, homeownership affordability here in Simi Valley as well as Ventura county is the best it has been in years, maybe even decades.

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:

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.

If you have any questions and/or concerns, please feel free to 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.