Right now, there are dozens of properties in Simi Valley that are eligible for 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 these two Valley West homes.
This 5bd/2ba home with more than 1,700 sq. ft. of living space on a more than 6,000 sq. ft lot has been totally renovated. This immaculate remodeled home has a new kitchen, new bathrooms, new dual-paned windows and new flooring (carpet & tile) throughout. There is also a freshy finished garage and well manicured landscaping.
The home has been vacant since the renovations were done so it's just waiting for the right family.
Then there is this great 4bd/3ba home that also has more than 1,700 sq. ft. of living space on a more than 6,000 sq. ft. lot that also includes RV parking. The kitchen has been upgraded with lovely cabinets, stainless appliances and granite counters. There's new flooring (tile & wood) throughout the downstairs and new heating and air conditioning too.
Both homes are move-in ready with highly motivated sellers. Neither one of these homes are like the run-down, dilapidated, dumpy short sales or REO's that you have been seeing. Both of these homes are located in a quiet residential neighborhood and are walking distance from both Rancho Simi Community Park and the Arroyo bike trails.
The best thing about these homes are that they both qualify 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 $1,400 a month (PITI), you could own one of these wonderful homes. In this neighborhood, homes like these would rent for at least $2,400 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.
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.
