REAL ESTATE RECOVERY - Simi Valley, CA (Ventura County)
While Ventura County is still considered a distressed market, buyers can still purchase their first home for less than what they are paying to rent.
Right now, there are dozens of 4bd properties in Simi Valley that are eligible for up to $200,000 in down payment assistance. Many of these properties are not REO's or short sales but actual equity sales with really motivated sellers like this property.
This wonderful 4bd/2ba WHITE OAK home offers nearly 1,800 sq. ft. of living space on a nearly 8,000 sq. ft. lot. This wonderful home features a as new dual paned windows and sliders, new central air & heating as well as new flooring throughout. The backyard as a great spa with views of the Santa Susana mountain range.
But, there's more too. This WHITE OAK home is just minutes away from Corriganville Regional Park which has some of the best hiking and walking trails in the county. Across the road is Santa Susana Train Depot and Park, home to the Santa Susana Museum.
The best thing about this home is that it qualifiey 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 $1,600 a month (PITI), you could own this wonderful home. In this neighborhood, the rents for a home like this would run around $2,500 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 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
|
For more info on how you can qualify for down payment assistance to purchase this home, contact me, Donne Knudsen of C2 Financial Corp, at 805.2069123 or donne4loans@earthlink.net.
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.
