Donne Knudsen

As far as affordable housing programs go, the city of Simi Valley is one of my favorite programs I have ever worked with. For more info on their program, check out CITY OF SIMI VALLEY - First Time Home Buyer Program, for program guidelines and requirements.

Basically, qualified low-medium income, first time buyers can purchase a four bedroom home up to $414,000 with as much as $200,000 in down payment assistance or a three bedroom home up to $345,000 with as much as $150,000 in assistance or a two bedroom home up to $267,700 with as much as $100,000 in assistance.

The down payment assistance comes in the form of a "silent second" so you make no payments on it for as long as you hold the loan. In other words, you don't have to pay it back until you sell or refinance the home.

Not all active properties are eligible for the program because they do not meet the program guidelines for sales price and size. However, there are quite a few fantastic homes that will qualify for the program and as of today are not in escrow and do not have any other offers on them, which means you may not have to compete with a gazillion other buyers for the home.

These homes are also not REO's or short sales (real live equity sales) and you won't have to wait for some insufferable bank to get back to you on your offer but rather a real live seller and Realtor who will respond to your offer in 24hrs.

For example, this really great Stonegate property located at 1003 Crosby Ave. is a 4bd/2ba home with nearly 1,600 sq. ft. of living space on a large corner lot of more than 7,200 sq. ft. with lots of fruit trees surrounding the property.

Don't worry about having to do a bunch work either because the seller is painting and preparing this to be move in ready and a fast escrow.

This incredible STONEGATE home is located in one Simi Valley's prime areas and is walking distance from both Sycamore Park and Berylwood Park. The best part, this wonderful home is also available for $161,000 in down payment assistance from the City of Simi Valley.

There is also a fabulous VALLEY VISTA property located at 2109 Magnolia St. that is a 3bd/2ba home with nearly 1,100 sq. ft. of living space on a great lot of more than 6,300 sq. ft.

You also don't have to worry about having to update this incredible home after you close escrow because the seller has already done it. The newly remodeled home has a new kitchen with new cabinets and counters and flooring. The home has been repainted with new carpet and a new roof, driveway and porch.

This fantastic VALLEY VISTA home is also walking distance from Rancho Simi Park. The best part, this wonderful home is also available for $130,000 in down payment assistance from the City of Simi Valley.

Both of these wonderful homes are also just minutes away from the both the Arroyo equestrian center and the Arroyo bike trails. For more info on either one of these homes, contact Maria Nolan of Century 21 Hilltop at 805.5227789 or mariaforre@adelphia.net

For more info on how you can qualify for down payment assistance to purchase these SIMI VALLEY homes, contact me, Donne Knudsen of Cobalt Financial Corp, at 805.5278554 or info@donne4loans.com

Today's real estate market and lending environment can be really scary, which is why it's important to get as much information as possible before starting your search. Finding out more about affordable home loan options and getting pre-approved is an absolute must.

The pre-approval process is relatively simple so contact me today to get pre-approved for this incredible program and make one of these fantastic properties your next home.

As the next part of my continuing series of affordable loan options for first time buyers here in the LA & Ventura counties, I want to now present safe and affordable 100% financing home loan programs here in LA & Ventura counties. In spite of the loss of most 100% financing for mortgage loans, there are still three options that may help some of those who were hoping to get into their own home this year.

USDA Rural Guaranteed

One such program is the USDA Rural Guaranteed program, which extends 100% financing opportunities to individuals and families.

This program is used to help low-medium income residents purchase homes with no down payment requirement and no monthly mortgage insurance. This program is only available in designated USDA eligible areas. The USDA eligible areas for Ventura and Los Angeles Counties are as follows:

• Ventura County: The areas surrounding Highway 126 as well as the areas surrounding Highway 33 north of Highway 126.

Eligible Cities Include: Oak View, Mira Monte, Meiners Oak, Ojai, Fillmore, Piru and some parts of Santa Paula and Ventura

• Los Angeles County: The areas surrounding Highway 126 west of Interstate 5 as well as the areas north of Highway 118 west of Interstate 5. Other areas include the areas surrounding Highway 14 in the Antelope Valley, areas north of Interstate 210 in the San Fernando and San Gabriel valleys as well as the areas surrounding Angeles Crest Highway.

Eligible Cities Include: Val Verde, Castaic, Frazier Park, Acton, Littlerock, Lake Los Angeles and some parts of Santa Clarita, Newhall, Valencia, Canyon Country, Palmdale, Quartz Hill, Lancaster as well as parts of San Fernando & San Gabriel valleys that are north of Interstate 210.

There are income limit guidelines that applicants must qualify for to be eligible to apply. These income limits are based on 115% of the median income for that county as well as family size. In Ventura County the income limits range from 48k to 130k a year depending on the size of your household. In Los Angeles County the income limits range from 42k to 115k a year depending on the size of your household.

VA Loan Guarantee

The main purpose of the VA Guarantee loan program is to help veterans purchase primary residences with no down payment, no monthly mortgage insurance and competitive interest rates.

Aside from the veteran's certificate of eligibility and the fact that the appraiser is assigned by VA, the application process is not much different than any other type of mortgage loan. The VA loan has a funding fee that can be financed into the loan thus lowering your upfront closing costs.

CalVet Home Loans

Like the VA Loan Guarantee, the CalVet Home Loan program is available to veterans and active duty personnel for the purchase of a primary residence.

However, unlike the VA Loan Guarantee that provides a guarantee up to 25% of the loan that you obtain with a private lender, CalVet is a direct lender and CalVet will service the loans after the close of escrow.

CalVet Home Loans are funded through the sale of tax-exempt bonds. Even though the CalVet Home Loan program has been totally self-supporting and no taxpayer funds have been used to repay its bonds, there are state and federal limitations on the amounts of general obligation bonds that may be sold for the program. As a result, CalVet has the privilege of establishing their own interest rates and loan amounts, which are very competitively set.

This post is the fourth in my series of affordable loan options available to first time buyers here in LA & Ventura counties. Until then, check out my first two posts on affordable home loan options here in LA & Ventura counties.

FIRST TIME BUYER OPTIONS IN LOS ANGELES & VENTURA COUNTIES - Part 1: FHA is the Best Option for First Time Buyers

FIRST TIME BUYER OPTIONS IN LOS ANGELES & VENTURA COUNTIES - PART 2: FHA 203k is the Best Option for Many First Time Buyers in Today's REO Market

FIRST TIME BUYER OPTIONS IN LOS ANGELES & VENTURA COUNTIES - PART 3: Down Payment Assistance Bridges the Gap to Homeownership

If you're interested in purchasing your first home here in LA or Ventura counties, contact me about affordable home loan options that you may be eligible for.

A great post about the history of mortgage rates courtesy of my favorite market report guy, Robert Rauf. Really great info, especially the part where our rates are now and how they low are compared to the last few years. It really drives home the fact that now is really the time to buy!

Via Robert Rauf: Interest Rate History for 20 years and 200 years, pretty color charts and all.

Below are 2 charts showing a LONG history of interest rates.

• The most recent history shows the past 20 years with an average interest rate on a 30 year fixed of 7.47%. The average over the past 40 years is 9.47%.
• The second chart is the 200 year history of Long-Term US Government securities,(prior to 40 years ago there was no consistent means of tracking Mortgage rates since there was no trading of MBS. The only true interest rate data available is from Uncle Sam.)

These charts pretty clearly show how good we have it right now and what a great opportunity it is for buyers in today's market. Even with the bump up in rates in the past few months we are still in the low 5's for a highly qualified borrower. The combination of historically low rates and low prices have made buying a home more affordable than it has been in years.

These are two pieces I put together for my business partners, unfortunately the conversion from a PDF to a JPG killed the quality. If you would like to see the clear and pretty versions I can email you the PDF, just shoot me an email at: RRauf@remn.com and I would be happy to send it to you.

Well the Los Angeles Housing Department (LAHD) is at it again. LAHD is pleased to announce that the Low Income Purchase Assistance (LIPA) program has finally received funding and is effective August 18, 2009. The program has received $4,142,164 this year and will assist homebuyers on a first come, first serve basis. In other words, the program is in effect for as long as the money lasts.

The LIPA program offers purchase assistance in the form of a deferred loan of up to $75,000 to low income households for down payment, closing costs, and acquisition financing. Medium income households are still eligible for HERO & NSP.

The program is limited to first time buyers who have not had an ownership interest in any real property at any time during the last three (3) years. LIPA funds may be used to assist buyers who purchase a home in the NSP eligible areas only.

Eligible homes must be either aproved short sales or regular equity sales. Unapproved short sales are not eligible. Vacant foreclosed and REO properties are eligible under NSP. Properties applying under the LIPA program will not be inspected by LAHD. No rehabilitation/repair loan funds will be made available for properties applying under the LIPA program. Rehabilitation/repair funds are still available under NSP.

First Time Buyers: Need some help in purchasing your first home here in LA county? Contact me today to find out if you are eligible for the LIPA program.

Realtors: Do have a listing here in LA county that needs a qualified and motivated buyer? Contact me today to find out if your listing is in an NSP eligible area.

Los Angeles Housing Department (LAHD) is pleased to announce that Los Angeles county's Neighborhood Stabilization Program (NSP) eligible areas have been expanded significantly!

LAHD has expanded the NSP eligible areas to at least three times larger than its current size!

• Additionally, LAHD has made the following program changes:
• LAHD has increased the maximum rehabilitation/repair allowable from $50,000 to $75,000.

Part of the purchase assistance loan, up to 5% of the purchase price (previously the maximum was 4%), may be used to cover closing costs.

First Time Buyers: Need some help in purchasing your first home here in LA county? Contact me today to find out if you are eligible for NSP down payment assistance.

REO Realtors: Do have a vacant, distressed foreclosure listing in LA county that needs repairs? Contact me today to find out if your listing is in an NSP eligible area.