FHA loans

Riverside Lake Community

Beautifully renovated home in Lake Riverside Estates. Home has all new flooring, new electrical fixtures, new plumbing fixtures, new upgraded BLK appliances, fresh interior/exterior paint. Price includes washer and dryer too. Home looks great and feels as good as new. Home is very private and includes views of the surrounding hills and its amazing lake. Lake Riverside Estates is a gated community 20 minutes east of Temecula. Amenities include a scenic lake, a community pool, riding trails, park and a private landing strip for small aircraft. Check out the pictures then come see for yourself 

Priced at $209,900 3 Bedrooms 2 Bathrooms and 2025 square ft of living space on a 3.02 acre Lot 

 www.RealtorWithStyle.com Miguel Aguilar 951-634-8843 

 

 

 

 

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“The Cove”

Priced to sell $237,000 

Beautiful turnkey home nestled at the base of the San Jacinto mountains in the quiet, very desirable community called “The Cove”. This home is well maintained and clean inside and out! The kitchen features granite countertops and an open floorplan that leads into the living room. The front and backyard are fully landscaped with water wise plants and rockscape. All 4 of the bedrooms are located upstairs. Good sized master bedroom and bath with walk in closet. The community offers two private, gated parks for residents only. Great veiws of the mountains and a great location off of Warren Rd. close to Dominagoni Parkway and the 79. Minutes away from schools and shopping.

Please contact Miguel Aguilar at 951-634-8843 or Miguel@MiguelsWorld.org

 

 

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Understanding FHA Financing To Purchase Your Next Home

I am asked on  a weekly basis “what are the programs out in the market to help maximize my purchasing power”

 

In 1934, the federal government established the Federal Housing Authority (FHA). The FHA was not created to actually lend money; rather, it was created to insure the loans made by approved lenders to protect the lenders against defaults on the loans.

If a borrower obtains an FHA loan and then defaults on it, the lender is compensated by FHA, and thus the lender will not lose as much money and is therefore more willing to lend according to FHA guidelines.

Inviting Terms
Originally considered a program mainly for first-time buyers, FHA loans are now one of the most popular types of loans for all types of borrowers due to a variety of attractive features:

  • Low down payment. FHA loans let new buyers put down as little as 3.5 percent of the home’s purchase price. Gift funds may be used for the down payment, which means you may not need to come up with any cash at all.
  • Market-appropriate loan limits. For many years, FHA loans had very low maximum loan limits. But in 2007 the FHA raised its loan limits to equal the median home price in your market.
  • Lower credit requirements. While there are no set credit requirements, it’s best to contact me to determine if your credit history along with other factors will qualify you for an FHA loan.
  • Low up-front mortgage insurance rate. The FHA requires mortgage insurance to protect itself from loan defaults, but premiums are only 1 percent of the loan amount. The premium can be paid directly by the borrower or rolled into the loan amount.

In the past FHA loans were considered “risky” or too much trouble for lenders, with strict regulations and requirements that had to be met before an FHA loan would be approved. Borrowers who applied for an FHA loan were also sometimes considered high-risk, because usually they would not qualify for conventional funding. Relaxed guidelines combined with the state of the market have taken the stigma off of these loans and made them a great choice for nearly any borrower.

Other Considerations
While FHA loans offer less stringent terms than you would find with conventional loan requirements, they are also designed to ensure responsible homeownership. FHA loans impose ratios on borrowers’ debts in relation to their income. The FHA also requires you to pay 1% of the loan amount as an upfront mortgage insurance premium. In addition, annual mortgage insurance payments are also required, divided into monthly payments of 1.10% to 1.15% for 30-year loans, according to the loan-to-value ratio.

 

If you would like additional information please contact me to direct you to my preferred lender to help you with any questions 951-634-8843 miguel@miguelsworld.org

Looking to Buy? It’s Time to Make a Move

Looking to Buy? It’s Time to Make a Move

Whether you are considering a first home, a larger home for a growing family, moving into your dream home or perhaps buying a second home or rental property, two key economic factors, mortgage rates and home prices, have lined up in your favor. Let’s take a look at how they are working together to give you extremely potent buying power and why you should take action now before these favorable conditions change.

Irresistible Interest Rates
When you read in the newspapers that rates are at historic lows, this is not an exaggeration. Interest rates on home loans truly are at the lowest they have been in decades. The reason for this is that due to the recent “Great Recession,” the Fed has had to lower the federal funds rate to between 0 percent and 0.25 percent. The federal funds rate is the interest rate at which savings banks, commercial banks, savings and loan associations and credit unions trade balances with each other.

The federal funds rate impacts all other rates, including mortgage loans, so, at times of slow or no economic growth, the Federal Reserve will lower the federal funds rate in hopes of making credit cheaper to all people and in turn boosting the economy. This is why home mortgage rates have remained so low. The moment the economy starts to truly grow, the Federal Reserve will start to increase the federal funds rate, and home financing loan rates will follow suit.

Right now, mortgage rates are incredibly attractive after a downward slide over the course of 2011 that ended with 30-year fixed-rate mortgages in the 3.9 percent interest rate range. So far, in 2012, rates have topped the 4 percent mark, according to surveys from the Mortgage Bankers Association, but these are still historic lows.

Will rates stay like that? Well, factors such as increases in retails sales and improvements in unemployment are pointing to a recovery. After a spike to 10 percent in October 2009, unemployment rates have been on a solid downward trend since September 2011, and have been hovering at 8.3 percent.

Certainly, qualifying for loans is harder these days. More rigorous documentation is required, and down payment requirements and other lending terms aren’t as loose as they were during the 2005-2006 real estate boom, but if you are in solid financial shape, you needn’t worry. I’d be happy to sit down with you and look at what loans make the most sense for your financial position, and to work out different scenarios using today’s low rates, as well as rates after possible increases in the near future.

Home Prices
In terms of home prices, now has never been a better time to buy. After spending months at stratospheric highs during the real estate boom, homes that had doubled in price by 2006 are still below their pre-bubble values.

If anything, home prices are still in retreat. Using data from the National Association of REALTORS®, the median cost of existing single-family homes ended 2011 nearly at the same price it began the year, $158,000. And that price tag is down from 2010 and 2009.

That said, inventory might be starting to slip, which could see prices go higher. In recent months, housing inventory has been hovering around a six-month supply (at current sales rates), with roughly 2.4 million homes for sale. That might look like a lot, but it is nearly 20 percent below what it was a year ago.

Using simple supply-and-demand, it’s not hard to see that with declining inventory, today’s low prices could go up in the not-too-distant future. This is just as true for today’s rock-bottom interest rates, so it’s not hard to see why savvy homebuyers are responding to the bargains. All-cash purchases of existing homes are accounting for roughly 30 percent of transactions, and investors are accounting for more than 20 percent of purchases. The investors know a good deal when they see one, and today’s lending and real estate environment represents an amazing bargain indeed.

Make Your Move
The numbers don’t lie. You will most likely never see a better buying opportunity than now. If you are considering a purchase of a larger home to accommodate a growing family, the dream home you’ve always wanted, an investment property or any other home purchase, take the time to review the numbers. Mortgage rates and home prices have created a spectacular buyer’s market.

But remember, it won’t stay this way forever. An improving economy could foster higher rates, and declining inventory could see prices go up. If you are on the fence about a real estate decision, don’t be. Now is the time to make your move. Please contact me using the information provided on this newsletter and I’d be happy to help you develop a strategy to take advantage of this historic opportunity.

 

This will not last so please call me with any questions and I may direct you to my direct lender

Miguel Aguilar 951-634-8843 miguel@miguelsworld.org 

Value of Pre-approval

For many new homebuyers, the terms pre-qualification and pre-approval seem interchangeable. But they are not — and the distinction is an important one. When a homebuyer is pre-qualified, the lender performs a quick check to determine generally how large a home loan the buyer can afford. Essentially, when a buyer is pre-qualified, the lender is saying it would most likely approve the buyer for “x” amount.

Pre-approval goes much deeper. In order to issue a pre-approval, the lender examines and verifies the borrower’s debt, income, savings, assets and credit report to ensure the borrower can repay the loan amount. Where pre-qualification is a sort of educated guesstimate of the buyer’s purchasing power, pre-approval says the prospective lender would definitely be approved for the loan.

This is particularly useful when home shopping for multiple reasons. To begin with, pre-approval instantly lets you know what your actual budget is. Knowing what you can afford from the outset will help you and your real estate agent better focus your efforts.

Being pre-approved also provides you with an advantageous position over other buyers, because pre-approval assures the seller that you have access to the loan necessary to back your offer. Your lender will provide you with a letter or certificate demonstrating that you are pre-approved for a certain amount of money, which you can provide as part of your offer. 

To Buy or Not To Buy, That is The Question!

To Buy or Not To Buy, That is The Question!

Many forecasts by the media and economic analysts across the United States don’t have much good to say about the health of the U.S. real estate market, although statistics do show the market is getting increasingly better. Ironically, this is and most likely will be one of the very best times to invest in the American Dream. I know that sounds crazy, but it is true! According to Mortgage News Daily reports of rates were as low as 3.875% just this past week. If you qualify for a loan, which let’s be realistic isn’t as hard as most people make it sound, then more than likely you will lock-in a 30-yr fixed mortgage rate that is currently experiencing all-time historical lows. Fortunately for you, if you can prove your income, assets, credit and debt to be worthy then there are financing options for you.

Here are some things that you may want to keep in mind:

Most people believe conventional financing to be their only option, but we are here to tell you that you have other options. You may be asking, “What are they?” One option that is growing in popularity is FHA financing. This is because an FHA loan offers many advantages to the borrower like:

  • Low down payment. FHA only requires a 3.5% down payment vs. conventional loans that require 20%
  • Easier to qualify. Since FHA loans are insured by the Federal Housing Administration often borrowers find that the requirements to qualify for an FHA loan are much more lenient. This includes borrowers with lower credit scores and higher debt-to-income ratios.
  • Lower closing costs. Often using an approved FHA lender directly translates to lower closing costs in comparison to most conventional loans.
  • Lower overall costs. Typically FHA loans have good interest rates, which mean a greater savings on the overall cost of the loan.
  • Foreclosure options. The Federal Housing Administration can provide foreclosure options to borrowers with FHA loans.

Even better are the prices of real estate. In most markets the median price of residential homes has dramatically decreased over the past 2-3 years (Murrieta approximate median home price is $249k according to Zillow.com), but forecasters are saying most major cities, even in California, will start to see an increase by early-to-mid 2011.

What does this mean to you? It means it is time to buy NOW and NOT TOMORROW! As prices begin to increase then interest rates will be sure to follow. Plus by waiting you’ll take the chance of losing valuable equity in the biggest investment you’ll ever make during your lifetime. So don’t waste another minute! Get pre-qualified today and get out there and find your American Dream! Don’t get overwhelmed, let Realty World and Associates help you realize your dream today!

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