help Program for homeowners

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

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. 

HELP Program Brings Free Homeowner Education to Temecula Residences

FOR IMMEDIATE RELEASE

Temecula, California, United States of America (Free-Press-Release.com) April 26, 2011 — Temecula, California, United States of America (Free-Press-Release.com) April 26, 2011 — The HELP Program has partnered with the local community to hold a free public outreach class in Temecula on May 21th, 2011. Held at the Southwest Riverside County Association of Realtors, this three hour course educates consumers on short sales, foreclosures, income tax ramifications, and other serious issues that arise when considering a loan modification or other mortgage options for struggling homeowners.

“This class is designed to go in great detail,” says HELP Founder Chris Sorensen, ” from tax related issues, deficiency issues, landlord issues, credit issues and how to position oneself to buy far earlier than you otherwise would be able to. This is one free class that you must attend. As your expert and consumer advocate, we have no agenda other than to make sure you’re informed and do not get taken advantage of. This is a government program you can be proud of.”

Topics covered during the class include, but are not limited to:

  • IRS issues explained
  • How to deal with deficiency issues
  • How to avoid scams and possibly get your money back
  • How to possibly postpone & stop a foreclosure
  • Federal protection rights the public must know

To register for this class, or to get more information, visit http://www.freehomeownershiphelp.org/training_home_buying.php. The class is titled “Can I, or Should I, Keep My Home?” and is being held from 8:30am-1:00pm on Saturday, May 21th. Open/Free to all members of the public. Southwest Riverside County Association of Realtors 26529 Jefferson Avenue Murrieta, CA 92562

More information can be found online at http://www.freehomeownershiphelp.org

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