Realtor

Beautiful Corona Hills Neighborhood located in a quiet, family oriented community called ‘The Summit’

The SummitThis Beautiful well kept home is ready and showcases well! This home is located in the beautiful Corona Hills Neighborhood located in a quiet, family oriented community called ‘The Summit’ This home has great curb appeal with mature landscaping and hardscape.This home features 4 Bedrooms and 2.5 Bathrooms, a formal living room & dinning room, with a spacious kitchen that flows into a nice size family room with fireplace that is great for family entertaining. The yard has privacy for gatherings and great space for family pets as well. This home is one to see!! For additional information please contact me at 951-634-8843 or email me at Miguel@RealtorWithStyle.com 

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

The Value of Pre-approval To Purchase Your Home

The Value of Pre-approval To Purchase Your Home 

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.

 

Please let me know if you have any question so I may direct you to my lender

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

www.miguelsworld.org

Can I Buy A Fixer Upper With My FHA Loan ?? Why Yes, FHA 203(k) Loan!

The FHA 203(k) loan enables qualified borrowers to purchase a home that may need repairs or to refinance an existing home for the purpose of remodeling. You can borrow monies to purchase the home and make the repairs and upgrades with only one set of paperwork and one set of closing costs!

These loans are especially great for FHA properties, older homes and REO homes — but any home can benefit from some remodeling or cosmetic fixes, to make it your own.

With FHA 203(k) rehabilitation lending, you have a convenient alternative to a second mortgage or HELOC for repairs, renovations and improvements. The loan amount is based on the as-completed value of the home, rather than the present value.

The benefits of an FHA 203(k) include:

  • Purchase and refinance on 1- to 4-unit primary residences
  • One underwriting review and one closing for rehabilitation construction and permanent financing saves you time and money
  • Loan based on after-improvement value of the home
  • Down payments as low as 3.5%
  • Family members may pay all of the borrower’s required down payment, closing costs, prepaid expenses and discount points

Even if you don’t have a lot of cash at hand, you may still be able to qualify for a 203(k) because of the allowance for family members to contribute funds.

My Lender WJB offers two types of 203(k) loans: the Streamline Renovation loan and the Standard Renovation loan. Below are details on both:

Streamline Renovation Loan
Program Benefits:

  • Total rehabilitation costs up to $35,000
  • No HUD Consultation necessary
  • No contractor approval necessary

Some examples of allowed renovations are:

  • New roof
  • Minor remodel of kitchen or bath
  • New HVAC
  • Upgrade electrical or plumbing systems
  • New carpet or paint
  • Install hardwood floors
  • Purchase of new appliances
  • Repair insect or weather damage
  • Replace windows
  • Finish basement

Standard Renovation Loan
Program Benefits:

  • No limit on repair amount; $5,000 minimum
  • Inspection fees for up to five draws are included in loan amount
  • Single-family homes, PUDs and 2-4 unit primary residences are eligible
  • HUD Cost Consultant fee may be rolled into the mortgage
  • Mortgage payments for up to six months may be included if the property is not habitable during renovation

Some examples of allowed renovations are:

  • New roof
  • Remodel kitchen or bath
  • Room addition
  • Structural alterations or reconstruction
  • New HVAC
  • Upgrade electrical or plumbing systems
  • New carpet or paint
  • Improve landscaping
  • Install hardwood floors
  • Purchase and installation of new appliances
  • Repair or replacement of structural damage
  • Replace windows
  • Finish basement
  • Energy conservation improvements
  • Major landscape work and site improvement

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