Temecula

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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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

Knowing Your Home’s Value

Knowing Your Home’s Value

Your home is one of your most important investments and financial assets, but do you know its value? If you hesitate to answer, don’t worry, you’re not alone. Even if you’re not trying to sell right now, there are other reasons that you may want to know your home’s market value. And knowing this number can help you move quickly when it’s time to make a decision about any of the following actions.

Selling your home.
There might come a time when you need to sell your home. You might get offered an out-of-state job opportunity, determine it makes financial sense to downsize, or need to look for a larger home if your family is expanding. If you are ready to buy another home, your current home’s value can narrow down your options for your new purchase, and I can show you the financing options that will be available to you. Knowing your home’s market worth would certainly help you make an informed decision, and put you in a position to more quickly respond.

Refinancing your home.
There are a number of reasons to refinance. For instance, you might be able to finally tap into current low rates, or you might desire better terms. You can find out if you will qualify for a traditional refinancing program or if you may be eligible for the HARP II refinance program, which allows homeowners who owe more than their home is worth to restructure their loans into more stable products with a lower rate. Until you know your home’s value, you won’t know how advantageous or disadvantageous a refinance would be from a financial perspective. I’d be happy to assist you in exploring whether refinancing makes financial sense for your unique situation.

Making home improvements.
While you might have mulled over how home improvements, such as a bathroom makeover, new countertops, or perhaps an addition, could improve your enjoyment of your home and mused at what additional value they might bring, you really don’t know until you’re aware of your home’s value. Check what other homes in your areas have sold for, and pay particularly close attention to any sold properties that had upgrades similar to or the same as yours in relation to those that don’t. Once you get an idea of what your home might sell for, you can see if the upgrades you are considering are worth the expense, or if you might want to go with a more cost-effective option.

Reassessing your taxes.
Your county assessor’s office reviews property values on a periodic basis, and makes adjustments based on a property’s market value. In a down market this can mean much lower property taxes. Being aware of your home’s value can put you in a position to anticipate changes and do some tax and financial planning accordingly. That said, many assessor offices only shift their regular assessments by a maximum amount or percentage of the previous year’s value. However, many states offer an appeal mechanism that can help you push for a lower reassessment to ensure an even more advantageous (and fair) property tax break. But the key is to know your home’s actual value and be able to document it.*

So, how do you determine your home’s value? Your first instinct might be to go to a popular website or download an app for online services that provide estimated real estate values. While these services might offer some instant gratification, they might not take in all the factors and trends that will give you the most accurate estimate of your home’s worth.

Especially if you are considering a move, the best option is to go to a real estate agent that has expertise in your marketplace. An experience professional who is familiar with the properties in your area and has been involved in numerous local transactions will have not only the tools and information but also the context and expertise to get a more accurate read on your home’s true market value. An experienced agent can bring insight into your local market and help you see opportunities that you may not have considered before. This also gives you the opportunity to find a trusted agent that you can work with when it’s time to buy or sell.

 

Please call with any questions to 951-634-8843 or email me at miguelsworld@gmail.com

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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