What Kind of First Time Buyer Programs are Available in Los Angeles & Ventura Counties? FAQ - #1

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Mortgage and Lending with Los Angeles & Ventura Counties in CA

As a Mortgage Loan Originator (MLO) here in Los Angeles and Ventura county who works with mostly buyers, many of whom are first time buyers, I get a lot of questions about the availability of affordable home loan options.  I actually love it when consumers ask me questions because I love talking about all the ways they can stop throwing their money away on rent and finally buy a home of their own.  I love hearing all the stories about how long they've been dreaming of being able to buy their own home and how this is the first time that they may actually be able to afford to finally buy.

I also get a lot of questions about how the loan process works and the documentation that they have to provide.  Many others want to know about specific practices they have heard about or seen here in our local market. 

So many people have either heard horror stories about how awful the loan process is from their friends and family or they've already experienced their own horror story with another MLO or lender.  Still others seem to think that based on the things they've read that they're not going to have a problem getting approved or buying a home. 

After eight years of working mostly with buyers, there are a few questions that I seem to get asked most often. 

What kind of first time buyer programs do you offer? 

What kind of property can I buy? 

What kind of paperwork do you need to pre-approve me? 

Why do I have to get pre-approved with other lenders I don't want to use before I can make an offer on a property? 

Why kinds of things can go wrong and what will happen? 

At this time, I'd like to address the first question about the various loan programs available here in Los Angeles and Ventura counties for first time buyers.  Whenever I am asked this question by a local consumer, whether it be via phone or email, I will always follow-up with an email to the prospective homebuyer outlining all the various programs available by using links to posts I've written on the specific programs.  I will also include links to posts for a couple of affordable home loan options that aren't just limited to first time buyers. 

Most of these programs are structured in what we call a "silent second" meaning that it is a second lien where the borrower makes no payments for as long as they hold the loan.  For most of them, if the homeowner sells or refinances the first loan, they will be required to pay the second loan off.  There are some exceptions to this rule.

Below is an outline of the links that I often provide to the consumers who contact me about the various first time buyer programs as well as the other affordable home loan options that are available here in Los Angeles and Ventura counties. 

ATTENTION LOS ANGELES COUNTY FIRST TIME BUYERS: NSP Receives More Than 27M in Additional Funds (30DC18)  

ATTENTION LOS ANGELES COUNTY FIRST TIME BUYERS: LAHD Receives New Funds for LIPA Buyers 

SIMI VALLEY HOMES ELIGIBLE FOR DOWN PAYMENT ASSISTANCE: Up to $200,000 in Down Payment Assistance 

ATTENTION VENTURA COUNTY FIRST TIME BUYERS: Oxnard Homes Now Available for Down Payment Assistance

ATTENTION CALIFORNIA FIRST TIME BUYERS: CalHFA Rolls Out New Program 

LOW COST DOWN PAYMENT ASSISTANCE FOR CALIFORNIA BUYERS: CHF Access Offers Up To 3% In Assistance 

FIRST TIME BUYER OPTIONS IN LOS ANGELES & VENTURA COUNTIES - PART 4: 100% Financing Still Exists for Some Buyers  

There are other programs that are available to the first time buyer but these are just the ones I get asked about the most as well as the ones that I work with the most.  If one of these programs doesn't suit your needs, contact me for more info on other affordable home loan options you may be eligible for.

I hope you stay tuned for Part 2 where I will discuss the second question about the qualifying property requirements for these programs (that were not included in my blog posts) that can often be a determining factor on whether or not a prospective homeowner will even be eligible to apply. 

 

Today's real estate market can be really scary, which is why it's important to get as much information as possible before starting the home search.  The pre-approval process is not a simple process and it's because it can get really complicated and convoluted, that borrowers today need affordable loan options that are best suited for their own needs. 

Furthermore, it's absolutely vital that they work with an MLO and lender that has experience closing these types of loan transactions.  That's what I'm here for and I would love to be able to assist you in your search for an affordable home loan.  If you have any questions and/or concerns, please feel free to contact me, Donne Knudsen at 805.2069123 or donne4loans@earthlink.net

 

What kind of property can I buy? FAQ - #2

What Kind of Paperwork Do You Need to Pre-Approve Me? FAQ - #3

Why Do I Have to Get Pre-Approved with Other Lenders I Don't Want to Use Before I Can Make an Offer on a Property? FAQ - #4

What Kinds of Things Can Go Wrong in the Loan Process? FAQ - #5

What are Impound Accounts & Why Do I Need to Have Them in Order to Close My Loan? FAQ - #6

Can You Help Me Get My Kid Get Out of My House? FAQ - #7 

I'm Supposed to be Closing Next Week Can You Help Me? FAQ - #8 

If I Buy a Duplex, Can I Apply the Tenants Rent Towards My Mortgage? FAQ #9

What Happens if My Appraisal Comes in Low? - FAQ #10

What is a HomePath Property and How Can I Buy One? - FAQ #11

Can I Still Get a Loan if I Don’t Have Perfect Credit? – FAQ #12

Are There Still Loan Programs Where I Don't Have to Put Anything Down? - FAQ #13

 

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~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

 Donne Knudsen

Realtor® - CalState Realty Services

DRE#: 01364050 / NMLS#: 249822 

 

805.2069123

 

E-mail   My Blog  

Serving low-medium income individuals and families as well as first time buyers with both their real estate as well as their mortgage needs including down payment assistance

Los Angeles County  --  Ventura County

© 2010 - All Rights Reserved

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Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
  1. Gene Riemenschneider 12/29/2010 04:59 PM
Topic:
Lending / Financial
Location:
California
Groups:
1st Time Buyers
Advice for Buyers
Buyer Information - What Buyers Need to Know in Today's Market
Posts to Localism
Tags:
los angeles county
ventura county
first time buyer
first time buyer program
down payment assistance program
faq

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Rainmaker
230,029
Ken Barker Realtor® GRI, E-Pro Certified
Dilbect Real Estate - Burbank, CA

Donne - This will be a wonderful series I can tell already. It will illustrate everything a buyer should and would want to know about programs that exist. You do a great job at qualifying your clients and getting them in the right programs. Some of the consumers have no idea some of this assistance is out there.

Looking forward to Part 2. I hope this reaches out to consumers and gets some of the hesitant prospective buyers off the fence and into the the market. It is a great time to buy and even though interest rates are inching up THEY ARE STILL LOW.

Dec 29, 2010 02:36 PM #1
Ambassador
1,510,776
Tammy Lankford
Lane Realty - Eatonton, GA
Your Lake Sinclair Expert (706-485-9668)

"Furthermore, it's absolutely vital that they work with an MLO and lender that has experience closing these types of loan transactions."

You got that right Donne- VITAL.  The two most important qualifications for MLO in my opinion after 18 years in the business are two things... Experience & Communication. 

Dec 29, 2010 03:09 PM #2
Rainmaker
1,397,588
Rebecca Gaujot, Realtor®
Coldwell Banker Stuart & Watts Real Estate - Lewisburg, WV
Lewisburg WV Real Estate, Greenbrier County

Hi Donne, this is a great series you have started to help buyers know about the different programs and learn from an experienced MLO.  Happy New Year!

Dec 29, 2010 03:31 PM #3
Rainmaker
1,257,791
Gene Riemenschneider
Home Point Real Estate - Brentwood, CA
Turning Houses into Homes

Donne you are a good lender with a lot of good programs.  I had not heard about CalFHA being back.  I will take a look.

Dec 29, 2010 04:57 PM #4
Ambassador
1,468,244
Liz and Bill Spear
RE/MAX Elite 513.265.3004 www.LizTour.com - Mason, OH
RE/MAX Elite Warren County OH (Cincinnati/Dayton)

To the Public:  If you're thinking about buying a home in Donne's market area, you'd do well to talk to her over any other mortgage people in her area.  She knows the special programs inside and out, and she really cares about what's best for you.  She's got the expertise AND the compassion to make your experience the best it can be.  These days as the process has gotten more complex, her type of experience is VITAL to your success.  Good luck (but you won't need luck when you're working with Donne!).

Dec 29, 2010 06:50 PM #5
Rainmaker
598,880
Donne Knudsen
Los Angeles & Ventura Counties in CA - Simi Valley, CA
CalState Realty Services

Ken - LOL I'm glad you're going to hang out for part 2.  As you very well know (since we have worked together before), these are not easy programs to qualify for and they can be challenging to close but for those that qualify and the properties that meet the program guidelines, these are a great way for a lot of first timers to finally realize their dream of homeownership.  Affordability is the best it's been   for years.

Tammy - As you very well know, experience and communication are key components to every successful transaction.  The lack of these two components can be deal breakers.

Rebecca - I'm hoping it will benefit those in my market.  It is usually these types of posts that I get the most calls/emails on from my local market.

Gene - Thx for the compliment; I appreciate it.  CalHFA's rolled out their new program back in September and they literally spent several weeks going around doing lender training workshops.  This is one of the programs I suggested to your client as well as your local dpa programs.

BLiz - AWE SHUCKS - I'M SO HUMBLED!!!

Smile

Thx for stopping by everyone; I really appreciate it.  Have a good night everyone and a safe and sane New Years.  :)

Dec 29, 2010 07:09 PM #6
Rainmaker
598,880
Donne Knudsen
Los Angeles & Ventura Counties in CA - Simi Valley, CA
CalState Realty Services

Hi everyone - I just wanted to drop in tonight to tell you about something that happened to me today.  I spoke with a consumer in my market who contacted me about a couple of dpa programs here in LA county.  After a few questions about how they heard about me, I narrowed it down to a couple of posts I've written on these programs. 

Then the consumer said something about how they like how the Realtors who knew me were commenting on how good I was with these programs (that's when I figured it was probably this post that they had read).  The consumer then said that's when they realized that I was the person they needed to talk to.  Seems that the other MLO's and lenders that their friends and family referred them to didn't know anything about these programs when asked about them.

Anyway, after deciding which program was better suited for their needs, I followed up the call with an email on the documentation they would need to provide in order to move forward with an app.  Later on, I was thinking of how important it's been building my blog on vital content that I feel consumers in my market want and need to read about.  But I remember something else too, consumers don't just read our posts, they read the comments as well. 

Thx for the kind words everyone.  Oh and Ken, I just may have another valley client for you.

Dec 31, 2010 02:01 AM #7
Rainmaker
230,029
Ken Barker Realtor® GRI, E-Pro Certified
Dilbect Real Estate - Burbank, CA

Donne - Fabulouso. It is always nice to have something nice come out of a post. Good follow-up because that is key. I think the majority of my posts are "member posts" which I need to work on because most of the business out there comes from consistent content geared toward the consumer need.

And what you say about building your blog with vital content sometimes I personally ramble a bit. That is not what you want. You want something that means something and the consumer/member relate to.

Looking forward to your referral.

Dec 31, 2010 12:40 PM #8
Rainmaker
598,880
Donne Knudsen
Los Angeles & Ventura Counties in CA - Simi Valley, CA
CalState Realty Services

Ken - I love it when prospects tell me that they decided to contact me after reading something I blogged about.  It lets me know that all this blogging is working for me.  I'll keep you posted on the prospect too.

Jan 03, 2011 12:43 AM #9
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