FHA MORTGAGE LOANS - EASY TO QUALIFY - EASY TO AFFORD English/Spanish

By
Real Estate Agent with Equistar Realty Group DRE# 01380599

Lupe Soto Realtor, FHA Real Estate Agent, assisting first time home buyers and savvy investors in the areas of  Burbank CA, San Fernando Valley, Santa Clarita Valley, Antelope Valley  in Los Angeles County, Southern California,  HABLO ESPANOL

 

 MARKET CONDITION 2014 :  Sellers are accepting offers with CONVENTIONAL LOAN for first time buyers with 5% down for a CONDO OR TOWNHOUSES.  For a HOUSE you can apply for FHA with 3.5% downpayment.  For DUPLEX TRIPLEX FOURPLEX 2-4 units the min downpayment is 3.5% with FHA loan plus reserves, for investors the down is 25%.
 
5% o $100,000 is $5,000, if you are considering buying a CONDO for $200,000, 5% down would be $10,000

 

 SEARCH LIKE AN AGENT - BUSCA SU CASA 24/7 - ANY PRICE - ANY AREA - ANYTIME

CONTACT LUPE - QUESTIONS?  hablo espanol


BUYERS -  FIRST STEP TO HOMEOWNERSHIP, BE PRE-APPROVED

Atencion Compradores:  Primer paso para ser dueno de casa condo o unidades -
Estar pre-aprobado por un banco hipotecario.


It is important for you to know your price range.
If you are just looking around and searching the internet, that's fine.
But if you are serious about buying a home and would like to schedule showings with a Realtor,
then you need to get pre-approved before shopping.

You need to know how much you can afford...

We are not giving you any pressure. We are here to help YOU!.  

 

HOW TO QUALIFY FOR A HOME OR CONDO FHA LOAN WITH LOW DOWNPAYMENT:  There are (4) important factors to qualify for a mortgage loan:  INCOME, CREDIT/FICO Score & ASSETS or funds down & APPRAISAL value. 

INCOME:  minimum 2 years of stable job, same employer, if you have changed employer, same line or work is ok. Ideal minimum income requirements for a house in San Fernando Valley from $270,000, ideal income is $45,000 per year.  Co-signers are allowed, please contact Lupe for more info.

CREDIT or fico score, ideal is 660.  if you have bankruptcy chapter 7, short sale, foreclosure or child support, the waiting time is approx 3 years.

SAVINGS for downpayment:  Savings must be in account for at least 2 months.  

APPRAISAL and value of the property.  this will be determined by an appraisal once your offer is accepted. 

 

QUESTIONS?  CONTACT LUPE

 

COMO CALIFICAR PARA EL PRESTAMO DE CASA:  A continuacion le explico los REQUISITOS generales que le ayudaran a darse cuenta si usted o su co-signer o garante pueden calificar para el prestamo de una casa, condo o unidades, primero, se requiere SEGURO SOCIAL VALIDO.  segundo, si usted tiene 2 anos de trabajo estable con W-2 mismo empleador o misma linea de trabajo; o usted trabaja por su cuenta y ha hecho sus income taxes por los dos ultimos anos; igualmente se requerira que usted o su co-signer o garante deberan tener 3 lineas de credito establecidas por mas de dos anos, asimismo, el puntaje de credito minimo de 660 (es posible con menos FICO o menos puntaje con mayor enganche).  Si Ud tiene poco credito o no tiene credito, sirvase llamar para explicarle, pero considere pedir una carta de como hizo sus pagos a las utilidades: La luz, el agua, el telefono, a su aseguranza,m estas cartas serviran de ayuda.    Si Ud esta casado legalmente, ambos ingresos se utilizaran y los income taxes seran verificados por el IRS.  Si Ud esta separado y esta pendiente su divorcio y o no desea que su esposo/esposa figure en el prestamo hipotecario, le comento que el credito del esposo/esposa sera verificado y sera tomado en cuenta para tomar una decision de credito hipotecario.  lo mejor es esperar a estar separado legalmente o divorciado.   Para los que son SELF-EMPLOYED o trabajan por su cuenta, hay algunos programas de prestamos que califica con los 12 ultimos estados de cuenta de su banco, para ver sus depositos. para mas info. sirvase llamar a Lupe.

 

Si usted tiene estos requisitos y tiene ahorrado minimo 3.5% del enganche, le invito a que se reuna con Lupe Soto Realtor agente casas en venta o compra para una consulta complementaria para explicarle como podria ser dueno de casa o condo. 

Si usted tiene dos anos de trabajo estable pero NO tiene credito, seria posible ayudarlo a ser precalificado con verificacion de renta y prueba de pago de renta, ademas le pediran verificacion de pagos de utilidades en su nombre, si usted puede proporcionar esta informacion, le recomiendo se comunique conmigo.

 PREGUNTAS? CONTACT LUPE

 

ELIGIBLE PROPERTIES WITH FHA LOANS - Lo que puede comprar con FHA o bajo enganche

Houses, Condos & Townhouses hay ciertas restricciones sirvase llamar a Lupe para una explicacion o preguntele a su banco de confianza los requisitos para que el condo projecto califique, Planned Urban Developments (PUDs), Approved Condos, Double-wide manufactured homes are all considered to be eligible. Special eligibility requirements for certain properties are listed below.

Duplex, Triplex & Fourplex Unit Properties: The 3-4 Unit Property must be self-sufficient. The net rental income must be equal to or greater than the monthly mortgage payment. The net rental income is the appraiser's estimate for vacancies or the vacancy factor used by the jurisdictional HOC, whichever is greater.

Borrowers must still qualify for the mortgage based on income, credit, cash to close, and projected rents received from the remaining units.

Borrowers must have reserves equivalent to three months of PITI mortgage payments for 3-4 Units. These reserves can not be gifted and must be the borrowers own funds.

 

NOT ELIGIBLE PROPERTIES - Propiedades no elegibles

If the re-sale date is 90 days or less following acquisition by the seller, the property is not eligible for an FHA mortgage.

Co-ops are ineligible - Propiedades Co-Ops o cooperativas NO son elegibles

Commercial properties, boarding houses, hotels and motels, tourist homes, private clubs, sanitariums, and fraternity or sorority houses are also NOT eligible.

 

FHA CREDIT GUIDELINES - Requisitos de credito

Credit scores must meet certain guidelines for all FHA mortgages except for streamline refinances that do not require any credit check. Generally credit scores must be in the following range:

 

620 minimum credit score with most approved FHA lenders.  Some lenders will consider less than 620 with a higher interest rate.

Certain circumstances will allow FHA to be forgiving and may allow credit scores that are lower if certain compensating factors are meet such as large retirement savings, higher then expected income, or more of a down payment.

If your credit score falls within or below the 660 range you owe it to yourself to start rebuilding good credit, get access to your FREE CREDIT REPORT go to http://www.FreeCreditReport.com , learn how to raise your fico score, dispute any derogatories in your credit report, feel free to CONTACT LUPE with any questions.

 

CREDIT HISTORY - Historia de Credito

Non-Traditional Credit is acceptable if the borrower does not have any prior credit history or if the length of credit history is too short to qualify.  To qualify for a loan with non tratidional credit, you would need at least (3) three letters from any repeated monthly obligation such as rent, utilities, store accounts, cell phone accounts, auto insurance, and/or any other acceptable sources. Make sure to let Lupe Soto, FHA Expert & Realtor know about your current credit situation to avoid any mishaps in the processing of your mortgage.


 

DEROGATORIES IN YOUR CREDIT REPORT

Judgments:  Court ordered judgments must be paid completely, unless the borrower has been making regular and timely payments and the creditor is willing to subordinate that judgment to the new insured mortgage. The borrower must provide a satisfactory written explanation.

 

Collections: Handled on a case by case basis. If collection is more than $500, it will usually need to be paid at close of escrow.  Call/email Lupe for more details.

 

Bankruptcy OK - Bancarrota OK: Chapter 7 requires a minimum two-year lapse period since discharge date; minimum one-year lapse period may be acceptable if bankruptcy was caused by extenuating circumstances that are not likely to recur the reason can not be debt caused by uneducated choices. Only extenuating circumstances will be considered and only after one year has passed. In all cases the borrower must have re-established credit and must demonstrate the ability to manage financial affairs.

Chapter 13 is permitted if a one-year payout period has elapsed and performance has been satisfactory. The borrower must receive court approval to enter into the mortgage transaction.

 

Foreclosures - Reposeciones de Casas - Require a minimum of 3-5 years since the completion of the action and the borrower must have re-established good credit.

 

Delinquency or Default on Federal Debt: If the borrower is presently delinquent on any federal debt or is obligated on any type of federal lien, he or she is not eligible for an FHA loan until the delinquent account is brought current, paid, or otherwise satisfied, or a satisfactory repayment plan is made between the borrower and the federal agency owed and is verified in writing.

HOW I CAN HELP YOU OWN A PROPERTY: My sucess as a Bilingual Burbank & San Fernando Valley Realtor, FHA Mortgage Loan consultant & NACA Realtor has come in large measure from a relentless commitment to providing you with the finest real estate services in Burbank, San Fernando Valley, Santa Clarita Valley & Antelope Valley in Los Angeles County, California.

With years of experience and state of the art real estate services, mortgage planning and processing software.  Lupe provides you with the information and advice to help you make the right decision.  Now more than ever you need a mortgage broker and Realtor not a banker.  My business is built entirely upon referrals.  Please feel free to offer my servies to your friends. co-workers and family in need of professional real estate services. Simply forward this article to them, they can take advantage of all of the services I provide.

Owning a home is a keystone of wealth...both financial affluence and emotional security.

Every day. you will have opportunities to take chances and to work outside your safety net. Sure, it's a lot easier to stay in your comfort zone.  But sometimes you have to take risks. When the risks pay off, that's when you reap the biggest rewards.   Think about this and have a great day!

REALTOR EN ESPANOL, como puedo ayudarlo?

 

 

COMO CALIFICAR PARA EL PRESTAMO PRIMEROS COMPRADORES CON FHA O CON BAJO ENGANCHE O SIN ENGANCHE?

Si usted tiene 2 anos de empleo estable y verificable, si califica, si usted ha hecho sus income taxes por los dos ultimos anos y tiene ingresos de mas de $25,000 al ano, si califica, si usted tiene 1-2 tarjetas de credito, un prestamo de muebleria, prestamo de auto y no tiene colecciones recientes, si califica. Si usted tiene el dinero para la cuota inicial o el enganche, usted esta listo para que le ayudemos con la pre-aprobacion de su prestamo.  Co-signers o garantes pueden ayudarlo a aplicar para un prestamo mas grande. Los co-signers deberan ser primeros compradores de preferencia, llame si tiene alguna pregunta. la consulta es gratis!

 

 

El exito que tengo como Realtor en Espanol en Los Angeles Caifornia & Consultora de Prestamos Hipotecarios FHA, conventional a primeros compradores o inversionistas en espanol, national or internacional, me permite ofrecerle el mejor servicio de representacion en la compra  y guiarlo en todo el proceso de compra y el tramite de su prestamo aun asi que usted tenga su banco de preferencia, una segunda opinion es imporante ya que los gastos de papeleo varian de banco a banco.  Lupe le ofrecere una opcion con calculos de pagos por escrito y con gastos estimados de gastos de papeleo para que usted compare.  Mi meta es su completa satisfaccion.  Ofresco la completa satisfaccion de una representacion profesional, etica y una relacion de negocios de compra/venta de por vida. La mayoria de mis clientes me recomiendan con sus amistades y familiares.  Garantizado!. Llame y haga una cita con Lupe o si tiene alguna pregunta, su llamada es bienvenida.  Para un  mejor servicio envie un email a Lupe y le prometo contestarle pronto.

 Si usted esta rentando y pagan do mas de $1,000 al mes, usted tiene opciones y deberia saber que comprar una casa o condo no esta al alcance de todos. Le envio un ejemplo de los pagos de prestamos fijos con FHA para que se de cuenta que valdria la pena reunirse conmigo y ayudarle a clinical. Si tiene trabajo estable minimo de 2 anos, tiene ingresos de mas de $25,000 al ano y usted hace sus taxes, y tiene poco credito, llameme para hacer una cita o para contestarle su pregunta. Felices Fiestas

 

FHA LUPE SOTO REALTOR (SPANISH/ENGLISH) SERVING AREAS:  Burbank CA & San Fernando Valley areas including: Arleta, Burbank, Canoga Park, Calabasas, Chatsworth, Encino, Glendale, Granada Hills, Hidden Hills, Lake Balboa, Lake View Terrace, Mission Hills, North Hollywood, North Hills, Northridge, Panorama City, Pacoima, Porter Ranch, San Fernando, Reseda, Sherman Oaks, Studio City, Sylmar, Sun Valley, Sunland, Shadow Hills, Toluca Lake, Topanga Canyon, Tujunga, Valley Village, Valley Glen, Van Nuys, Universal City, West Hills, Winnetka, Woodland Hills,

Hollywood, Hollywood Hills, Santa Clarita Valley, Antelope Valley in Los Angeles County, San Bernardino County, Riverside County, Orange County

La Crescenta, La Canada, Montrose, Los Feliz, Atwater, Ecko Park, Eagle Rock

Hollywood, West Hollywood, Hollywood Hills

Santa Clarita Valley areas:  Valencia & surrounding areas

Antelope Valley:  Lancaster East West, Palmdale East West, Quartz Hills, Rancho Vista, Anaverde, Juniper Hills, Pearblossom, Littlerock, Lake Los Angeles.

Los Angeles County, San Bernardino County, Riverside County, Orange County. 

 

Posted by

Lupe Soto Realtor® GLOBAL Real Estate Agent & International Property Specialist.
Listing Agent, Seller Agent, Buyer Agent, Relocation Specialist 
BUY -  SELL - LEASE  - LOCAL - NATIONAL - GLOBALLY
Everything I LIST TO SELL,  TURNS TO SOLD!

Agente Inmobiliario Bienes y Raices Local, Nacional & Internacional
Desea vender su casa?  Desea comprar una casa, pensando en reubicarse a USA 
COMPRA-  VENTA - ALQUILER 
TODO LO QUE ENLISTO PARA VENDER, SE VENDE!

 AREAS OF SERVICE:  Argentina, Belize, Bolivia, Brazil, Canada, Chile, Colombia, Costa Rica, Dominican Republica, El Salvador, Guatemala, Honduras, Mexico, Panama, Paraguay, Peru, Uruguay, Venezuela, Europe & Asia. Thank you for your preference!

INTERNATIONAL PROPERTY SEARCH
www.GlobalAgentLupe.com

HOME SEARCH CALIFORNIA
www.SOLDwithLupe.com

HABLO ESPANOL
www.CasasConLupeSoto.com

Equistar Realty Group - Lupe Soto Realtor & GLOBAL Real Estate Agent International - Agente Bienes & Raices
3500 W Olive Ave, Suite 300, Burbank CA 91505 USA

 inmobiliaria.com

 (*) any information relating to real estate for sale referenced in this video blog comes from the MLS. this information may reference real estate listing held by a brokerage firm other than the broker and/or agent providing this information.

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Home Buying
Location:
California Los Angeles County Los Angeles San Fernando Valley
Tags:
feng shui realtor
realtor
fha loans
palmdale real estate
san fernando real estate
burbank real estate

Spam prevention
Show All Comments
Rainer
13,403
Nathan Cook
BCR (Brazosland Classic Realty) - College Station, TX

Lupe, usted habla Espanol?   I've thought about learning to speak it...took some Spanish in high school.  Do you use it a lot in your market?

Apr 04, 2008 04:28 PM #1
Rainmaker
159,780
Lupe Soto
Equistar Realty Group - Burbank, CA
Lupe Soto GLOBAL Real Estate Agent International.

 

Hi, Nathan, thanks for stopping by and leaving a message. Yes, I am bilingual Realtor and a member of the National Association of Hispanics Real Estate Professionals.  Los Angeles and San Fernando Valley have a good percentage of hispanics in need of a professional bilingual Realtor.  I welcome your referrals.  Have a productive weekend Nathan.

Apr 05, 2008 01:49 AM #2
Anonymous
Anonymous
Veni F. toia

My current mortgage payment is not appropriate with my income, who should I talk to refinance

according to my monthly income.

Sep 05, 2008 10:18 AM #3
Anonymous
Anonymous
Anonymous

hi, Veni

if you bought your home 2 years ago and the value is less than what you owe, you may want to do a SHORT REFI. you can call  me or talk to any FHA loan lender or broker.  you will need to provide full income documentation tax returns for 2007, 2006 and recent paystubs, bank statements, etc

my phone is 818 968 3718-Lupe

Sep 05, 2008 11:41 AM #4
Anonymous
Anonymous
Leo

Would I be eligible to purchase a property with an FHA loan if the property had barns and I planned on boarding and training horses for income on the property?

Dec 18, 2008 05:21 PM #5
Anonymous
Anonymous
Anonymous

HI, Leo

the property must be conforming built up to code and sales price within FHA loan limits. ask an FHA appraiser or your Realtor before making an offer. Hope I am answering your question.  Lupe Realtor in Burbank CA

Dec 18, 2008 06:33 PM #6
Anonymous
Anonymous
Melinda Hoffmann
if I purchased a home using FHA as 1st and chdap as 2nd, do I still qualify for the tax credit to new home buyers?
Feb 19, 2009 10:11 PM #7
Anonymous
Anonymous
Lupe@HomesWithLupe.com

HI, Melinda:  the tax credit should be ok, please ask your tax preparer to make sure.t hanks for stopping by. Lupe@HomesWtihLupe.com

 

Feb 20, 2009 11:58 AM #8
Show All Comments
Rainmaker
159,780

Lupe Soto

Lupe Soto GLOBAL Real Estate Agent International.
Ask me a question
*
*
*
Spam prevention

Additional Information