It slices, it dices, it’s a bird, It’s a plane, It’s FHA needing a bailout? There are different news sources that are talking about this being a move to take and not to give. If that is the case, doesn’t Santa know when you have been Naughty and Nice? If this is a selfish act by the FHA or the Senators that are attempting to block the proposed FHA bailout – I’m sure they won’t get anything for Christmas.
To bring you up to speed – FHA is a loan program that will allow a buyer with only okay credit and okay income to purchase a home, condo or town-home with a 3.5 percent down-payment This differs greatly from the traditional way to buy a home, with 20% down payment required.
Now before you think you have just “caught me”. I do know there are other loan programs out there – but they typically require GREAT credit, Super Income and the buyer to be stellar – they are the 3% conventional thru the 15% conventional loans.
BTW – there are also VA loans – but you have to be a veteran.
The Majority of Real Estate buyers in the Santa Clarita Valley cities are FHA – those that are looking to purchase with 3.5% down payment. FHA used to work GREAT with Condo’s and town-homes. However, that has changed a bit due to some more constrictive regulations concerning FHA allowing for financing on them. There have also been a lot of previously approved FHA complexes that have lost the ability to have FHA lend on them because they have simply expired.
The rest of the real estate machine is still pushing forward. Buyers are buying and sellers are waiting until after the first of the year to put their properties on the market for sale. Not wanting to be interrupted during the holidays and wanting to get a jump on the competition before spring.
If you have been asking yourself the question of How’s the Market in the Santa Clarita Valley cities – we have a resource that we have built that answers that very question – click here to get the answer to the question of How is the Santa Clarita real estate market
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