If you are a first-time home buyer in Los Angeles and think that you have to settle for one of those starter homes, think again!
Los Angeles home prices are somewhat stable, and mortgage interests are still historically low. First time home buyers can afford more than in previous times. Also, they don’t have to offload a house to be able to buy and new one.
However, buyers should be prepared to stay in these homes for a while as prices are not expected to rise significantly in the near future.
Also, the lending environment is tight. First time home buyers need to keep an eye on the credit scores. Pay off your credit cards, student loans, etc and don’t open or close any accounts.
The FHA loan is a popular one, as it requires a low down-payment of 3.5%, lower interest rates, and is easier to qualify for. But know that any loans over 80% are going to require mortgage insurance, and that is due to rise on FHA loans in April.
If you intend to stay in your Los Angeles home more than five years, then it makes perfect sense to be buying now under the present favorable conditions.
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