Latest / Connor with Honor: AI, Real Estate and Real Life / 100 percent is financing when buying homes in Santa Clarita CA - not a grant with 2 simple interest loans

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100 percent is financing when buying homes in Santa Clarita CA - not a grant with 2 simple interest loans · Connor with Honor: AI, Real Estate and Real Life

• 0:00
  SPEAKER_00: Everybody, March 28th, 2025.
• 0:02
  SPEAKER_00: We're going to talk about real estate.
• 0:04
  SPEAKER_00: It's up, it's up, it's down.
• 0:05
  SPEAKER_00: We had inventory over 600, about 608 active listings, single-family residences.
• 0:11
  SPEAKER_00: These are going to include townhomes and condominiums as well.
• 0:14
  SPEAKER_00: This was only two weeks ago, and here we are about to close out March, and now that number's down to 583.
• 0:19
  SPEAKER_00: We're going to see this continue to change, but there is some good news out there for real estate buyers that haven't been able to save for their down payment nor closing costs.
• 0:28
  SPEAKER_00: There are some loans out there that are actually available that allow what they call basically 100% financing.
• 0:35
  SPEAKER_00: So you get the loan for the mortgage, the actual payment, and you also get two other loans, one to cover closing costs and one to cover your down payment, up to three, three and a half percent, depending on it.
• 0:46
  SPEAKER_00: But these are FHA type or Al Hafa loans.
• 0:49
  SPEAKER_00: So these were actually wonderfully insured government type loans, and you can use them to be able to purchase real estate with nothing down.
• 0:59
  SPEAKER_00: So some of the questions are should you be buying real estate if you don't have any things say for a down payment?
• 1:04
  SPEAKER_00: That's going to definitely depend.
• 1:06
  SPEAKER_00: I know there's several schools of thought on that.
• 1:08
  SPEAKER_00: Some people say, well, you shouldn't because you're going to really be overextending yourself if you haven't had the ability to save money up until this point.
• 1:15
  SPEAKER_00: And I understand that particular argument.
• 1:18
  SPEAKER_00: And then there's others that say, well, you know, we'll be able to get in and hopefully build some equity here in the next few years, and then be able to make up for that.
• 1:26
  SPEAKER_00: In addition, when you're coming in and purchasing any real estate listing that is less than 20% down, you're going to be paying property mortgage insurance.
• 1:34
  SPEAKER_00: That's a few hundred dollars depending on price amount and other factors per month, in addition to your payment.
• 1:41
  SPEAKER_00: So, first suggestion, definitely get out there and talk to a local lender so they can explain to you that process and exactly what your out-of-pocket expenses are are going to be every month with your payment.
• 1:52
  SPEAKER_00: Property mortgage and impounds, depending on how they're going to basically put your loan together.
• 1:58
  SPEAKER_00: If you're going to be paying property taxes out of every payment, or if you're going to be able to pay that twice a year yourself, saving up that money.
• 2:05
  SPEAKER_00: But in some cases, I think impounding that maybe make makes more sense for a lot of people, especially maybe if you haven't been able to gather enough money to get a down payment.
• 2:15
  SPEAKER_00: Now, these other two loans, the closing cost loan and also the down payment loan, those are going to be somewhere they're based on very simple interest.
• 2:24
  SPEAKER_00: So 1% is going to be that interest rate, which is incredible.
• 2:28
  SPEAKER_00: And those actually don't have to be paid back until you get ready to sell that residence.
• 2:33
  SPEAKER_00: So it's not like that's part of your payment, but it does cover those two things.
• 2:38
  SPEAKER_00: So check that out.
• 2:39
  SPEAKER_00: I did put some information at Santa ClaritaOpenhouses.com.
• 2:42
  SPEAKER_00: It is a real thing.
• 2:43
  SPEAKER_00: It's not a grant program that's going to run out with the first 50 people that use it.
• 2:47
  SPEAKER_00: It's not, there are income limitations, but they're quite liberal in addition.
• 2:53
  SPEAKER_00: There are other credit factors, but again, all you need to do be pretty much to qualify a first-time buyer and not make too much money.
• 3:01
  SPEAKER_00: And it looks like in LA County, you affordability is kind of probably$900,000,$940,000, depending on how much money you make and your own credit profile.
• 3:11
  SPEAKER_00: It's Connor with honor.
• 3:12
  SPEAKER_00: Reach out when you're ready.
• 3:13
  SPEAKER_00: I'll be here, and we'll see you in the next one.