Latest / Connor with Honor: AI, Real Estate and Real Life / Zero down home loans for Santa Clarita real estate postings this week

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Zero down home loans for Santa Clarita real estate postings this week · Connor with Honor: AI, Real Estate and Real Life

• 0:00
  SPEAKER_00: Everybody, today's the 10th of November 2024.
• 0:03
  SPEAKER_00: I wanted to talk about FHA and VA properties, properties allowing for FHA and VA offers.
• 0:09
  SPEAKER_00: And if you've been looking at the real estate market, price of admission to get into real estate is quite a bit less than 20% down, which back in the day was the normal standard of people.
• 0:19
  SPEAKER_00: That's what it took to actually buy real estate.
• 0:22
  SPEAKER_00: Now there's a lot of different loan programs.
• 0:23
  SPEAKER_00: If you're a veteran, you have access to a VA loan.
• 0:26
  SPEAKER_00: If you're not a veteran, the next least amount of money required to get into a residence by most sources is going to be an FHA or a federal administration housing loan, which what does that mean?
• 0:37
  SPEAKER_00: That's 3.5% down.
• 0:39
  SPEAKER_00: For you veterans out there, more than likely most of your costs can get compensated by or paid for by the seller or maybe the lender.
• 0:48
  SPEAKER_00: In the cases of FHA, that 3.5% down is going to have to be monies that are paid forward from the buyer.
• 0:54
  SPEAKER_00: But what I did is I broke down all of the active listings, 533, into what's actually available for veterans and FHA buyers out there.
• 1:03
  SPEAKER_00: And this is what sellers are allowing for.
• 1:06
  SPEAKER_00: Why wouldn't a seller want their property to be able to be allowed for a veteran to purchase or a veteran's loan or an FHA loan?
• 1:14
  SPEAKER_00: Not so much that they're against it, it's because the property itself won't conform to whatever standards that particular loan program requires.
• 1:22
  SPEAKER_00: So in some cases, let's say it's a condominium or a townhome complex, with regard to FHA and VA, sometimes those those buildings, those communities are not any longer to allow for that loan.
• 1:36
  SPEAKER_00: And there's there's a myriad of reasons.
• 1:38
  SPEAKER_00: In this particular market, though, because real estate seems to be so robust and a lot of people are actually advanced over equity, these homeowners associations are very solvent.
• 1:49
  SPEAKER_00: They have their money, they have their funds, they have their bonds, they have everything that they need.
• 1:52
  SPEAKER_00: A lot of times it's a very simple thing that they just haven't asked for FHA to renew their program with regard to that specific property.
• 2:01
  SPEAKER_00: Same thing with VA, those communities have to be approved by the powers that be that insure that particular money.
• 2:09
  SPEAKER_00: So the Veterans Administration and FHA, they just has to have to conform.
• 2:13
  SPEAKER_00: So if you're seeing something out there and it's not on the list that you find at Santa ClaritaOpenhouses.com, all you would have to do is then reach out to me and I'll be able to run the due diligence and find out how far they are away from potentially certifying that property to allow for an FHA or a VA loan, depending on which which way you want to go.
• 2:32
  SPEAKER_00: Cases, the other thing that I'll point out, there are some properties that don't allow for any financing at all.
• 2:38
  SPEAKER_00: They ask for cash.
• 2:39
  SPEAKER_00: So you'll see that on the listing as well, stating that that's the only type of buyer that they'll accept.
• 2:45
  SPEAKER_00: Somebody that has cash money.
• 2:46
  SPEAKER_00: You'll say, well, why would that be Connor?
• 2:48
  SPEAKER_00: Simply, that property could be beyond the ability for these other programs to finance it, i.e., in such bad shape that only cash is going to work because typically cash, well, cash you can have it either.
• 3:00
  SPEAKER_00: You can still have it appraised, but typically with cash, and it depends on what you're filling in on the contract, that appraisal doesn't have to carry any weight with it.
• 3:10
  SPEAKER_00: It can only be for your knowledge and edification.
• 3:12
  SPEAKER_00: It doesn't mean that the property is only sold if it appraises for a certain amount.
• 3:16
  SPEAKER_00: But if you're getting a loan VA FHA or even conventional, there's a point that that property is going to have to be appraised, and that appraisal is going to have to be within the line of whatever you offered on the property.
• 3:27
  SPEAKER_00: Not what the seller wants, but you as a buyer offer.
• 3:30
  SPEAKER_00: For information, I do write these blogs every day and inform people as to what's going on in the real estate market.
• 3:36
  SPEAKER_00: You can go to santaclarita openhouses.com and we'll talk to you soon.
• 3:39
  SPEAKER_00: See you on the next one.
• 3:40
  SPEAKER_00: Be well.
• 3:41
  SPEAKER_00: Happy Veterans Day, by the way, to my veterans out there, and we'll talk to you in the next one.