Home Buying Process Guide

Guide to Slaying Myths About The Home Buying Process:

Buying a home? First-time home buyer? When buying a home, many potential first-time home buyers believe that they have to have a perfect credit score & 15-20% for a down payment.

Arming yourself with information about what’s really going on the housing market will ensure you become the “King or Queen of Your Castle”.


Home Buying Process Guide: Down Payment

Down payments under 20% are normal, the average down payment for all buyers is 10%, with 71% of 1st time buyers putting down less than 20%, and 60% of 1st time buyers put down less than 6% in May. The average down payment for all buyers is 10%.

First Time Home Buyer Average Down Payment

 

Home Buying Process Guide: FICO Score

Many first-time home buyers believe that they have to have a perfect credit score. The credit score requirements for a home mortgage loan approval continues to fall. See below chart of average FICO scores of approved residential home loans for the last five years.

Average FICO Scores of Approved Buyers

Protect Your Hard Earned Money

According to a Rent.com survey:

88% of property managers raised their rent in the last 12 months and there does not appear to be any signs of stopping.

53% said that they were  more likely to bring in a new tenant at a higher rate, than renegotiate and renew a lease with a current tenant that they already know.

Interest Remains Low…Lock-In Your Housing Cost

Interest Rates Remain Low Lock-In Your Housing Cost

 Source: Ellie Mae, Rent.com, Freddie Mac


In Conclusion:

  • Interest rates are still below historic numbers
  • 88% of property managers raised their rent in the last 12 months!
  • The credit score requirements for mortgage approval continue to fall.

 

What’s Your Next Move

Now that you know that you do not need an 800 credit score, 20% down payment and interest rates are still low, and are a prospective home buyer who is ‘ready’ and ‘willing’ to act now, but are not sure if you are ‘able’ to, or would like to know more about available homes for sale in Woodland Hills, West Hills, Chatsworth, Canoga Park, Warner Center, Tarzana, Encino, or any other San Fernando Valley or Santa Clarita Valley real estate, please contact the real estate professional agents at HelpUSell Real Estate, Southland Realty, today at (818) 997-1000.

 


 

Search homes for sale. We have complete Multiple Listing Service (MLS) of residential homes for sale in Woodland Hills, Chatsworth, Canoga Park, Warner Center, Tarzana Encino, or any other Los Angeles, San Fernando Valley and Santa Clarita Valley real estate.

 

Enter location, neighborhood, city or zip code to search homes for sale in your area.

 

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$515,000 - 2Br/3Ba -  for Sale in Tarzana
$515,000
Open House
New
MLS# BB19109998

18701 Hatteras Street Unit 5
Tarzana, CA 91356

Property Type: Townhouse
$2,195,000 - 5Br/5Ba -  for Sale in Tarzana
$2,195,000
Open House
New
MLS# SR19120549

4955 Casa Drive
Tarzana, CA 91356

Property Type: Single Family Residence
$1,498,000 - 4Br/4Ba -  for Sale in Tarzana
$1,498,000
Open House
New
MLS# SR19120669

4608 La Barca Drive
Tarzana, CA 91356

Property Type: Single Family Residence
$539,900 - 3Br/2Ba -  for Sale in Canoga Park
$539,900
Open House
New
MLS# SR19120036

22230 Strathern Street
Canoga Park, CA 91304

Property Type: Single Family Residence
$1,998,000 - 5Br/7Ba -  for Sale in Bell Canyon
$1,998,000
New
MLS# SR19120701

125 Saddlebow Road
Bell Canyon, CA 91307

Property Type: Single Family Residence
$829,000 - 4Br/2Ba -  for Sale in Tarzana
$829,000
New
MLS# 19469548

19123 Collins Street
Tarzana, CA 91356

Property Type: Single Family Residence
$319,000 - 2Br/2Ba -  for Sale in Encino
$319,000
New
MLS# SR19118652

5460 White Oak Avenue Unit K202
Encino, CA 91316

Property Type: Condominium
$510,000 - 2Br/2Ba -  for Sale in Other - Othr, Encino
$510,000
New
MLS# 219006248

5353 Yarmouth Avenue Unit 207
Encino, CA 91316

Property Type: Condominium
$289,000 - 2Br/2Ba -  for Sale in Tarzana
$289,000
New
MLS# SR19120771

18620 Hatteras Street Unit 224
Tarzana, CA 91356

Property Type: Condominium
$549,000 - 2Br/3Ba -  for Sale in Encino
$549,000
New
MLS# 19469932

5350 White Oak Avenue Unit 314
Encino, CA 91316

Property Type: Condominium
$285,000 - 1Br/1Ba -  for Sale in Tarzana
$285,000
New
MLS# SR19115874

18645 Hatteras Street Unit 247
Tarzana, CA 91356

Property Type: Condominium
$680,000 - 4Br/2Ba -  for Sale in West Hills
$680,000
Open House
New
MLS# SR19120587

7924 Maynard Avenue
West Hills, CA 91304

Property Type: Single Family Residence
$1,999,000 - 4Br/5Ba -  for Sale in Encino
$1,999,000
Open House
New
MLS# SR19120710

17156 Margate Street
Encino, CA 91316

Property Type: Single Family Residence
$139,000 - 2Br/2Ba -  for Sale in Canoga Park
$139,000
New
MLS# 19469320

8801 Eton Unit 108
Canoga Park, CA 91304

Property Type: Manufacture 433
$775,000 - 4Br/3Ba -  for Sale in West Hills
$775,000
Open House
New
MLS# SR19119309

6515 Debs Avenue
West Hills, CA 91307

Property Type: Single Family Residence
$374,500 - 3Br/3Ba -  for Sale in Canoga Park
$374,500
New
MLS# SR19119996

6939 Alabama Avenue Unit 212
Canoga Park, CA 91303

Property Type: Townhouse
$259,000 - 1Br/2Ba -  for Sale in Encino
$259,000
New
MLS# 19469168

5460 White Oak Avenue Unit C307
Encino, CA 91316

Property Type: Condominium
$599,999 - 3Br/2Ba -  for Sale in West Hills
$599,999
New
MLS# SR19043346

8380 Farralone Avenue
West Hills, CA 91304

Property Type: Single Family Residence
$669,000 - 3Br/2Ba -  for Sale in Canoga Park
$669,000
New
MLS# SR19117669

7839 Farralone Avenue
Canoga Park, CA 91304

Property Type: Single Family Residence
$712,500 - 3Br/2Ba -  for Sale in West Hills
$712,500
Open House
New
MLS# SR19119765

6648 Sheltondale Avenue
West Hills, CA 91307

Property Type: Single Family Residence
$445,000 - 2Br/2Ba -  for Sale in Woodland Hills
$445,000
Open House
New
MLS# SR19117467

21520 Burbank Boulevard Unit 301
Woodland Hills, CA 91367

Property Type: Condominium
$649,000 - 3Br/2Ba -  for Sale in West Hills
$649,000
Open House
New
MLS# SR19117946

8422 Samra Drive
West Hills, CA 91304

Property Type: Single Family Residence
$940,000 - 3Br/3Ba -  for Sale in West Hills
$940,000
New
MLS# SR19119098

8739 Farralone Avenue
West Hills, CA 91304

Property Type: Single Family Residence
$579,000 - 3Br/3Ba -  for Sale in Woodland Hills
$579,000
Open House
New
MLS# 19467644

21901 Burbank Blvd Unit 168
Woodland Hills, CA 91367

Property Type: Townhouse