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.

 

* Separate multiple values with comma.

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$545,000 - 2Br/3Ba -  for Sale in Other - Othr, Tarzana
$545,000
New
MLS# 818002416

18713 Hatteras Street Unit 7
Tarzana, CA 91356

Property Type: Townhouse
$459,999 - 2Br/3Ba -  for Sale in Tarzana
$459,999
New
MLS# SR18119675

18210 Oxnard Street Unit 141
Tarzana, CA 91356

Property Type: Condominium
$1,700,000 - 4Br/3Ba -  for Sale in Tarzana
$1,700,000
New
MLS# CV18118525

4602 Monarca Drive
Tarzana, CA 91356

Property Type: Single Family Residence
$1,099,000 - 3Br/3Ba -  for Sale in Woodland Hills
$1,099,000
New
MLS# SR18119361

5735 Rolling Road
Woodland Hills, CA 91367

Property Type: Single Family Residence
$499,750 - 2Br/3Ba -  for Sale in Canoga Park
$499,750
New
MLS# SR18119373

8624 De Soto Avenue Unit 131
Canoga Park, CA 91304

Property Type: Townhouse
$739,000 - 4Br/3Ba -  for Sale in Corbin Palms, Woodland Hills
$739,000
New
MLS# 18346206

19858 Friar Street
Woodland Hills, CA 91367

Property Type: Single Family Residence
$329,000 - 2Br/2Ba -  for Sale in Canoga Park
$329,000
Open House
New
MLS# 18346252

7254 Vassar Avenue Unit 201
Canoga Park, CA 91303

Property Type: Condominium
$6,995,000 - 7Br/9Ba -  for Sale in Encino
$6,995,000
New
MLS# 18346268

5180 Louise Avenue
Encino, CA 91316

Property Type: Single Family Residence
$599,000 - 4Br/2Ba -  for Sale in Other - Othr, Canoga Park
$599,000
New
MLS# 218006134

22122 Roscoe Boulevard
Canoga Park, CA 91303

Property Type: Single Family Residence
$979,950 - 3Br/3Ba -  for Sale in Other (othr), Encino
$979,950
New
MLS# SR18115695

5831 Wish Avenue
Encino, CA 91316

Property Type: Single Family Residence
$1,270,000 - 4Br/5Ba -  for Sale in West Hills
$1,270,000
New
MLS# SR18116520

7554 Graystone Drive
West Hills, CA 91304

Property Type: Single Family Residence
$1,080,000 - 4Br/3Ba -  for Sale in Woodland Hills
$1,080,000
New
MLS# 18345972

23920 Calvert Street
Woodland Hills, CA 91367

Property Type: Single Family Residence
$1,229,000 - 4Br/4Ba -  for Sale in Tarzana
$1,229,000
New
MLS# OC18116713

5241 Wilbur Avenue
Tarzana, CA 91356

Property Type: Single Family Residence
$335,000 - 1Br/1Ba -  for Sale in Encino
$335,000
New
MLS# SR18118305

5315 Zelzah Avenue Unit 18
Encino, CA 91316

Property Type: Condominium
$769,999 - 5Br/2Ba -  for Sale in West Hills
$769,999
New
MLS# SR18113377

6955 Royer Avenue
West Hills, CA 91307

Property Type: Single Family Residence
$499,000 - 2Br/2Ba -  for Sale in Woodland Hills
$499,000
New
MLS# SR18116334

21301 Erwin Street Unit 314
Woodland Hills, CA 91367

Property Type: Condominium
$2,525,000 - 5Br/5Ba -  for Sale in Encino
$2,525,000
New
MLS# SR18117286

5309 Louise Avenue
Encino, CA 91316

Property Type: Single Family Residence
$1,199,000 - 5Br/4Ba -  for Sale in West Hills
$1,199,000
New
MLS# SR18117559

7538 Graystone Drive
West Hills, CA 91304

Property Type: Single Family Residence
$299,950 - 2Br/2Ba -  for Sale in Encino
$299,950
New
MLS# SR18117820

5460 White Oak Avenue Unit E123
Encino, CA 91316

Property Type: Condominium
$1,087,000 - 5Br/3Ba -  for Sale in Woodland Hills
$1,087,000
New
MLS# SR18118195

23331 Aetna Street
Woodland Hills, CA 91367

Property Type: Single Family Residence
$519,900 - 2Br/3Ba -  for Sale in Encino
$519,900
New
MLS# SR18116797

5753 White Oak Avenue Unit 4
Encino, CA 91316

Property Type: Condominium
$1,449,000 - 3Br/3Ba -  for Sale in Encino
$1,449,000
New
MLS# SR18117044

4327 Grimes Place
Encino, CA 91316

Property Type: Single Family Residence
$115,000 - 2Br/2Ba -  for Sale in Canoga Park
$115,000
New
MLS# SR18117117

8901 Eton Avenue Unit 41
Canoga Park, CA 91304

Property Type: Manufacture 433
$4,250,000 - 5Br/7Ba -  for Sale in Tarzana
$4,250,000
New
MLS# 18343240

5004 Veloz Avenue
Tarzana, CA 91356

Property Type: Single Family Residence