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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$319,900 - 2Br/1Ba -  for Sale in Woodland Hills
$319,900
New
MLS# SR18290050

22204 Calvert Unit 3
Woodland Hills, CA 91367

Property Type: Stock Cooperative
$999,000 - 3Br/3Ba -  for Sale in Encino
$999,000
New
MLS# SR18289949

5148 Hesperia Avenue
Encino, CA 91316

Property Type: Single Family Residence
$999,995 - 4Br/4Ba -  for Sale in Encino
$999,995
Open House
New
MLS# SR18289496

6213 Newcastle Avenue
Encino, CA 91316

Property Type: Single Family Residence
$359,900 - 2Br/2Ba -  for Sale in Not Applicable-tar (natar), Tarzana
$359,900
Open House
New
MLS# 318004917

18640 Collins Street Unit 116
Tarzana, CA 91356

Property Type: Condominium
$849,990 - 3Br/2Ba -  for Sale in West Hills
$849,990
New
MLS# SR18287381

24047 Lemay Street
West Hills, CA 91307

Property Type: Single Family Residence
$715,000 - 3Br/2Ba -  for Sale in Woodland Hills
$715,000
New
MLS# SR18289161

22532 Berdon Street
Woodland Hills, CA 91367

Property Type: Single Family Residence
$339,900 - 2Br/2Ba -  for Sale in Canoga Park
$339,900
Open House
New
MLS# SR18287256

7826 Topanga Canyon Boulevard Unit 11
Canoga Park, CA 91304

Property Type: Condominium
$449,000 - 2Br/3Ba -  for Sale in Tarzana
$449,000
Open House
New
MLS# SR18288619

18333 Hatteras Street Unit 108
Tarzana, CA 91356

Property Type: Townhouse
$599,999 - 3Br/2Ba -  for Sale in West Hills
$599,999
Open House
New
MLS# SR18288446

7830 Sedan Avenue
West Hills, CA 91304

Property Type: Single Family Residence
$149,000 - 3Br/2Ba -  for Sale in Canoga Park
$149,000
New
MLS# SR18288064

24425 Woolsey Canoyon Road
Canoga Park, CA 91304

Property Type: Manufacture 433
$408,000 - 2Br/3Ba -  for Sale in Canoga Park
$408,000
New
MLS# OC18288218

8851 Independence Avenue Unit 30
Canoga Park, CA 91304

Property Type: Townhouse
$939,000 - 4Br/3Ba -  for Sale in West Hills
$939,000
New
MLS# SR18288640

7546 Atherton Lane
West Hills, CA 91304

Property Type: Single Family Residence
$1,299,000 - 4Br/4Ba -  for Sale in Tarzana
$1,299,000
New
MLS# SR18288610

5804 Donna Avenue
Tarzana, CA 91356

Property Type: Single Family Residence
$724,999 - 3Br/2Ba -  for Sale in West Hills
$724,999
Open House
New
MLS# SR18288013

7838 Sedan Avenue
West Hills, CA 91304

Property Type: Single Family Residence
$560,000 - 3Br/1Ba -  for Sale in Canoga Park
$560,000
Open House
New
MLS# SR18224852

21011 Covello Street
Canoga Park, CA 91303

Property Type: Single Family Residence
$399,000 - 2Br/3Ba -  for Sale in Other - Othr, Tarzana
$399,000
New
MLS# 218014864

18411 Hatteras Street Unit 246
Tarzana, CA 91356

Property Type: Condominium
$395,000 - 2Br/2Ba -  for Sale in Encino
$395,000
New
MLS# SR18286219

5460 White Oak Avenue Unit C319
Encino, CA 91316

Property Type: Condominium
$899,000 - 5Br/3Ba -  for Sale in West Hills
$899,000
New
MLS# SR18286365

6400 Ellenview Avenue
West Hills, CA 91307

Property Type: Single Family Residence
$1,049,999 - 4Br/3Ba -  for Sale in West Hills
$1,049,999
Open House
New
MLS# SR18285708

23832 Del Cerro Circle
West Hills, CA 91304

Property Type: Single Family Residence
$1,999,800 - 5Br/7Ba -  for Sale in Bell Canyon
$1,999,800
New
MLS# SR18284987

125 Saddlebow Road
Bell Canyon, CA 91307

Property Type: Single Family Residence
$1,499,000 - 4Br/4Ba -  for Sale in Woodland Hills
$1,499,000
New
MLS# SR18287517

6039 Oakdale Avenue
Woodland Hills, CA 91367

Property Type: Single Family Residence
$486,000 - 2Br/2Ba -  for Sale in Woodland Hills
$486,000
New
MLS# PW18286401

5535 Canoga Avenue Unit 320
Woodland Hills, CA 91367

Property Type: Condominium
$1,395,000 - 3Br/3Ba -  for Sale in Tarzana
$1,395,000
New
MLS# SR18286515

4560 Ellenita Avenue
Tarzana, CA 91356

Property Type: Single Family Residence
$360,000 - 2Br/2Ba -  for Sale in Woodland Hills
$360,000
New
MLS# SR18287076

22100 Burbank Boulevard Unit 243e
Woodland Hills, CA 91367

Property Type: Condominium