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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$579,000 - 2Br/1Ba -  for Sale in Woodland Hills
$579,000
Open House
New
MLS# PV19039564

22443 Clarendon Street
Woodland Hills, CA 91367

Property Type: Single Family Residence
$459,000 - 2Br/2Ba -  for Sale in Woodland Hills
$459,000
Open House
New
MLS# BB19039255

5510 Owensmouth Avenue Unit 312
Woodland Hills, CA 91367

Property Type: Condominium
$899,900 - 4Br/4Ba -  for Sale in Woodland Hills
$899,900
Open House
New
MLS# SR19035514

23963 Crosson Drive
Woodland Hills, CA 91367

Property Type: Single Family Residence
$1,895,000 - 5Br/5Ba -  for Sale in Tarzana
$1,895,000
New
MLS# 19436568

4952 Vanalden Avenue
Tarzana, CA 91356

Property Type: Single Family Residence
$1,099,000 - 4Br/3Ba -  for Sale in Encino
$1,099,000
Open House
New
MLS# SR19033658

6321 Balcom Avenue
Encino, CA 91316

Property Type: Single Family Residence
$700,000 - 3Br/2Ba -  for Sale in West Hills
$700,000
Open House
New
MLS# SR19035047

8304 Natalie Lane
West Hills, CA 91304

Property Type: Single Family Residence
$699,000 - 3Br/2Ba -  for Sale in Woodland Hills
$699,000
Open House
New
MLS# SR19038847

22207 Welby Way
Woodland Hills, CA 91303

Property Type: Single Family Residence
$714,000 - 3Br/2Ba -  for Sale in Woodland Hills
$714,000
New
MLS# SR19039757

23521 Styles Street
Woodland Hills, CA 91367

Property Type: Single Family Residence
$499,995 - 3Br/2Ba -  for Sale in West Hills
$499,995
New
MLS# SR19039999

22631 Gilmore Street
West Hills, CA 91307

Property Type: Single Family Residence
$1,299,000 - 4Br/3Ba -  for Sale in Bell Canyon
$1,299,000
New
MLS# 19436402

5 Baymare Road
Bell Canyon, CA 91307

Property Type: Single Family Residence
$1,549,000 - 5Br/4Ba -  for Sale in Woodland Hills
$1,549,000
New
MLS# SR19038924

6145 Paseo La Vista
Woodland Hills, CA 91367

Property Type: Single Family Residence
$699,000 - 3Br/2Ba -  for Sale in West Hills
$699,000
New
MLS# SR19037581

22954 Blythe Street
West Hills, CA 91304

Property Type: Single Family Residence
$899,900 - 4Br/3Ba -  for Sale in West Hills
$899,900
Open House
New
MLS# SR19038555

8008 Crothers Court
West Hills, CA 91304

Property Type: Single Family Residence
$549,900 - 4Br/2Ba -  for Sale in Canoga Park
$549,900
Open House
New
MLS# SR19038616

22110 Ingomar Street
Canoga Park, CA 91304

Property Type: Single Family Residence
$849,950 - 4Br/2Ba -  for Sale in Woodland Hills
$849,950
New
MLS# 19436116

6100 Manton Avenue
Woodland Hills, CA 91367

Property Type: Single Family Residence
$489,000 - 2Br/2Ba -  for Sale in Encino
$489,000
Open House
New
MLS# 19435990

4950 Louise Avenue Unit 302
Encino, CA 91316

Property Type: Condominium
$787,711 - 4Br/2Ba -  for Sale in West Hills
$787,711
Open House
New
MLS# SR19037566

8415 Sale Avenue
West Hills, CA 91304

Property Type: Single Family Residence
$1,284,000 - 4Br/3Ba -  for Sale in Tarzana
$1,284,000
New
MLS# SR19037779

19651 Anadale Drive
Tarzana, CA 91356

Property Type: Single Family Residence
$617,000 - 4Br/2Ba -  for Sale in West Hills
$617,000
New
MLS# WS19038235

7915 Fallbrook Avenue
West Hills, CA 91304

Property Type: Single Family Residence
$169,900 - 2Br/2Ba -  for Sale in Canoga Park
$169,900
New
MLS# 19435740

8811 Canoga Unit 305
Canoga Park, CA 91304

Property Type: Manufacture 433
$649,000 - 4Br/2Ba -  for Sale in West Hills
$649,000
Open House
New
MLS# 19435742

8442 Sedan Avenue
West Hills, CA 91304

Property Type: Single Family Residence
$520,000 - 2Br/3Ba -  for Sale in Tarzana
$520,000
Open House
New
MLS# 19435670

18730 Hatteras Street Unit 13
Tarzana, CA 91356

Property Type: Townhouse
$435,000 - 2Br/2Ba -  for Sale in Woodland Hills
$435,000
Open House
New
MLS# SR19034706

21520 Burbank Boulevard Unit 306
Woodland Hills, CA 91367

Property Type: Condominium
$1,629,000 - 4Br/4Ba -  for Sale in Woodland Hills
$1,629,000
New
MLS# SR19036682

5949 County Oak Road
Woodland Hills, CA 91367

Property Type: Single Family Residence