First Things First. If you don't know where to go and want to work with the best lenders in the Santa Clarita cities, you need to head over to Santa Clarita Lending dot com. (we will guide you because we only work with the best)
Is it getting easier to borrow money to buy a home?
One of the biggest news stories on the wire this AM has to do with lending world and how loans have been easier to get during the past several months as compared to the time between 2009 through 2012.
In fact, I do remember 2007 and 2008. We had 100% financing and stated income loans galore. You needed nothing but a pulse and a job to obtain this type of financing. (stated income - aka "liar" loans)
No Skin in the Game..
However, there were some that were breaking and bending the rules. It was a Zero Sum Game in Real Estate. Buyers were able to buy real estate with no skin in the game. No downpayment was necessary.
Today, the best a person can do is 3% down, unless you are a veteran and that equates to Zero money down(in some cases).
That 3% down loan needs great credit and a wonderful debt to income ratio. You have to prove your ability to borrow and show it by having a great track record.
3.5% down is known as the FHA loan of today. That loan eases up a bit on the credit requirements and is the most used financing vehicle in today's market within the Santa Clarita Valley cities.
Other types of loans...
There is a couple of more levels of conventional lending, 5% and 10% down loans - They still have the PMI attached. Property Mortgage Insurance.
Get these numbers from the lender you interview. Get a copy of your credit report from the first lender you speak with.
Make sure you Realtor knows real estate lending. Some don't, please don't assume and, if in doubt, please ask. Paris was a lender back in the day, so she brings that to our real estate team, she knows the "insider lingo".
Final Word - be safe - search well and let us know when you are ready for our help. Our's is not a Zero Sum Game. We are 100% committed and in the real estate representation business 100% - All our Skin is In :)