Where Can You Find Down Payment Help for First Time Home Buyers?

Junior Loans û One option for first time home buyers who need down payment help is to apply for a Junior Loan. Many banks offer Junior Loans to help first time buyers who would otherwise be unable to meet the down payment requirements for purchasing a home. These loans are typically offered at the state level, are under $50,000, and have fixed interest rates.

Gifts and Gift Registries û Instead of using a traditional bridal registry, many couples who are also first time home buyers are opting to register for a home down payment gift registry. This allows family and friends to donate funds toward a down payment, helping newly married couples reach the goal of owning a first home. To find out more about a home down payment gift bridal registry as well as a graduation or birthday gift registry, check out myregistry.com or downpaymentdreams.com.

Other Down Payment Assistance Options

Tax Refunds û Buyers who are receiving a refund on their income taxes can choose to put the extra cash toward a down payment. It’s a great way to make use of money you were not expecting to receive, and depending on how much you choose to withhold each year, can easily contribute to a large portion of your down payment.

Seller Negotiation û Another option may be to negotiate with the home seller for a donation of down payment funds. In a slow real estate market, many sellers may be willing to negotiate untraditional payment terms or purchase agreements. Some home sellers might even consider offering you a portion of the down payment rather than lower their selling price.

First time Home Buyers Tax Credit – $8,000 of tax credit was available for first time home buyers in 2010. A $6,500 tax credit for repeat home buyers was also available, yet both of these incentives have expired. However, service members who were on official extended duty outside of the United States for at least 90 days between Jan. 1, 2009 and May 1, 2010 may qualify for a one-year extension, which could be a great opportunity to leverage funds for your down payment.

Still Strapped for Cash? Consider 100% Financing

With mortgage lending practices coming under fire in recent years, the option to finance 100 percent has lost popularity. Yet there are still programs available to first time home buyers requiring down payment assistance who meet certain eligibility requirements. Before you throw in the towel on your home search, see if you may qualify to purchase with no down payment.

Buying a home is without a doubt one of the biggest decisions a person can make in a lifetime. It’s a large responsibility and all down payment and home financing options should be considered carefully. Before taking a loan or getting knee-deep in a large mortgage, be sure to do a thorough assessment of your financial situation and ensure that you can afford the home you have in mind. With the right financing and adequate information, you’ll be able to move confidently into home ownership.

Today’s Market Trends for Moorpark *

Average Listing Price:	$765,480	-0.01%
Average Listing Price/Sq Ft:	$265.00	-0.02%
Total Listings:	124	0.02%
Total Listings Previous Months:JulyAugust	126 123	0.02% -0.02%

* All data pertains to single-family homes

Neighborhood Info

In addition to Moorpark homes for sale, here you’ll also find a comprehensive Moorpark School Report, full Moorpark demographics, and real estate insights second to none. Please feel free to browse the site to learn about Moorpark Real Estate homes for sale, and get in touch with any questions you may have.

Updated Daily

This site is updated daily with new Moorpark homes for sale and properties that come on the market in the Moorpark area. Often, homes are sold within days of coming on the market. That is why it’s valuable to have the full, updated homes and property data on this website. Along with the ability to view Moorpark homes for sale, you’ll also get the following when yousign up:

• 1000′s of Local Homes for Sale
• Access to Virtual Tours
• Knowledgeable Expertise
• Accurate & Up to Date Content
• New House Email Updates
• Access to Full Home Details
• Immediate Responses to Questions
• Simple & Efficient Navigation

Learn About Moorpark Right Here!

It is very important for you to know the ins and outs of the town (Moorpark) you will be moving to. When you’re making a decision to move, you want to work with the Moorpark real estate agent who has extensive knowledge of the area and can help you and your family prepare for life in Moorpark. Who better to answer your important questions like, “Where is the good Chinese place?” and “How far away is the movie theater?” Find out about what matters to you, such as the quality of the local school system, access to mass transit, and overall quality of life in Moorpark. Now you can take advantage of Moorpark expertise, get answers to your questions, and relax while all your needs for your upcoming move to Moorpark are taken care of!

To find out more about Moorpark, or to get in touch, please click here.

http://tristanhomes.com/short-selling.asp – 805-559-3364 – Ventura County and Westlake Village Short Sale Specialist and Real Estate Agent in Southern California. HELPING HOMEOWNERS *HARDSHIP * HEALING * HAPPINESS

We Can Help. Don’t wait until it’s too late. Act Now. Ventura County, Conejo Valley, Newbury Park, Short Sales are in our area too!

Tristan And Associates

Keller Williams Realty Westlake Village

See All Available MLS Properties and Homes for Sale in Ventura County or Los Angeles County  http://www.findwestlakehomes.com

Check For Homes in Moorpark : Moorpark Homes For Sale

Today’s Market Trends for Agoura Hills *

Average Listing Price:	$1,133,040	0.02%
Average Listing Price/Sq Ft:	$334.00	0.02%
Total Listings:	124
Total Listings Previous Months:JulyJune	124 118	0.05% 0.01%

* All data pertains to single-family homes

Neighborhood Info

In addition to Agoura Hills homes for sale, here you’ll also find a comprehensive Agoura Hills School Report, full Agoura Hills demographics, and real estate insights second to none. Please feel free to browse the site to learn about Agoura Hills Real Estate homes for sale, andget in touch with any questions you may have.

Updated Daily

This site is updated daily with new Agoura Hills homes for sale and properties that come on the market in the Agoura Hills area. Often, homes are sold within days of coming on the market. That is why it’s valuable to have the full, updated homes and property data on this website. Along with the ability to view Agoura Hills homes for sale, you’ll also get the following when you sign up:

• 1000′s of Local Homes for Sale
• Access to Virtual Tours
• Knowledgeable Expertise
• Accurate & Up to Date Content
• New House Email Updates
• Access to Full Home Details
• Immediate Responses to Questions
• Simple & Efficient Navigation

Learn About Agoura Hills Right Here!

It is very important for you to know the ins and outs of the town (Agoura Hills) you will be moving to. When you’re making a decision to move, you want to work with the Agoura Hills real estate agent who has extensive knowledge of the area and can help you and your family prepare for life in Agoura Hills. Who better to answer your important questions like, “Where is the good Chinese place?” and “How far away is the movie theater?” Find out about what matters to you, such as the quality of the local school system, access to mass transit, and overall quality of life in Agoura Hills. Now you can take advantage of Agoura Hills expertise, get answers to your questions, and relax while all your needs for your upcoming move to Agoura Hills are taken care of!

To find out more about Agoura Hills, or to get in touch, please click here.

http://tristanhomes.com/short-selling.asp – 805-559-3364 – Ventura County and Westlake Village Short Sale Specialist and Real Estate Agent in Southern California. HELPING HOMEOWNERS *HARDSHIP * HEALING * HAPPINESS

We Can Help. Don’t wait until it’s too late. Act Now. Ventura County, Conejo Valley, Newbury Park, Short Sales are in our area too!

Tristan And Associates

Keller Williams Realty Westlake Village

See All Available MLS Properties and Homes for Sale in Ventura County or Los Angeles County  http://www.findwestlakehomes.com

Check For Homes in AGOURA HILLS : Agoura Hills Homes For Sale

Today’s Market Trends for Newbury Park *

Average Listing Price:	$759,800	-0.01%
Average Listing Price/Sq Ft:	$284.00	-0%
Total Listings:	170	0.02%
Total Listings Previous Months:JulyJune	167 167	0% 0.16%

* All data pertains to single-family homes

Neighborhood Info

In addition to Newbury Park homes for sale, here you’ll also find a comprehensive Newbury Park School Report, full Newbury Park demographics, and real estate insights second to none. Please feel free to browse the site to learn about Newbury Park Real Estate homes for sale, and get in touchwith any questions you may have.

Updated Daily

This site is updated daily with new Newbury Park homes for sale and properties that come on the market in the Newbury Park area. Often, homes are sold within days of coming on the market. That is why it’s valuable to have the full, updated homes and property data on this website. Along with the ability to view Newbury Park homes for sale, you’ll also get the following when you sign up:

• 1000′s of Local Homes for Sale
• Access to Virtual Tours
• Knowledgeable Expertise
• Accurate & Up to Date Content
• New House Email Updates
• Access to Full Home Details
• Immediate Responses to Questions
• Simple & Efficient Navigation

Learn About Newbury Park Right Here!

It is very important for you to know the ins and outs of the town (Newbury Park) you will be moving to. When you’re making a decision to move, you want to work with the Newbury Park real estate agent who has extensive knowledge of the area and can help you and your family prepare for life in Newbury Park. Who better to answer your important questions like, “Where is the good Chinese place?” and “How far away is the movie theater?” Find out about what matters to you, such as the quality of the local school system, access to mass transit, and overall quality of life in Newbury Park. Now you can take advantage of Newbury Park expertise, get answers to your questions, and relax while all your needs for your upcoming move to Newbury Park are taken care of!

To find out more about Newbury Park, or to get in touch, please click here.

http://tristanhomes.com/short-selling.asp – 805-559-3364 – Ventura County and Westlake Village Short Sale Specialist and Real Estate Agent in Southern California. HELPING HOMEOWNERS *HARDSHIP * HEALING * HAPPINESS

We Can Help. Don’t wait until it’s too late. Act Now. Ventura County, Conejo Valley, Newbury Park, Short Sales are in our area too!

Tristan And Associates

Keller Williams Realty Westlake Village

See All Available MLS Properties and Homes for Sale in Ventura County or Los Angeles County  http://www.findwestlakehomes.com

Check For Homes in Newbury Park : Newbury Park Homes For Sale

HAFA provides incentives in connection with a short sale or a deed-in-lieu of foreclosure (DIL) used to avoid foreclosure on a loan eligible for modification under the HAMP program. Servicers participating in HAMP are also required to comply with HAFA.

HAFA Provisions

• Complements HAMP by providing a viable alternative for borrowers (the current homeowners) who are HAMP eligible but nevertheless unable to keep their home.
• Uses borrower financial and hardship information already collected in connection with consideration of a loan modification.
• Allows borrowers to receive pre-approved short sales terms before listing the property (including the minimum acceptable net proceeds).
• Requires borrowers to be fully released from future liability for the first mortgage debt (no cash contribution, promissory note, or deficiency judgment is allowed).
• Uses standard processes, documents, and timeframes/deadlines.
• Provides the following financial incentives:
  • $3,000 for borrower relocation assistance;
  • $1,500 for servicers to cover administrative and processing costs;
  • Up to $2,000 for investors who allow a total of up to $6,000 in short sale proceeds to be distributed to subordinate lien holders, on a one-for-three matching basis.
• Requires all servicers participating in HAMP to implement HAFA in accordance with their own written policy, consistent with investor guidelines. The policy may include factors such as the severity of the potential loss, local markets, timing of pending foreclosure actions, and borrower motivation and cooperation.

A short sale can be an excellent solution for homeowners who need to sell, and who owe more on their homes than they are worth. In the past, it was rare for a bank or lender to accept a short sale. Today, however, due to overwhelming market changes, banks and lenders have become much more negotiable when it comes to these transactions. Recent changes in corporate policy and the Obama administration have also improved the chances of getting a short sale approved.

But to be technical, here’s a more official definition:

• A homeowner is ‘short’ when the amount owed on his/her property is higher than current market value.
• A short sale occurs when a negotiation is entered into with the homeowner’s mortgage company (or companies) to accept less than the full balance of the loan at closing. A buyer closes on the property, and the property is then ‘sold short’ of the total value of the mortgage.

For homeowners to qualify for a short sale, they must fall into all of the following circumstances:

• Financial Hardship – There is a situation causing you to have trouble affording your mortgage.
• Monthly Income Shortfall – In other words: “You have more month than money.” A lender will want to see that you cannot afford, or soon will not be able to afford your mortgage.
• Insolvency – The lender will want to see that you do not have significant liquid assets that would allow you to pay down your mortgage.

This seems simple enough, but it is a complicated process that takes the expertise of experienced professionals.

Foreclosure Avoidance Options

Foreclosure is one of the most devastating financial challenges that a family can face and one that many times can be avoided. The options available to residents for foreclosure are many, including but not limited to short sales. Following is a brief explanation of these solutions:

Reinstatement

A reinstatement is the simplest solution for a foreclosure, however it is often the most difficult. The homeowner simply requests the total amount owed to the mortgage company to date and pays it. This solution does not require the lender’s approval and will ‘reinstate’ a mortgage up to the day before the final foreclosure sale.

Forbearance or Repayment Plan


A forbearance or repayment plan involves the homeowner negotiating with the mortgage company to allow them to repay back payments over a period of time. The homeowner typically makes their current mortgage payment in addition to a portion of the back payments they owe.

Mortgage Modification

A mortgage modification involves the reduction of one of the following: the interest rate on the loan, the principal balance of the loan, the term of the loan, or any combination of these. These typically result in a lower payment to the homeowner and a more affordable mortgage.

Rent the Property


A homeowner who has a mortgage payment low enough that market rent will allow it to be paid, can convert their property to a rental and use the rental income to pay the mortgage.

Deed in Lieu of Foreclosure


Also known as a ‘friendly foreclosure,’ a deed in lieu allows the homeowner to return the property to the lender rather than go through the foreclosure process. Lender approval is required for this option, and the homeowner must also vacate the property.

Bankruptcy

Many have considered and marketed bankruptcy as a ‘foreclosure solution,’ but this is only true in some states and situations. If the homeowner has non-mortgage debts that cause a shortfall of paying their mortgage payments and a personal bankruptcy will eliminate these debts, this may be a viable solution.

Refinance

If a homeowner has sufficient equity in their property and their credit is still in good standing, they may be able to refinance their mortgage.

Servicemembers Civil Relief Act (military personnel only)

If a member of the military is experiencing financial distress due to deployment, and that person can show that their debt was entered into prior to deployment, they may qualify for relief under the Servicemembers Civil Relief Act. The American Bar Association has a network of attorneys that will work with servicemembers in relation to qualifying for this relief.

Sell the Property

Homeowners with sufficient equity can list their property with a qualified agent that understands the foreclosure process in their area.

Short Sale
, Short Selling in Ventura County and Los Angeles

If a homeowner owes more on their property than it is currently worth, then they can hire a qualified real estate agent to market and sell their property through the negotiation of a short sale with their lender. This typically requires the property to be on the market and the homeowner must have a financial hardship to qualify. Hardship can be simply defined as a material change in the financial stability of the homeowner between the date of the home purchase and the date of the short sale negotiation. Acceptable hardships include but are not limited to: mortgage payment increase, job loss, divorce, excessive debt, forced or unplanned relocation, and more.

This represents only a summary of some of the solutions available to homeowners facing foreclosure. We work in your your area and can do an evaluation of your individual situation, property value, and possible options.

Doing a Short Sale in Ventura County, Thousand Oaks, Westlake Village, Camarillo, Ventura, Newbury Park, Agoura Hills, Oak Park, Simi Valley, Moorpark, Oxnard or anywhere in the San Fernando Valley is the same as doing it anywhere in California. When you short sale your house in Ventura County or the San Fernando Valley you can expect Tristan and Associates to help your short sale go as smooth as possible. Tristan and Associates have done Luxury Short Sales and Residential. Short Sales in Thousand Oaks, Short Sales in Westlake Village, Short Sales in Newbury Park, Short Sales in Dos Vientos, Short Sales in North Ranch, Short Sales in Ventura, Short Sales in Camarillo, Short Sales in Oxnard, Short Sales in Port Hueneme, Short Sales in Agoura Hills, Short Sales in Oak Park, Short Sale in Simi Valley, Short Sales in Moorpark, and Short Sales in the San Fernando Valley are all places that have had short sales done successfully.

Understanding your options now could mean all the difference in the world.

We are here to help, call Tristan and Associates for information or for help at 805-559-3364.