Some of the gifts we’re given by aging family members are a sense of ethics and an ambition to be successful in both our careers and in raising a growing family. We may also be left with a more tangible gift, and it enables us to invest in our future as well as those of our children. Your inheritance, when invested in a home, becomes one more lasting gift from your family.
A first time homebuyer in Thousand Oaks has a particular advantage. With no estate or inheritance tax in California, the nearly 120,000 baby boomers of Ventura County will benefit from applying for their first mortgage. Inheritance income is growing by at least 3.3%. While the stock market may be less predictable, buying a home in Ventura County is a smart investment and a good idea for growing families. This article is going to arm you with the facts you need to get approved for your first mortgage.
Strings Attached: Government Mortgage Regulations You Need To Know
Buying a home in the Golden State carries certain restrictions. The government has parameters for both homebuyers and sellers in the state of California that are meant to protect the both buyer and the seller.
Still, California remains one of the more difficult states for the first time homebuyer. Qualifying for a mortgage in Ventura County can be much easier if you know these key facts.
- Property Price Cap: As a first time homebuyer in Ventura County, you may want to supplement your inheritance with a loan. Most loan programs for first time homebuyers in California have a cap on the total price of the home you have your eye on.
- Main Residence Rule: For many programs, the state also mandates that you make the home you’re buying your main residence. This is for homebuyers who are using a first time home purchase loan to cushion your mortgage payments. Forget about renting out your first home purchase for extra income. The first time homebuyer in Ventura County protects the mortgage lender by living in the home full time.
- Home Prices Increasing: According to the LA Times, home prices in southern California are continuing to rise. The average price of a mortgage for a home in Thousand Oaks is $600,000. Your monthly mortgage payments will be an average of $3,895. Yes, homes are expensive, but at least your insurance won’t be. As a first time homebuyer in Ventura County, you may be surprised to see how much lower your insurance rate can be compared to other California counties.
- Homeowners Insurance: Homeowners in California are required to have real estate insurance. Ventura County residents are in luck. As crime rates are factored into the insurance rate, Thousand Oaks has one of the lowest crime rates in the entire United States.
- Interest Payments are…WHAT? Tax deductible. Yes, you read that right. In the state of California, you can write off any interest payments that you make on your mortgage loan. This is great news, since your interest rates will be higher than seasoned homebuyers if your credit shows you haven’t done a lot of investing in your past. This makes opting for a mortgage in Thousand Oaks that much more stress-free.
If you’re a first time homebuyer in Ventura County, California with an inheritance or family gift, you’re already far ahead of the game. Having the capital to buy your first home is the hardest part of the process. Luckily for you, using your financial family gift or inheritance to help with the down payment and mortgage makes qualifying for a mortgage in Thousand Oaks a thousand times easier.
What No One Will Tell You: Buying Your First Home in Ventura County
First time homebuyers in Thousand Oaks, Ventura County have unique government mortgage regulations and laws that affect the purchase of their biggest life investment. These lesser-known details aren’t told to you up front. If you don’t have a friend in the loan financing industry in Thousand Oaks, you do now. Buying your first home is confusing, we know.
Capstone Direct is here to clear the fog. If you’re looking for a mortgage in Thousand Oaks, Capstone Direct is your go-to expert.
- Are There Special Programs Available? Go through a direct mortgage lender for your best options. You’ll be able to sit down with a financial consultant who will tell you about the special programs that a first time homebuyer in Ventura County almost always qualifies for. A direct lender is going to tell you about tax rebates you qualify for in case your interest rate higher caused by a smaller down payment. At the end of the year, more money comes back into your pocket. A mortgage in Thousand Oaks is a great investment for a first time homebuyer in Ventura County.
- Isn’t The Down Payment Too Expensive? The American dream is alive and well, at least for the first time homebuyer in Ventura County with marginal credit. To qualify for an FHA loan, your down payment can be as low as 3.5%. So if you find a home that’s $250,000, you can hand over $8,750 and move into your new home. Yes, seriously.
- Are There Hidden Fees? Do your homework and speak with a direct lender. You will have to pay closing costs, and you will have to pay escrow fees. As a first time homebuyer in Ventura County, you may even have to pay for inspections, partly due to the fact that California has an aging real estate market. You may also have to pay extra insurance fees that are unique to California due to natural disasters like earthquakes.
- Is There An Income Cap? Certain programs have income limits for first time homebuyers. A single family must make less than $112,000 a year in order to qualify for special programs that will help you with financing. Getting approved for a mortgage in Thousand Oaks is easier with Capstone Direct, your industry insider.
- Do These Laws Vary From State To State? Some laws are federal while others are state mandated. If you’re in the state of California, Capstone Direct is here to help you. Capstone Direct helps you with your mortgage in Thousand Oaks and holds your hand as you navigate the housing market as first time homebuyer in Ventura County.
Nobody likes unforeseen costs. Have you ever bought a new iPhone and the sales guy says, “And your insurance is $10 a month. Replacement costs come to $50 a month and your first 5 gigs of data is $75 bucks a month but if you want unlimited than you can switch to $125 bucks a month…” Now imagine, as a first time homebuyer in Ventura County, what ‘extra costs’ in qualifying for a mortgage in Thousand Oaks will be. Understand the fees. Know what you don’t have to pay for or what costs you can reduce. Stay informed by talking with Capstone Direct, a direct lender local to Ventura County and a specialist in getting you approved for a mortgage in Thousand Oaks.
Get Approved For A Mortgage in Thousand Oaks: Call Yourself A Home Owner!
You can and should buy a home. The taxes you’ll find yourself saving far outweigh the expenses of initial purchase as a first time homebuyer in Ventura County. Also, you’ll grow an excellent nest egg as you pay off your principle. You can refinance in the future and qualify for lower rates. Investing in a mortgage in Thousand Oaks is a smart investment as a first time homebuyer in Ventura County. Take informed actions throughout your home buying process. Don’t ever rush buying your first home or signing the dotted line on your first mortgage in Thousand Oaks. As a first time homebuyer, you’re the luckiest kind of homebuyer because there are so many special programs available to you. Your family members have given you one of the greatest investments of a lifetime: owning your own home.
If you’ve received such a gift and are looking to make a home purchase, Capstone Direct can help guide you and keep this process open, transparent and easy! Capstone Direct can help you get approved for a mortgage so that you can rest easy, knowing you have experts on your side.