When buying your first home it can be difficult to find a viable first time homebuyer opportunities. It's common for first timers to buy a condo as their first home and utilize FHA financing for their mortgage. This is an affordable option, especially if you don't have a lot of cash on hand for a downpayment.
Often first time buyers will see a new condo listing stating the home is a good first time homebuyer opportunity. It may well be a good opportunity for first time homebuyers, but if using FHA financing you'll need to have your realtor or lender verify the complex is FHA approved.
Alternatively, simply view our list of current FHA approved condo complexes in Santa Clarita. Although we always keep this list updated, we still suggest asking your realtor to double check and verify the expiration dates are still valid.
Prospective buyers just need to be careful, when searching for their first home. If you have a good realtor he or she should be double checking on FHA approvals before wasting your time viewing a home.
Example: Recently Sold Two Bedroom Condo for Sale
As an example, we sold this two bed condo for sale in the MLS. In the home's description we stated this condo would be a good first time homebuyer opportunity. This is absolutely true because we verified the condo complex was approved for FHA financing and of course it was reasonably priced with two bedrooms and two bathrooms. It's also had some very nice amenities.
Reading the description above, the listing was clearly a good first time homebuyer opportunity. Regardless, we encourage all our first timers to be cautious because not all listing descriptions found in the MLS are 100% accurate. Just do you homework first so you truly understand exactly what should qualify as a good first time homebuyer opportunity.
First Time Homebuyer Opportunity Check List
- If buying a condo and you're planning on FHA financing, verify the complex is currently FHA approved. Even if you have a friend telling you it's approved, double check! We're happy to verify for you. Just enter the complex address in the comment form down below and we'll respond within one business day, if not sooner.
- A good first time homebuyer opportunity should be an affordable home with a low downpayment. It's best to discuss this with your realtor and/or lender in advance.
- Obtain pre approval for your loan. We promise, you'll thank us later. The truth is, without pre approval, any offers you submit might make will NOT be taken seriously.
- Depending on the market, it can be tough to find single family homes to buy in Valencia priced under $350K. There are some very nice homes that are legally considered town homes, but each home is a separate structure. These look and feel just like any other single family home. Take a look at these courtyard homes as an example.
- If you are buying your first home, beware of the Mello Roos Taxes and higher than average HOA costs. These costs vary greatly depending on the neighborhood. In fact, sometimes there are even two HOA's! Again, your realtor should be verifying all this for you, but you are the one buying the home! Be sure to ask your realtor about these costs in advance, even if you feel you're being a pest.
- Depending on your specific circumstances, a good first time homebuyer opportunity for you, may not be so for others. Talk to your realtor in advance so you both understand what your home search criteria should be.
See links to all current Santa Clarita Valley condo listings. If you plan to use FHA financing, be sure to compare the condo location of interest with our FHA approved condos list and you're on your way!
Contact Matt & Meray, the First Time Home Buyer Experts