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Buying your First Los Angeles Home – It Doesn’t Have to be a Starter Home

Posted by janepeters on March 25, 2011

Los Angeles First Time Home Buyers, Buying your First Home in Los AngelesIf you are a first-time home buyer in Los Angeles and think that you have to settle for one of those starter homes, think again!

Los Angeles home prices are somewhat stable, and mortgage interests are still historically low.  First time home buyers can afford more than in previous times.  Also, they don’t have to offload a house to be able to buy and new one.

However, buyers should be prepared to stay in these homes for a while as prices are not expected to rise significantly in the near future.

Also, the lending environment is tight.  First time home buyers need to keep an eye on the credit scores.  Pay off your credit cards, student loans, etc and don’t open or close any accounts.

The FHA loan is a popular one, as it requires a low down-payment of 3.5%, lower interest rates, and is easier to qualify for.  But know that any loans over 80% are going to require mortgage insurance, and that is due to rise on FHA loans in April.

If you intend to stay in your Los Angeles home more than five years, then it makes perfect sense to be buying now under the present favorable conditions.

Need Help? Have questions? Fill out the CONTACT FORM or call Jane at 310-351-9208

4 thoughts on “Buying your First Los Angeles Home – It Doesn’t Have to be a Starter Home

  • on March 27, 2011

    Jane – You are absolutely right on the money about this one.

  • on March 27, 2011

    Jane – excellent article. Home prices now are at historic lows and have really given people an opportunity to get in the market. And great info about the loans as well, including FHA!

  • on March 27, 2011

    Thank you, Michelle.

  • on March 27, 2011

    Sharon, thanks for dropping by. i appreciate it.

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