Who says you can’t buy a home these days!?!?!

Lenders are lending & there are some great deals out there!

Faithful readers of “Off the 23” have presumably noticed that we’ve been on something of a summer hiatus. We wish we could report that we’ve been sunning by the sea. Truth be told, we’ve been working hard!

Reports to the contrary, sellers are selling their homes, buyers are buying those homes and lenders are still lending money to make those deals happen – and there are deals out there!

This home could be yours!

Take this one! It’s a lovely home (yes, we realtors do use phrases like “lovely”) in Simi Valley, right across from the Simi Valley Post Office. Gated community, low HOA, three bedrooms, 2 ½ bathrooms, two-car garage with lots of storage. A perfect starter home! Click here for a sneak peek! Our lender can get a buyer into that home for under $12,000!

No, we’re not miracle workers, although we often think our lender – Scott Gilman at Prospect Mortgage – is. Actually, it’s simply a matter of knowing what kind of mortgages are out there. In this case, it’s an FHA loan. Of course the next question is, what’s an FHA loan?

First, a history lesson! During the 1930s Great Depression, ours was a nation of renters. With banks in trouble, it typically took a 50 percent down payment to buy a home and most home mortgages were only short-term, as little as three to five years. Construction workers were out of business and the government wanted to stimulate the housing market. (Sound familiar?)

So, Congress created the Federal Housing Administration (FHA) in 1934 to encourage home ownership. To this day, the FHA, which essentially works as a mortgage insurer, gives lenders more flexibility when deciding who should get a loan.

“The beauty of the FHA loan,” Scott tells “Off the 23,” “is that it allows buyers to put down as little as 3.5 percent on a home. It’s easier to qualify for the loan – we can be more flexible with credit scores – and the only requirement is that the buyer must occupy the home. It is a wonderful, wonderful loan!”

And, just in case you were interested, the FHA operates entirely on self-generated income.

If you want more information about FHA loans, please feel free to call Scott on his direct line, 805-367-3446, or his cell phone, 818-438-7719. And, if you know anyone who wants to buy a great starter home, please call the Robin Hagey at 805-338-1700 or Robin Martino at 818-519-2111.

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As you know, we do love to talk about real estate but, even more important, we love to talk about what’s happening “Off the 23.” If you have an event or know of something or someone who you think would be interesting to our community, please feel free to contact us at therobins@therobinteam.com.