Possibility of 2 ADU's. Buyer to verify with City. Welcome to a beautiful Mediterranean Villa in Woodland Hills, south of Mulholland. This Calabasas adjacent home has 4 bedrooms and 3 bathrooms and a a detached unit (potential for ADU) plus 3 car garage and is located in prestigious south of Mulholland with easy freeway access, minutes to the beach, the Village shopping center in Warner center and Calabasas Commons. Perfect for entertaining, the family room leads you to the french doors opening to your backyard where guests can enjoy a tranquil atmosphere, and lush landscaping. Light and bright main house with vaulted ceiling has updated kitchen, flooring and recessed lighting. Nearly 2
The amount you’ll be required to put down on a home depends on the type of loan you get and on the lender’s requirements. Generally, it can be difficult to qualify for a conventional mortgage loan–one available through or guaranteed by a private lender or either of two government-sponsored entities, Fannie Mae or Freddie Mac–with a down payment of less than 10 percent. Factors including income, cash on hand, credit score and debt-to-income ratio.
Many financial experts agree that having saved up a down payment is a good sign that buyers are ready for homeownership. If you can make the necessary sacrifices to amass a down payment, lenders take this as a sign that you’ll likely be able to manage your finances to pay the expenses that come with owning a home, including monthly mortgage payments, repairs and property tax.
The loan-to-value ratio is basically defined as the percentage of the home's value you owe after making a down payment on a new home. It's calculated by taking the mortgage loan amount and dividing it by the appraised value of the house you're buying. So if you're buying a house that costs $100,000, you put down $10,000 and you're borrowing $90,000, your LTV ratio is 90 percent.
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Outside of these Fannie Mae, FHA, VA and USDA loan types, there are state and local assistance programs that can help you get into a home with a low-down payment. There are also towns that offer incentives to move there, ranging from student loan forgiveness to free lots of land to build on. Even though these programs don’t cover your down payment for you, they can help you save money elsewhere if you can come up with the initial down payment up front.