If you are thinking about buying or selling a home soon in Ventura or Los Angeles county, you might be wondering what some of the hot features are that homeowners are looking for now. In part because of spending more time at home because of the pandemic, we are seeing backyards getting upgraded in big ways and one of the most popular additions is an outdoor fireplace. An outdoor fireplace is not to be confused with a firepit. A firepit can be permanent or moveable, but when we talk about an outdoor fireplace, we are taking the luxury level up a notch. A fireplace is a permanent fixture of a backyard and can become a focal point to make your home stand out from the pack, especially when it comes time to sell. 

Data from a recent survey of top real estate agents from the experts at HomeLight, shows that the popularity of this luxury amenity has surged during the last 18 months. Here are the numbers to provide it:  Nationwide 65 percent of agents said buyer interest in outdoor fireplaces has increased since March 2020. In our market, meanwhile, that number is even higher, at 67 percent, according to the HomeLight data. Let’s take a closer look at this on-trend backyard upgrade. 

Wood-burning or gas?

Like any major home upgrade, there are many outdoor fireplaces to choose from, at a variety of price points. If you are picturing an outdoor fireplace addition in your home, here are some factors to keep in mind. Agents shared that gas-burning models are currently adding the most value in their markets according to 48 percent of survey respondents. Wood-burning came in at a close second at 44 percent. The least popular was electric, at just 3 percent of agents in the survey. If you are undecided, keep in mind that gas is generally easier to maintain than wood-burning and wood-burning may also require special permission or be prohibited, especially if you have an HOA, so you’ll definitely want to do your research in advance.

Does an outdoor fireplace really add value?

Adding an outdoor fireplace is a commitment. But is it worth it? In California, the answer seems to be yes. Although outdoor fireplaces are desirable in many markets across the nation, the Pacific region by far saw the most dramatic increase in the value of outdoor fireplaces during the last 18 months, from $4,254 to $9,497, a 123 percent boost according to the survey. 

Will I get a return on my investment?

For those homeowners who are making backyard upgrades with an eye to selling a home soon, you’ll want to consider if adding more luxury will bring an ROI at sale time. Keep in mind that the price tag for an outdoor fireplace and its installation varies, but estimates show that custom work for a permanent outdoor fireplace structure could be $20,000 or more. With this feature adding around $10,000 to the value of your home, you’ll want to weigh if it’s worth it for you, given your timeline to sell.

One way to turn your backyard from an open outdoor space, into a relaxing lounge is to add an outdoor fireplace. There are many factors to consider, but there is no doubt that this upgrade is literally hot for 2021.  

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Main: mortgage loan, mortgage after foreclosure, Long-tail: Ventura County mortgage loan

Foreclosure can be considered a nightmare for every American. Though foreclosure rates in the US have been steadily decreasing since the Great Recession, there are still more than 600,000 Americans who lost homes to foreclosure or short sale in 2018. However, foreclosure doesn’t mean the end of your dreams. With time and a lot of hard work, it is possible to get another chance at owning a home.

Decreasing the Waiting Period

The waiting period for a mortgage after foreclosure may vary depending on your lender. You would need to wait seven years to get a conventional loan, three years to get a loan backed by the Federal Housing Administration (FHA) or the Department of Agriculture (DA) and two years to get a loan from the Department of Veterans Affairs (VA). However, it is also possible to lessen the waiting period with “documented extenuating circumstances.”

These “extenuating circumstances” refers to situations “beyond your control,” such as medical emergencies or death in the family. A drop in equity or divorce would not be considered. But if your property has been transferred to your spouse who wasn’t able to pay the loan after divorce, you would be approved for a lesser waiting period.

Simply put, it should be evaluated by the lender that your previous foreclosure had nothing to do with your lifestyle choices, and you weren’t able to prevent it despite exerting your best efforts. This would reduce the waiting time for conventional mortgage loans to three years, and FHA, DA, and VA loans to a minimum of one year.

Getting Your Loan Approved

Lenders wouldn’t want to lend to someone who would likely default again so you would need to take out something to prove that you are creditworthy. There may be differences depending on how your lender interprets the rules. However, below are some guidelines on how to get your mortgage loan approved within the required waiting period:

• Rebuild your credit score. One of the most important considerations is your credit score. Rebuilding your credit score after foreclosure may take time depending on a number of factors such as the number of missed payments you had on your previous mortgage, your credit and payment history, your credit card balances, your credit utilization, and more. Your credit score must be at least 620 for conventional loans and 580 for government-backed loans. However, getting barely above the line might not do. The credit score presented by services that provide credit reports to consumers might be different from your credit score with your lenders by at least 40 to 60 points.
• Prove your job stability. To make sure that you would be able to pay your loans, you will need to demonstrate that you have a stable job. Regular employees with Wage and Tax Statement or W-2 form will get an easier time getting a mortgage after foreclosure as their lenders can verify their income with their employers. However, those with several part-time jobs or self-employed would face harsher requirements.
• Provide documentation. Loan requirements had been stricter since the financial crisis. You need to provide a lot of documents to get approval. Tax returns, payment receipts, bank and brokerage statements, and basically all the things you put on your mortgage application have to be backed by a relevant document.
• Clear previous records. For government-backed loans, you will not get approved if you have previous records on defaulting on any federal financial obligations such as loans from the Federal Housing Administration, Department of Agriculture, Department of Veterans Affairs, Department of Education, Department of Justice and Small Business Administration. Your lender can access the Credit Alert Verification Reporting System (CAIVRS), which lists those who have defaulted on a government-backed mortgage or student loans. Student loans need to be paid fully before getting removed; on the other hand, mortgage loans have a 3-year waiting period.

Looking for solutions on Ventura County mortgage loans? Contact Lefton Realty Group at 805-407-6453. We have a team of local experts to guide you with all your needs.