los angeles county: ATTENTION LOS ANGELES COUNTY FIRST TIME BUYERS: Totally Rehabbed NSP Eligible Home Available for Up to $75,000 in Down Payment Assistance
- 06/02/10 10:34 AM
A few months ago, I posted that the Los Angeles Housing Department (LAHD) was making some changes to their Neighborhood Stabilization Program (NSP) by utilizing their NSP funds to purchase and rehab foreclosed properties in NSP eligible areas.
ATTENTION LOS ANGELES COUNTY FIRST TIME BUYERS: Stop Getting Beat Out by the All-Cash Investor
It's taken nearly four months for this change to come to fruition but Restore Neighborhoods in Los Angeles (RNLA) has finally finished rehabbing the first of many properties that are now eligible for purchase from NSP eligible buyers.
No more competing with the all cash investor for … (7 comments)
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los angeles county: HERO PROGRAM EXPANDS ELIGIBLE AREAS IN LOS ANGELES COUNTY - MONTEBELLO
- 06/01/10 08:30 AM
MONTEBELLO, CA - The name, Montebello, which means beautiful hill in both Italian and Spanish, was originally an agricultural community. However, with the discovery of oil by Standard Oil Company, it brought about a revolutionary change and the agricultural hills soon became a major contributor to oil production. Soon its oil fields were producing one-eighth of the crude oil produced in CA.
Montebello is located a few miles east of downtown Los Angeles and is host to one of the area's best-loved attractions: the Grant Rea Park, which houses the Montebello Barnyard Zoo.
The Montebello Zoo is a family … (3 comments)
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los angeles county: UNDERWRITING REALLY ISN’T THAT MYSTERIOUS BUT IT’S NOT STANDARD BY ANY MEANS EITHER - Part 3
- 05/28/10 07:42 AM
In Part 1 and Part 2, I discussed the trials and tribulations of getting financing for a condo purchase as well as some of the problems with verifying a borrower's employment. In Part 3, I want to address something that Ralph Gorgoglione had asked about in his post and that was the new documentation requirements for FHA.
The truth is that there isn't really any new documentation being requested by just FHA (except in property flips) but to those Realtors who are not familiar with an FHA transaction, the additional documentation required by FHA may seem like new documentation requirements.
While there … (12 comments)
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los angeles county: HERO PROGRAM EXPANDS ELIGIBLE AREAS IN LOS ANGELES COUNTY – SAN FERNANDO
- 05/24/10 09:58 AM
First Time Buyers Can Receive up to $75,000 in Down Payment Assistance for Eligible Homes in San Fernando
SAN FERNANDO, CA - For the valley north of the city of Los Angeles, it would be aptly named after the first annexed city in the valley, San Fernando. As fate would have it, San Fernando is also one of the smallest cities in the valley with nearly 25,000 residents.
As you enter the City of San Fernando along picturesque, palm-lined Boulevard's, is a vibrant center of manufacturing and commerce. On the hilltops of San Fernando is a sweeping view of the valley … (3 comments)
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los angeles county: UNDERWRITING REALLY ISN’T THAT MYSTERIOUS BUT IT’S NOT STANDARD BY ANY MEANS EITHER - Part 2
- 05/21/10 04:50 AM
In Part 1, I discussed the trials and tribulations of trying to buy and/or sell a condo in a complex where the homeowners association (HOA) is in severe financial and legal distress and how underwriting a mortgage loan package doesn't have to be this top secret process shrouded in mystery that no one but underwriters and MLO's are privy to.
While there may be a lot of lenders and even MLO's who may want you (Realtors & borrowers) to think that you aren't allowed to know what really goes on "in underwriter", I'm not one of those people.
I think it's … (40 comments)
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los angeles county: HERO PROGRAM EXPANDS ELIGIBLE AREAS IN LOS ANGELES COUNTY – LAWNDALE
- 05/15/10 06:08 AM
First Time Buyers Can Receive up to $75,000 in Down Payment Assistance for Eligible Homes in Lawndale
LAWNDALE, CA - As one of the last cities to be annexed as part of the South Bay of Los Angeles County, Lawndale is also the smallest city in the South Bay.
With only approximately 30,000 residents, Lawndale has always maintained a small town feel to it (as compared to its more populous neighboring cities).
Lawndale is a "young professionals" town with a median age of 29yrs and more than half the residents working in professional occupations (managerial/professional/sales). This makes Lawndale a great place … (6 comments)
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los angeles county: HERO PROGRAM EXPANDS ELIGIBLE AREAS IN LOS ANGELES COUNTY – GARDENA
- 05/11/10 08:59 AM
First Time Buyers Can Receive up to $75,000 in Down Payment Assistance for Eligible Homes in Gardena
GARDENA, CA - With the distinction of being located in the center of transportation access, Gardena is a short commute from not only LAX and the Long Beach Airport but to most of the ports of LA, Long Beach and San Pedro as well.
Gardena boasts easy access to every major Los Angeles County freeway, the 405, 105, 710, the 110 and the 91 freeway too. Gardena has one of the most envied locations in the South Bay as a key point on the … (5 comments)
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los angeles county: HERO PROGRAM EXPANDS ELIGIBLE AREAS IN LOS ANGELES COUNTY – TORRANCE
- 05/07/10 11:10 AM
First Time Buyers Can Receive up to $75,000 in Down Payment Assistance for Eligible Homes in Torrance
TORRANCE, CA - Located along the Pacific Coast of Los Angeles County, Torrance is the heart of the South Bay. Having grown up just north of Torrance (Santa Monica), I can remember when I was a kid visiting with family that lived in Torrance as well as neighboring Palos Verdes.
Back then (circa late 60's and 70's), Torrance was a really small community that was more well known for its shopping, oil rigs and employers (some of the biggest in the area for … (5 comments)
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los angeles county: BIG MISTAKE: mentioning repairs on or with purchase agreement. Underwriters will kill deal.
- 05/06/10 03:11 AM
After reading Pacita's post, I completely sympathized with her situation. As a mortgage gal, I have seen this happen so many times before and as Pacita points out hindsight is a great learning experience.
I always try to help my current borrowers learn from my previous experiences by strongly suggesting that they not make repairs a part of the purchase agreement. Some will listen and some won't.
On another note, Pacita's last comment had me LMAO. UNDERWRITERS USING A DOLLOP OF COMMON SENSE - SERIOUSLY? Still LMAO!
Does this make sense? Even if there's even a HINT in the contract … (9 comments)
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los angeles county: HERO PROGRAM EXPANDS ELIGIBLE AREAS IN LOS ANGELES COUNTY – GLENDALE
- 05/04/10 01:27 PM
First Time Buyers Can Receive up to $75,000 in Down Payment Assistance for Eligible Homes in Glendale
GLENDALE, CA - Bordering the Verdugo Mountains to the north and Burbank to the west, Glendale is a huge city that is twice the size of Burbank in both land and population. Sprawling across the east San Fernando valley, Glendale has become a metropolis of commerce and entertainment.
Surrounded by several major freeways, Glendale is home to many of the largest employers in the valley as well as some of the prime entertainment and shopping destinations in the county. The newest being the Americana … (2 comments)
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los angeles county: HERO PROGRAM EXPANDS ELIGIBLE AREAS IN LOS ANGELES COUNTY – BURBANK
- 04/27/10 03:12 AM
First Time Buyers Can Receive up to $75,000 in Down Payment Assistance for Eligible Homes in Burbank
BURBANK, CA - I love Burbank and not just because my darling hubby was born and raised there and not because my beloved Papa Jack (pictured) and Mama Jules still live there, just north of downtown, up by Stough Park. I actually like going out to the valley on the weekends to visit with the folks as well as other family members.
Coming out on the Ronald Reagan 118 freeway, it's an extraordinary view seeing Burbank sprawled across the valley floor nestled between the … (0 comments)
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los angeles county: FREDDIE MAC AUCTIONS OFF REO'S TO FIRST TIME BUYERS: Auctions in Las Vegas and SoCA Help NSP Buyers Achieve Homeownership
- 04/05/10 05:39 AM
I subscribe to the daily webcasts of Think Big, Work Small (TBWS), which is hosted by these two guys, Brian Stevens & Frank Garay. TBWS was founded a couple of years ago by a bunch of real estate and mortgage people who wanted to teach others in the business how to work smarter to grow their business.
Today's video was especially interesting because there was a segment on Freddie Mac's REO inventory and how Freddie Mac is going to be auctioning off these properties to low-medium income, first time home buyers utilizing NSP down payment assistance funds.
The first two auctions are … (11 comments)
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los angeles county: ATTENTION LOS ANGELES COUNTY FIRST TIME BUYERS: New HERO Program Offer More Eligible Areas for Down Payment Assistance
- 03/31/10 08:37 AM
ATTENTION LOS ANGELES COUNTY FIRST TIME BUYERS: New HERO Program Offer More Eligible Areas for Down Payment Assistance
Last year, the Los Angeles Community Development Commission (LACDC) launched their new Housing Economic Recovery Ownership (HERO). The HERO Program was designed to offer financial assistance to first-time homebuyers in purchasing a vacant, abandoned and foreclosed home located in designated census tracts.
The HERO program offers eligible applicants interest free loans for up to $75,000. Payments for these "silent seconds" are deferred until the home is sold, refinanced, title transferred or no longer owner occupied. In other words, you don't have to pay back … (9 comments)
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los angeles county: California First Time Buyers May Actually Qualify for Up to $18,000 in Tax Credits
- 03/29/10 05:41 PM
Last week, Governor Schwarzenegger signed the CA Homebuyer Tax Credit legislation, into law. The CA Homebuyer Tax Credit will provide $200 million in tax credits, allocating $100 million for qualified first-time home buyers of existing homes and $100 million for purchasers of new, or previously unoccupied, homes.
The eligible taxpayer who purchases a qualified personal residence on and after May 1, 2010, and on or before Dec. 31, 2010, or who purchases a qualified principal residence on and after Dec. 31, 2010, and before Aug. 1, 2011, pursuant to an enforceable contract executed on or before Dec. 31, 2010, will be … (13 comments)
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los angeles county: ATTENTION LOS ANGELES COUNTY HOME BUYERS: An Affordable Option to Condo Purchases That Doesn’t Have to be FHA Approved – Part 2
- 03/28/10 03:11 PM
An Affordable Option to Condo Purchases That Doesn't Have to be FHA Approved
In Part 1, I explained the benefits of the HomePath program for those wanting to purchase a HomePath condo for their primary residence.
In Part 2, I want to explain the benefits of the HomePath program for those looking to purchase a condo for a second and/or vacation home or those looking to purchase their first investment property.
As I explained in Part 1, purchasing a condo these days has become incredibly challenging. For the second/vacation home buyer or the first time real estate investor, financing a … (4 comments)
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los angeles county: ATTENTION LOS ANGELES COUNTY HOME BUYERS: An Affordable Option to Condo Purchases That Doesn’t Have to be FHA Approved – Part 1
- 03/26/10 04:08 AM
An Affordable Option to Condo Purchases That Doesn't Have to be FHA Approved
You've applied for a mortgage, you've provided all of your documentation and you've been pre-approved for a loan. However, based on what you've been pre-approved for, all you can afford to purchase is a condo.
That's ok though, you don't need much and you just want to be able to buy your own place so that you can stop throwing your money away on rent - right?
Unfortunately though, purchasing a condo these days has become incredibly challenging. Based on the FHA loan that you've been … (13 comments)
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los angeles county: Top 10 Things I Wish Someone Would Have Told Me When I Bought My First House
- 03/22/10 06:22 AM
As a fellow mortgage gal, I really enjoy reading Janet Guilbault and her wonderful posts. She's a great writer and I really like her style; she has such a wonderful way of getting her point across
Her latest post of the top 10 things that first time buyers need to know is no exception. I want to pass this along to my first time buyer clients as well as other first time buyers here in Los Angeles and Ventura counties. ENJOY!
1. You are 25 years old. In 15 years, you will be 40 years old. Wouldn't you like to have … (5 comments)
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los angeles county: A Lender’s Appraisal Does Not Care About Your Upgrades
- 03/01/10 07:36 AM
Having seen this post a few weeks ago, it reminded me of so many dicussions I have had in the past regarding this topic.
Once again, just five minutes ago, I had to tell yet another Realtor that just because some seller put in $30,000 worth of upgrades in his home doesn't mean that his home is worth $30,000 more than that run-down, dilapidated, dumpy, foreclosure down the street.
SORRY MR. SELLER AND YOUR LISTING AGENT! Your property's value will be based on the comps in the area regardless of how much nicer you think yours is.
Do you feel that pricing … (6 comments)
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los angeles county: THE GOOD, THE BAD & THE UGLY: Underwriting Conditions Gone Crazy - Part 3
- 02/21/10 06:31 AM
In Part 1, I explained what underwriting conditions were and in Part 2, I discussed how verifying that a borrower has the funds to close escrow can go from good to bad to ugly without the proper documentation.
There are several areas of the transaction that can be a source of grief when it comes to conditions; way too many to list in this post but I will touch on just a couple of issues of verifying income.
For example, when verifying income there are definitely some borrowers that are more challenging than others. Below are just some examples of how … (16 comments)
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los angeles county: ATTENTION LOS ANGELES COUNTY FIRST TIME BUYERS: Stop Getting Beat Out by the All-Cash Investor
- 02/15/10 09:28 AM
Last summer, the Los Angeles Housing Department (LAHD) rolled out their Neighborhood Stabilization Program (NSP). This was a program that was specifically designed for low-medium income, first time buyers to utilize federal funds to purchase foreclosed properties in federally designated areas in LA county that have been hard hit by foreclosures.
Initially, I thought this program would go from 0-60 in no time with the high percentage of LA county first time buyers looking to purchase the incredibly priced foreclosures that were saturating LA county.
However, after spending the first few months trying to get several of my low-medium income, … (10 comments)
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