orange county fha: Advantages of Refinancing out of an FHA Loan - 08/12/13 03:44 PM
 
The FHA loan program is a great way to buy a home in Orange County, CA. FHA allows for a low down payment and fairly flexible qualifying. However, it does come with a price. The Monthly Mortgage Insurance, which was fairly low a few years ago has nearly tripled in the past 24 months. The good news is that the housing market is staging a recovery which has pushed property values to levels that are now making it possible to refinance into a Conventional loan and drop the mortgage insurance altogether. The best way to find out if a refinance … (0 comments)

orange county fha: Orange County, CA FHA Loan Limits Reinstated to $729,750 through 2013 - 11/22/11 06:34 AM
The FHA loan limits for Orange County, CA had temporarily dropped from $729,750 down to $625,500 on October 1, 2011. But on Friday, November 19, President Obama signed a new bill that reinstates the higher loan limits for FHA loans in high cost areas, like Orange County and Los Angeles County. FHA, which only requires a 3.5% down payment, offers a solution for families with enough earning power to afford the payment on a $729,750 loan, but haven't a 20% down payment.
Purchase an Orange County Home for $750,000 with 3.5% Down PaymentWhile a typical Conventional (Fannie Mae or Freddie Mac) loan … (0 comments)

orange county fha: Basic Requirements for an FHA Loan in Orange County, CA - 09/12/10 05:11 AM
An FHA loan is a great way for Orange County home buyers to purchase a home with minimal down payment. FHA only requires 3.5% down payment and that down payment can be a gift or come from a 401K. Because of the benefits FHA has over other types of financing, many times homebuyers are under the mistaken impression that there must be strict qualifications for an FHA loan. So what does it take to qualify for an FHA loan?
Income Requirements for an FHA LoanHaving a verifiable source of income is a good start. There are no income limitations or "maximum's", which … (0 comments)

orange county fha: New Appraisal Ordering Process for FHA Loans and its Effect on Orange County Home Buyers - 02/15/10 06:14 AM
The new appraisal ordering process for FHA loans will have some affect on Orange County home buyers using FHA financing. The details of the new FHA appraisal ordering process were issued in Mortgagee Letter 2909-28.
FHA's Version of HVCC
in mid 2009 HVCC went into effect for conventional Fannie Mae and Freddie Mac appraisals. HVCC stands for Home Valuation Code of Conduct. While not a popular decision, the HVCC policy took the appraisal ordering process out of the hands of the loan officer. AMC's, or Appraisal Management Companies, are now how appraisals are ordered. The loan officer is not allowed to talk to … (0 comments)

orange county fha: Orange County First Time Home Buyers and FHA Financing on Condo's - 02/06/10 01:37 PM
With the recently changed FHA rules for condo financing, it has become a little more difficult for Orange County first time home buyers wanting to buy a condo. FHA recently made big changes to the condo approval process while at the same time eliminating the Spot Approval program.
First, a little background information on FHA financing and condo's. FHA has, for many years, required that condo projects be "approved" before allowing financing within the project. In the 70's and 80's, and even the early 90's, when a project was being built, the builder pay the expense of getting the new project approved, … (0 comments)

orange county fha: Orange County Home Buyers will Benefit from Extended and Expanded Home Buyer Tax Credit - 11/11/09 10:55 AM
Its official! Orange County, CA homebuyers will have more time to purchase a home and take advantage of the First Time Home Buyer Tax Credit. Set to expire on November 30, 2009, the tax credit was just extended through June 30, 2010, and includes some important revisions. Also, the tax credit is not just for first time buyers anymore. Move up buyers can get a tax credit of up to $6,500.
Orange County First Time Buyers
The tax credit can be as high as $8,000, or 10% of the purchase price, whichever is lower. Since there aren't many homes under $80,000, 99% of … (0 comments)

orange county fha: Extension on First Time Buyer $8,000 Tax Credit is on Horizon for Orange County Home Buyers - 11/05/09 04:11 AM
On November 4 the Senate voted to extend to First Time Buyer Tax Credit, which would be a big boost for Orange County home buyers. The current tax credit program is set to expire on November 30, 2009. Deals that are currently in escrow are "under the gun" to close by the end of the month. That is a scary proposition, considering the delays that cause many escrow to close late. Throw in Thanksgiving cutting into the last week of the month, and there couldn't be a worse time to end a Tax Credit program that many buyers are counting on.
A … (2 comments)

orange county fha: Why Orange County First Time Home Buyers Need to Get PreApproved for an FHA Loan - 06/28/09 11:07 AM
The first thing an Orange County First Time Home Buyershould do is get PreApproved for an FHA loan. (If you are eligible for $0 down VA, then PreApproved for a VA loan.) Too many times new home buyers, even move up home buyers, begin the home buying process by looking for homes and then even making an offer before talking to a lender. That can be a tempting thing to do. Who wouldn't want to check out homes in some of the cities of Orange County such as Placentia, Brea, or Fullerton? FHA financing can buy a great home in Placentia. … (0 comments)

orange county fha: Orange County FHA Mortgage Interest Rates - On The Move - 06/09/09 10:13 AM
In Orange County, homebuyers are finding out how quickly interest rates can go up. After several bad days for Mortgage Backed Securities, FHA interest rates have increased anywhere from .5% to 1% just in the last 10 days. Interest rates had dipped as low at 4.5% for FHA loans under $417,000 and 5% for FHA loans over $417,000 up to $729,750. Now rates are ranging from 5.5% to 5.75% for loans under $417,000 and 5.75% to 6% for FHA loans over $417,000.
How Much Will this Effect Orange County First Time Home Buyers?
For most people, the increase will have very little effect on what … (0 comments)

orange county fha: 6 Reasons an Orange County Home Buyer Should get an FHA Loan When Buying a Home - 03/21/09 11:46 AM
FHA financing has become the primary way to finance the purchase of a home when the buyer has less than 20% for down payment. Why is this? And who should get an FHA loan? There are numerous reasons, but below are some of the primary advantages that FHA financing has versus Conventional (Fannie/Freddie) financing.
FHA only requires 3.5% down payment. In California, a "declining market" state, the minimum down payment is generally 10%, though a buyer using Conventional financing with 10% down better have a 740 FICO. The down payment can be "all gift" with FHA. With general Conventional guidelines, a buyer would … (1 comments)

orange county fha: How Much Will Orange County, CA Home Purchase Power Increase with a Drop in Interest Rates? - 12/04/08 11:52 AM
So how much of a difference will a significant interest rate drop make for Orange County, CA home buyers? For some people it will be a mean lower payment. For others, the increased buying power will afford them a better home, extra bedroom, bigger yard, or whatever it is that will meet a home buyers needs.
It is estimated that a .5% drop in interest rates will result in approximately a $15,000 to $25,000 higher purchase price without increasing the monthly payment, depending on the actual purchase price the buyer is targeting.
Below are 3 scenarios, each based on an FHA loan, which only currently only … (1 comments)

orange county fha: Orange County Mortgage PreApproval - FHA and Conventional Loans - 12/01/08 05:54 PM
What is the difference between getting a PreQualification versus PreApproval? Why do I need either? I hear these questions quite a bit. There are very good reasons why a potential home buyer would want to get PreApproved, and there are important differences between a PreQualification and a PreApproval.
PreQualification
A PreQualification is based on verbal information received from a borrower, many times just over the phone. Answers to questions such as:
What do you do for work? How long have you worked for your current employer? Are you paid hourly or on salary? Full time, 40 hours per week? Overtime or bonuses? How much … (1 comments)

orange county fha: The FHA 203K Streamline is a Great Loan Program for Orange County, CA Home Buyers - 11/27/08 03:42 AM
The 203K program has been around for a while, but a few years ago the "Streamline" version of the program was released by HUD. The 203K is a Rehab loan program. The more popular "Streamline K" program is good for up to $35,000 in improvements. When this is combined with the fact that you can buy a home with an FHA loan with only 3% down (will be 3.5% in 2009) and then get an additional $35,000 to improve the home, the program really stands out as something to be considered.
This program is not just for purchasing a home. It can also be … (1 comments)

orange county fha: Two Great Reasons to Purchase an Orange County, CA Home Before January 1 - 11/25/08 04:57 PM
It's that time of the year once again. Time to decide if you will put that home purchase you've been planning off until after the holidays, or try to close escrow on a home before the end of the year. This year there are a few things to consider that may push you to take action now.
The Jumbo FHA limits are going away. The good news for many Orange County home buyers is that the new FHA limit will still be fairly high at $625,500, but the temporary limit of $729,750 is about to expire. Any buyer who is shopping … (0 comments)

orange county fha: FHA Loan - 5 Reasons Why an Orange County Home Buyer Would Choose over a Conventional Loan - 11/23/08 12:01 PM
Since the temporary increase in FHA limitsin March, and now with the permanent increase to $625,500 for Orange County, CA FHA loans, FHA has become a very popular loan program for home buyers. FHA was always a good program, but the limits were always too low. Now that the loan limits are equal to the Conforming loan limit, it is a good time to take a closer look at FHA.
FHA is not just for First Time Buyers
I've found that some of my clients thought FHA was only for First Time Buyers. But that is not the case. Anyone can buy a … (1 comments)

orange county fha: Orange County FHA Lenders are Already Transitioning to the new FHA Limits! - 11/16/08 09:39 AM
At least in my office, on November 14 we began getting new pricing for FHA loans that previously would have been priced as FHA Jumbo. In Orange County, CA, any FHA loan that was greater than $362,790 was considered FHA Jumbo and was priced almost .5% higher in interest rate. I actually have a new home buyer I'm working with who fell into that category. Their loan amount is just under $415,000. On November 12 I was quoting them an FHA Jumbo rate but told them I expected (hoped) is would be better with the new limits being activated. Two days … (1 comments)

orange county fha: FHA is Becoming the Loan of Choice for First Time Buyers in Orange County, CA - 11/10/08 11:59 AM
FHA has become the loan of choice for not only First Time Buyers, but any home buyer who has less than 10% for down payment. FHA only requires 3% (3.5% as of 1/1/2009) down, although that will change on January 1, 2009 to 3.5%, still a small amount compared to a Conventional loan.
Also, FHA is flexible on the source of the down payment. It can , or course from the checking or savings account of the buyer. It can also come from a 401K, however on a Fannie Mae or Freddie Mac loan, if the a loan from a 401K is … (2 comments)

orange county fha: Orange County FHA Limits Annouced by HUD - 11/09/08 07:09 AM
HUD just released MORTGAGEE LETTER 2008-36  which listed the new FHA loan limits for Orange County, CA. The new limit is $625,500, which is good news. This new limit will be effective for FHA case numbers issued after January 1, 2009. The currently temporary limit of $729,750 will go away, but that shouldn't be much of an issue since very few FHA loans have closed at a loan amount anywhere near $729,750. As a metter of fact, mpst FHA loans, even in Orange County, have been under the old limits of $362,790. Part of the reason for this may be a pricing … (0 comments)