Special offer

ATTENTION LOS ANGELES COUNTY HOME BUYERS: An Affordable Option to Condo Purchases That Doesn’t Have to be FHA Approved – Part 1

By
Mortgage and Lending with Los Angeles & Ventura Counties in CA

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 pre-approved for, you are limited to only considering units that are in FHA approved complexes. 

So many condo complexes have absolutely taken a beating during this down market and as a result, they have lost their FHA approval status.  Once again, getting a condo complex approved with FHA can be a very challenging process. 

 

Now there's another option for condo purchases.  Fannie Mae offers their HomePath program that is specifically designed to help reduce their inventory of foreclosures.  Fannie Mae's HomePath program offers the following benefits to home buyers: 

  • Low down payment (lower than FHA) and variable mortgage terms
  • Flexible credit guidelines
  • No monthly mortgage insurance
  • No appraisal fee
  • Home warranty is included with the purchase at no charge

Right now, there are more than a hundred HomePath condos in Los Angeles county.  From the sandy shores of the South Bay to the rolling hillsides of the Santa Clarita valley, there are available condos just waiting to be purchased. 

Whether you're looking for a place with some spectacular mountain views or something within walking distance to the beach or maybe you just need to be downtown close to work, whatever it is you're looking for, HomePath probably has a condo that's just right for you. 

No more worrying about whether or not its FHA approved and no more stressing out about whether or not it's going to appraise.  These two benefits alone are worth at least looking into what this program has to offer and the eligible properties in the program. 

Today's real estate market and lending environment can be really scary, which is why it's important to get as much information as possible before starting your search.  Finding out more about affordable home loan options and getting pre-approved is an absolute must. 

For more info on how you can qualify for this loan program, contact me, Donne Knudsen of Cobalt Financial Corp, at 805.5278554 or donne4loans@earthlink.net

Stay tuned for Part 2 where I will outline the benefits of this program to the first time investor or the home buyer looking for a vacation and/or second home.

ATTENTION LOS ANGELES COUNTY HOME BUYERS: An Affordable Option to Condo Purchases That Doesn't Have to be FHA Approved - Part 2

Posted by

 

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

 Donne Knudsen

Realtor® - CalState Realty Services

DRE#: 01364050 / NMLS#: 249822 

 

805.2069123

 

E-mail   My Blog  

Serving low-medium income individuals and families as well as first time buyers with both their real estate as well as their mortgage needs including down payment assistance

Los Angeles County  --  Ventura County

© 2010 - All Rights Reserved

Comments (13)

Gene Riemenschneider
Home Point Real Estate - Brentwood, CA
Turning Houses into Homes

Good to know.  Homepath is a nice option for some people. 

Mar 26, 2010 04:09 AM
Cari Anderson
Danville, CA

Donne: I like the Homepath program too - especially for the condos. I haven't seen any on the Fannie site in my area but I think I will check more often just to see what the condo situation is in my area. Great post!

Mar 26, 2010 04:31 AM
Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

Interesting option for condos.  Will have to look into it locally.  Thanks for the heads up.

Mar 26, 2010 05:00 AM
Carol Lee
Dilbeck Real Estate - Oak Park, CA
Realtor - Agoura, Oak Park, Westlake CA Homes

donne is there much out there in Ventura county??

Mar 26, 2010 05:17 AM
Carol Lee
Dilbeck Real Estate - Oak Park, CA
Realtor - Agoura, Oak Park, Westlake CA Homes

donne is there much out there in Ventura county??

Mar 26, 2010 05:17 AM
Donne Knudsen
Los Angeles & Ventura Counties in CA - Simi Valley, CA
CalState Realty Services

Gene - At first, I didn't find HomePath all that beneficial for the owner-occupied purchasing a primary residence.  However, lately with so many condo's losing FHA status, the condos eligible for FHA buyers are becoming fewer and fewer.  For the condo buyer, HomePath may be their only option.  Besides which, LA county has so many now and more and more are hitting the market all the time.

Cari - For awhile there, LA county didn't have a lot of condos to choose from but over the last few months, so many more have hit the market.  As I explained, for many condo buyers, HomePath is their only option because the number of FHA approved condos are a lot less now.

Tammy - Here in LA county, we have so many HomePath condos and some of them are really nice so for the condo buyer it is a great option.

Thx for stopping by everyone; I really appreciate it.  Have a good day and a wonderful weekend.

Mar 26, 2010 05:22 AM
Donne Knudsen
Los Angeles & Ventura Counties in CA - Simi Valley, CA
CalState Realty Services

Carol - Unfortunately, there's not much in the way of condos in Ventura county but I'll forward those onto you just so that you know where they are.

Thx for stopping by Carol and I'll talk to you later.  :)

Mar 26, 2010 05:24 AM
Wendy Rich-Soto, Realtor/Broker Associate
Keller Williams Realty, LA Harbor - San Pedro, CA
Getting you to your next with a zero failure rate!

Donne,

 

Wow!  Great post!  There are tons of Home path condos that are popping up!  Two more in a certain part of Long Beach just this afternoon!  Great opportunity for those buyers that are having a hard time going FHA.

 

Wendy  :-)

Mar 26, 2010 10:26 AM
Sidney Kutchuk - Realty Works Temecula Kutchuk - Realty Works Temecula
Realty Works Temecula - Temecula, CA
Realty Works Temecula

Donne:  Tell us the best way to write offers on these - maybe you could make that part three.....When ever I write an offer on one of these I learn something new.   For instance, buyer has to pay for all escrow fees, correct???  Or was I mis-informed?   Also, I was told by a listing agent they don't like VA offers????   This may be due to VA non-allowables?

Mar 28, 2010 07:58 AM
Donne Knudsen
Los Angeles & Ventura Counties in CA - Simi Valley, CA
CalState Realty Services

Wendy - In LA county, we currently have something like 125 HomePath condos right now.  But as we know, these properties can go even more quickly than other condos because the complexes don't have to be qualified and the other benefits of no MI and no appraisal. 

It's a good thing that new ones are hitting the market everyday.  However, buyers need to act just as quickly (maybe even quicker) on these properties as they would other properties.  Hopefully, we can get our new buyer into escrow on one of these really soon.

Jane - Thx for the great tip; i think I'll do that but it will have to be part 3 because I've already written part 2 and am getting ready to post it shortly.  Stay tuned though because I will take you up on that suggestion.

Thx for stopping by ladies; I really appreciate it.  Have a good Sunday.  :)

Mar 28, 2010 10:14 AM
Donne Knudsen
Los Angeles & Ventura Counties in CA - Simi Valley, CA
CalState Realty Services

Wendy - In LA county, we currently have something like 125 HomePath condos right now.  But as we know, these properties can go even more quickly than other condos because the complexes don't have to be qualified and the other benefits of no MI and no appraisal. 

It's a good thing that new ones are hitting the market everyday.  However, buyers need to act just as quickly (maybe even quicker) on these properties as they would other properties.  Hopefully, we can get our new buyer into escrow on one of these really soon.

Jane - Thx for the great tip; I think I'll do that but it will have to be part 3 because I've already written part 2 and am getting ready to post it shortly.  Stay tuned though because I will take you up on that suggestion.

As for VA offers, I don't know any listing agents or their sellers that want to accept VA loans, at least not around here.  It's really sad too because vets need some of the most help around here.

Thx for stopping by ladies; I really appreciate it.  Have a good Sunday.  :)

Mar 28, 2010 10:14 AM
Jane Peters
Home Jane Realty - Los Angeles, CA
Los Angeles real estate concierge services

Interesting, Donne, I will have to look this up.

Mar 28, 2010 01:04 PM
Donne Knudsen
Los Angeles & Ventura Counties in CA - Simi Valley, CA
CalState Realty Services

Jane - It's a very specialized program that's not for everyone but for those that it serves, it is one of the best programs they have to purchase a home here in LA county.

Thx for stopping by; I really appreciate it.

Mar 28, 2010 04:01 PM