Park Estates/Bixby Hill/Los Altos (90815 Long Beach, CA) Home Loans
The 90815 zip code of Long Beach, CA encompasses Park Estates, Bixby Hill, and Los Altos. Known as mostly a suburban community of single family homes, the 90815 zip code offers a great lifestyle with close proximity to major city centers, good schools (including CSULB), and nice lot sizes. The 90815 zip code is outside of the allowable USDA loan areas but there are plenty of mortgage programs available - including conventional loans, FHA, VA, Jumbo Loans, and other portfolio/niche products
In the calendar year 2016, 379 single family homes sold in the 90815 zip code. On average, these properties sold for $689,750 and were on the market for just 52 days. Residents enjoyed roughly 9% appreciation in 2016, evidencing an in-demand market.
2016 also saw the sale of 85 condo/townhome properties and these properties averaged a price of $369,900. Condo/townhome properties in the 90815 zip code didn't stay on the market long, with an average days on market at just 64 days.
Park Estates/Bixby Hill/Los Altos (90815) FHA Loans
Los Angeles county boasts the highest available loan limits in the contigious US through HUD's FHA loan program, so those looking to buy a home in the 90815 zip code with an FHA mortgage can borrow up to $636,150 for the purchase of a single family home (multi-units have even higher loan limits). The benefits of an FHA loan are that buyers in and around Park Estates/Bixby Hill/Los Altos only need a 3.5% down payment, and with the ability to get up to 6% sellers assistance, buyers need not have a tremendous amount of assets to buy a home here.
The FHA loan program is flexible on credit history and offers low rates to those with less than perfect credit. FHA loans are also assumable, which is a tremendous benefit to home owners should they decide to sell in a higher interest rate environment.
The one downside to the FHA program is the PMI. PMI is now a permanent fixture for FHA loans, present on a 30 year mortgage loan until the loan has been paid off in full.
Park Estates/Bixby Hill/Los Altos (90815) Conventional Loans
Conventional Loans are another great option for buyers in the 90815 zip code & the surrounding Long Beach marketplace. Since Los Angeles county is considered by Fannie mae to be a high cost area, they have a maximum loan limit higher than many other areas of the country. Conventional loans can be obtained in Park Estates/Bixby Hill/Los Altos up to $636,150 with just 5% down (or 3% for first time buyers).
Conventional loans require a minimum 3% down payment, and with less than 20% down, buyers will be subject to PMI. For those with good credit, LPMI is an option to keep monthly payments low. Conventional loans offer very low rates, and are tiered based on credit and down payment amount (for example, a buyer with perfect credit and a large down payment would see a better rate than a buyer with average credit and a small down payment). Conventional loans also allow for sellers assistance. With less than 10% down, a seller can contribute 3% of a purchase price toward a buyers closing costs. With more than 10% down, that limit is raised to 6%.
Note for Cash Buyers: Those looking to buy a home with cash can also take advantage of a conventional loan's 'delayed financing' feature.
Other Mortgage programs for Park Estates/Bixby Hill/Los Altos (90815) home buyers
VA loans are available for eligible veterans looking to buy in the 90815 zip code and other areas of Los Angeles county. The county loan limit for VA loans is $625,500. Since VA loans finance up to 100% of a home purchase and also allow for sellers assistance an eligible veteran can buy a home in Park Estates/Bixby Hill/Los Altos with little or no money out of pocket.
Jumbo loans are loans that exceed the caps established by Fannie Mae, Freddie Mac, FHA, USDA, and VA programs. In the 90815 zip code, jumbo loans are available up to $10 million and program LTVs and guidelines vary by our lenders. One of our most popular jumbo products is a 10% down jumbo loan up to $750,000 with NO PMI. Jumbo loans offer luxury buyers the opportunity to borrower large amounts of money at rates similar to conventional programs.
Portfolio 'Niche' Products are products tailored to a specific type of borrower. Many niche products favor high net worth buyers, investors, or foreign buyers. Some of our most commonly used niches are bank statement for income products, asset depletion loans, foreign national loans, and buyers with more than 10 financed properties.
If you have questions on a loan product or program, you can get an immediate answer by asking here.
Park Estates/Bixby Hill/Los Altos offer a great opportunity to live in a suburban setting with close proximity to downtown LA, the beach, downtown Long Beach, and the nearby San Gabriel mountains. If you're interested in buying or selling homes in the 90815 zip code or the surrounding areas, I'd strongly suggest speaking to Jon Kolsky of Kolsky Realty. Jon is a local market expert, has excellent negotiating skills, and provides a much higher level of service than is common in today's Real Estate industry.
If you have questions on a mortgage in 90815 or the surrounding areas, give me a call at 949.247.7530 or ask an expert here. I specialize in residential purchases AND refinances for everyone from the first time home buyer to the seasoned investor.