A GREAT Loan Program from CFC Mortgage Bankers

Cheryl Whitney, a loan officer for CFC Mortgage Bankers gave me this great loan program information.  This is a GREAT loan option for some condo/townhomes that are NOT FHA approved.  (This loan program also works with Single Family and PUD homes.)

I like this loan program because it is a HIGH LTV loan program, up to 95% LTV.  There is NO M.I. (Mortgage Insurance) on these loans (the M.I. is built into the rate.), and the condo approval process is relatively simple, when doing the appraisal, the complex must meet at least 50% owner occupied.  There is, however, income limits.  Please see attachments for more details or call Cheryl directly.

Also, note the second page for comparisons in monthly payments with similar loan products that DO have M.I. versus this loan product that does NOT.  The rate is actually slightly HIGHER on these loans, but your payment is LOWER.  No M.I. is a BIG DEAL!  Please see my other posts on the NEW M.I. schedule as opposed to the OLD M.I. schedule.  It is a HUGE difference!

Current Real Estate Market Conditions in Southern California

The market conditions in Eastern Ventura County are CRAZY!  Many properties are being bid up as high as $20,000 over list price... sometimes even more.  I have many buyers that have put in offers on various homes, all of which were offers OVER LIST PRICE, only to have been turned down by "All Cash Offers", higher offers, or other terms.  If you are in the market to buy a home, be prepared to do the following two things:

1.  Go see the property as soon as it hits the market.
2.  Submit a SOLID offer along with a Pre-Approval from a reliable lender.

If you have not gotten preapproved, please read some of my other posts.  I can recommend any of the loan officers that have written and distributed information posted on this blog.  If you would like to search for properties, please use the tool at the top right hand side of my blog.  This will take you to my website. The listing information is updated CONSTANTLY.  If you would like specific target areas/price range/beds/baths, etc. directly mailed to your e-mail inbox as soon as they hit the market, please send me an e-mail and let me know what you are looking for.  I can set it up to "auto e-mail" you as soon as it comes out on the market.  I can usually set this up within 24 hours of receiving the request.  Just e-mail me your criteria.

The following is a graph of recent homes for sale, sold and pending.  You can see the number of homes for sale is very low, and the number of homes sold is actually higher than the number of homes for sale - try to figure that one out!  Also note the "Pending" number increase dramatically last month.  This trend may continue if more homes are not brought on the market.  (Note:  This graph represents Single Family Homes, in Moorpark and Simi Valley only.)

 

 

What are we to learn from the current market conditions?  We need listings. I will repeat myself...  If you have been thinking of selling you home, now may be a GREAT TIME to do so.  Home prices are on the rise, and interest rates are still at near record level lows.  If you have been thinking of selling your home, please give me a call.  If you are out of my service area, I have connections to one of the largest Home Relocation Services in the nation, chances are I will be able to help you find an EXCELLENT Real Estate Professional to help you with your needs.  I LOVE MY JOB!  I would love to help you buy/sell/build/flip your next home!  Give me a call/e-mail/text anytime!

 



FHA Loan Overview

The FHA Loan is probably the most popular loan program these days with the low down payment, deductibility of M.I. for tax purposes, and the deflated market conditions, many homes in the Southern California area have fallen back under the conforming loan limits.  The following information gives the basic guidelines of the FHA Loan Program.

Thanks again to Eddie Khatchatourian for the following information on the FHA Loan Program.

FHA

Federal Housing Administration

    

FHA Features:

==============

1.      Up to 96.5% financing is available. 100% of the down payment and closing cost can be a gift.

2.      No prior credit history is required. Alternative credit references can be used (I.e. telephone bills, utility bills, canceled rent checks, etc.)

3.      Debt ratios up to 48% of gross income.

4.      Flexible underwriting with some derogatory credit is O.K.

5.      Very little cash reserves required.

6.      Seller can pay all closing costs, or certain required closing costs.

7.      The maximum loan limit for FHA loan is currently $417,000 and up to $729,750 in

         high cost areas.

8.      One-time up front MIP (Mortgage Insurance Premium) is charged to the borrower. The MIP equals 1.75% of the loan amount and is generally included in the loan.

9.      MMI (Monthly Mortgage Insurance) at approximately 1.35% of the loan amount is assessed monthly to the borrower up to eleven years.

10. Fixed and adjustable rate loans are currently available for FHA loans. The rate of the interest on adjustable can change by no more than 1% per year.

 

Why FHA ???

1.     Low down payment 3.5%

2.     Liberal qualifying ratios

3.     100% gift funds allowed from family member

4.     Multiple Co-borrowers allowed

5.     Choice of programs and interest rates

6.     Only minor seller participation required

 

For More Details or Free Pre-qualifying             For Professional Real Estate Service

                        Please Call                                                             Please Call       

  Eddie Khatchatourian                        Brett Bystrom

      Senior Loan Consultant  Since 1990                                Cell: 805- 338-6560

Cell: 805/444-4619  Office 805/ 413-8404                          BBystrom@troop.com     

        CFC Mortgage Bankers                                             DRE # 01759918                               

      License # 01096950   NMLS # 303892                                       Troop Real Estate Inc.   

                                                                                                                                                                                                                                                                                                                                                                    

New MIP (Mortgage Insurance Premium) Schedule to take effect THIS year - 2013

The new schedule is dramatically different. Instead of cancelling the MIP at 78%, you will pay your MIP for either 11 years or the life of the loan.  OUCH!

Additionally, they are increasing the rate of coverage (or amount) you will pay, so this will be a substantial increase if you are looking for a loan with a high "Loan To Value."

 

Thanks to the MAC Team (Maurice and Cristina) at CFC for this great information.  Please see the flyer below for more information.

 

 

Have you ever wondered how long you must wait after a Foreclosure? Bankruptcy? or Short Sale?

Eddie Khatchatourian of CFC has provided the following GREAT information if you have gone down, or have been thinking of going down one of these avenues.

Please see attachment below.  Thanks Eddie!

Simi PD cell phone crack-down

Community: Simi Valley Police Department to hold zero tolerance distracted driving enforcement operation.

Hi Simi Valley Police Department Subscriber,

Simi Valley, CA – As part of April’s Distracted Driving Awareness Month campaign, the Simi Valley Police Department will be actively ticketing those texting or operating hand-held cell phones on April 3, 8, 15, 16, 19, and 26, 2013. Drivers who break the law and place themselves and others in danger will be cited with no warnings. The current minimum ticket cost is $159, with subsequent tickets costing at least $279. Last April, over 57,000 tickets were written statewide for texting and hand-held cell use. There were nearly 450,000 convictions in 2012. Whether it’s a ticket or a crash, as the campaign theme states, “It’s Not Worth It!”

Distracted driving is a serious traffic safety concern that puts everyone on the road at risk. In recent years, hundreds have been killed and thousands seriously injured in California as a result of collisions that involved at least one driver who was distracted. Nationally, an estimated 3,331 died in 2011. As a result, law enforcement across the state, including the Simi Valley Police Department, are increasingly cracking down on cell phone use and texting. This April will see over 225 local agencies plus the California Highway Patrol conducting zero tolerance enforcements.

“We all know that talking on our cell phones while driving is distracting, but that doesn't stop some people from continuing to do it,” said Simi Valley Chief Mitch McCann. “This effort is intended to educate our community about the dangers of cell phone use while driving. We hope that once people see the statistics and realize the danger involved, they will change their driving habits to help protect themselves, their families, and others on the road.”


Drivers who use hand-held devices are four times as likely to get into crashes serious enough to injure themselves. Younger, inexperienced drivers under 20 years old have the highest proportion of distraction-related fatal crashes. In addition, studies show that texting while driving can delay a driver’s reaction time just as severely as having a blood alcohol content of a legally drunk driver.

Studies also show that there is no difference in the risks between hands-free and hand-held cell phone conversations, both of which can result in “inattention blindness” which occurs when the brain isn't seeing what is clearly visible because the driver’s focus is on the phone conversation and not on the road. When over one-third of your brain’s functioning that should be on your driving moves over to cell phone talking, you can become a cell phone “zombie.”

To avoid a distracted driving ticket or crash, the Simi Valley Police Department offers drivers the following tips:

•Turn off your phone and/or put it out of reach while driving

•Include in your outgoing message that you can’t answer while you are driving

•Don’t call or text anyone at a time when you think they may be driving

Contact Information:
Lt Blair Summey
Traffic Bureau
805-583-6990
bsummey@simivalley.org

For full details, view this message on the web.

Tax Time 2013

Here is some great information for you if you have not yet filed your taxes.

If you need an EXCELLENT Tax Guru, I have a GREAT referral for you:
Larry Noble
M-L Business Services
1965 Yosemite Avenue #105
Simi Valley, CA 93063
805-582-9201


Thanks to Darlene King of CTC for this.