At last, their first At home Michael Robinson Chavez / Los Angeles Times AT HOME: Hedy Maar and daughters Leylah. A first-time-buyer program helped the Maars to buy their $479,950 Granada Hills home.
Orange County FHA, VA & First Time Buyer Loan Information. The FHA loan program had been the loan of choice in Orange County, CA after the mortgage collapse in 2. With Conventional and non- Conventional loan programs that allowed for small (or $0) down payments quickly disappearing, FHA stepped up. Not only did FHA increase the loan limit in Orange County to as high as $7. But then, in 2. 01.
FHA began to increase the annual mortgage insurance premiums. First to . 5. 5% in April 2. October 2. 01. 0, then 1.
Effective January 14, 2014 First Time Home Buyer Assistance Program - 3 – 12-HOME-8569 – limits, purchase price effective January 14, 2014 Placer County Planning Division 3091 County Center Drive, Suite 140 Auburn, CA 95603 The County will inspect the.
April 2. 01. 1, 1. June 2. 01. 1, and finally to 1.
April 2. 01. 3. At the same time Conventional loan programs (Fannie Mae and Freddie Mac) began to come back into the market with viable low down payment programs. But in 2. 01. 5 FHA has made a move that once again makes it a very competitive loan program. FHA Lowers Annual Mortgage Insurance Premiums in 2. President Obama made the initial announcement on January 7, 2. A $4. 00,0. 00 FHA loan would have a lower monthly mortgage insurance payment by approximately $1. On a $4. 00,0. 00 FHA loan at 1. MIP the old mortgage insurance payment would have been approximately $4.
At . 8. 5% MIP the mortgage insurance payment drops to approximately $2. FHA May Be The Best Choice.
There was a great article in the LA Times titled . For example, FHA is more flexible than Conventional underwriting when it comes to debt to income ratios. Someone who is trying . FHA also has a shorter waiting period after a foreclosure or short sale than standard Conventional requirements.
The lower the FICO score the more it makes sense to choose FHA. For someone looking to buy a condo in Orange County, it will be easier to get financing using a Conventional program than FHA. For a condo to be financed with an FHA loan, the condo project must be on the FHA approved list.
The FHA condo approval list is fairly slim. For example, as of this writing there are only 1. FHA approved projects in the city of Mission Viejo. Costa Mesa also has 1.
Aliso Viejo lists 2. A Side by Side Analysis will help the buyer determine which program (FHA, Conventional, VA, etc) fits best in with their short and long term financial goals. Financing a home will be the biggest financial decision most people will ever make. Making sure you are making an educated decision is extremely important. Authored by Tim Storm, a California Mortgage Loan Officer MLO 2. Direct line at 9.
I will prepare custom FHA and Conventional loan scenarios which will be matched up to your financial goals, both long and short term. I also prepare a Video Explanation of your scenarios so that you are able to fully understand the numbers BEFORE you have started the loan process.
Riverside, California . Your credit score must meet City- established guidelines. You cannot have owned a home in the last three years. You cannot currently own any real property. Loan Terms. Cal. Home funded down payment assistance loans are provided at a three percent simple interest. Repayment is deferred for 3.
Maximum Down Payment Assistance. The maximum amount of assistance cannot exceed $5. Application. Process. Select a lender from the participating lenders list (see attached document).
The lender. will pre- qualify you and submit a package to the City for pre- approval (see attached. Attend a HUD- approved homebuyer education class provided by Fair Housing Council of. Riverside County (9. Neighborhood Housing Services of the Inland Empire, Inc.