First-time buyers in Los Angeles County will notice a key difference between conventional loans and FHA loans.  FHA loan guidelines allow the home buyer to receive 100% of the down payment and closing costs as gift regardless of your income.  Conventional loans do not allow gifted funds to close.  They must be 100% verifiable borrower funds.  Most conventional loans [...]

President Obama has signed a bill that extends the tax credit for California first-time homebuyers (FTHBs) into the first half of 2010. This program had been scheduled to expire on November 30, 2009 for FHA FTHB’s. In addition to extending the tax credit of up to $8,000 through June 30, 2010, the extension measure also [...]

FHA loans are the most popular loans in California.  According to Burns Real Estate Consulting in Irvine,  59% of new-home buyers are using government backed loans .  FHA loans in Los Angeles and San Bernardino County have long been annecdotally credited with the Southern California housing recovery.  Now the data is in.  That means that less than half [...]

California FHA Streamline loans will have dramatic new rules.  Effective with case numbers assigned on and after November 17, 2009, several revisions to the FHA Streamline Refinance Program will go into effect.  For those that may think doing FHA home loans in Los Angeles, Orange and Ventura Counties is easy, read below! Seasoning  -At the time [...]

Numerous statistical reports are out today regarding the financial health of the Federal Housing Administration’s mortgage insurance reserve holdings accounts.  If on shaky ground, how does this affect California FHA mortgages, Los Angeles County FHA mortgages and San Bernardino County FHA mortgages?  You can decipher these reports with an economist’s “chicken little” eye glasses on, or regardless [...]

First-time homebuyers (FTHB) are using FHA loans all across California.  Popular counties are Los Angeles, San Bernardino, Ventura and Kern.  In this great real estate environment FHA loans are in use from Bakersfield  to Claremont and Oxnard to Upland. Home affordability is at an all time high with low interest rates and declining home prices. [...]

If you are purchasing a foreclosure anywhere in California, especially in Los Angeles County or San Bernardino County, your best bet for rehabilitation of the property is to get an FHA 203-k loan.  For many, buying a foreclosed property can present certain challenges: Challenges: Sale is “As Is” Seller is not willing to fix or provide repairs Standard [...]

The trouble with FHA loans in California;  Los Angeles, Ventura and San Bernardino Counties included, is that there are still many people who misunderstand FHA.  Even realtors in Claremont, Glendora, La Verne, Pomona have misunderstandings about FHA guidelines.  FHA is not technically a loan, it is a mortgage insurance entity sponsored by the government.  As [...]