Recently, I bought a home in Orange County – my first. Like most first-timers, I really didn’t know what to expect. But it wasn’t long before my uncertainties began to vanish. That’s because I had a super Realtor there with me every step of the way. Angie Weeks really knew the ins and outs of the Orange County Real Estate marketplace. And she was there all the time with lots of advice and support. I always felt I had somebody on my side. Angie definitely went above and beyond what I had ever expected. I have a lot to be thankful for.

The first thing I would tell any first-time buyer is this – make sure you have plenty of patience. That’s the key. Eventually you’ll find a good deal. Believe me, they’re out there. Just don’t be in a rush. You’ll get the house you want.

The other thing that’s really important is to go into the market with an open mind. That’s the best way to figure out exactly what you want. Sure, it’s pretty typical to be unsure when you first enter the marketplace. But once you embark on your house hunt, you’ll gradually become familiar with all the possibilities. Suddenly, things you never thought of prior to the search might become major issues. On the other hand, things you considered a big deal may not seem so important after you’ve looked around a while. It’s all a question of taking the time to figure out what you want.

Great people, great schools, great environment – there’s plenty to luv about the sunny city of Mission Viejo. And if you’re searching for one of the many ideally-located Mission Viejo homes, you now can register with an Orange County Real Estate resource that will make your house hunt a whole lot easier, effective, and enjoyable. We’re talking full coverage that targets exactly the kind of place your heart desires.

This resource even allows you to extend your search beyond the confines of daytime hours. Don’t worry. You won’t lose any sleep. It’s all done for you online with a Nightly Neighborhood Search. You could literally find the home of your dreams while you dream.

Of course, needs vary. Fortunately, Mission Viejo offers buyers a diversity of choices. A great example is the La Paz tract. Rating sky high on the desirability scale, La Paz is noted for its generously large lots – sometimes stretching out to acres of upscale family living. For the recreation-minded, nearby Lake Mission Viejo offers plenty to do… or not do when you’re in chill-out mode.

If you’d like to learn more about the excellent selection of Mission Viejo homes currently available, I’m ready to help. Just contact me at 949.338.7408 or angie@askangie.com. Or follow me @AngieWeeks or @WeeksTeam.

April 30 – that’s when it’s all over, people. You’ve gotta be in escrow by that date in order to qualify for the extended first time home buyer’s tax credit. It all boils down to this: get your home purchase contract in the pipeline by the deadline, or forefeit up to $8,000.00 in tax credits. Poof! Gone! Hasta la Vista, baby! And time won’t make an exception for you. It’s slippin’ away. You’ve got about seven weeks to get it in gear. On your mark, get set, go! 

But if this time crunch isn’t enough to propel you into a mad dash worthy of an Olympian champ, consider this – the deal has to close within two months of the April 30 deadline. In calendar time, the whole thing has to be signed, sealed, and delivered by June 30. If not, say good-bye to your chance to put up to 8k in your pockets.

True, in a grand show of governmental largesse, Uncle Sam already has extended the tax credit one glorious time. But if you’re sitting on your big sofas waiting for this generous act to repeat itself, make sure your crystal ball is in full working order. Because if you don’t have one of these handy devices, there’s no telling what our friends in Washington will do. So unless you’re prepared to risk 8k on a hunch, it’s best to spring into buyer mode now.

If you’re a first time home buyer, the government is offering you a great way to save up $8 thousand. But the offer won’t be on the table much longer. If you’d like to learn more about benefiting from this generous first time home buyer tax credit before it vanishes, I’m ready to help. Just contact me at 949.338.7408 or angie@askangie.com. Or follow me @AngieWeeks or @WeeksTeam.

No doubt about it. Real Estate Foreclosures are helping to heat up the marketplace throughout the country. And one of the most popular foreclosure hotspots is Mission Viejo. There are many reason for the undeniable appeal of this fair city. Among them are high quality of life, an acclaimed school system, abundant recreation, safety, stunning architecture, and plenty of good ‘ol sunshine. Now factor in the great price of a foreclosure property, and Mission Viejo becomes downright irresistible.

Alright, you want to grab one of these amazing Mission Viejo foreclosures. Great. But there are a couple of  things you should know to plunge into the market at full power.

Move at Lightspeed

There are plenty of foreclosure properties available. But they go fast, folks. One nanosecond late, and you could miss the deal of a lifetime. On an average, these properties are snapped up within 7 days of being listed. That’s no surprise, since these homes generally on the market at about 10% below market value. So don’t sit around waiting for one to fall into your lap. You’ve gotta get up and get out there if you want to grab those deals. We’re talking lightspeed.

Be Prepared

A  lending institution expects all relevant documents to be in order at the time you make your offer, NOT when your meticulously crafted offer is accepted. Your agent will know more about what to have and when to have it. Just make sure you’re ready. Because if you aren’t, the local bank can choose from plenty of other eager buyers who are.

Grab a Great Deal in a Great City

No doubt about it. Mission Viejo Real Estate foreclosures offer great deals in a great city. Act fast and go in prepared, and you tremendously improve your chances of snapping one up. If you’d like to learn more about these buying opportunities, I’m ready to help. Just contact me at 949.338.7408 or angie@askangie.com. Or follow me @AngieWeeks or @WeeksTeam.

It promises to be the home buying event to end all home buying events. Of course, I’m talking about the Southern California Home Buyer’s Fair, which unfolds on the weekend of March 13-1 at the L.A. Convention Center. Jointly sponsored by C.A.R. and the L.A. Times, this grand event is expected to draw thousands of very motivated potential home buyers.

Why You Want to Be There

Because you’ll learn everything you’ve ever wanted to know about buying a home, and then some. Highlighting the event are 50 seminars that will help home buyers cruise through the contemporary marketplace with new confidence. The seminars will be offered in both English and Spanish. Among the timely topics are understanding home prices, monitoring and fixing credit to facilitate mortgage application, and home inspections.

Don’t worry about admission costs. The event is absolutely free to the public. And if you’re one of the first 200 people to attend, you’ll get a free movie ticket.

Sounds like a super good deal to me. If you want more information about the Southern California Home Buyer’s Fair, I’m happy to help. Just contact Angie at 877-230-3211 or angie@askangie.com to get any of your questions answered.

SURF’s UP!!!!!

Payment scenairos from a Certified Mortgage Planner!

Click here for a printable version of the flyer!

Looking for a beautiful residence so close to the beach you could hop on your bicycle and reach sandy shores in minutes? Then you’re gonna love this Huntington Beach Condo. It’s a one level charmer with one bath, stunning hardwood floors, a cozy fireplace, and a balcony offering dazzling, beach breezes from Huntington Beach. Located in highly desirable West Huntington Beach, this property is pleasantly close to Bolsa Chica Beach, Huntington Harbor, and the Bella Terra shopping center. To complement the relaxed beachy environment, the complex enhances your living experience with amenities such as an open-air, lighted tennis court, racquetball, sauna, pool, and spa, all set against the soothingly scenic wetland preserves. Since this condo is being offered as a short sale, the asking price as an irresistibly-low $175, 000.

Such a fantastic deal is bound to get snapped up in the blink of an eye, so the best advice I can give you is get an early start.

5096 TORTUGA Dr #104 Huntington Beach, CA 92649

Property Details

• # Carport  1
• Studio
• AP #  939-54-375
• Assoc Dues # 1   267
• 1 full bath
• Cross Streets  S/WARNER AVE, E/BOLSA CHICA RD.
• Gated community
• Lot #  7
• Stainless steel appliances in kitchen
• Stories  One Level
• TGNO   857D1
• Total Floors 3
• Tract # 10853

How much is the mortgage?

Glad you asked!  One of our Certified Mortgage Planner friends Derek Beisner has created this Financing-Flyer for you with a few different options – payment could be UNDER $1000/mo….OMG!

If you’re interested in snapping up a great beachfront deal with this amazing Huntington Beach Condo, you may contact Angie at 877-230-3211 or angie@askangie.com to schedule a showing or get any of your questions answered.

I got a forward from one of our recent buyers – she referred a friend who is ready to buy her first home.  With her permission, I am sharing her advice to another buyer with you!

Hi,

My friend Caren just bought a place and now is in escrow in Mission Viejo Ashton community which is also really nice!  She only needed to put 3.5% down!!

Ok, well if you want to chat more wb and we can switch numbers — but please take a look at Angie’s website www.askangie.com.  

Take care!

I think its so fun to let you guys help eachother and just be the guide.  Feel free to comment with your own first time buyer experiences and searching suggestions.  It does take hard work and dedication from all parties involved!!!

Good news for home buyers. Fannie Mae is giving you a 3.5% incentive if you buy and close on a Fannie Mae-owned home. This amazing offer will be on the table between January 28 and April 30, 2010. If you purchase a property listed on HomePath.com and the deal closes within this time frame, you may get up to 3.5% of the final sales price for: 

• Closing costs

• The purchase of a new Whirlpool^® appliances by Fannie Mae

• Or if buyer prefers, a combination of closing cost and appliance discounts up to the maximum 3.5%.

Eligibility Requirements:

• Offers must be accepted on or following January 28, 2010;

• Property sales must close prior to May 1, 2010, and;

• Buyers are required to be owner-occupants. Investors can’t get in on this.

Sounds like a good deal to me. If you're interested in taking advantage of these amazing incentives, I'd leap right into action and talk to a
qualified lender today. And if you'd like help finding the home of your dreams, I'm here to help. Contact me at 949.338.7408 or angie@askangie.com.
Or follow me @AngieWeeks or @WeeksTeam.

]]> http://blog.askangie.com/2010/02/09/two-more-reasons-to-buy-a-fannie-mae-owned-home/feed/ 3 angieweeks fannie mae incentives http://blog.askangie.com/2010/02/03/make-the-most-of-your-money-diversify/ http://blog.askangie.com/2010/02/03/make-the-most-of-your-money-diversify/#comments Wed, 03 Feb 2010 02:48:20 +0000 angieweeks http://blog.askangie.com/?p=545 ]]>

Mission Viejo Book Signing – ‘Making the Most of Your Money’

Last week I visited the Mission Viejo Library to get a copy of what is supposed to be the best personal financial planning book on the market right now. Entitled ‘Making the Most of Your Money’, it was written by Jane Bryant Quinn.  Honestly, I had never heard of Jane Bryant Quinn until recently, but she definitely is a highly respected voice in the money management community.

Jane got off to a light start, joking that she almost named her book ‘Making the Most Out of What’s Left of Your Money’. She agrees that the economy is in a bad place, adding that the government needed to step in in order to prevent a full-on depression. But this cloud has a silver lining – the economy is recovering. Nevertheless, we’re still feeling some economic aches and pains, which is why keeping our finances in mind and tightening up our ship is such a good idea.

Jane covered quite a bit of financial planning territory. Regarding our current bull market, she recommended diversifying accordingly. She also touched on inflation, predicting that fortunately this monster won’t go very high.

For the U.S. government’s role, Jane pointed out that Congress may soon be restoring the Paygo law, which is intended to control government spending. This, along with a tax increase, could significantly help our budget.

So how do savers and investors pick their way through the current financial wilderness?

First and foremost, according to Jane, get OUT of consumer debt. “Debt is like feeding your dollars to squirrels.” Do NOT make it normal. Debt and credit are not glamorous. Sure, they seem fun at first, but when it’s time to retire and your mortgage is soaring, the debt beast will likely bring you to ruin.

In the Real Estate arena, Jane cautioned that we shouldn’t expect the height of where we were in 2007 for many, many years. OK fine. Thanks for that. In general, home prices follow the inflation rate. Currently, consumers aren’t thinking of their homes as investments. But that’s OK. Because when all is said and done, according to Jane, it STILL PAYS to OWN a HOME!!!!!! But watch those HELOCs. Let’s get back to that concept of paying down our mortgage, people. Jane also advised don’t take a reverse mortgage until you’re in your 80’s, even though you are allowed to in your 60’s.

If you’re underwater on your rental investment, it’s probably a good idea to lower your rent to keep your tenants. You must be prepared for losses for years and years if you are a serious real estate investor.  Make sure you have liquid cash flow.  You can also consider short sale or foreclosure if the property is a huge drain. Talk to a professional Orange County financial planner and / or consider some by the book investment education.

As for stocks, Jane mentioned that she talked with many of the top financial masterminds all over the nation. Apparently, the majority of them have the bulk of their own funds in a broad market index, something like S&P…

She added that for young people, lifestyle funds are a good idea, even though they’ve received a bit of a bad rap.

Jane also stated a good formula for your retirement fund risk is this: subtract your age from 110. Whatever that number is, that’s the percent you should be investing in stocks. As you get older, this formula helps you safely transition into a majority of bonds and a lower risk portfolio.

There are so many valuable insights in this book, it was THICK!  I’m sure  ‘Making the Most of Your Money’ is truly a valuable guide to sound financial planning.  But seriously, no matter how many books we read someone, who does financial planning for a living will always be better than we are, IMO.  You should have a professional on your side.  Just like you should in real estate!!

Speaking of property, if you would like your diversification strategy to include owning some Orange County Real Estate, I’m happy to help.  Contact me at 949.338.7408 or angie@askangie.com.  Or follow me @AngieWeeks or @WeeksTeam.  Happy investing – feel free to post what has and has not worked for you here!

We’re starting a new series  to open up the first time home buying experience – blogs from our buyers!!!  We figured you would want to hear details from people who just went through the process.  WARNING:  we are NOT editing or sugar coating any of the down and dirty, read at your own risk

One of our favorite buyers last year, Kimberly, had good news to share a about her experience and the first time buyer credit.  She writes:

Deciding to buy my first home after steadfastly saving for nearly 2 years was the best decision I have ever made and wanted to share that thanks to Obama Bucks I am getting over $7,000 back from my taxes this year!!  I only owned my condo for 2 months in 2009 and had started claiming 4 once I was in escrow however my tax guy told me I could still stay at 4 and next year get nearly $2000 back!  I wake up every day so excited to own these walls and not have a landlord anymore!  I hope this feeling of pride and achievement never leaves, I’m on cloud 9!  I’ll add some tips for new comers very soon!

Thanks, Kimberly!  We agree the tax benefits to owning a home are very nice indeed

There are numerous areas throughout the country that are considered foreclosure hotspots by home buyers but perhaps none are more popular than Mission Viejo real estate. The homes in Mission Viejo are all of an upscale nature and are located in one of the safest neighborhoods in all of the United States. Furthermore Mission Viejo real estate, especially homes and for closure there, are not only being offered at a price far below their true market value but are priced even lower than non-foreclosures as banks are looking to sell these homes as quickly as possible. Is for this reason above all others that Mission Viejo real estate attracts more people than perhaps any other area within the country.

Mission Viejo real estate also boasts homes that are unique in architecture as well as floor plans and there are plenty of both for home buyers to consider. People flock to Mission Viejo not only for the communities lavish homes but because the city itself is one of the most popular in all of Orange County and is surrounded by a large number of other prominent cities as well. With so many sister communities within close proximity to Mission Viejo a homeowner in that city isn’t far from schools, jobs, and even entertainment.

Another reason Mission Viejo real estate is so popular regardless of market conditions is because of the coastal community. Coastal communities, generally speaking, both some of the most sought after homes and neighborhoods in all the country. With the beach just mere minutes away from any home within Mission Viejo homeowners there have water and seasonal fun at their virtual back door. As Mission Viejo is a coastal community it’s also attractive to home buyers because of the serene and sometimes surreal atmosphere coastal life creates. Temperate weather is also something many people come to the community for.

If you ever want to own a home in Orange County and more specifically Mission Viejo now is the time to consider the purchase. Mission Viejo real estate foreclosures have never been more sought nor more affordable and those who wish to own a home there should strike while the iron is hot. While the market remains downtrodden prices on Mission Viejo real estate foreclosures will either remain as they are or will continue to fall in some cases but should the market recover, even in miniscule proportions, prices as well as interest rates on home loans will likely rise very quickly. If you want to own a piece of Mission Viejo real estate the time for action is now.

Ready to Get Started?? Search For All Mission Viejo Homes For Sale Today!

One look at the Mission Viejo Real Estate market, and you’ll understand why things are hopping and happening in that picturesque locale.  This Orange County city seems to have it all.  Whether you’re an OC newbie, or a seasoned long-timer, Mission Viejo is a dream-come-true.

First and foremost, Mission Viejo is an absolutely wonderful place to live. Lush green rolling hills, first-rate schools, sprawling lots, approximately two parks per square mile, championship golf courses, and a reputation for being among the safest cities in the U.S. give this prime destination a clear-cut distinction.

Oh, and the lake — that big, shimmery landmark of recreational bliss. Lake Mission Viejo has something for everybody.  Boating, swimming, fishing, suntanning on a powdery beach, special activities, and much more –  it’s the ultimate way to splash up major fun if you’re a resident. Hey, the rain won’t last forever.

Plus in Mission Viejo, there’s no such thing as Mello Roos to nibble away at your hard-earned greenbacks. They’re stayin’ in your pocket, folks.

This is definitely the time to get in on the buying opportunities offered by Mission Viejo Real Estate. And I’d like to help. Contact me at 949.338.7408 or angie@askangie.com. Or follow me @AngieWeeks or @WeeksTeam.  I’ll see you on the lake!

Anti-property-flipping measure waived for one year!

Inman News

Starting Feb. 1, housing regulators will suspend for one year a 90-day waiting period on property resales that it says has put FHA borrowers at a disadvantage in bidding on foreclosed properties.

The waiting period on FHA financing of resales was implemented in 2003 to protect the Federal Housing Administration’s mortgage insurance program from the impacts of home flipping.

The policy did not apply to properties repossessed by Fannie Mae, Freddie Mac, or state- and federally chartered financial institutions. In 2008, FHA lifted the 90-day waiting period on resales of all bank-owned (REO) properties (see story).

Now, although many other conditions still apply, the waiting period is being lifted on all resales — including properties purchased and rehabbed by private investors.

Research shows that acquiring, rehabilitating and reselling properties to prospective homeowners often takes less than 90 days, the Department of Housing and Urban Development (HUD) said in announcing the change.

Some sellers of foreclosed properties have been reluctant to enter into contracts from potential FHA buyers because of the cost of holding a property for 90 days, and the risks that a vacant property would be vandalized, HUD said.

Lifting the waiting period “will allow homes to resell as quickly as possible, helping to stabilize real estate prices and to revitalize neighborhoods and communities,” HUD said.

Lenders must have supporting documentation or a second appraisal if the sales price of a property increases by more than 20 percent from the seller’s acquisition cost, HUD said in publishing the waiver requirements. The waiver does not apply to the Home Equity Conversion Mortgage (HECM) for purchase program.

No doubt about it.  Suspending the 90-day waiting period will be a major stimulus to the Real Estate market.  With quick turnarounds now possible for all properties purchased by FHA borrowers, re-sellers have a strong incentive to put more of their homes on the market. Because of this increase in available choices, FHA borrowers have an equally strong incentive to get in on the buying action.

If you’re ready to take advantage of the buying or selling opportunities that have emerged thanks to this new measure, I’d like to help. Contact me at 949.338.7408 or angie@askangie.com. Or follow me @AngieWeeks or @WeeksTeam.

If you’re seeking a slice of the good life in Orange County, this Laguna Niguel Condo could be exactly what you’re looking for. This is a wonderful listing that you definitely should have a look at. It’s a single story condo with two bathrooms and two baths creating the perfect space for a single person or a small family. Located in prestigious Laguna Niguel North, a community known for its excellence and charm, this residence is in an exclusive gated community that offers both security and a relaxed, inviting atmosphere.  Individuals seeking a perfect blend of affordability and luxury will find this property irresistible, with an asking price of only $225,000. This is an incredible price, considering the first-rate location of the property.  The only drawback is that the neighborhood is not FHA approved.

A deal this good won’t stay on the market long, so I encourage interested buyers to get in the game early.

24212 Avenida De Las Flores #127

Laguna Niguel

Property Details:

• # Garages                              1
• # Units                                    1
• AP #                                        938-71-292
• Assoc Dues # 1                     249
• Assoc Dues # 2                     70
• County                                   OR
• Cross Streets                        La Paz/Pacific Park (Oso Pkwy)
• Hi-Rise Floor Entry               1
  
• Lot #                                       1
• Model Code                            ^
• Stories                                    One Level
  
• TGNO                                       921G6
• Total Floors                           1
• Tract #                                   10922

New Year, New Opportunities in Orange County Real Estate

First let me wish a ‘Happy New Year’ to all.  Yes, folks, 2010 is here.  And with the new year, there promises to be a wealth of new opportunities emerging in the bustling world of Orange County Real Estate.  So get up off  your comfy couch and do what you’ve been wanting to do for a long time. Don’t let opportunity pass you by.  Add that to your list of New Years resolutions right now.

So maybe you’re thinking about buying your first home. Perfect!  If you’re an Orange County first time home buyer, the time has never been better. A major reason for such bright prospects is that there currently are a number of available incentives created to improve your overall experience.

If selling your home for the first time is on your mind, optimism is in order.  Buyers are returning to the marketplace. So sellers rejoice! The market is definitely moving in the right direction. In fact, there are a number things going on that will make selling easier, from listing to close. If you’re worried about Uncle Sam taking a chunk, be aware you might be able to reduce your tax obligation with a few easy and yes, legal steps.

Perhaps you’re opting to make your first Real Estate investment.  Believe it or not, there are well-focused ways to improve your financial future without getting an advanced degree from the school of hard knocks.

Indeed, the door of opportunity is opening wide in 2010.  If you’re ready to learn more about the diversity of emerging Orange County Real Estate opportunities, I’ll be happy to help.  Contact me at 949.338.7408. Or follow me @AngieWeeks or @WeeksTeam.

Ready to own your own home and step up your lifestyle?  Then make fast tracks to the Marriot Anaheim on Sunday, December 13 for the ultimate Orange County home auction.  That’s when 54 units of the luxurious Harbor Lofts hit the auction block. Bids start at an ultra-low $165,000.  That’s right. $165,000.

Gotta Luv the Lofts

The Harbor Lofts are located in bustling downtown Anaheim. A nice, prestigious location with plenty of urban snap and sizzle. What else could you ask for? OK, how about pricing that re-defines Orange County housing affordability.

You’ll Also Enjoy:

• Your choice of 1-3 bedrooms.
• Swimming pool and gym.
• Easy walking distance to shopping, parks, and Farmers Market, as well as a minutes-away drive to Disneyland, the Honda Center, and Anaheim stadium.

All qualified buyers are eligible for up to $125,00 in down payment assistance. And if this is your first home purchase, you may qualify to receive up to $8,000.00 in a first-time buyer tax credit. Nice.

The Remedy for Auction Anxiety

Those of you with ‘auction anxiety’ can rest assured that the whole process is actually quite simple, and even exhilarating.  Before any bidding starts, a speaker will make sure you’re completely informed with a brief summary of the terms of sale, the ways to bid, and any late changes or disclosures. The auctioneer answers any final questions you might have. Then the fun begins as bidders call out their competing offers to gain the property of their dreams. Basically it works like any other auction. If you get a chance, attend a home auction to familiarize yourself with this truly exciting way to grab big time real estate bargains.

If you’re eager to learn more about this amazing Orange County home auction event, I’ll be happy to help.   Contact me at 949.338.7408. Or follow me @AngieWeeks or @WeeksTeam.

As an Orange County first time home buyer, selecting your home is a major decision. Luckily, the U.S. Government is making it easier than ever for newbies. To stimulate the housing market, Uncle Sam has extended the first-time buyer tax credit until April, 2010. The program has already helped hundreds of first-timers see their dream come true. Why not be one of them?

Taking Advantage of the Program

If you’re a qualified first-time home buyer, you can receive up to an $8,000 tax credit for your purchase.  To qualify, you’ve gotta purchase your home between November 7, 2009 and April 30, 2010.  Also, you cannot have owned a residence any time prior to buying your new home. If you meet these criteria, you’re on your way. How much you qualify for depends upon two factors: your income and the price of the property you’re considering.  The point is, you’re in for a major financial windfall no matter where you lie on the scale.

The other great thing about the tax credit is that it offers you complete freedom. You can choose any property your heart desires, as long it is used as your primary residence. There are no other restrictions.

Since the first time buyer tax credit expires in 2010, the time is ripe to reap the rewards of this major incentive and live the dream of home ownership. There are dozens of resources to learn more about this exciting program if you’re an Orange County first time home buyer. Should you have specific questions, I’m always available to answer them.  You can contact me at 949.338.7408. Or you can follow me on Twitter @AngieWeeks or @WeeksTeam.

Thinking of submitting a Home Loan Application now that the First Time Buyer credit was extended?

Once your loan application is filled out and sent to the lender for review, the first thing they will look for is your ability to payback the loan you are requesting. My team and I have a streamlined loan process to help you get your ducks in a row prior to this review. A grand slam loan package is in perfect order and answers all the important questions up front. We know what the lenders are looking for, based on long-term relationships with them and extensive knowledge of guidelines for a multitude of loan programs that are available today.

What is the lender looking for when they review the loan application?

The lender wants to know about your personal financial picture, including savings and credit history and your employment stability. The co-borrower’s history is also taken into consideration. The lender also considers the loan amount and appraised value of the home you are looking to purchase. Not every applicant is approved the first time through the process. If the underwriter has any questions or concerns, he or she will require certain conditions be met before they approve the loan. Pre-approval prior to house hunting lets you know exactly how much you are qualified to borrow in advance.

What can I do on my end to make it easier?

Before taking out a home loan it helps to establish a consistent record of paying your bills on time. If you have utility bills that are overdue, bring these up to date. Make sure you are paying credit card installments in a consistent and timely manner.

We can help you evaluate your debt-to-income ratio to determine what mortgage payment will be comfortable and affordable for you on a monthly basis. Aim for having enough savings to cover your down payment, closing costs if necessary, and two month’s expenses in case of emergency. We’ll help you find the loan program that works for you.

If I just started a new job six months ago, can I still apply for a loan?

A stable employment history is important, but the lender does take human factors into consideration. If you’ve recently completed college or vocational training, or were released from the military, you have good cause to have a lack of consistent work history. If your profession is seasonal, and gaps in employment are normal in your field, there are loan programs that can work with your situation. If you are a freelancer or do contract work, the lender will look for consistency in income over the last two years.

Consistency is the key word in the lender’s mind. But know that lenders have developed many different loan structures to meet the needs of the general public. When your grandparents bought their first home, they probably put 50% down and made a lump sum payment when the note was due. Times have changed, and so have loan programs. My team and I stay on top of current mortgage trends. We monitor rates daily and have a support network of RealtorsR, CPAs, Financial Planners and Credit Repair Consultants to lend you additional assistance.

Call me directly for a free consultation.

Derek Beisner
Certified Mortgage Planner
Premier Lending Group
Phone: 949-637-9939
Fax: 949-380-1819
derekb@plgp.com
www.DerekBeisner.com

What exactly is a HUD home?

Of course, you know HUD stands for US Dept of Housing and Urban Development.  The listing agent, Barbara Kerr with Realty Execs, explained HUD homes as properties with FHA loans that had been foreclosed on.  Because FHA is a government backed loan, these properties go back to HUD when owners abandon the property or go through foreclosure.

How do I buy a HUD property?

Not just anyone can get their hands on one.  HUD homes have a special key to enter; they don’t have normal lockboxes and supra keys us Realtors typically use.  Interesting… *thought* there could be less competition for our buyers on these properties because this is an additional hoop to jump through. Of course, we checked the details on the website – we need to have a Name and Address Identifier number with HUD in order to make a bid.  It appears the required NAID # is issued to our broker, not us.  So, we’ve been in touch with Darrell our fabulous broker to see about getting all set up

Barbara, the nice & helpful *yay, rare!* listing agent, said she gives a class on it, I told her I would like to attend.  I’ll blog more after that…We’re always learning something in real estate!

Having capability to offer on HUD properties will help both our investor and first time buyer clients – double win!!