FREE HELP TO MODIFY YOUR HOME LOAN

If you are upside down on your mortgage you can get FREE HELP TO MODIFY YOUR HOME LOAN. Check out this government page about Making Home Affordable - http://www.financialstability.gov/roadtostability/homeowner.html

If your home loan cannot be modified, feel free to contact me at 310-499-1305

Southern California Prices Rise for the First Time Since 2007

For the first time since July 2007, there was an increase in the median sales price for Southern California home sales, according to MDA DataQuick, San Diego. The median sales price for May was $249,000, up 0.8% from $247,000 in April but down 32.7% from $370,000 a year ago. Furthermore, for the 11th consecutive month, there was an increase in home sales in the region as a total of 20,775 new and resale houses and condos closed escrow in San Diego, Orange, Los Angeles, Ventura, Riverside and San Bernardino counties in May. That was up 1.3% from 20,514 in April and up 22.8% from 16,917 a year ago. May's sales were the highest for that month since May 2006, when 30,303 homes sold. Foreclosure resales - homes sold in May that had been foreclosed on in the prior 12 months - accounted for 50.2% of resales. That was down from 53.5% in April and from a peak of 56.7% in February. "We appear to be in the early stages of the market gradually tilting back toward a more normal balance of sales across the home price spectrum. As more sellers get realistic, more buyers get off the fence and more lenders offer reasonable terms for high-end purchase financing, we'll see a more normal share of sales in the more established, higher-cost areas that have been nearly comatose," said John Walsh, MDA DataQuick president. "Let's not forget we're into the traditional home buying season right now, meaning more people are purchasing for all of the normal reasons, such as a new job or to get settled before school starts. Many are concerned with finding the right home in the right area, not just the most deeply discounted home."
Hope you find this information helpful , call me with any questions or any financing scenarios for your clients, we are currently doing 48 hours Underwriting approvals for those transactions you are having troubles with and need to close fast.

CAMILO MORENO
Mortgage Professional
Purchase Money Specialist
Great western Bancorp Inc.
6033 W. Century Blvd # 700
Los Angeles CA 90045
310 216 1700 ext 116
310 216 1750 Fax
www.gwbmortgage.com

California’s 90-Day Foreclosure Moratorium Really Isn’t

In February 2009, Governor Arnold Schwarzenegger approved the California Foreclosure Prevention Act. The news media has portrayed the legislation, which takes effect on June 15 2009, as a 90-day moratorium on foreclosures. The reality is much more complicated and could lull home owners into a false sense of security if they in negotiations with a lender for a loan modification.

What the new law really does is expand the time between when a lender can record a Notice of Default to begin the foreclosure process and when the lender may record a Notice of Sale from 90 days to 180 days. The law only protects owner-occupied homes from foreclosure where the first loan was recorded between Jan. 1, 2003 and Jan. 1, 2008. For loans outside of the specified time period, the time before the lender may give a Notice of Sale remains at 90 days.

The law also allows lenders to avoid the 90-day “moratorium” if they have a comprehensive loan modification program based, in part, on criteria set forth by the Federal Deposit Insurance Corporation (“FDIC”). There is no requirement that the lenders negotiate in good faith.

Nearly all residential foreclosures utilize what is commonly referred to as nonjudicial foreclosures, which means that the foreclosure sale can occur without court supervision. If a lender does not comply with California’s foreclosure laws, it will still be up to the homeowner to go to court to prevent or set aside an improper foreclosure. If homeowners wait too long before seeing a qualified attorney, they may be so far behind in their payments that even a Chapter 13 repayment plan in bankruptcy might not be able to save them from foreclosure.

For now, I am advising my clients to act as if they do not have the benefit of an additional 90 days to stop a home foreclosure because there simply is no way to tell when a lender might assert that it has a loan modification program that complies with California law. Once the foreclosure sale takes place, it is very difficult and expensive to go to court to undo the transaction.

If you are in Southern California, please feel free to contact us for a free consultation on your bankruptcy options to possibly help save your home from foreclosure. http://www.chs-law.com/aboutus.html
About the Author: Carl H. Starrett II has been a licensed attorney since 1993 and is a member in good standing with the California State Bar and the San Diego County Bar Association. Mr. Starrett practices in the areas of bankruptcy, business litigation, construction, corporate planning and debt collection.

Igor has new rental

Igor has new rental vacancies in Hollywood & Hollywood Hills East areas; apartments, duplex, SFR. See couple of apartment at: http://htxt.it/bWMG http://htxt.it/n6ME

Southern California Prices Rise for the First Time Since 2007

Southern California Prices Rise for the First Time Since 2007

For the first time since July 2007, there was an increase in the median sales price for Southern California home sales, according to MDA DataQuick, San Diego. The median sales price for May was $249,000, up 0.8% from $247,000 in April but down 32.7% from $370,000 a year ago. Furthermore, for the 11th consecutive month, there was an increase in home sales in the region as a total of 20,775 new and resale houses and condos closed escrow in San Diego, Orange, Los Angeles, Ventura, Riverside and San Bernardino counties in May. That was up 1.3% from 20,514 in April and up 22.8% from 16,917 a year ago. May's sales were the highest for that month since May 2006, when 30,303 homes sold. Foreclosure resales - homes sold in May that had been foreclosed on in the prior 12 months - accounted for 50.2% of resales. That was down from 53.5% in April and from a peak of 56.7% in February. "We appear to be in the early stages of the market gradually tilting back toward a more normal balance of sales across the home price spectrum. As more sellers get realistic, more buyers get off the fence and more lenders offer reasonable terms for high-end purchase financing, we'll see a more normal share of sales in the more established, higher-cost areas that have been nearly comatose," said John Walsh, MDA DataQuick president. "Let's not forget we're into the traditional home buying season right now, meaning more people are purchasing for all of the normal reasons, such as a new job or to get settled before school starts. Many are concerned with finding the right home in the right area, not just the most deeply discounted home."

Hope you find this information helpful , call me with any questions or any financing scenarios for your clients, we are currently doing 48 hours Underwriting approvals for those transactions you are having troubles with and need to close fast.

CAMILO MORENO

Mortgage Professional

Purchase Money Specialist

Great western Bancorp Inc.

6033 W. Century Blvd # 700

Los Angeles CA 90045

310 216 1700 ext 116

310 216 1750 Fax

www.gwbmortgage.com

 

 

 

 

 

PURCHASES STATED INCOME GUIDELINES

STATED INCOME GUIDELINES:

40% down with 620 FICO
20 % DOWN WITH 700 FICO
WAGE EARNER ONLY - HOURLY, MONTHLY, COMMISSION (NO SELF EMPLOYED)
CA ONLY
625k Max Loan Amount
Primary, Second Home, and Investment Properties
SFR, Condo, 2 - 4 Units
25% DOWN PAYMENT for Investment Property & Cash Out
Fixed Income Not Acceptable
10 Properties Max
Maximum Rate is 6.5%
Program is 30 Year Fixed
No Pre Payment Penalty


CAMILO MORENO
Mortgage Professional
Purchase Money Specialist
Great western Bancorp Inc.
6033 W. Century Blvd # 700
Los Angeles CA 90045
310 216 1700 ext 116
310 216 1750 Fax
www.gwbmortgage.com

FHA Rehabilitation Loan Program (203k)

Here’s a briefly explanation of our FHA 203K rehab loans, please call me with any questions,
FHA Rehabilitation Loan Program (203k)
Funds for Handyman-Specials and Fixer-Uppers
The purchase of a house that needs repair is often a catch-22 situation, because the bank won't lend the money to buy the house until the repairs are complete, and the repairs can't be done until the house has been purchased.
HUD's 203(k) program can help you overcome this obstacle by enabling you to purchase or refinance a property plus the cost of making the repairs and improvements in one mortgage. The FHA-insured 203(k) loan is provided through approved lenders nationwide and is available to persons wanting to occupy the home.
The down payment requirement for an owner-occupant (or a nonprofit organization or government agency) is approximately 3.5% of the acquisition and repair costs of the property.
The 203(k) loan includes the following steps:
• A potential homebuyer locates a fixer-upper and executes a sales contract after doing a feasibility analysis of the property with his/her real estate professional. The contract should state that the buyer is seeking a 203(k) loan and that the contract is contingent on loan approval based on additional required repairs by the FHA or the lender.
• The homebuyer then selects an FHA-approved 203(k) lender ( Great Western Bancorp Inc) and arranges for a detailed proposal showing the scope of work to be done, including a detailed cost estimate on each repair or improvement of the project.
• The appraisal is performed to determine the value of the property after renovation.
• If the borrower passes the lender's credit-worthiness test, the loan closes for an amount that will cover the purchase or refinance cost of the property, the remodeling costs and the allowable closing costs. The amount of the loan will also include a contingency reserve of 10% to 20% of the total remodeling costs and is used to cover any extra work not included in the original proposal.
• At closing, the seller of the property is paid off and the remaining funds are put in an escrow account to pay for the repairs and improvements during the rehabilitation period.
• The mortgage payments and remodeling begin after the loan closes. The borrower can decide to have up to six mortgage payments (PITI) put into the cost of rehabilitation if the property is not going to be occupied during construction, but it cannot exceed the length of time it is estimated to complete the rehab.
Escrowed funds are released to the contractor during construction through a series of draw requests for completed work. To ensure completion of the job, 10% of each draw is held back; this money is paid after the lender determines there will be no liens on the property

For real estate purchasing questions please contact Igor Korosec (owner of Best Hollywood Homes) at 310-499-1305

For mortgage questions please contact the contributor of this article:
CAMILO MORENO
Mortgage Professional
Purchase Money Specialist
Great western Bancorp Inc.
6033 W. Century Blvd # 700
Los Angeles CA 90045
310 216 1700 ext 116
310 216 1750 Fax
www.gwbmortgage.com

For Rent: 1BR/1BA Apartment in Los Angeles, CA, $1,195/month

For Rent: 1BR/1BA Apartment in Los Angeles, CA, $1,195/month

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First-Time Home Buyers Can Turn Tax Credit Into Cash

The $8,000 federal tax credit for first-time home purchasers is about to morph into a ready-cash down payment source, thanks to a federal policy change.
Buyers eligible for the credit who apply for mortgages insured by the Federal Housing Administration may soon also be eligible for bridge loans or cash advances -- up to $8,000 -- that they can use for the down payment, closing costs or other loan expenses pending receipt of their tax credit check from the IRS.
Housing and Urban Development Secretary Shaun Donovan announced the FHA change this month. The idea, he said, is to "monetize" -- turn into immediately spendable cash -- a tax credit that often is not received until months after the settlement date.
As many as half of all would-be first-time buyers do not have enough cash on hand for a down payment and closing costs, according to building and real estate industry estimates. By advancing these buyers as much as $8,000 at closing, many more would be able to afford the purchase.
Officials at the National Association of Home Builders say the bridge loan feature could double the total number of home purchases stimulated by the 2009 tax credit program to more than 300,000, depending on how many private lenders and state housing agencies participate.
Under guidance drafted by the FHA, all lenders approved to do business with the agency will be authorized to provide bridge loans at closing -- secured solely by the tax credit the borrower anticipates receiving. State and local government agencies and nonprofit organizations approved by the FHA will be allowed to offer either bridge loans or second mortgages secured by the house.
Although the $8,000 tax credit carries the name "first-time homebuyer," eligibility extends to anyone who hasn't owned a principal residence during the past three years. The credit amount from the IRS is the lesser of 10 percent of the purchase price of the dwelling, or $8,000.
Donovan's announcement came as a small but growing number of states started bridge loan programs to help stimulate home purchases. California has even created its own state-funded tax credit program -- a 10 percent credit payable to the buyer over three years -- but has limited it to newly built houses
Many mortgage companies, which do not have banking deposits to tap, will need a few weeks to prepare documentation for what will essentially be secured personal loans. Plus they'll need to locate a source of funds for their advances. In the meantime, would-be buyers who believe they are eligible for the federal credit shouldn't sit around. They should shift into high gear shopping for a house -- the Cinderella date of Nov. 30 is looming -- even if they will need a bridge loan or a cash advance to complete the deal.
Hope you find this information helpful, please call me with any questions or any financing scenarios for your clients.

Call real estate consultant Igor Korosec for more details on how to buy your first home right now.

For loan pre-approvals and questions please contact:
CAMILO MORENO
Mortgage Professional
Purchase Money Specialist
Great western Bancorp Inc.
6033 W. Century Blvd # 700
Los Angeles CA 90045
310 216 1700 ext 116
310 216 1750 Fax
www.gwbmortgage.com