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New FHA Guideline Changes Coming This Spring – Los Angeles, San Fernando Valley
Here we go again…more FHA guideline changes coming to us this spring!
When subprime and alternative loan products disappeared, FHA was the savior in Los Angeles allowing home buyers to once again borrow with very little down payment, low credit scores and high loan limits. But like many good things, they aren’t meant to last forever. [...]
Governor proposes new $10,000 home buyer tax credit in California – Los Angeles, San Fernando Valley News
Governor Arnold Schwarzenegger recently proposed to California taxpayers, a new homebuyer tax credit. This latest proposal would apply to the purchase of new homes, as well as existing homes. Close to 11,000 California homebuyers took advantage of last year’s state tax credit.
In his final State of the State address, the governor said that the state’s [...]
Can you get FHA financing after a short sale in Los Angeles, San Fernando Valley?
New FHA guidelines have been announced to prevent short-seller sellers from buying replacement properties with an FHA mortgage.
These new FHA loan requirements apply in cases where “a previously owned property was sold for less than what was owed (short sale)” or “there is principal write down of indebtedness that cannot be refinanced into a [...]
2010 Possible FHA Changes on the way – Los Angeles, San Fernando Valley
2010 may bring possible changes to FHA loan requirements. Here are the changes currently being considered:
1. Many lenders currently have the minimum FICO credit score requirement set at 620. An increase in minimum FICO is possible.
2. Currently 3.5% is required for a minimum down payment. This could increase with speculation it will go to 5%.
3. How [...]
Home Buyer Tax Credit v2.0 At A Glance – Los Angeles, San Fernando Valley
Ok, so the home buyer tax credit was recently revised and extended through April 30, 2010. And this time it includes extra provisions to allow repeat home buyers to benefit as well as first-time home buyers. Let’s breakdown the most important features and illustrate how you can take advantage of this tax credit:
$8,000 First-time Home [...]
