House You Can Afford ▸ Home Loan Closing Process

Long Beach Condo Special Mortgage Rules

Aug 20 2013 Comments

Time to buy a Long Beach condoA Long Beach condo can be a great option for someone who doesn’t want to deal with some aspects of homeownership, such as yard work and tons of upkeep.  The value of condos took a serious blow during the downturn. and condo prices continue to fall behind single family homes.  As a Long Beach home buyer, this means that you can purchase a Long Beach condo for less than you might have thought.

However, because of special rules governing mortgages for condos, it can be harder to get bank approval.  The bank not only evaluates the buyer’s credit worthiness for a condominium mortgage, it also evaluates the condo association, and having the right mortgage lender to guide you through the process can make all the difference.

When you’re pricing a Long Beach condo, be sure to factor in condominium association fees.  These fees go to keeping up shared areas, such as the grounds and the outsides of buildings.  Sometimes the fees include homeowner’s insurance for the building itself, but not for the inside of the unit.  In that case, you’ll have to buy supplemental insurance and this will be taken into account when the bank calculates your ability to pay and be approved for a loan.

If you’re considering a Long Beach condo, one of the most important things to determine is whether the property is approved for FHA, Fannie Mae, or Freddie Mac mortgages.  If it is, there are still some special rules for condominiums.  For example, no more than 10% of units may be owned by the same entity, like a developer that found buyers for the condos.  Some of the requirements for condos can be waived if you’re willing to buy one that’s been foreclosed, however.

Be sure to educate yourself on the special rules for getting a mortgage for a Long Beach condo, or better yet, call me to get expert advice.  Weigh the pros and cons with your needs and lifestyle.  You can also apply online here in minutes to get pre-approved and start your path towards Long Beach condo ownership.

Filed Under: Home Loan Approval Process, Home Loan Closing Process, Home Loan Payments, Home Loan Programs, Home Loan Rates

10 Ways to Reduce Stress and Increase Loan Approval For the House You Can Afford

Apr 25 2013 Comments

Increase Loan Approval with Ric DizonWhen it comes to getting a home loan for the house you can afford, we all expect to have some obstacles. However, when you work with me, Ric Dizon, I make it as easy as possible. That’s just part of who I am and how I operate and honestly, I really DO want you to find the perfect rate for a house you can afford, so I do all I can to make it happen and increase your loan approval.

Top 10 Ways I Reduce Stress and Increase Loan Approval Rates?

1.  I ask you to fill out an EASY application (under 5 minutes) once.
2.  I evaluate all loan products and am a one-stop source for funding, whether you are refinancing or buying a new home.
3.  I assess your individual situation and recommend what’s best for you.
4.  I call and email you back (within 12 hours) and will answer your questions accurately.
5.  I am honest with you about your rates, fees, points and options. If I know a better program I will share it with you.
6.  I believe in solid timeframes. When I say your loan will fund, I mean it.
7.  I share my valued network of industry professionals with you if additional counseling is needed.
8.  I respect your comfort level – your security and savings are my goal. I listen to your needs and wants and determine ways to achieve them.
9.  I know the local community and LOVE Long Beach and can even help you in your Long Beach home search!
10.  I can refer you to other resources throughout the community and keep you posted on events even AFTER you have purchased the house you can afford.

Take a few minutes and fill out this home loan application now and you will be on your way to your house you can afford!

Filed Under: Home Loan Approval Process, Home Loan Closing Process, Home Loan Payments, Home Loan Programs, Home Loan Rates, Refinance Process Tagged With: , , , , , , , , , , , ,

Are You Eligible for the California Homebuyers Down Payment Assistance Program (CHDAP)?

Dec 11 2012 Comments

California Homebuyers Down_Payment Assistance Program CHDAPDo you live in Long Beach, California? Where you are becoming hopeless of owning your own home because you didn’t have a huge down payment? Well good news is you can still get that dream home! Even if you are not earning much or your down payment budget is small, you can still buy a house with a small half percent down payment and zero to no closing costs.

Wondering how? A California Homebuyers Down Payment Assistance Program (CHDAP) loan will help you buy a house.

What is the California Homebuyers Down Payment Assistance Program?

This program helps you to buy your dream home without a very little deposit. So you don’t need to worry about having a large down payment.   To add on you can buy without any closing costs only if you utilize the CHDAP loan with help of the seller- not more than 6%.  Of course later on you will need to repay it but for now you can have your own home.

Upto 3% of your chosen home’s purchase price can be deferred.

Do you qualify for CHDAP?

Interested?  Wondering if you qualify for the CHDAP program? Here is a check list you should go through thoroughly before applying.

  • As a borrower your income should not be more the moderate income limits established in your area.
  • As a borrower you must occupy the property as your primary residence.
  • You need to attend homebuyer education classes.
  • Minimum credit score of 640 is a must.
  • You can use other approved down payment assistance loans together with the CHDAP program.
  • You need to invest either $1000 or .50% of the sale price, whichever figure is higher from your own savings.
  • You need to be approved for a FHA (Federal Housing Administration) or Conventional loan.

Documents you should keep ready

You should do a proper research and be prepared. So keep all the required documents handy.

  • Your salary slips.
  • Bank statements.
  • Tax returns statements.
  • Employment history.

You may get intimidated with all the procedures involved in getting a home loan. Of course, you can do all your research and be ready with the required documents.  But, you still need the assistance of your real estate agent who is experienced in the home buying process. You don’t want your loan approval to be delayed or even worse denied because you were not aware of the process or eligibility requirements.

So what are you waiting for? Get in touch, I will help you in your home buying process.  With a lot experience and professionalism, I know all there is to know about the loan program. And, with me on your team, you have a higher chance of being approved!

Filed Under: Home Loan Closing Process Tagged With: , , ,