Long Beach Condo Special Mortgage Rules

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.

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

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!

The Complete Guide to FHA Streamline Refinancing

FHA Streamline Refinance is a refinancing mortgage for individuals who already hold an FHA mortgage. Other homeowners who are under a Freddie Mac or a Fannie Mae mortgage cannot use the FHA Streamline Refinancing mortgage.

The most important characteristic of the FHA Streamline Refinance program is the lack of a home appraisal. In other words, the FHA allows the homeowner to continue with the original price of the house, regardless of the current value. In fact, even if you owe a lot of money on your mortgage, the FHA readily provides FHA streamline refinancing to help you out of your situation. It allows homeowners to apply for unlimited loan-to-value with this program.

Other than the fact that there is no appraisal, the FHA Streamline Refinance is similar to other loans. One can choose between a fixed or adjustable mortgage rate and one can choose terms of 15 or 30 years. In addition, one need not worry about prepayment penalties. In addition, it provides mortgage rates that are as low as its regular FHA loans.

Qualifying for an FHA Streamline Refinance The Complete Guide to FHA Streamline Refinancing

It is quite easy to qualify for an FHA Streamline Refinance. In April, 2011, the FHA removed verification for almost everything for the FHA Streamline Refinance program. Now, one need not have employment verification, income verification or credit score verification to qualify for the FHA Streamline Refinance program. In addition, there is no home appraisal.

While this seems like an impossible idea, we need to remember how this benefits the FHA. The main goal of the FHA is to insure mortgages rather than make mortgages. Thus, it works for the FHA if the maximum number of people qualifies for the rates of mortgage today when they are low. This is because low mortgage rates result is lower monthly payments. This, in turn, reduces the chances of loan defaults.

What is Required to be FHA Streamline Refinance Eligible?

The following factors determine whether or not you are FHA Streamline Refinance eligible:

  • You should have a perfect payment history for the past three months. Since the FHA seeks to reduce the loan pool risk on the whole, it is necessary to have a perfect payment history for 3 months. However, over 12 months, one late payment is allowed.
  • There needs to be a waiting period of 210 days or 7 months between refinances. Borrowers need to make 6 mortgage payments on their current FHA loan.
  • There needs to be a purpose to the refinance. In other words, there needs to be a Net Tangible Benefit to the refinance.
  • The loan balance is not allowed to increase to incorporate loan costs.

MIP for FHA Streamline Refinance (Loans Given Before June 1st, 2009)

If you took out an FHA mortgage loan before June 1st, 2009, your upfront MIP and annual MIP, or mortgage insurance premiums, will be lowered if you refinance to the FHA Streamline Refinance program.

The upfront MIP on such loans would be 0.01% of the size of the loan, which is 1 basis point. The annual MIP would be 0.55% per annum, which is 55 basis points. The 0.55% annual MIP is true for 15 year loans that have loan-to-value above and below 90% as well as 30 year loans that have loan-to-value above and below 95%.

Meanwhile, 15 year loans at fixed rates and 78% or less LTV have to pay no annual MIP. Jumbo FHA mortgages that exceed $625,500 also pay no additional MIP.

MIP for FHA Streamline Refinance (Loans Given On or After June 1st, 2009)

The upfront MIP for refinancing on loans issued after or on 1st June, 2009 is 1.75% of the size of the loan. However, the FHA Streamline Refinance program offers to refund the MIP that had been paid previously if the homeowner is still in the first three years of the loan.

The annual MIP on refinancing of loans issued after June 1st, 2009 loans according to the loan-to-value and the loan term. 15 year loans with LTV above 90% pay 0.60% MIP, whereas those with LTV under 90% pay 0.35% MIP. 30 year loans with LTV above 95% pay 1.25% MIP, whereas those with LTV under 95% pay 1.20% MIP.

If it is a loan of 15 years with fixed rate and 78% or less LTV, there is no annual MIP. If the loan amount equals or exceeds $625,500, there is an additional 0.25% to be paid as insurance fee.

If you are a Long Beach home owner who’s been waiting and watching for the right moment to refinance your current FHA mortgage, I hope you will consider getting in touch with me soon.  Actually–today might not be a bad time!

Jumbo Home Loan: Take Advantage of the Lowest Jumbo Mortgage Rates

What is a jumbo home loan? Jumbo Home Loan: Take Advantage of the Lowest Jumbo Mortgage Rates

A Jumbo home loan or “non-conforming home loan” is a type of housing loan where the loan amount is higher than the amount set by

the Federal National Mortgage Association  (FNMA or Fannie Mae) and Federal Home Loan Mortgage Corporation’s  (FHLMC or  Freddie Mac) lending guidelines.  Fannie Mae, and Freddie Mac  are the nation’s two largest government sponsored enterprises who classify the majority of home mortgages.  Each year, Fannie Mae sets the maximum limit on the amount that lenders should give out for a mortgage, based on the Federal Housing Finance Board’s single-family price survey.

Conforming Loan Versus Jumbo Home Loan

When a certain mortgage meets the standards of government-backed agencies; Fannie Mae and Freddie Mac’s underwriting guidelines in terms of credit score, income, assets and requirement, it is considered a conforming mortgage loan.  This means that the loan must not be higher than $625,500 in the high cost areas of the United States such as Alaska, Hawaii, Guam and the U.S. Virgin Islands.   The traditional conforming loan for a single family home in all other areas has a maximum lending limit of $417,000 only.  The minimum jumbo loan limits in Long Beach CA are above $625,500.

Jumbo home loans are mortgage loans that are considered too high to qualify for the government sponsored mortgage insurance programs.   The Federal Housing Administration is responsible for setting the limits on how big a mortgage can be covered by the government in insurance programs and safeguarding the lenders in case a homeowner defaults on mortgage payments.   The lowest jumbo mortgage rates for non-conforming or jumbo home loan are higher than the maximum lending limits set by FHA, which is $729,950.   Thus, a jumbo home loan is a mortgage loan on a higher-value property.

Take Advantage of Lowest Jumbo Mortgage Rates and Its Benefits

If you are dreaming of a better home for you and your family, (that is higher than the limit set by Fannie Mae or Freddie Mac), taking advantage of the lowest jumbo mortgage rate for a jumbo home loan is the answer to cover your mortgage financing.   There may be some challenges but if you have a enough resources and qualified to acquire one, you can reap its many benefits.

The lowest jumbo mortgage rate is now available across the United States as Congress recently approved its modification.     There is now a large array of financial institutions that offers more jumbo loans like national lenders, investment firms, credit unions and even smaller banks.  More lenders have been more aggressive in their offerings for lowest jumbo mortgage rate specially for those with a solid income and substantial assets. This record low rate makes jumbo loan limits more flexible and better terms for borrowers.  The down payment requirements have now lowered to as low as 3.5% and loan period have been extended.  As many financial experts report, jumbo loan interest rates and refinance rates have dropped at a record low.

Your investments in jumbo home loans with its lowest jumbo mortgage rate,  provide you opportunities to earn enough income to upgrade your smaller home to a bigger one.  This could be the best time to bring your dream into a reality.   Fill up the short form provided or call us today for your free rate quote!

See all House You Can Afford in city of Long Beach.
(all data current as of 8/25/2013)

  1. 3 beds, 2 full baths
    Home size: 1,650 sq ft
    Lot size: 6,757 sqft
  2. 2 beds, 2 full baths
    Home size: 1,400 sq ft
    Lot size: 1.59 ac
  3. 5 beds, 3 full baths
    Home size: 2,386 sq ft
    Lot size: 3,215 sqft

Listing information deemed reliable but not guaranteed. Read full disclaimer.



SCHFA Competitive-Rate Mortgages for First Time Homeowners in Los Angeles and Orange County

SCHFA Competitive-Rate Mortgages for First Time Homeowners in Los Angeles and Orange Counties
If you’re searching for your first home in Southern California, 2013 could be your lucky year.

SCHFA Down Payment and Closing Cost Assistance Grant

Starting in mid-January, the Southern California Home Financing Authority (SCHFA) will be offering competitive-rate, 30 year mortgage loans to qualified first time homeowners. These loans will include a Down Payment and Closing Costs Assistance Grant of up to 4% of the initial principal balance of the mortgage loan. This Down Payment Grant does not have to be repaid.

The 2013 First Time Mortgage Program has been funded with a revolving balance of $25,000,000.

SCHFA Program Eligibility Requirements

  • Must live in Orange or Los Angeles County (Los Angeles city residents are not eligible)
  • Cannot have owned a home in the past three years
  • Must have a minimum FICO score of 640
  • Must have a maximum debt-to-income ratio of 45
  • Must have total income under the maximum qualifying income (to be determined)
  • Must meet the maximum home purchase (to be determined)
  • Must participate in a homeowner education program
  • Must use a participating lender

Mortgage rates are anticipated to be slightly above market rate—as of April 16, 2013 the rate is 3.625%. This rate will change periodically to stay competitive with the market. Eligible mortgages include FHA, VA, or USDA‐RD, all 30‐year and fixed rate. Participating lenders must be approved by the SCHFA.

Be sure to take advantage of this terrific program and let me help you find the perfect home loan in Los Angeles or Orange Counties—call 562-257-5008 or get in touch with me today!

The information being provided by CARETS (CLAW, CRISNet MLS, DAMLS, CRMLS, i-Tech MLS, and/or VCRDS) is for the visitor's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing.

Any information relating to a property referenced on this web site comes from the Internet Data Exchange (IDX) program of CARETS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site.

The accuracy of all information, regardless of source, including but not limited to square footages and lot sizes, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals. The data contained herein is copyrighted by CARETS, CLAW, CRISNet MLS, DAMLS, CRMLS, i-Tech MLS and/or VCRDS and is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited.

CARETS, California Real Estate Technology Services, is a consolidated MLS property listing data feed comprised of CLAW (Combined LA/Westside MLS), CRISNet MLS (Southland Regional AOR), DAMLS (Desert Area MLS), CRMLS (California Regional MLS), i-Tech MLS (Glendale AOR/Pasadena Foothills AOR) and VCRDS (Ventura County Regional Data Share).

Date last updated: 8/25/13 8:56 PM PDT

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