Tag Archive for 'lomita'
FHA is leaving low fico score owners in the dust mid July
1 Comment Published by popelynne May 20th, 2008 in Business. by popelynne
HURRY-for only one more month- FHA will give anyone with a job and 3% down a heck of a great deal no matter what their credit score is. FHA is back in the drivers seat and it’s NOT going to be “one size fits all” anymore. Sorry, low fico score owners….your window is about to close!
1st gear was a fast start- it was the only place to get a loan with 3% down.
2nd gear-FHA moved into first place as other money tried to adjust to the reeling screetching stop of loans. The program was the way things used to be, one size fits all. Everyone with pay stubs proving their job got the same deal, same down, same rate, same rules. This left out the self employed, stated income borrowers, including realtors. Something will turn up sooner or later for us.
Wow, this allowed people with low credit scores to get a home with FHA money.
Home buyers are trying to find their place to jump in. Hurry because its about to stop mid July.
3rd gear-FHA is going to reward higher fico scores and shift into risk-based systems of fico scores and down payments. Kind of like a normal lender before sub-prime, right? Yes.
And FHA is planning to modernize the agency and win back the market share. It started with higher loan limits for California and the East Coast and it won us 729,750. up from 417K.
Realtors should be screaming to the people that have low credit scores.
The buyers should say “Honey-put down the paper, lets buy before July.”
The sellers should follow the realtors advice and prepare for famous Killer appraisals-if it’s FHA it better not have peeling paint anywhere pre -1978 lead based (so-paint) and no crack in any windows (so-replace) and carpet if needed. My photo is to illustrate upside down and peeling paint.
Facts in this article came from LA Times Sunday May 20, 2008 buried on page 7 section K by Kenneth R. Harney of the Washington Post. His article reports on the May 8th speech from Brian Montgomery, the top FHA official speech at the National Association of Real Estate Editors. Author may be reached at kenharney@earthlink.net This should have been front page news. Lets blog it into urgent!
Top 10 Local Issues “Transportation”South Bay LA Mayor’s say
0 Comments Published by popelynne April 3rd, 2008 in Education. by popelynneThe South Bay Board of Realtors offers an annual Mayor Breakfast meeting. This year the main theme was Transportation with aging sewer systems coming in a close second. These 2 are always related as to repair one the other stops.Seriously- In Palos Verdes the main issue is “aging sewer” systems as it can cause the caving in of streets. They are combining new concepts such as re-pipe with liners inside the crumbling remaining pipes. Its an expensive issue and also a mess. Call it the lawsuit starting to happen. Importantly- you can’t leave Palos Verdes without going through one of the towns in this report. The transportation issue affecting the following areas;
Top 10 issues surprise!1. Transportation45% of all the NATIONS goods go through
2. The State has not and my not be receiving the funds allocated to arrive. The elected officials have to fight to get it.3. Aging sewer systems. All built at the same time and falling apart at the same time. mostly the 1950′s The big growth after the War.4. The cities don’t all work together. WHY? Because…Some have Union issues separating, some have State and City money and some do not as independent charter towns.5. They do talk to each other and TRY to work together when and if possible.6. The States gives mandates…that the cities don’t have money to follow.7.
