The Advantages of FHA Loans

 In many regions of the U.S., FHA loans have not been utilized for years, so a lot of real estate agents and mortgage originators aren’t familiar with this great resource. The following are a just a few of the recent changes that have made FHA loans a more attractive option again for some consumers looking to buy a new home or refinance an existing one:

 

1) Congress passed the Stimulus Act of 2008. During the recent housing boom, home values surpassed FHA loan limits in many regions of the U.S. The recent enactment of this important legislation, however, increased FHA loan limits up to $729,500 in many high-cost regions of the U.S. through the end of the year. FHA loan limits vary by county, so give us a call for loan limits in your area.

 

2) The FHA changed its appraisal and fee negotiating guidelines. In the past, many sellers steered clear of FHA loans because the appraisals were too strict and certain fees were non-negotiable. The FHA has greatly loosened these guidelines to make it easier for both buyers and sellers.

 

3) FHA loans are much cheaper now. Because FHA loans are federally insured, they tend to trade at a higher premium in the secondary market. This means lenders can often charge a lower rate.

 

Other FHA Benefits:

 

FHA loans are not credit-score driven. Borrowers can have a lower score than other products and still qualify for a good rate.

 

FHA loans require as little as 3% down.

 

FHA loans allow down-payment assistance programs. This allows the seller to cover the buyer’s down payment and closing costs. This means borrowers, especially first-time buyers, or move-up buyers with limited funds, have a real opportunity of getting into a home with little or no cash at closing. For sellers, this means you can offer concessions that make marketing your home much more attractive without having to lower the price of your home again.

 

FHA loans allow:

a) Sellers to finance all of the buyer’s costs to close

 

b) Homeowners to take cash out up to 95% of the home’s value; and

 

c) Homeowners to consolidate a first and second loan up to 97% of the home’s value.

 

 

If you or someone you know is thinking about buying or refinancing a home, give us a call. We’ll see if an FHA loan is right for your financial goals and needs.

 

 

Happy house-hunting!

Althea
Rose-Marie & Althea
The OC Dream Home Team
http://www.ocdreamhometeam.com

Looking for a house for sale in Huntington Beach, Costa Mesa, Westminster, Long Beach or Signal Hill? View 38,000 properties at http://www.ocdreamhometeam.com 

Interested in foreclosure properties? …
Take one of our Saturday Foreclosure tours!

Got Mold?

There’s no way to sugar coat it!  Buyers can smell mold, even if you can’t and there is no better way to kill the sale of your property, than to try to cover up a mold issue.  And like an unwelcome guest,  mold can show up without warning and in places you might not be able to see it.

From that small black spot on the shower seal, to behind the backsplash of your kitchen sink, where it CAN’T be seen, mold spores multiply anywhere there is moisture at a temperature between 40 to 100 degrees F.

The mildest form of mold, is mildew and this usually goes away instantly when dabbed or sprayed with a little bleach.  Full-blown mold is also black but more ‘hairy’ in appearance and should not be removed by anyone other than a professional – the LAST thing you want to do, is to set those mold spores in motion and have them air borne!

Once breathed in,  the mold spores find a perfect environment to breed:  the warmth and moisture of the human lungs and there is NO abatement and no cure for lung mold, which manifests itself in violent coughing attacks or asthmatic siezures.  Topical allergic reactions to mold come in the form of hay-fever like sneezing and skin rashes.

Mold presence is not a reason NOT to buy a home but once detected, it should be eradicated prior to moving in.

 

 

Happy house-hunting!

Althea
Rose-Marie & Althea
The OC Dream Home Team http://www.ocdreamhometeam.com

Looking for a house for sale in Huntington Beach, Costa Mesa, Westminster, Long Beach or Signal Hill? View 38,000 properties at http://www.ocdreamhometeam.com Interested in foreclosure properties? …
Take one of our Saturday Foreclosure tours! 

 

 

 

 

 

 

Fridge in a Draw?

Drawer-Style Fridges a New Trend


Installing built-in refrigerated drawers is an idea that is catching on in communities across the nation, no matter the size of the home. Compact, convenient, modern and stylish, they are a new alternative to the giant refrigerators that have long dominated our kitchens.

Popular in the compact kitchens of Europe for years, built-in refrigerated drawers offer lots of room and come in several styles. Tucked under the countertop, out of the way, drawer-style built-ins free up a large section of kitchen wall for other uses. Install a pantry or shelving to replace the cupboard space lost to the drawers, and you’ll probably add even more storage than you had before. Some homeowners may even choose refrigerated drawers to supplement a small standard fridge. Units that fit into a central island are available to maximize space.

Benefits of the drawer-style fridges include the ability to set each drawer’s temperature independently in order to best preserve your food items, and adjustable compartment dividers and full lighting so you can see what’s gotten stuck in the back of the drawer.

Several manufacturers make fridge and freezer drawer combo units, and some even come with an icemaker, so none of the functionality of a standard refrigerator is lost.

Numerous sizes and styles are available to smoothly integrate into any kitchen decor. Cruise websites like beveragefactory.com or nextag.com to view some of the models and styles available, from manufacturers such as Aga, Jenn-Air, KitchenAid and GE. While still rather pricey — ranging from about $1,200 to nearly $4,000 per unit — as they increase in popularity, built-ins should drop in price, making them more affordable for all homeowners, and a space-saving solution.

Happy house-hunting!

Althea
Rose-Marie & Althea
The OC Dream Home Team
http://www.ocdreamhometeam.com

Looking for a house for sale in Huntington Beach, Costa Mesa, Westminster, Long Beach or Signal Hill? View 38,000 properties at http://www.ocdreamhometeam.com 

Interested in foreclosure properties? …
Take one of our Saturday Foreclosure tours! 

 

Call (714) 264-3458 NOW!….  for more information.