Prudential Huntington Beach

6025 Loynes #5 Long Beach, CA 90803 Listing Price: $575,000

200 Pacific Coast Hwy #111, Huntington Beach, CA 92648 Listing Price: $419,000

Beginning Saturday, Jan 15, Home Services Lending a Prudential California Realty affilate will be able to originate FHA loans for borrowers who have credit scores at or above 500. There may be some additional down payment requirements or other restrictions, but this opens up new opportunities for homeownership at a time when interest rates are at historic lows and affordability of homes are at historic highs. Please contact your Prudential California Real Estate Professional or a Home Services Lending Officer for additional information on what this opportunity can mean for you.

Happy Holidays From Our Family To Yours. "Be the change you wish to see in the world" --Gandhi

"Mortgage interest rates predicted to rise next year, making now a great time to buy"

http://rismedia.com//existing-home-sales-resume-uptrend-w/

Short Sales and REO Properties: Opportunities for Home Buyer: Short sales make up a good number of the homes on the market today. However, a common misperception by consumers and some agents is that these homes sell at a discount. While short sale properties do offer buyers increased opportunity through the number of available homes, buyers have a greater chance of getting their offer approved by the seller’s bank or lien-holder when it is close to market value and free from... as many contingencies as possible.In addition, these types of transactions are paperwork-intensive, and can take 60 to 120 days or more to finalize, due to the need for additional documentation by the seller and approvals from third parties that have a financial interest in the loan. Agents should make their clients aware that short sale transactions can be complicated and buyers need to be patient and flexible.Bank owner (REO) properties can be a good option for some potential homeowners. But buyers need to be aware that many bank-owned homes priced below market value are priced that way because they need some level of repair or upgrade, and are usually sold as-is. Although lenders work to maintain functionality and curb appeal of the property, buyers of lower-priced REO homes should be prepared to incur some repair or upgrade costs in addition to the purchase price of the home.For anyone looking to purchase an as-is property, including an REO, fixer-upper or older home that may need work, Home Services Lending offers a Federal Housing Administration (FHA) 203(k) loan, which provides funds for the purchase of the home as well as certain repairs. As with other FHA loans, the required downpayment is only 3.5%, measured against the total cost to acquire and renovate the home. While the borrower may close with the property as-is, the loan amount is based on what the property will be worth after the repairs are complete. The Rehab funds are put into an account following the close of escrow and the Rehab funds are released as work is completed and proper inspections are made.Short sale and REO transactions are complicated, but by working with a knowledgeable agent, the transaction can be less stressful. Short Sale and REO opportunities for buyers will slowly become fewer as the market continues to improve and the housing cycle changes. See more

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