What Just Happened With FHA Loans & What Is The News On Conventional Loans?

Have you thought about buying? Maybe you even started looking a few years back but put it off for one reason or another? Well, welcome to the time of "No more excuses".  Interests rates are hovering around 3.75% and even less, so if you qualified for a loan years ago when interest rates were in the mid to high 4%, it is likely you can afford more than you thought you ever could now.  And some other terrific news is that with FHA loans, which you can have a minimum of 3.5% down, they have recently lowered the annual mortgage insurance.  So not only is it possible to be able to get an interest rate with FHA for lower than a conventional loan rate, the mortgage insurance is less now. So, what are you waiting for?  Don't look back a year from now and say to yourself "I wish I would have..." Call me and lets talk and you need to do yourself the favor of talking to a loan person and seeing what you can purchase today.

Here is a great article from the Washington Post that gives a great description of how FHA is working today after the recent change.

http://www.washingtonpost.com/realestate/many-gain-from-new-fha-insurance-rules-but-conventional-loans-are-better-for-some/2015/01/15/ca58179e-9a7e-11e4-bcfb-059ec7a93ddc_story.html
             
                                                                         

Escrow Opened in Tujunga Village

Location, location, location! This great little condo is going to make my soon-to-be Grandmother (although doesn't look anywhere near old enough to be one) a new resident of Studio City.  I'm sure she's excited to be closer to her daughter and I'm excited she's going to be close to the great coffee spot, Aroma Cafe.
                                                                                 

Disclosures, Disclosures, and More Disclosures

I have a great tip for those of you buying a home when it comes to disclosures you receive...read the line just before where you are signing so that you understand why you are signing it.  Most (not all) disclosures you sign will say something like "The undersigned hereby acknowledges a receipt of this disclosure" This means that you are not approving of what may be written on that paper, but just that you have been given it.  The "approval" of all the disclosures you receive comes in the form of the removal of your contingencies.  So next time you sign a form, read the line or two before your signature to understand why you are signing what you are signing.