Real Estate in Huntington Beach, Fountain Valley & Orange County Specializing in Moffett and Summerfield Homes |
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mikamitchell | 
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You can now follow my informational real estate blogs on Twitter at www.twitter.com, user name "movewithmika". You have come to the right place to shop for real estate in Huntington Beach, Fountain Valley, Westminster and Orange County. I specialize in them all and am happy to help you get started.
MARKET UPDATE SPRING 2009 - SELLERS - the buyers are they out there! When nice homes are priced aggressively, just below market value, all of the folks that have been saving their money and waiting for this market are making offers! Agents are receiving multiple offers at over the asking price. If you plan to sell in the near future, be sure to keep this in mind when pricing your home.
BUYERS - have you heard about the FIRST TIME HOME BUYER TAX CREDIT? In 2009, qualified first-time home buyers can receive a refund of up to $8000 free and clear! Read more about this exciting opportunity here.
Thinking about buying but don't have 20% to put down? Think FHA Loans. Federal Housing Administration loans are government-backed, private loans. They require a minimum down payment of only 3%, a credit score of about 620 (lower credit scores can be negotiated), and Mortgage Insurance (MI)...but here's the neat part; the MI is tacked on to the loan amount, so you only have to pay a minimum monthly amount of MI and the rest is financed!
*Condominium complexes need to be on the approved FHA list. Feel free to contact me to check their list.
If you are able to obtain a traditional, 30-year fixed loan (i.e. you have outstanding credit and a 20% down payment), you sit in the driver's seat. The conforming loan limit remains the same, at $417,000, but the new 2009 Jumbo-Conforming loan limit is now $729,750 for Orange County single family homes. Interest rates remain low and there's tons of inventory to choose from. To sum it up, now is a great time to buy a home or investment property, and you have come to the right place to look! Click on the SEARCH link above to get started.
STIMULOUS PLAN UPDATE REGARDING LOAN MODIFICATIONS - Although Obama's Stimulus Plan was released March 4th, lenders and investors are in a holding pattern, as they determine if, when and how they will accept these transactions. Because of this, the Home Affordable Refinance Program will not be available util the beginning of April 2009. Below are some loan modification requirements:
Loans must have been originated on or before January 1, 2009
The existing mortgage must be current with no mortgage late payments in the past 12 months
Loans must be first-lien loans on 1-4 unit owner-occupied, second homes, and investment properties with unpaid principal balance up to $729,750
Second homes and investment properties must have been sold to Fannie Mae or Freddie Mac as a second home or investment property
Loans can be modified only once under the program
The maximum LTV (Loan to Value) is 105%. There is no limitation on CLTV (Combined Loan to Value), but 2nd lien holders will need to re-ssubordinate (stay in 2nd position)
If PMI does not exist on the loan today, it will not be required on the new loan, regardless of LTV. If PMI does exist on the loan, the loan will be required to be re-insured through the existing PMI company.
No cash out is allowed
Borrowers can finance up to $2,500 to help with closing costs
Beware of advertisements for Loan Modification companies! Get modification company referrals directly from your lender because your lender is obligated by law to give you legitimate information.
HOW LONG WILL IT TAKE TO RECOVER? With record numbers of bankruptcies, foreclosures and short sales occurring in today's economy, the guidelines for obtaining a new mortgage have changed. If you are going through a short-sale or foreclosure process and want to know when you will be able to obtain a new mortgage in the future, click HERE to see the new guidelines.
Finally, if you would like to be kept up-to-date on other local information, be sure to sign up below for my bi-monthly "HB Locals Only" Newsletter. Subscribers learn about great real estate deals, fun local happenings, upcoming garage sales, home tours and other events I am sponsoring, receive coupons from local businesses, and learn about pertinent local news. click on the link below to sign up.
Whatever the reason you are here, I hope you find this a place where you will visit often.
If you or someone you know is looking to purchase or sell a home in Orange County, please give me a shout! I look forward to hearing from you.
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