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Long Beach Real Estate News

New FHA Loan Limits

Los Angeles County and Orange County FHA loan limits are rising January 1, 2009.  What does that mean to todays home buyers?  This means that Fannie Mae and Freddie Mac loans remain high through the end of 2008, buyers can qualify for higher loans on homes closing prior to the end of this year.  Once the New Year rolls around buyers will have less buying power due to the lower loan limits.  This is true for all residential loans, including; homes, condos and residential investment property under 4 units. 

Whats the big deal?  Lower maximums loan amounts means decreased buying power. 

Today is November 16, 2008.  It is still possible to find and close on a home or condo before the new lower loan limits take effect.  If you have been thinking about buying, were contemplating putting that purchase off until after the New Year and are in the price range that would be affected by the new lower FHA loan limits, you might want to consider getting out there right now while you can still take advantage of the higher FHA loan limits.  Remember, your escrow must close prior to 12/31/2008. 

Federal Housing Authority Home

Real estate is always a good purchase, now really is a very good time to consider purchasing a Long Beach Home, Condo or Income Property.  If you have been sitting on the fence call us today to discuss your needs and wants.  We are always here for you.  Call Laurie (562) 212-5420

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Owners of Long Beach Homes and Long Beach Condos who are occupying their homes are finally being offered an option to save themselves from Short Sale and Foreclosure through Bank of Americas new relief program for Countrywide customers.  Restrictions do apply so be sure to read all of the details in the related links. 

Countrywide customers finally get some relief through the Bank of America Nationwide Homeownership Retention Program. 

Program will systematically modify troubled mortgages with up to $8.4 billion in interest rate and principal reductions for nearly 400,000 Countrywide Financial Corporation customers nationwide.

• Read the press release to learn more about this announcement.
• Learn more about the Homeownership Retention Program with this Fact Sheet Overview.
• Additional information for customers who may need additional Financial Hardship Assistance.

Beginning December 1, 2008, Countrywide will proactively contact subprime and Pay Option ARM borrowers whose loans are scheduled for an interest rate change.

This program is designed to try to keep homeowners in their homes by way of affordable mortgage payments for borrowers who financed their homes with subprime loans or pay option adjustable rate mortgages serviced by Countrywide and originated prior to December 31, 2007.  Countrywide will forestall the foreclosure process until a decision regarding eligibility is made for qualified recipients. 

Modification options include, among others:

• FHA refinancing under the HOPE for Homeowners Program;
• Interest rate reductions, which may be granted automatically through streamlined processing; and
• Principal reductions on Pay Option adjustable rate mortgages that restore lost equity for certain borrowers.

One of the requirements for eligibility is occupying the home as your primary residence. 

As part of agreements to resolve outstanding claims against Countrywide by certain states, borrowers in participating states will additionally be eligible to access their share of:

• A Foreclosure Relief Program of $150 million on a nationwide basis for payment to eligible Countrywide servicing customers who suffered foreclosure or are currently at serious risk of foreclosure having made only minimal payments since the time their mortgages were originated by Countrywide; and
• An additional program, projected to make payments up to $70 million to support customers with loans serviced by Countrywide who face imminent foreclosure, providing financial assistance with their transition from home ownership.

As part of the state agreements, Countrywide is further committing to eligible borrowers in participating states that it will waive late fees associated with a borrower's default in finalizing modifications under the program.

If you have a home loan through Countrywide and your home is in jeopardy this is a great opportunity for you to work out a plan to keep your Long Beach homes by re-arranging your mortgage through these new programs.  Please read the entire press release>>>>>>>>

Mortgage rates in Long Beach, California for July 10, 2008.  Loan amounts up to $417,000:

(Be sure to watch the video commentary, directly below)

3/1 ARM              5.125%

5/1 ARM              5.375%

7/1 ARM              5.625%

10/1 ARM            6.000%

30 Yr Fixed          6.125%

All rates offered to the borrower with 1 point cost.  Rate quotes assume a purchase transaction with a 20% down payment, 720 credit score, and full income qualification.  Rates are subject to fluctuation.  Custom rate quotes and rate lock advice are available by calling at the number below..

LONG BEACH CALIFORNIA  MORTGAGE RATE TREND:

Next 7 days:        Lower

Next 30 days:      Slightly Lower 

Next 3 months:    Higher