Southern California Green Real Estate Blog

GUEST POST - VA LOAN OPPORTUNITIES

GUEST POST - VA LOAN OPPORTUNITIES

by Jay Buerck

Veterans and their families in Southern California can take advantage of one of the country’s most affordable and flexible home loan programs. The Veterans Administration’s home loan program was created specifically for the needs of those who have served our country.

VA loans offer veterans an almost unmatched degree of flexibility. The VA guarantees loans from commercial institutions. That security gives lenders the ability to offer competitive rates and favorable loan terms for qualified borrowers.

VA loans come with myriad financial benefits. Borrowers can purchase a home without spending a penny on a down payment or monthly private mortgage insurance. The VA has loan limits that vary from state to state. Some borrowers can qualify for 100 percent financing. Currently, VA loan limits for San Diego County is $593,750. In Orange County, the loan limit is $737,500. USe a VA Loan Calculator to determine the loan limit for your home purchase.

The VA has multiple loan options. Veterans must first obtain a Certificate of Eligibility (COE) before moving forward with the application process. The COE ensures that a prospective borrower meets the program’s initial requirements.

Any military member who has served 181 days on active duty during peace time or 90 days during war time may be eligible, along with those who have served at least six years in the Reserves or National Guard. Spouses of service members killed in the line of duty may also be eligible.

Not everyone who meets the basic criteria will qualify for a loan. But veterans with poor credit can still qualify for a VA loan. So can those who have filed for bankruptcy or faced foreclosure.

Southern California veterans who currently have a conventional home loan can also benefit from a VA loan. Qualified borrowers can now refinance up to 100 percent of their home’s appraised value through a VA loan.

WHAT PRESIDENT OBAMA’S STIMULUS PACKAGE DOES FOR REAL ESTATE

WHAT PRESIDENT OBAMA’S STIMULUS PACKAGE DOES FOR REAL ESTATE

by Jodi Summers

Well, yeah, now we have a stimulus package to kick start our sagging economy. Bet you want to know what it does for real estate - well, according to the National Association of Realtors - this is what has been So here’s what we have achieved:

 

1. The loan limits will be raised to $729,750 in high cost areas, like Los Angeles.

 

2. A true credit - the tax credit will be raised to $8,000 with NO payback!

 

3. Interest rates have come down 125-150 basis points.

 

4. The bill offers more than $50 billion in it for foreclosure mitigation, with Geitner’s Treasury plan signaling that the second half of TARP and TALF to be used to mitigate foreclosures through a government guarantee, drive down interest rates by buying another $200-300 billion of mortgage paper from the GSES’s thereby freeing them up to do the same with new mortgages.

 

5. Fannie has just agreed to lift the cap of 4 investment properties eligible for loans and raise it to 10.

Meruelo Maddux Closes $84M Construction Loan For Green Multiunits

Meruelo Maddux Closes $84M Construction Loan For Green Multiunits

Meruelo Maddux Properties has closed on an $84 million construction loan for the locally based development firm’s 35-story, 214-unit multifamily project at 717 W. Ninth St. The project, due to be completed in September 2009, is under way near the Staples Center and L.A. Live projects.

The project, which is seeking a Silver LEED designation, is located at the corner of Flower and Ninth Streets in downtown Los Angeles, across the street from Downtown’s only major supermarket, Ralph’s, adjacent to the financial district and near the new L.A. Live entertainment and dining complex and the Staples Center.

All the info @ http://www.globest.com/news/1213_1216/losangeles/172900-1.html