8572 Travistuck Pl
Buena Park, CA, 90621
Offered at $665,000
Spacious tri-level home has been upgraded and has wonderful pool, spa and large yard on three sides of home. Walk to Los Coyotes Golf & Country Club. Large lot over 10,000 Sq Feet! 3 Beds and 3 Baths! Located in an excellent neighborhood zoned for Sunny Hills High School. Double Door entry, Separated Family Room with Fireplace. Dry And Wet Bar, Huge Living Room And Dining Area. Wide Open Driveway To Three Car Garage.
This home Eligible for FHA Financing! Only 3.5% down required! Absolutely No repairs are required for this home to obtain FHA Financing.
HUD Home For Sale
Must See this Buena Park HUD Home for Sale in Orange County. FHA approved home can be purchased with only 3.5% down using FHA financing. Buyer may also use conventional financing or cash. Call or email Jesse Madison to purchase this HUD Home for Sale in Orange County.
What Is OC FastStats from Orange County Association of Realtors?
OC FastStats is a bundle of local housing market products draw from the Orange County MLS each month. This data tells us where the market has been going and what we can expect from the data on homes listed and sold. Inventory levels are managed and tracked as well. Sales data relative to all listings in the Orange County MLS is analyzed for accuracy and analyzed to provide data with which market trends can be studied and analyzed. Data is released through Market Reports and Video. Stay tuned for our next Orange County Market update from data provided by the Orange County Association of Realtors ( OCAR). You can learn more about OCAR at OCAR.org
Laguna Beach Open House this weekend Sat and Sun 1-4pm
Don’t miss out on this opportunity to see a stunning Laguna Beach home at a terrific reduced price!
Panoramic Ocean and Canyon Views
Panoramic Ocean Views on a Large Private Lot
Reduced! Back on Market! Panoramic Ocean Views with an Extremely Private Location on over 26,000 Square Foot Lot. Truly a unique Laguna Beach Home! Two large wrap around patios with panoramic ocean views from the Living Room and Master Bedroom. Modern kitchen with new granite counters, center island, breakfast bar and a spacious eating area. Newly refinished cabinetry, stainless appliances, new light fixtures. Beautiful new hard wood floors throughout the living room, dining room kitchen and entry. The living room features a massive brick wall leading into the vaulted ceilings in the upper level. Enjoy the waterfront scenery from all rooms on the upper level. Easy indoor-outdoor access to the
Panoramic Ocean and Canyon Views
large patios in the living room, master bedroom and the additional back patio off the kitchen. New large double paned windows throughout the home providing breathtaking ocean views. New Paint, Epoxy coating on Garage, Newly tiled driveway, Granite Counters in bathrooms, Enclosed Glass Patio area offering 180 degree views, New flooring throughout. Utility/ storage room under the home is perfect for home workshop. Architectural plans completed to add an additional 800 Sq ft. of Living space if desired! Seller will entertain all offers between $1,999,876 to $2,199,876.
Year Built: 1977
Sq Footage: 2031 sqft.
Bedrooms: 3 Beds
Bathrooms: 2.5 Baths
Parking: 2 Garage
Laundry: In Unit
Lot Size: 26136 Square Feet
Property Type: Single Family House
Range / Oven
Stainless steel appliances
Balcony, Deck, or Patio
Heat: forced air
High / Vaulted ceiling
Visit us at our Laguna Beach Open House Sat and Sun 1-4pm
22191 Paseo Del Sur, Laguna Beach, CA
Nov 21 and Nov 22
FHA Approved Home. Bids due daily at midnight CST for consideration.
23886 Corte Cajan, Murrieta 92562
Wonderful Opportunity for this Golf Community home at an affordable price.
BRIGHT SPACIOUS LIVING A wonderful opportunity to acquire this quietly located HUD HOME in the 55+ Golf Community of The Colony. A high, vaulted ceiling in the living area enhances its spacious look, the informal living area incorporates the kitchen and the laundry is conveniently located close to the kitchen. The master bedroom is a place to retreat, reflect and rejuvenate, twin basins and a luxuriously large mirror are features of the master bathroom. Spacious backyard with huge potential for sophisticated low maintenance living. Every convenience just minutes away. Act quickly as you will not get a second chance at this price! Price Recently Reduced. Murrieta Single Level Home. FHA Approved Home. Insured with repair escrow. Also Eligible for FHA 203k.
IRS Tax Liens- tax liens are allowed to remain open with repayment plan, three months payments and subordination agreement are required. MORE RESTRICTIVE
judgments are allowed to remain open with repayment plan and three-month payments. MORE RESTRICTIVE
Deferred debt must be included in debt ratio MORE RESTRICTIVE
Authorized user accounts must always be included in debt ratios. MORE RESTRICTIVE
For all revolving accounts and deferred installment loans, including student loans when no payment exists on the credit report, we will use the greater of $10 or 2% on student loans; greater of $10 or 5% on all other debt. IMPROVEMENT
When an installment loan in repayment, including student loans in repayment, shows no monthly payment on the credit report, a statement is required. MORE RESTRICTIVE
On re-established credit, we will allow one collection account with a maximum of $500. Account must be dated more than 12 months prior to application. IMPROVEMENT
When an account is paid by a business, we must show the business related debt on the tax return. Now, we must also show that the debt was considered in the cash flow analysis of the borrower’s business. MORE RESTRICTIVE
Cumulative outstanding collection account balances of $2,000 or greater must be paid off at or prior to settlement or verify borrower has made payment arrangements and hit the DTI, or, use 5% of the balance in the DTI. MORE RESTRICTIVE
See Hud handbook for additional guidance if borrower’s reside in a community property state.
For a short sale borrower if they were current at the time of the short sale, we can finance before 3 years if the loan is manually downgraded with no mortgage or installment lates in the 12 months prior to short sale date AND 12 months prior to application date. MORE RESTRICTIVE
30 day accounts must now have 0x30 in the past 12 months AND must document they have funds to pay the account in full. If the credit report reflects any late payments in the last 12 months, the Mortgagee must utilize 5% of the outstanding balance as the Borrower’s monthly debt to be included in the DTI. In addition to the 5% the borrower must have the assets to cover the outstanding balance. MORE RESTRICTIVE
FHA Changes for Income Requirements:
Balance sheet is not required for schedule C self- employed borrowers .IMPROVEMENT
If the borrower has more than 3 jobs in 12 months, we need to show required schooling or consistent increase in pay to qualify.MORE RESTRICTIVE
-transcripts of training and education demonstration qualification for a new position; or
-employment documentation evidencing continual increases in income and/or benefits.
In addition to a copy of the VA Award Letter, a copy of VA Form 26-8937 (Verification of VA Benefits) is required to prove income. MORE RESTRICTIVE
Capital gains or losses generally occur only one time, and should not be considered when determining Effective Income. However if a consistent gain or loss, 3 years tax returns are required to evaluate. CLARIFICATION
Future income no longer requires a paystub. The loan can close with an offer letter, provided that employment begins prior to close. IMPROVEMENT
Non-taxable income gross-up rate is capped at 15% instead of 25%. MORE RESTRICTIVE
When qualifying a borrower receiving commission income, a 1-year history receiving commission with the same employer is required. IMPROVEMENT
For borrowers serving in our military, the active duty expiration date on their LES must be at least 12 months out, OR we must have a LOX from the borrower stating their intention to re-enlist. CLARIFICATION
When a rental property is not listed on the Schedule E, we must obtain a 12 month lease agreement, verify 25% equity in the property, and date of acquisition. MORE RESTRICTIVE
We must obtain documentation from the private disability insurance provider showing the amount of the assistance with the expiration date of the benefits, if any, and the Federal tax return OR the most recent bank statement to evidence receipt of income . MORE RESTRICTIVE
Expected income from a family-owned business is not allowed. CLARIFICATION
FHA Changes regarding Assets:
Large deposits are defined as 1% of adjusted purchase price or appraised value. MORE RESTRICTIVE
For borrowers using joint bank statements; all non- Borrower parties (even spouses) on the account must provide a written statement that the Borrower has full access to use of the funds. CLARIFICATION
A salary advance cannot be used for funds to close. CLARIFICATION
FHA Changes regarding Property
Max age of appraisal is 240 days with an update (update extends appraisal, instead of update good for 120). IMPROVEMENT
Veterans on active duty are allowed to finance their home as a primary residence, provided we can document the home is occupied by the Veteran’s spouse . IMPROVEMENT
There are a number of site considerations. Refer to FHA 4000.1 handbook for guidance. CLARIFICATION
All common areas/common elements for condominium properties are to be included. This included, but are not limited to lobby/foyer, hallways, laundry facilities, storage areas, recreation facilities. CLARIFICATION
Comparable photos taken by the appraiser are to be shot at an angle, such that one of the sides is available . CLARIFICATION
FHA Changes regarding Purchase specific Changes:
Letter from homeowner is required if borrower is living rent free. CLARIFICATION
When a borrower is relocating, the new home must be at least 100 miles away from their current residence. MORE RESTRICTIVE
If a borrower is converting their primary residence to an investment property, it must be 100 miles away, they must have a security deposit, one year lease, AND 25% equity in the converted property. MORE RESTRICTIVE
There are no more HOC vacancy factors – 25% vacancy rate across the board. MORE RESTRICTIVE
Any EMD greater than 1% of the value of the home must be documented . MORE RESTRICTIVE
Any gift funds used toward an EMD must be documented, even if it is less than 1% of the value of the home. CLARIFICATION
Gifts of equity always require a gift letter. Purchase Agreement is not acceptable . MORE RESTRICTIVE
On a Purchase transaction, a second lien from a HUD-approved nonprofit cannot cover a borrower’s minimum required investment . MORE RESTRICTIVE
If subordinate financing exists, the total of both mortgages may not exceed the national mortgage limit. IMPROVEMENT
For a non-permanent resident alien, an Employment Authorization Document (EAD) is required. MORE RESTRICTIVE
For more information on purchasing Orange County Real Estate with just 3.5% dow using new FHA guidelines please call Jesse Madison at 949-306-8416
California home sales to increase slightly, while prices post slowest gain in five years
LOS ANGELES (Oct. 8) – California’s housing market will continue to improve into 2016, but a shortage of homes on the market and a crimp in housing affordability also will persist, according to the CALIFORNIA ASSOCIATION OF REALTORS®’ (C.A.R.) “2016 California Housing Market Forecast,” released today.
The C.A.R. forecast sees an increase in existing home sales of 6.3 percent next year to reach 433,000 units, up from the projected 2015 sales figure of 407,500 homes sold. Sales in 2015 also will be up 6.3 percent from the 383,300 existing, single-family homes sold in 2014.
“Solid job growth and favorable interest rates will drive a strong demand for housing next year,” said C.A.R. President Chris Kutzkey. “However, in regions where inventory is tight, such as the San Francisco Bay Area, sales growth could be limited by stiff market competition and diminishing housing affordability. On the other hand, demand in less expensive areas such as Solano County, the Central Valley, and Riverside/San Bernardino areas will remain strong thanks to solid job growth in warehousing, transportation, logistics, and manufacturing in these areas.”
C.A.R.’s forecast projects growth in the U.S. Gross Domestic Product of 2.7 percent in 2016, after a projected gain of 2.4 percent in 2015. With nonfarm job growth of 2.3 percent in California, the state’s unemployment rate should decrease to 5.5 percent in 2016 from 6.3 percent in 2015 and 7.5 percent in 2014.
The average for 30-year, fixed mortgage interest rates will rise only slightly to 4.5 percent but will still remain at historically low levels.
The California median home price is forecast to increase 3.2 percent to $491,300 in 2016, following a projected 6.5 percent increase in 2015 to $476,300. This is the slowest rate of price appreciation in five years.
“The foundation for California’s housing market remains strong, with moderating home prices, signs of credit easing, and the state continuing to lead the nation in economic and job growth,” said C.A.R. Vice President and Chief Economist Leslie Appleton-Young. “However, the global economic slowdown, financial market volatility, and the anticipation of higher interest rates are some of the challenges that may have an adverse impact on the market’s momentum next year. Additionally, as we see more sales shift to inland regions of the state, the change in mix of sales will keep increases in the statewide median price tempered.”
CAR MARKET FORECAST
2016 California Housing Market Forecast
CAR Market Forecast
p = projected
f = forecast
Leading the way …® in real estate news and information for more than 110 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States, with more than 175,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.