Lancaster Short Sale- Sold by Midas Realty Group

Lancaster Short Sale Sold-

Midas Realty Group has helped another homeowner avoid foreclosure by negotiating another successful short sale- this time in Lancaster, CA.   The 4 bedroom Lancaster home was sold and the homeowners released from all encumbrances on the property.  If you or someone you know is in need of short sale assistance or help in avoiding a foreclosure, give us a call at 800-546-2289 or send us a message for a free consultation.

 

Lancaster short sale

Whittier Home Sold by Midas Realty Group

Midas Realty Group has sold another Whittier home this time 11051 Foxcroft.  This 3 bedroom 2 bath home was in move in condition, and sold for $460,000.  If you or someone you know is looking to buy or sell a home in Southern California contact us today at 800-546-2289 or submit one of our online forms.  We offer a free comparative marketing analysis to home sellers and free consultation and automated listings sent to our home buyer clients.

whittier home sold by Midas Realty Group

Valley Center Home Sold

Just sold- 30127 Grandview Heights Road, Valley Center.   This 3 bedroom, 2.5 bath, ranch style Valley Center home was a standard sale.  To find out how much your property may be worth, complete one of our FREE comparative market analysis forms online or give is a call at 800-546-2289.  We assist home sellers throughout all of Southern California

Valley Center Home sold

New Home Buyer Grants Available

Thousands of people each year dream of becoming homeowners. A new Program may help that dream become reality and now allows for either a 3% or 5%* Grant! This home buyer assistance program currently provides low-to-moderate income families and individuals with a grant that does not have to be repaid.  The grant can be used towards down payment or closing costs. Many times this allows home buyers to purchase a home much sooner than they thought possible.  This  Program is available for the purchase of an owner-occupied single-family residence, approved condominium or planned unit development located in the state of California.  New and Existing homes may qualify, and you do not have to be a first time home buyer to qualify. Contact us today and we can refer to one of our Preferred Lending Partners that specializes in grants for home buyers.

Fannie Mae Launches First Time Buyer Program

HomePath®has just launched their HomePath Ready Buyer program, a comprehensive online homebuyer education course that is a requirement for a new first time buyer program. First Time home buyers who complete this education course by their initial offer may request up to 3% closing cost assistance toward the purchase of a HomePath property and reimbursement of the HomePath Ready Buyer training cost.

To be eligible for the offer:

  • Buyers must complete the full online HomePath Ready Buyer training course on and receive the Certificate of Completion.
  • The request for closing cost assistance must be made at initial offer in the HomePath Online Offers system on or after April 14, 2015.
  • Must be First Time Homebuyer (did not own a property in the past three years) and plans to reside in the property as their primary residence.
  • Auction, pool and investor sales are not eligible.

For additional information on available first time home buyer programs, give Midas Realty Group a call at 800-546-2289

 

Fannie Mae

Communities served by Midas Realty Group-

first time buyer programsMidas Realty Group is licensed to conduct real estate transactions in California.  Our largest area of service covers the Southern California communities of Orange, Los Angeles, Riverside, San Bernardino, and San Diego Counties and we can assist first time home buyers in each of those areas.

FHA and Community Enhancement Fees

 

Buyers and Sellers of homes in the communities of Ladera Ranch, Talega, and San Clemente are required to pay a community enhancement fee at the time of close of any escrow or purchase.

Often described as a “lifestyle” fee, these private transfer fee obligations are a recorded covenant running with the land obligation of the sellers. Payment of this fee obligation is according to a recorded covenant and cannot be avoided.

Such recorded community enhancement fees commonly have language such as: “By its acceptance of a deed with respect to any residential Unit (as such term is defined above), the Owner of such Unit is hereby deemed to acknowledge and agree to the requirement that any Owner transferring title to such Unit shall pay to the Association a Community Enhancement Fee in an amount not to exceed one-fourth of one percent (0.25%) of the gross sale price of the Unit. By its acceptance of a deed with respect to any residential Unit (as such term is defined above), the Owner of such Unit is hereby deemed to acknowledge and agree to the requirement that any owner transferring title to such Unit shall pay to the Association such Community Enhancement Fee. Certain exemptions apply.”

So even though FHA and government-backed loans have been made by lenders in these communities for more than 10 years, HUD has recently said that such government-backed loans are no longer authorized where there are required private transfer fees.

HUD (U.S. Housing and Urban Development) representatives have recently said: “Ladera Ranch is one of many master planned communities where mandatory private transfer or other transfer fees are required upon each conveyance of the property. This includes single-family dwellings, townhouses, PUDs, MH and condos.  Per the regulation at § 203.41, private transfer or other transfer fees are not authorized. This rule was promulgated in 1994 and announced via Mortgagee Letter 04-02 and, according to HUD, the “requirements of the rule are still applicable.”

So despite HUD not enforcing its own regulation after more than 10 years in Ladera Ranch and Talega, such purchase money loans will no longer be insured or purchased by HUD. And unless it backs off on its declining to authorize loans where such private transfer fees are required, FHA mortgage insurance will no longer be available.

So how does a home buyer or home seller overcome this obstacle?  The property will either have to be sold to a buyer with conventional financing or cash to close.

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