Latest Mortgage Rates For West Los Angeles Home Buyers

Latest Mortgage Rates For West Los Angeles Home Buyers

Conforming Loan Limits ($417,000 and Under)

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Loan Program
30 Year Fixed
15 Year Fixed
10/1 ARM
5/1 ARM
5/1 ARM I/O

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[column4]

Interest Rate
3.750%
3.000%
3.250%
2.250%
2.500%

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Points
1.125
1.125
0.625
0.875
1.000

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Agency Jumbo Loan Limits ($417,001 – $625,500

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Loan Program
30 Year Fixed
15 Year Fixed

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[column4]

Interest Rate
4.000%
3.500%
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[column4_last]

Points
1.125
0.000
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Jumbo Loan Limits ($625,501 – $4,000,000

[column2]

Loan Program
30 Year Fixed
10/1 ARM
7/1 ARM
5/1 ARM

[/column2]

[column4]

Interest Rate
4.375%
3.750%
3.375%
3.000%
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[column4_last]

Points
1.000
1.000
1.000
1.000
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With these historically low rates and declining house prices, the typical Santa Monica, Brentwood and/or West Los Angeles family had more than double the income needed to purchase a median-priced home in January, according to the National Association of Realtors® Housing Affordability Index which registered the highest reading since records began in 1970. In fact, the Corelogic® National Home Price Index fell for the sixth consecutive month in January to the lowest level since January 2003. This high level of affordability likely contributed to the recent two-week rise ending March 2nd in mortgage applications for home purchases.

For more information contact Gary Limjap at 310-586-0339 or by email.
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FHA Will Increase Cost For Home Buyers

Based on a new article published by Lorraine Woellert, as of April 1st, the Federal Housing Administration (FHA) will increase up-front-premiums. If you have FHA clients on the fence, now is the time to buy before the cost of their loan goes up!

They’re talking about increasing the up front mortgage insurance premium from 1% to 1.750% of the loan amount on top of the increase for the monthly PMI from 1.15% for loans up to $625,499 to 1.25% and for loans above $625,500 from 1.15% to 1.5%. Buying before the changes are implemented can save your clients a lot of money! Also have your FHA clients re-qualified if they wait to buy based on the increased fees which will offset their debt to income ratios slightly.

For Example:

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Current FHA Loan:

$500,000 – Purchase Price
$482,500 – Base FHA Loan Amount (96.5% LTV)
$487,325 – Total FHA Loan Amount w/ UFMIP financed

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30 Year Fixed FHA

3.750%
$2,257 Principal and Interest Payment
$467 PMI

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Future FHA Loan:

$500,000 – Purchase Price
$482,500 – Base FHA Loan Amount (96.5% LTV)
$490,435 – Total FHA Loan Amount w/ UFMIP financed

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30 Year Fixed FHA

3.750%
$2,271 Principal and Interest Payment
$511 PMI

This is more dramatic above $625,500, now is a great time to take advantage of the lower premiums. The changes may be in place sooner then we know.

If you should have any questions please contact Gary Limjap at 310.586.0339.

Original article:

FHA Will increase Cost of Up-Front Premiums
By Lorraine Woellert – Feb 27, 2012

West Los Angeles Condominium Market

There are approximately more than 2000 condos in the West Los Angeles neighborhood of LA County. This real estate area is located west of the 405 fwy and is surrounded by Brentwood on the North, Santa Monica on the West and Westwood on the East.

There have been already 103 West Los Angeles condominiums sold so far as of Sept 22nd of this year. The interesting part is that there were eleven 1 bedroom condos sold and more than half of them were for less than $300,000. Thirty six 2 bedroom condos sold in the range of $252,000-$499,000.

As of today, we have 79 West Los Angeles condos currently on the market. Entry level condos with 1 bedroom are in the range of $285,000 – $385,000. In addition, there are also thirty seven 2 bedroom West LA condos with pricing starting at $394,000-$850,000. There is a lot of inventory to choose from in the $500,000 or less real estate price bracket. 3 bedroom West LA condos start at $460,000 and can go all the way to $1M.

There are still a large amount of buyers talking advantage of the extremely low interest rates in the range of 4% and this is evident with 30 condos that are currently under contract.

For more information on the West Los Angeles condominiums, townhomes and single-family homes, please contact Santa Monica realtor Gary Limjap at 310.8293939.