Orange County FHA, VA & First Time Buyer Loan Information

Home buyers in Orange County, CA need to know how a property taxes and insurance impound account works on an FHA loan. An impound account for property taxes and home owners insurance is required on FHA and VA loans. An impound account, also known as an “escrow account”, is essentially a forced savings account held by the lender on the FHA or VA borrowers behalf.

The Amount Collected for Property Taxes Depends on the Month the FHA Loan Closes

Property taxes in California are paid twice a year, in 2 six month installments. The first half taxes are due on February 1 of each year and cover July 1 through December 31. Second half taxes are due February 1 and cover January 1 through June 30. The amount collected at closing to set up the new impound account is dependent on the First Payment date shown on the loan documents. For example, a loan closing in the month of August, lets say August 30, would have a First Payment date of October 1. According to the chart shown below, loans with a First Payment on October 1 should have 8 months taxes deposited into the impound account.

Since the purpose of the impound account is to make sure property taxes are paid in a timely manner, the lender needs to make sure there is enough money in the account when taxes are due. If we assume a loan closes on August 30 and will have an October 1 first payment, then the lender needs to make sure there is enough money in the account only 30 days after the first payment to cover the first half tax installment, due November 1. But the lender will also need to make sure enough funds will be in the account three months later to cover the second half installment. Impound accounts are regulated by law and lenders are allowed to have up to a two month “cushion” to help prevent a shortage of funds in the account.

This all sounds confusing, but is necessary in order to keep the borrower from getting a surprise when property taxes are due. (The surprise may still come in the way of “supplemental property taxes” in the first year after a purchase.)

Home Owners Insurance is also deposited to the impound account. At closing a one year premium is paid, but the equivalent of two months property taxes is also deposited into the impound account. This ensures there will, or should, be enough money in the account 1 year later to renew the insurance.

Orange County FHA Buyers Need to Budget for the Impound Account

Orange County home buyers using FHA or VA financing need to budget for the funds required for the impound account. Both FHA and VA guidelines allow for the seller to pay for the set up of the impound account, which can be the best solution for Orange County home buyers who have saved for the down payment but not closing costs.

It is important to contact an Orange County FHA or VA lender who can prepare customized loan scenarios which will show estimates for not only the amount of funds required to buy a home, but also will give a full breakdown of the purchase price, loan amount, and payment.

Authored by Tim Storm, an Orange County, CA FHA and VA Loan Officer – Please contact my office at Trust One Mortgage Corporation for more information about an Orange County, CA home loan. 877-786-4243 x 7.

www.OCFHALoans.com

Call our office today and see how we can help you and your family. Ask for your Free First Time Home Buyer Report.

877.786.4243 x 7 | tstorm (at) ochomebuyerloans.com

*Trust One Mortgage Corporation is licensed and supervised by the California Department of Real Estate (“DRE”), License # 01087829

Orange County FHA borrowers who are considering an FHA Streamline Refinance due to the recent drop in interest rates should move quickly to figure out whether a Streamline will benefit them or not. Because changes are coming. On August 5 FHA announced it's intention to increase the Monthly Mortgage Insurance percentage from .55% to .9% for loans over 95% loan to value. The Up Front Mortgage Insurance Premium (UFMIP) will decrease from 2.25% to 1%. This is to go into effect on September 7, 2010.

How Does The MMI Increase Effect FHA Streamline Borrowers?

Let's assume a typical $400,000 FHA loan on a home in Irvine, CA. If the borrower has a current rate of 5.25%, they're principal, interest, and mortgage insurance payment would be approximately $2,392. If this borrower is being offered Streamline rate of 4.5%, the new payment (after taking into consideration a loan amount increase due to the UFMIP adjustment) would be approximately $2,232. That's an easy $160 monthly savings. But now, assuming the new monthly Mortgage Insurance will be .9%, the payment (and assuming a lower loan amount since the UPMIP will be less) would be approximately $2,315, or only a $77 payment drop. FHA actually requires that the payment, including taxes, insurance, and HOA, must drop by 5% for the borrower to be eligible for an FHA Streamline. This example would not qualify for a Streamline using the new Mortgage Insurance percentage. . Not even close.

Currently, for an Orange County FHA borrower to be eligible for an FHA Streamline they will need to drop their interest rate by at least .625%. This can vary depending on when they initially got their loan, along with other factors such as whether or not they have a Home Owners Association payment and how much it is. With the new calculation, FHA borrowers will most likely need to drop their rate by 1.125% to 1.25% to qualify for the 5% drop.

What is so Good About the FHA Streamline Refinance Program?

The FHA Streamline Refinance program makes it easy for Orange County FHA borrowers to take advantage of a drop in FHA interest rates without needing to fully qualify for the loan again. Streamlines can be done with no appraisal and no income documentation. This makes it a much easier, or "streamlined" loan process than when they borrower initially purchased their home. A Streamline is not for everyone. Because of an adjustment in the UPMIP, which is financed into the loan, a "break even" analysis does need to be reviewed before jumping into a Streamline Refi. It can quite often take 24 to 30 months to break even after considering the loan amount increase.

Orange County FHA borrowers should at least check if an FHA Streamline is right for them before September 7, which is when the changes are set to occur. An Orange County FHA Streamline lender can provide a detailed analysis which can help to make the right decision.

Authored by Tim Storm, an Orange County, CA Home Loan Officer - Please contact my office at Trust One Mortgage for more information about an Orange County home loan.  877-786-4243 x 7.

www.OCFHALoans.com

Contact us for your Orange County FHA Home Mortgage:

Call our office today and see how we can help you and your family. Ask for your Free First Time Home Buyer Report.

877.786.4243 x 7 | tstorm (at) ochomebuyerloans.com

*Trust One Mortgage Corporation is licensed and supervised by the California Department of Real Estate ("DRE"), License # 01087829

The FHA Streamline Refinance is by far the easiest loan program available for Orange County, CA home owners. Of course, the catch is, in order to take advantage of this program you must already have an FHA loan. This is strictly an FHA to FHA refinance program.

What Makes the FHA Streamline Refinance so Easy?

• No Appraisal required (not kidding about this)
• No income documentation required, meaning there are no "debt to income" calculations run on this program.
• Very little paperwork (obvious just by the fact that there is no income documentation)
• Little or no closing costs. Most lenders will waive their typical lender fees and issue a credit to the FHA borrower to cover escrow, title, recording and other closing costs.

Orange County homeowners with an FHA loan have been able to lower their interest rates by taking advantage of the FHA Streamline Refinance program. With mortgage rates near all times lows, there has never been a better time to at least research whether a FHA Streamline with help your financial position.

What is an FHA Streamline?

The borrower must currently have an FHA loan, because the Streamline program "Streamlines" the refinance process for people who already have been approved by FHA. The lower rate must provide a true benefit for the borrower. FHA guidelines require that the borrowers total PITI payment must drop by at least 5%. For example, if your total PITI (Principle, interest, taxes, and insurance) is 2,000 per month then the new payment must drop the payment to at least $1,900. While there are several factors that have an effect on this calculation, a rate drop of .5% at a minimum is typically needed to meet this threshold.

FHA updated several guidelines at the end of 2009 which were meant to protect FHA borrowers. The borrower must have had their loan for at least 6 months. Typically it will need to be a little longer, because FHA needs to have received at least the 6th Monthly Mortgage Insurance payment from the lender. So if you are making your payment 15 days after the due date, and it takes the lender two or three weeks to forward the MI to FHA, you may need to be in your loan for 7 months before having access to an FHA Streamline Refinance.

No Appraisal, No Credit, No Income

The FHA Streamline is fairly "painless" compared to the loan process when you bought your home. No appraisal is required, unless you are choosing to add closing costs to your loan. Most Streamlines are closed with all closing costs credited by the lender, so why go through the effort and expense of having an appraisal? While technically no credit report is required, most lenders require a minimum FICO score of 620, so a credit report will be run. Also, the lender will use the credit to verify the mortgage rating. Multiple 30 day late's are not acceptable. But don't worry about collection accounts or other items on the credit report, because they will not be on the loan application and are not used in the underwriting process. Also, debt to income ratios are not calculated. No tax returns, W2's, or paystub's. The new lender will need to verify that you "have a job", but will not review the income.

The First Step for Orange County FHA Loan Borrowers

The first step for current Orange County FHA borrowers is to find a local Orange County FHA Expert who can help them determine whether a Streamline Refinance makes sense. Even though all closing costs are credited by the lender, there are other things to consider. The UpFront Mortgage Insurance Premium will be adjusted up, which does factor into the "breakeven analysis". Also, how long will you remain in the home? Maybe a 5 year adjustable rate mortgage with a lower rate will provide more benefit. Finding an Orange County Loan Officer you can trust will help you make an informed decision.

Authored by Tim Storm, an Orange County, CA Loan Officer - Please contact my office at Trust One Mortgage for more information about an Orange County, CA home loan.  877-786-4243 x 7.

www.OCFHALoans.com

Contact us for your Orange County VA Mortgage:

Call our office today and see how we can help you and your family. Ask for your Free First Time Home Buyer Report.

877.786.4243 x 7 | tstorm (at) ochomebuyerloans.com

*Trust One Mortgage Corporation is licensed and supervised by the California Department of Real Estate ("DRE"), License # 01087829

This week VA made an important announcement regarding Condo Approval's that will have a positive effect for Orange County, CA VA loan borrowers. Although the VA is calling this a "clarification", it seems to be an actual rule change for the better. In a nutshell, VA financing is allowed on FHA approved condo projects. For those who have not kept up with the recent condo approval guidelines set forth by FHA, and how VA felt about it, this may not seem like anything. 

www.wordle.net

What Orange County Condo Projects are VA Approved

Prior to the recent FHA condo approval guidelines changes, VA had allowed financing on condo projects even if they were not on the VA approved list. This changed when FHA changed their condo approval guidelines. VA, while not being very clear about their position on this, said they no longer would accept FHA approved condo's. This meant the project had to be on the VA Condo approved list, which in Orange County is fairly limited.

How VA Circular Letter 26-09-19 - (5-17-10) Affects VA Loans in Orange County

This latest VA Circular (a VA Circular is similar to an FHA Mortgagee Letter) announced, or "clarified" their position on FHA approved condo projects.

• VA can accept HUD/FHA/USDA condominium approvals if the project approval was dated prior to December 7, 2009.
• VA cannot accept HUD/FHA/USDA condominium approvals if the project approval was dated on or after December 7, 2009.
• VA cannot accept phases annexed into the project approved by HUD/FHA/USDA if the annexation occurred on or after December 7, 2009...If this is the case, a full review of the legal documents for the entire project must be performed by VA.

This really opens the door for Orange County Veterans looking for condo's who are planning to use the VA loan eligibility. The VA loan program, which does not require a down payment up to a purchase price of $593,750, and has no Monthly Mortgage Insurance like FHA does, is a great program that helps those who served our country. 

How to Find FHA and VA Approved Condo Projects in Orange County.

Both FHA and VA have websites that allow for searching for approved condo projects. Unfortunately it is not as easy as typing an address in and getting a result. And the condo names shown on the VA and FHA websites do not list the address. But it is fairly easy type in a zip code and get a list of the approved projects within that zip code. This is where the help of an experienced Orange County real estate agent and/or Orange County VA lender can really come in handy.

Orange County VA loan eligible home buyers should talk to an Orange County VA loan expert before looking for a home. The lender can get the VA loan home buyer Prequalified and PreApproved (including help with obtaining the Certificate of Eligibility). Once PreApproved, the home buyer can confidently know they are ready to make an offer on a home.

Authored by Tim Storm, an Orange County, CA Loan Officer - Please contact my office at Trust One Mortgage for more information about an Orange County, CA home loan.  877-786-4243 x 7.

www.OCFHALoans.com

Contact us for your Orange County VA Mortgage:

Call our office today and see how we can help you and your family. Ask for your Free First Time Home Buyer Report.

877.786.4243 x 7 | tstorm (at) ochomebuyerloans.com

*Trust One Mortgage Corporation is licensed and supervised by the California Department of Real Estate ("DRE"), License # 01087829

Orange County first time home buyers need to be aware of what things they can and cannot do once they have an accepted offer on a home. Even when someone is "PreApproved" by an Orange County Lender, the approval can fall apart quickly if the home buyer is not careful.

4 Things Orange County Home Buyers Should Not Do While in Escrow

1. Do not make any large purchases. Do not purchase a car or boat. Don't even buy furniture or appliances for your new home.
2. Don't apply for new credit cards or installment loans. Inquiries during the loan process could lower the FICO score, which could cause problems if credit is run prior to closing.
3. Do not make any large or unusual deposits into your checking or savings account that can't be properly documented. Even a $500 deposit may be questioned by an undewriter if it didn't come from an employer or obviously verifiable source. Cash deposits cannot be documented and will cause problems if deposited into an account the lender is using to document funds to close.
4. Don't go on vacation or leave town during escrow closing period. While this is not a deal killer, it can cause delays. It typically takes 30 to 45 days to close a transaction, sometimes even longer. If the borrower is not available to get needed documentation or sign disclosures, the resulting delays could cause problems at the closing.

And of course, don't get laid off from your job! That, of course is out of your control but it does happen from time to time.

Fannie Mae will Soon Require a Second Credit Report Be Pulled At Closing

Fannie Mae has announced that effective June 1, 2010, lenders will be required to pull a second credit report at funding.  The lender needs to make sure no new payments are appearing on the credit that would increase the debt to income ratios beyond an approvable level. They will be looking for new inquiries that did not appear on the initial credit report. While this could lead to deals falling out at the last minute, what is still unclear is whether lenders will adjust loan pricing at the last minute based on a drop in FICO score. For example, a borrower with less than 40% down payment and a 720 FICO score could end up with an additional .5 point fee ($2,000 on a $400,000 loan) if there FICO drops 1 point, to 719. There should be more clarity on this issue in the next week.

It is more important than ever that Orange County home buyers be very careful with their spending and credit while in escrow to purchase a home. Make sure to ask your local Orange County loan lender is what things to be careful about and don't keep any secrets.

Authored by Tim Storm, an Orange County, CA Loan Officer - Please contact my office at Trust One Mortgage for more information about an Orange County, CA home loan.  877-786-4243 x 7.

www.OCFHALoans.com

Contact us for your Orange County FHA Mortgage:

Call our office today and see how we can help you and your family. Ask for your Free First Time Home Buyer Report.

877.786.4243 x 7 | tstorm (at) ochomebuyerloans.com

*Trust One Mortgage Corporation is licensed and supervised by the California Department of Real Estate ("DRE"), License # 01087829

FHA financing on condo's is not as difficult as some believe, as long as the project is on the FHA approved list. But what many Orange County homebuyers and their agents don't realize is not all attached homes are considered a condo.

When looking at an attached home, most people will automatically assume that if the project is not on the FHA approved list for condo's, then an FHA loan will not be possible. At least not until the project gets approved. However, if the property is not legally considered a condo, then FHA will allow financing without the project being approved.

FHA Financing on Planned Unit Development's

A Planned Unit Development, or PUD, encompasses not only Single Family Residences, but also single family attached homes, commonly referred to as townhomes or rowhomes. With a little research, it can be determined whether or not a property was built is listed as a condo or Single Family Residence.

 http://www.wordle.net/.

FHA Financing on Site Condo's

There are also detached homes within Condo projects. Even if the project is not FHA approved, FHA financing can be done on a detached home within the project. A detached condo is typically referred to as a Site Condo. Although project approval is not required, a Condo Rider is still required for the loan. Below is a quick excerpt from a recent FHA Mortgagee Letter regarding Site Condo's.

"Site Condominiums are single family detached dwellings encumbered by a declaration of condominium covenants or condominium form of ownership.  Condominium Project approval is not required for Site Condominiums; however, the Condominium Rider (Attachment D) must be included in the FHA case binder submitted for insurance endorsement."

Orange County has quite a few attached home projects which are not "condo's" There are also quite a few detached condo's that will qualify for FHA financing even if the project is not approved. It is important to understand the in's and out's of property eligibility for FHA financing before making an offer on a home. If a property is a condo, then check the FHA website to see if the project is approved. If the property doesn't show up on the list, check to make sure it is a condo at all.

Orange County VA loan eligible home buyers who are shopping for a condo need to check with the VA condo approval website.

Contacting an Orange County FHA Loan Expert is an important step in helping to determine whether a property is eligible for FHA financing.

Authored by Tim Storm, an Orange County, CA Loan Officer - Please contact my office at Trust One Mortgage for more information about an Orange County, CA home loan.  877-786-4243 x 7.

www.OCFHALoans.com

Contact us for your Orange County FHA Mortgage:

Call our office today and see how we can help you and your family. Ask for your Free First Time Home Buyer Report.

877.786.4243 x 7 | tstorm (at) ochomebuyerloans.com

*Trust One Mortgage Corporation is licensed and supervised by the California Department of Real Estate ("DRE"), License # 01087829

FHA began allowing financing on flipped properties on February 1, 2010, but as been the case, FHA lenders, including those in Orange County, were not quick to follow suit. However, within the past few weeks, several Orange County FHA lenders have begun to allow financing on flipped properties.

FHA Announcement on January 15, 2010 Regarding Flipped Properties

On January 15, 2010, FHA announced in a press release that it would be temporarily lifting the "90 day no flipping rule", effective February 1, 2010 through February 1, 2011. However, there are a few guidelines that need to be met.

1. The seller and buyer cannot be related.
2. If the new purchase price is 20% above the sellers acquisition price (within the last 90 days), then the lender may require a second appraisal. Also, the appraisal should have specific notations justifying the increase in value.
3. If the property is being purchased for more than 20% of the sellers acquisition price, then the lender will require a home inspection report, which can be paid for by the buyer.

Orange County FHA LendersWill Allow Financing on Flip's, But with Major Caveat

Most lenders are now allowing FHA financing on flipped properties, but not if the property is being sold for 20% more than the sellers acquisition cost within the last 90 days. Unfortunately, this effects most flipped homes. For example, if an investor purchases a property at auction for $300,000, then he would not be able to sell it for more than $360,000 (and have an FHA buyer). The lender is not looking at the investors profit, just the acquisition cost versus sales price. While there will be some cases where FHA financing will work, it is important to know what financing is available before making an offer on a home with FHA financing. If a property is being sold for more than 20% of the recently acquired price, make sure the lender handling the financing can still do the loan.

Before even making an offer, it is important that Orange County first time buyers talk with a local Orange County Direct Lenderwho can walk them through the initial Prequal and PreApproval process.

Authored by Tim Storm, an Orange County, CA Loan Officer - Please contact my office at Trust One Mortgage for more information about an Orange County, CA home loan.  877-786-4243 x 7.

www.OCFHALoans.com

Contact us for your Orange County FHA Mortgage:

Call our office today and see how we can help you and your family. Ask for your Free First Time Home Buyer Report.

877.786.4243 x 7 | tstorm (at) ochomebuyerloans.com

*Trust One Mortgage Corporation is licensed and supervised by the California Department of Real Estate ("DRE"), License # 01087829

The new appraisal ordering process for FHA loans will have some affect on Orange County home buyers using FHA financing. The details of the new FHA appraisal ordering process were issued in Mortgagee Letter 2909-28.

FHA's Version of HVCC

in mid 2009 HVCC went into effect for conventional Fannie Mae and Freddie Mac appraisals. HVCC stands for Home Valuation Code of Conduct. While not a popular decision, the HVCC policy took the appraisal ordering process out of the hands of the loan officer. AMC's, or Appraisal Management Companies, are now how appraisals are ordered. The loan officer is not allowed to talk to the appraiser, especially about an expected property value.

FHA appraisals have always been ordered through FHA Connection. The lender has been allowed to choose an appraiser who is familiar with certain cities or neighborhoods, and typically an appraiser who can be trusted to complete the appraisal quickly. The new process will take the appraisal ordering out of the lenders hands, much like the HVCC process.

Key Points for the new Policy

• Prohibition of commission based lender staff from the appraisal process
• Prevention of improper influences on the appraiser
• Appraiser independence safeguards

Effective Date for Mortgagee Letter 2009-28

The initial effective date was January 1, 2010. The date was delayed and is now February 15, 2010. All FHA case numbers issued after February 15 ,2010, will need to have the appraisal ordered using this new process. Many lenders have already made the transition.

How Will This Effect Orange County FHA Borrowers?

Hopefully this will not have a negative effect for Orange County home buyers, who most likely won't even know the difference. FHA approved appraisers will still be doing the appraisals, the properties will still need to appraise at the purchase price in order to be eligible for maximum FHA financing. While HVCC has had many complaints, FHA has tried to make sure that appraisers will still be compensated by stating that "FHA appraisers are compensated at a rate that is customary and reasonable for the market area." This should keep appraisers motivated to do a good job. (Appraiser compensation has been a big issue under HVCC.) Also, FHA has made it clear that appraisals are to be assigned to appraisers who have a knowledge of the market area and geographic competency. This has been another bone of contention with HVCC.

Bottom line is the property should appraise at its true value. On a purchase transaction, the appraiser will have a copy of the purchase contract and will know the purchase price and concessions. Time will tell how this pans out. VA loans in Orange County have dealt with a similar appraisal ordering system for many years with few problems.

Authored by Tim Storm, an Orange County, CA Loan Officer - Please contact my office at Frost Mortgage Lending Group for more information about an Orange County, CA home loan.  877-786-4243 x 7.

www.OCFHALoans.com

Contact us for your Orange County FHA Mortgage:

Call our office today and see how we can help you and your family. Ask for your Free First Time Home Buyer Report.

877.786.4243 x 7 | tstorm (at) ochomebuyerloans.com

*Licensed by Department of Corporations under the California Residential Mortgage Lending Act. PRMI Branch License 813F487.

With the recently changed FHA rules for condo financing, it has become a little more difficult for Orange County first time home buyers wanting to buy a condo. FHA recently made big changes to the condo approval process while at the same time eliminating the Spot Approval program.

First, a little background information on FHA financing and condo's. FHA has, for many years, required that condo projects be "approved" before allowing financing within the project. In the 70's and 80's, and even the early 90's, when a project was being built, the builder pay the expense of getting the new project approved, thus making it easier to sell the finished condo's to homebuyers wanting to use FHA financing. Most condo projects in Orange County were approved and it was rarely a concern that a project would not be approved. In the late 90's and for most of the last 10 years up until 2008, the Orange County FHA loan limits failed to keep up with property values, and alternative loan products allowing high loan to values and very easy qualifying took the place of the FHA loan program. In 2007, along with the collapse of the Mortgage Backed Securities market and the elimination of the easy qualifying program, the FHA program suddenly became viable again.

The only problem was that most newer condo projects had never been FHA approved, and even some of the older projects that had been approved and lost their approvals as a result of either a lawsuit against the Homeowners Association, high investor ownerships percentages, among other reason.

The Spot Approval Program

The FHA Spot Approval program did become popular in Orange County, CA in 2008 once FHA increased the loan limits from $362,790 to $729,750. Suddenly, almost every condo in Orange County fit within the FHA loan limits. The Spot Approval program allowed an individual unit to be financed even if the project was not FHA approved, provided certain conditions were met. Now, effective February 1, 2010, the Spot Approval program has been eliminated. This means that projects that are not FHA approved will lose out on a large segment of home buyers (almost anyone with less than 20% down, except for VA buyers, based on current lending guidelines), which will surely affect the projects property value.

New FHA Condo Approval Guidelines for 2010

On June 12, 2009, FHA issued Mortgagee Letter 2009-19, which gave the new guidelines for approval along with the method's used for approval, called DELRAP and HRAP. The guidelines were supposed to go into effect on October 1, 2009, but FHA delayed it until Dec 7. DELRAP (Direct Endorsement Lender Review and Approval Process) and HRAP (HUD Review & Approval Process) are now the method used for getting projects approved. The DELRAP process allows for a Direct Endorsed FHA lender to approve a condo project. However, there is a huge liability for the lender if it ever turns out that the project should not have been approved. For this reason, HRAP will most likely be the most commonly used condo approval process. A complete condo package will need to be put together and sent to HUD for approval. The length of time required to get a project approved will vary from region to region, but plan for 15 to 30 days from the day the condo package is sent to HUD.

How To Find FHA Approved Condo Projects in Orange County

The quickest way to find out if a condo project is FHA approved is to go to the HUD website and use the condo lookup tool. Choose the HRAP/DELRAP Approval method, and then narrow down the search by choosing state, city, and/or zip code. Projects that were approved prior to October 1, 2008, which will be nearly all projects in Orange County, will need to be "recertified", most likely through the HRAP method.

**Interesting thing going on right now. Orange County VA loan home buyerscan still use the VA approved list without having to deal with recertification. VA continues to have their own list.

Orange County real estate agents with listings in condo projects should contact the Homeowners Association to have them work on getting their project either recertified or approved. There are companies that specialize in helping association management companies take care of the approval and/or recertification process that should be consulted at the very least.

These changes will lengthen escrow closings, but shouldn't keep first time home buyers from purchasing a condo. Of course, the first thing a prospective Orange County home buyer should do is get prequalified for a mortgage. A loan officer can provide loan scenarios that will take into account a home buyers qualification, payment comfort level, and estimated HOA dues if they are thinking of purchasing a condo.

Authored by Tim Storm, an Orange County, CA Loan Officer - Please contact my office at Frost Mortgage Lending Group for more information about an Orange County, CA home loan.  877-786-4243 x 7.

www.OCFHALoans.com

Contact us for your Orange County FHA Mortgage:

Call our office today and see how we can help you and your family. Ask for your Free First Time Home Buyer Report.

877.786.4243 x 7 | tstorm (at) ochomebuyerloans.com

*Licensed by Department of Corporations under the California Residential Mortgage Lending Act. PRMI Branch License 813F487.