About Imperial County, CA

New home buyers John & Dana Sharpe of El Centro, CA share their home buying experience as a means of offering encouragement to you.

Warning: the video contains raw footage, please view at your own risk

If one of your New Years resolutions is to become a homeowner, there is no better time than to own a home in 2009!

Make this year the year you'll say good-bye to renting and hello to being a homeowner.

Do you have any comments to share? Do you know John & Dana? Why not comment below and let us know what your thoughts are about buying a home. ~Thank You

House may now fit your budget

With home values in Imperial County areas declining, the market is providing an opportunity for many local residents to become homeowners, meaning they can now purchase homes that previously may have been out of reach. With this increased affordability, Imperial Valley families can now purchase homes with more square footage, buy in desirable neighborhoods, and be closer to amenities important to them.

In Imperial County, California, the media price of an existing home declined to $175,000 in December 2008, down 28.6% from December 2007 when the median price of an existing home was $245,000.

The average interest rate for 30-year, fixed rate mortgages was 5.01% for the weekend ending January 8, 2009 according to Freddie-Mac. Lower interest rates together with lower home prices can lead to more affordable mortgage payments, which allow some home buyers to move up, and it allows first-time buyers to get into the market.

To qualify for record low interest rates, borrowers will need at down payment of 3.50% if utilizing an FHA loan or 20% for a conventional loan. A strong FICO score is required for conventional lending however FHA government loans also want a better credit score than in previous years. The difference between down payments for the two loan programs can definately stifle the decision to buy a home. An FHA loan requires $6,125 down payment for the median price home in Imperial County, while the conventional loan requires $35,000, making cash resources a must in todays environment for many home buyers. Additionally, home buyers may have to pay for closing costs not paid for by the seller.

The large number of foreclosures in Imperial County is also providing an opportunity to purchase a home a very good price. However, some foreclosed homes may be in disrepair and require additional work to make the property livable. A program offered by the Federal Housing Administration (FHA), the 203(k) loan allows home buyers to borrower as much as $35,000 more than the mortgage to pay for certain renovations and upgrades, such as new carpet, paint, and appliances that a foreclosed home may need.

To calculate how much house is affordable, consider the following basic calculations. Remember, these are only guidelines to use in helping you determine how much home you can afford to buy. Te general rule is not to use more than 28% to 30% of your monthly GROSS income to cover the monthly mortgage payment, including property taxes and homeowners insurance. All debts combined, including the mortgage, credit cards, car payments, student loans, personal loans, etc should be less than 41% of your gross income.

How much would your monthly payment be and how much income do you need to qualify to buy a single family home in Imperial County California with a median price of $175,000? Let's break it down...please note these calculations are examples only and your situation may be different

Determining Loan Amount
A home with a sales price of $175,000 would require a down payment of 3.50% or a total of $6,125 using an FHA loan. Assuming you have good credit, your Upfront Mortgage Insurance Premium or UFMIP would be 1.50% which can be financed and is added to the loan amount. Calculate $175,000 minus $6,125 = $168,875. Add the UFMIP of $2,533 to $168,875 for a total LOAN AMOUNT of $171,408. Are you with me so far? Don't worry if you aren't, your mortgage professional or loan officer will guide you through all of these details.

Monthly Loan Payment
Now that we have calculated our LOAN AMOUNT of $171,408, lets determine our monthly mortgage payment. To keep things simple, we'll use a mortgage interest rate of 5.50%. By using a mortgage calculator for a 30-year fixed rate mortgage, the monthly payment is $973.23 without including property taxes or insurance.

Monthly Property Taxes
Property taxes are estimated at 1.25/thousand so if you multiply the sales price of $175,000 by 1.25%, you will calculate $2,187.50 for this estimate or $182.29 per month.

The Imperial County Assessors office will provide you with the adjusted property taxes based on their estimate of value, which may be different than your sales price or appraisal. In reality, property taxes are typically lower than this rate, however if you live in an area with a Community Facility District (CFD) or Mello-Roos, you will pay an additional amount for your property taxes. Check with the Imperial County Assessors office to determine if the home you are buying is located in one of these special assessment areas.

Monthly Homeowners Insurance
Homeowners Insurance is what protects your home against loss or damage. Since you don't technically own the home, the bank does, they are the beneficiary since you owe the bank money for the home in the form of a mortgage called a "note". Homeowners insurance premiums vary by insurance company provider however for our example we will say our insurance costs are $600 per year, or $50.00 per month.

Monthly Mortgage Insurance (MIP)
Lastly since you only put 3.50% down and the bank is taking on a much larger risk, there is another form of insurance associated with an FHA loan. The insurance is called the Monthly Mortgage Insurance Premium or MMIP and some often refer to the insurance is PMI, however PMI is a company brand name which means Private Mortgage Insurance, commonly used with conventional loan financing. The calculation will take the LOAN AMOUNT and multiply it by a factor which is determined by different criteria. For this example, we'll use an MMIP of .55% or a total of $942.74 or $78.56 per month.

Total Mortgage Payment - Putting it all together
To figure out your total monthly mortgage payment including the loan, taxes and insurances, you will have to add up the numbers in bold in the previous sections. Luckily for you, I added them up for you here:

$972.23 Principal & Interest
$182.29 Property Tax
$ 50.00 Homeowners Insurance
$ 78.56 Mortgage Insurance Premium
=============================
$1,283.08 TOTAL

Affordability?

Applying our rules we learned earlier in this article where our mortgage payment should not go over 28% to 30% of our gross income means we would need to have an income of $4,276.93 per month and we would need to keep our other debts at no more than about $450.00 per month to keep within these guidelines. The annual gross income required would be approximately $51,323 per year in order to qualify for the home and existing debts.

By becoming educated in the process, learning how to correct wrong items on your credit report can go a long way to helping you get the home you want and need. Ask me about affordable legal credit report repair for about $1.30 a day or learn how get your FICO score up by as much as 75 points or more in a short time, usually within 30 to 45 days.

How about taking a look at some of the houses for sale in todays market? I can show you the way home. Ask me for details today.

Short Sale Myths & Tall Tales, What Your Bank & Lender Doesn't Want You To know

Frankly there's a misconception regarding short sales.

I wrote about Short Sale Q & A in Imperial County recently and believe Short Sales are the most effective and best way for an underwater, upside down, over indebted homeowner to avoid foreclosure and be ready to purchase another home in the least amount of time as compared to foreclosure.

Let's review. A short sale is nothing more than a regular sale of Imperial Valley residential real estate however instead of obtaining enough money in your property sale to payoff your mortgage(s), the bank will have to agree to accept less than what is owed. You may ask, why would they agree to such a thing? They're going to agree to accept less initially since the banks and lenders know if they take the property back through a foreclosure they will lose substantially more in the long run.

Your bank or lender will not encourage you to do a short sale and they may give excuses, or what I call are a list of short sale myths and tall tales. Here are some of the myths and tall tales perpetrating the market today.

Myths and Tall Tales Your Bank Will Talk About

1) Your bank or lender will tell you, we aren't doing short sales right now.

2) You MUST list your home for sale for 90 days before we'll consider a short sale.

3) Short sales take several months to complete, they're too complicated, we don't like them.

4) Your bank or lender will continue to make excuses regarding short sales

The facts are clear, short sales are the MOST effective way for a bank to cut its losses, however many who work at the banks are not experienced enough to understand the dynamics of how short sales work and how they are truly in everyones best interest.

The Truth regarding the Myths and Tall Tales.
Banks and lenders are always doing short sales, they cannot tell you they are not doing them. One of the biggest problems I see with the short sales is the short sale package and comps are usually incorrect or not properly put together. Banks and lenders have tremendous case loads, they do not deal with piecemail items effectivley, they want the complete package all together at one time.

Often times these packages are not put together well and the bank will not work on your sale if this is the case. Additionally banks will take your short sale package and hold onto it until your REALTOR(r) submits an offer. How long will it take to get an offer? It can take weeks or months, depending on how well and how realistically the property is priced. If the property is overpriced, the home will continue to sit on the market and may get looked over by qualified buyers.

There are literally dozens of reasons why short sales fail and both homeowners and banks are frustrated with them. Short sales take more care than the regular sale since you are dealing with a variety of documents, experience levels, and third parties to pull this type of sale together. Many times the parties involved are at opposite ends of the short sale side and have different ideas, or are inexperienced, therefore they're unable to deal with the short sale transaction effectively.

In my opinion the short sale is the best overall avenue for a distressed, hardship ridden Imperial County homeowner who needs to get out from under their home mortgage. A short sale transaction will, in most cases, allow the homeowner to ready to buy another home within a few years.

Again, each case is different and I cannot make any specific recommendations without reviewing your individual transaction specifically. However I can tell you this, if you have a home that needs to be sold, no matter if you have equity or not, I work with investors who have CASH to buy your home right now. Don't waste time, act now.

Do you need to sell your home in Imperial County California? Are facing foreclosure and want to protect your credit history as much as possible? Do you owe more on your home now than your home is worth in todays Imperial Valley real estate market?

Contact me today to get the facts regarding short sales and stop listening to the myths and tall tales that banks and lenders want you to believe.

Thank you,
IVForeclosures

This information is intended for entertainment purposes and is not meant to be legal, accounting, or tax advice. You should always seek to obtain advice from professionals who can offer specific advice regarding these matters.

Calexico is a border city to Mexicali, Mexico and is known as the "gateway" to Mexico. The name Calexico derives from the words California (Cal) and Mexico (exico) put together to create a unique city name.

(Thank you to the City of Calexico and Calexico Chamber of Commerce for the information provided)

Calexico began as a tent city of the Imperial Land Company and has grown into a larger thriving city on the US-Mexico border.

Before the repeal of prohibition, Calexico was primarily a week-end town visited by workers in the Imperial Valley in pursuit of fun and games, dance halls and saloons, in adjacent Mexicali, which was outside the United States and unaffected by the Volstead Act.

Although it gained a reputation for a while as a typical U.S.-Mexico border town with all the tawdry aspects usually associated with such places, the modern city of Calexico is a far cry from what it was back in those early days. Hundreds of acres are now being devoted to industrial parks use and commercial and retail incentives are being offered to encourage industrial development.

Since Calexico represents the mixing of two cultures and areas and because of its proximity to the Mexican border, the name Calexico was coined for a combination of Mexico and California.

Calexico is located 230 miles southeast of Los Angeles, 125 miles east of san Diego, 260 miles west of Phoenix, and adjacent to the City of Mexicali, Baja California, Mexico. Calexico's location provides easy overnight trucking access to all those transportation hubs plus the ports of Long Beach, and Ensenada, Baja California, Mexico Calexico's strategic location is seen by many as the prime link between the interior of Mexico and the major markets along the west coast of the United States and Canada.

The founding of Calexico: 1900
The incorporation date of Calexico: 1908

For more information about Calexico, please contact me www.IVForeclosures.com/a>

1) Estimated Dept. of Finance 3/2006
2) State of California - Dept. of Housing
3) 2000 US Bureau of Census
4) OMR Data Warehouse - F/Y 2006
* 1.1 sq. mi. pending annexation

For more information about Calexico or the Imperial Valley, please contact me http://www.IVForeclosures.com

Calipatria is the gateway to recreational activities in Imperial County!

(Thank you to the City of Calipatria and Calipatria Chamber of Commerce for providing this information)

HISTORY& FACTS

The City of Calipatria is located about 150 miles east of San Diego, 100 miles South of Palm Springs. The area is predominately agricultural. Calipatria is surrounded by various recreational activity locations. The Glamis Dunes located about 40 miles from the city is home to many off road enthusiasts. Rock collecting, deer and dove hunting are also nearby about 30 miles from the city in the Chocolate Mountain areas. Fishing, camping and birdwatching are a big interest along the Salton Sea area located about 5 miles from here. The Salton Sea is also home to the Sonny Bono Wildlife Refuge where birdwatching enthusiasts can enjoy the various species of birds frequenting the area. There is an annual birdwatching festival held in February of each year. Boat tours are available at the Salton Sea to view the various habitats of the migratory birds. Geothermal activity is a big boost to our local economy. Seven geothermal plants, and three new mineral recovery plants are located along a seven-mile radius near the Salton Sea. The City of Calipatria is also a short hour's drive to the beautiful Colorado River.

The City of Calipatria was incorporated on February 28, 1918. The city is a General Law city with a City Manager form of Government. Calipatria is home to the tallest flagpole (184 feet) where the flag flies at sea level. The flagpole has been dedicated to "Good Neighborliness." The Calipatria State Prison is annexed into the city limits located about 3 miles just outside of the city. Calipatria has five seats on the City Council. Council Meetings are held on the 2nd and 4th Tuesday of every month. Calipatria has a Planning Commission Board that seats five members. Planning Commission meets on the third Tuesday of the month if there is any business to conduct. Services provided by the City of Calipatria include Police, Fire, Parks.

The one thing that gets people's attention is the 184-foot flagpole that stands up to sea level. The idea of the flagpole was first suggested during a Chamber of Commerce meeting. For the remaining time the flagpole would be kept an idea rather than coming to a possibility. One of the reason's for that was the cost was too high.

For more information about the City of Calipatria, contact me http://www.homeloans.cc

Then on the night of October 5, 1957 Calipatria's pharmacist, Harry Momita and wife Helen were in a car accident while on their way to see their children in Los Angeles. Helen was killed instantly and Harry was sent to the hospital for some injuries and was there for more than two weeks. News had gotten around to Calipatria and the City Mayor, Edward Rademacher, took charge of the matter. Councilman Franklin Garrett and Chief of Police, John Beauchamp, visited Mr.Momita. They drove to the hospital to visit with Momita bringing back his keys to the pharmacy in order to keep his drug store open. With the help of fellow Calipatrian's and a Brawley pharmacist they managed on doing so.

The story behind Harry and Helen Momita was that they were Japanese Americans who had spent time in a relocation camp in Arizona, which was later picked up from the international press and radio that was given worldwide publicity. With the help of many fellows Calipatrian's and other people outside the city, they donated money for flowers in honor of Helen's memorial. When the mayor went to the hospital to see Harry he took the money to him. Harry was amazed by the kindness that was brought about from Calipatrian friends, neighbors, and customers. Harry felt that he had to give something back to the people in return. Harry then thought about taking into consideration the flagpole that had always been joked about. The thought of having a fund for the flagpole was then created into a "Build the Flagpole" campaign. Money came along free will offerings in the valley, yet was not enough to begin work. However, during a Chamber of Commerce dinner, discussion over dedication to Helen Momita was brought up, but Harry didn't quite feel that way. He stated, "She was always a shy and gentle person." He felt that she would not like such a display. He then commented that it be dedicated to "Good Neighborliness." The fund grew but still there never seemed to be enough to get the work started even though the president of the Pacific Southwest Pipe Company, hearing the story, had written Calipatria's Mayor, volunteering his company's services in designing and building the monument, "happy to figure this job without profit." Then Harry soon appeared on "This Is Your Life" television show. Harry ended up winning a new car and got many gifts, the biggest of them all was Momita receiving $1000 in cash so that he could build Calipatria's flagpole!

Now Calipatria boasts of the tallest flagpole at sea level, flying Old Glory 184 feet high, and when the wind blows, which it often does in the Imperial Valley, there is no more beautiful sight than to see the beautiful colors of the Flag waving high above. It would bring a lump to your throat even if you did not know its story.

The Community
Calipatria is located in the Northern part of Imperial County with a population of 7,800 (which includes 4000 prison population). Calipatria has a small town flavor; it is friendly and enjoys a multi-cultural ambience that is enjoyed by all. Located 50 miles North of the Mexico Border, short drives from San Diego, Palm Springs, Los Angeles and Colorado River, one can enjoy the relative serenity and low cost of small town living while maintaining the option to access urban areas.

Facts and Figures
The City of Calipatria has a growing population of 7,564. Elevation is 185 feet below sea level.

Entertainment and Recreation

• Imperial Sand Dunes (30 m)
• Colorado River (60m)
• San Diego Beaches (120m)
• Salton Sea fishing and Recreation (4m)
• Del Rio Golf Course (8m)
• City Skate Park
• Fishing
• Bird Watching
• Off Road vehicle trails

The Sonny Bono Salton Sea Wildlife Refuge located in Calipatria includes 35,484 acres of salt marsh and open water as well as 2,000 acres of pasture and freshwater marsh.

The refuge is one of the lowest places in the United States, about 228 feet below sea level. Most of the refuge has been inundated by the rising waters of the Salton Sea. Vistors should be prepared for extremely hot weather during summer months. For more information about this refuge Click Here!

Economic Developement

The City of Calipatria is designated as a Federal Enterprise Zone, Enterprise and Champion Community, which offers Federal Tax Credits and low interest loans to business locating in Calipatria. The North American Free Trade Agreement (NAFTA) and the Maquiladora operations have created a corridor of opportunity. Application for Foreign Trade Zone status is pending approval, this would expedite and encourage foreign commerce through small business revolving loan fund and micro enterprise programs. With the projected completion of the Airport Industrial Park soon, and the access to the Municipal Airport for air freight opportunities will allow a business all options for transportation, Air, Union Pacific Rail, and Highway 111.

For more information about this friendly, hometown community, contact me http://www.IVForeclosures.com