About Los Angeles' Pacific Palisades

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Andrew Jones is a Los Angeles native and resident of Venice Beach who is a real estate agent in both California & Nevada.

The Pacific Palisades are actually a part of L.A., but I like to think of them as the Hollywood Hills (or maybe Malibu) of Santa Monica. There are plenty of views, the taste of salt air, and the feeling that you've somehow gotten away from it all. This isn't even completely fair since these older and newer communities lining the foot hills of the Santa Monica Mountains on the Pacific Ocean have a unique character and story of their own.

Pacific Palisades was originally built up around 'the Village' on the bluffs by the sea where Sunset Boulevard winds its way west just past Will Rogers' old estate (which still exists as a California State Historic Park.) A number of homes in the area actually date from the early days of the golden age of cinema. This is clearly reflected in the Moorish and Mediterranean character of the Village which is truly the heart of the Palisades.

Will Rogers Park also sets the tone for the area. This beautiful landmark, equestrian center, and rather sizeable park is classic, serene, and relaxed despite its essentially sub-urban nature being right next to Santa Monica. Palisades is the portal to extensive Santa Monica Mountains park lands as well and there always seem to be enough open spaces to keep things... natural.

The ocean is the other face of Pacific Palisades. Many of the older homes from Sunset down to the bluffs overlooking the beach enjoy spectacular views from Palos Verdes and Catalina to Malibu. A quick dip in the ocean, a walk on the beach, or a trip up the coast for fresh seafood are never far off and surfboards are commonplace. While there is an abundance of Spanish architecture in these neighborhoods (however pleasing,) you'll also find plenty of homes from the period in other traditional styles as well... from Colonial and Georgian, to Tudor and Chateau.

The undeveloped gaps on the bluffs and lower hillsides were largely filled in by later post-war tract developments of three and four bedroom homes featuring Ranch and other more modern styles of architecture. These properties are generally a lot less expensive than the larger, 'vintage' properties. Homes of this type can also often be found with more than acceptable views.

There are also residental tract homes with extraordinary views from the 50's and 60's on the sheerer hillsides by the Pacific Coast Highway and up some of the canyons around Palisades Village. Scattered developments of progressively newer, larger (and nicer) homes have also continued to fill in the gaps and move farther up the hill sides since. A number of serious estates have been built in the Palisades as well, perhaps most famously along Sunset Boulevard.

Santa Monica Canyon is located just north of the shoreline bluffs in Santa Monica and is a notable exception to the rest of the Palisades. The older areas here date back to the beginning of the last century when the whole idea of the Southern California lifestyle was being born. The famous Riviera Country was founded here in 1926 and an eclectic mix of homes line the contours and dells of the canyon which has it's own distinct personality.

Pacific Palisades is a vibrant, close knit community with a lot to offer prospective home buyers. Properties here are priced more than reasonably when compared to the values in Beverly Hills and Malibu. Even better... you get a little of both.

See Complete, Categorized MLS Listings Online for All of the Communities featured in this Article at:

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Andrew Jones is a Los Angeles native and resident of Venice Beach who is a real estate agent in both California & Nevada.

• A minimum investment of 3.50%. This can include a combination of borrower paid down payment and closing costs, or gift funds. Most conventional loans today require 5% down or greater, not including closing costs. Some costs are excluded such as discount points, prepaid items, seller paid closing costs, etc. No minimum FICO requirement, making loans available to those who don't have high enough FICO scores for a conventional loan.
• More lenient qualifying ratios of 31% front-end (gross income /PITI) and 43% back-end (gross income / PITI + other monthly liabilities). The conventional loan qualifying ratios are 28% and 36%, respectively. FHA allows buyers to use a higher percentage of their income towards housing costs.
• People with bankruptcies may qualify. For Chapter 7, borrowers may be eligible two years from the discharge date. For Chapter 13, borrowers may be eligible while in repayment status.
• Allow for seller concessions and contributions up to 6% of the sales price. This is above and beyond the buyer's 3.5% contribution. Examples of seller contributions include closing costs, prepaid expenses, discount points and interest rate buy-downs.
• Cash reserves are not required, except for 3 or 4-unit properties.
• Gift funds are acceptable. All funds can come through via a gift; the gifter must be someone close to the buyer such as family, significant other or friends with a justification letter.
• Loans are assumable, provided the prospective buyer qualifies.
• There is no pre-payment penalty.

Specific to FHA:

FHA loans are subject to a maximum amount depending on location.

FHA requires two types of mortgage insurance premiums (MIP) - up-front and annual. The up-front MIP is 1.75% of the base loan amount and can be added to the total loan amount or paid in cash at closing. The annual MIP is termed annual but paid monthly. On a 30-year fixed the premium is 0.5% of the base loan amount, which is applicable for a minimum of 5 years and cancelable when LTV reaches 78%. Two important notes regarding the annual MIP: 1) even if the LTV drops below 78% the buyer must wait 5 years before they can cancel the MIP, and 2) it cannot be canceled for condos.

One loan limitation. FHA only insures loans for principal residences, so buyers are limited to one FHA loan at a time. There are exceptions for relocation, increased family size, divorce and if the borrower is a non-occupant co-borrower.

Who is eligible for FHA?

• U.S. citizens
• Permanent resident aliens
• Non-permanent resident aliens - must have an SSN and hold a valid visa or is eligible to work in the US as evidenced by an EAD issued by the U.S. Customs and Immigration Service. Acceptable visas include H1, L-1, E-1, TN, A Series and G Series.

FHA is not available to non-citizens who do not have lawful residence in the U.S. or individuals with diplomatic immunity.

FHA Enhancements:

As a result of Congressional reform actions this year, several enhancements were made to the FHA program. The FHA appraisal requirements were relaxed, the required $150 seller fee is no longer necessary and processing and underwriting were streamlined and standardized. Other changes include the expanded qualifying ratios, the increase in borrower investment from 3% to 3.5% (delayed) and a change in the up-front MIP percentage.

FHA and Condos:

For condominium purchases the condominium development must be approved by HUD in order to be eligible for FHA loans. To view a list of approved condos, click here. In Seattle, there are currently 325 condominiums that are HUD approved, though the list may not be up-to-date. However, FHA spot approvals for condos are becoming increasingly utilized, primarily for resales. Lenders can receive a case-by-case spot approval provided the condo meet certain qualifications, which does limit the number of condos that are available under the program. For spot approvals, generally the development must be at least 51% owner occupied, 90% of the units have sold, the HOA has existed for at least 1 year, must have been converted for at least 12 months (if a conversion), plus a number of other requirements. While there are some hurdles, it is an often overlooked mortgage option and worth looking into.

Fortunately, developers are paying heed. New developments like Thornton Place applied for HUD approval and expects to receive acceptance shortly, if not already. Developers of a number of conversions have also applied for HUD approval as many now meet the guidelines.

Given the ever constricting conventional mortgage loan availability, FHA is becoming an appealing option for many buyers. For more information or questions about FHA loans, call me today.

The origins of the word mortgage come from the French words mort (death), and gage (a pledge).

The word mortgage came into Middle English by way of Middle and Old French. For a greater portion of the Middle English period French was the language of the ruling elite, many of which spoke little if any English.

Taking out a mortgage did not mean that the mortgagee (borrower) expected to be killed if he did not pay back the mortgage; it merely meant that he would lose the mortgaged property if he fell behind on his payments. It had to do with the doubtfulness of whether or not the mortgagor will pay the debt. If the mortgagor did not, then the land pledged to the mortgagee as security for the debt was taken from him, and so dead to him...

The notion goes back to ancient Roman times. It related to giving and respecting an assurance or of a pawn, pledge, security, or token. Additionally, it related to giving and honoring a bet, stake, or wager.

If the property was purchased or refinanced:

• Before October 14, 1987, all interest paid is fully deductible, without limit.
• After October 13, 1987, if the mortgage (up to $1 million) was used to purchase, build or improve your home or second home, interest is deductible. In addition, interest on debt (HELOC, 2nd) up to $100,000, secured by the home, used for any purpose, is deductible.

Refinancing of eligible debt results in fully deductible interest.

POINTS:

Points on purchase are generally fully deductible. Points on refinance are amortized over the life of the loan. If you refinance again, the previously unamortized points for the old loan become fully deductible.