Los Angeles AFB, CA

Are you familiar with Operation Homefront and their Partnership with Chase Bank?

Are you familiar with Operation Homefront and their Partnership with Chase Bank? Just in case you are not: Operation Homefront is a National Nonprofit Emergency Assistance Organization that provide help to military families and Wounded Warriors. (http://www.operationhomefront.net ) There is a new partnership with Chase Bank ((https://www.chase.com) and Homefront as of today.

Chase Bank will Donate 100 Homes and Support to the Nonprofit. Simply Operation Homefront and Chase Bank will match homes in the bank’s inventory with deserving families.

The Requirements will be:

1. The recipient must be active duty, National Guard or Reserve,

2. Or have been honorably discharged

3. Do not currently own a home

4. Be financially capable of sustaining the home throughout a transition period and beyond

The first priority will go to families who currently live at an Operation Homefront Village, which provides transitional housing for Wounded Warrior families. Along the same line of priorities will be surviving single spouses of those killed-in-action.

This is one of the best News I heard today.

Not wanting to sound ungrateful, but Chase could probably afford a few more homes. I am hoping that the other Banks will follow Chase’s lead and do the same. After all let’s not forget that last year Banks have evicted wrongfully quite a few military families in financial need. As of this writing the Justice Department is reviewing most of the major banks that carry mortgages of military families to make sure that they are not in any violation of the Service members Civil Relief Act

As a Realtor and someone who served in the military, I salute this small step in the right direction and I challenge the other major Banks to follow the Lead.

If you are a consumer who is considering buying or selling a home, investment real estate, vacation homes, or beach properties in Southern California, Los Angeles, Century City, Westwood, West Hollywood, Beverly Hills, Culver City, Marina Del Rey, Venice or Malibu. Feel Free to give me call at 310.486.1002 or email me at homes@endrebarath.comor visit one of my websites at http://www.endrebarath.com Your Pet Friendly Realtor. I contribute a portion of my commission to Local Animal Rescue Organizations.

Is this a Good Time for a Mortgage?

Yes!

In early June, the national average interest rate for a 30-year, fixed-rate conforming loan (under $417,000) was 4.9%,

"These are the best rates we'll see for a decade, and I don't expect them getting better." Business is slow right now, so lenders may even bid for your business if you have good credit.

Lending standards remain tight, and lenders have been picky even with the best-qualified borrowers.Freddie Mac, which set the standards for mortgages they buy from lenders, require a minimum credit score of 620; you'll get the best rate if your score exceeds 720 (Federal Housing Administration) requires a minimum credit score of 580 to qualify with a down payment of 3.5%.

FHA

The 30-year fixed rate for conforming jumbo loans ( for homes priced up to $729,750) was recently 5.0%