HUD Secretary Shaun Donovan made the announcement during his address at the 2009 REALTORS(r) Mid-Year Legislative Meetings and Trade Expo being held in Washington, D.C..
“We all want to enable FHA consumers to access the tax credit funds when they close on their home loans so that the cash can be used as a downpayment. So FHA will permit trusted FHA-approved lenders and HUD-approved nonprofits, as well as state and local governmental entities to “monetize” the tax credit through short-term bridge loans. We think the policy is a real win for everyone, ensuring that borrowers can tap into the numerous organizations that are already part of the FHA network to receive this additional benefit. FHA will be publishing the details shortly.”
This has enormous implications for the housing market
This is a possible listing for the neighborhood stabilization program. More listings at http://neighborhoodstabilizationprogramlistings.wordpress.com/ reo*bank owned*foreclosure!! back on market, sold for over $300k, great potential. buyers lose is your gain. nice spanish style 4bd/1.5ba home on quiet street. this home features a nice kitchen with tiled counters, oak cabinets, tiled floors and a breakfast nook. the living rm has a fireplace and bay window. the large eating area overlooks the front porch. all the bedrooms are good sized and the yard has room for a pool! priced to sell fast! please see private remarks.isting Brought to you by
Coldwell Banker Encino MLS #08-326233
Sales Price 289,000
818.325.8275
Approved Participant Lender to get Pre Approved
Juan M Cepeda
First Security Lender
(818) 749 6858
Listing Brought to you by
Marie Chung
REO Modern Realty Corp MLS #P684739
Sales Price 269,000
Contact Jose Nino
(562)544-4762
Approved Participant Lender to get Pre Approved
Juan M Cepeda
First Security Lender
(818) 749 6858
This is a possible listing for the neighborhood stabilization program. More listings at
http://neighborhoodstabilizationprogramlistings.wordpress.com/
Perfect starter home!! newer windows and charming 2 bedroom 1 bath spanish gem with generous sized lot. parking in driveway up to 3 cars. updated hardwood and laminate flooring throughout. nice size enclosed backyard pet and children friendly. property located near rancho cienega sports center park and high school. bonus unfinished master bath. needs some work in the kitchen. (tax roll shows 2 bed/2 ba but subject has 2 bed / 1 ba. buyer to verify all!!) hurry!!! come and see this great deal!!! Listing Brought to you by Marie Chung REO Modern Realty Corp MLS #P668760 Sales Price 269,900 Contact Jose Nino (562)544-4762 Approved Participant Lender to get Pre Approved Juan M Cepeda First Security Lender (818) 749 6858 
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The City of Los Angeles Housing Department (LAHD) has started to offer a purchase assistance financing to eligible low- and moderate- income homebuyers seeking to purchase a foreclosed home in a NSP Priority Area in the City of Los Angeles. The first step should be a buyer to get pre-qualified by a Participating Lender (In case you didn't know I am one of those Participating Lender) Visit my website The city will not allow reservations from non participating lenders. Then hire a Real Estate Agent to help you search for eligible properties. Then just read below for the rest.
How do you qualify for the NSP? 1. The property must be foreclosed
2. Property must be vacant at time of listing
3. The property can be any type of permanent residential dwelling unit, such as detached single family structures, townhouses, condominium units
4. Properties must be appraised by a state certified residential or general appraiser. The appraisal must be done within 60 days of the final offer to purchase.
5. When buying foreclosed homes from lenders or other mortgagees, the purchase price must be at a discount from the appraised value. HUD requires that the home buyer must seek the “maximum reasonable discount” from the seller. The minimum discount is 5% for each NSP property.
6. Properties must be located within an NSP Priority Area of the City of Los Angeles. Please visit the Los Angeles Housing Department’s (LAHD) website atto view maps of the NSP Priority Areas and to determine whether the house is in an eligible area.
7. Households whose incomes are at or below 120% of area median income are eligible for this program. The following chart shows the maximum income limits.
8. Home buyers must not presently have an ownership interest in any real property.
9. Home buyers must attend and complete an eight (8) hour Homebuyer Education Class certified by HUD that is taught by one of LAHD’s approved home buyer education providers. (see the end of the blog)
10. Home buyers must occupy the property as their primary residence.
11. At its own expense, LAHD will inspect every property to be purchased under this program and determine if rehabilitation repairs are required. If repairs are required, LAHD can provide a loan up to $50,000 for those repairs. Homes requiring rehabilitation that is estimated to cost more than $50,000 are not eligible.
Side Note LAHD APPROVED HOMEBUYER EDUCATION PROVIDERS All Applicants applying for the LAHD Purchase Assistance Programs are required to attend an eight (8) hour homebuyer education course given by an LAHD Approved Homebuyer Education Provider. ACORN 2010 Wilshire Blvd., Suite 604 Los Angeles, Ca 90057 (213) 484-1475 Languages: English and Spanish Website: www.acornhousing.org
Korean Churches for Community Development (KCCD) 3550 Wilshire Blvd., Suite 922 Los Angeles, Ca 90010 (213) 955-1500 Languages: English and Korean Website: www.kccd3300.org
New Economics for Women (NEW) 303 South Loma Drive Los Angeles, Ca 90017 (213) 483-2060 ext. 106 Languages: English and Spanish
East LA Community Corporation (ELACC) 530 South Boyle Avenue Los Angeles, Ca 90033 (323) 269-4214 Languages: English and Spanish Website: www.elacc.org
LA Neighborhood Housing Services (LANHS) 3926 Wilshire Blvd., Suite 200 Los Angeles, Ca 90010 (213) 381-2862 Languages: English and Spanish Website: www.lanhs.org
Shalom Center 2975 Wilshire Blvd., Suite 415 Los Angeles, Ca 90010 (213) 380-3700 Languages: English and Korean Website: www.shalomcenter.net Website: www.neweconomicsforwomen.org
West Angeles Comm. Dev. Corp. (WACDC) 6028 Crenshaw Blvd. Los Angeles, CA 90043 (323) 751-3440 ext. 29 Languages: English Website: www.westangelescdc.org
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Juan M Cepeda Mortgage Consultant and Area Sales Manager for Southern California Cell (818)749-6858 http://juancepedamortgageconsultant.blogspot.com/
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