Patrick Canavan - Orange County Real Estate Voice

First time homebuyers? APPLY FOR THE MORTGAGE PROTECTION PROGRAM! This is a FREE program that provides you up to $1,500 a month for up to six months in the event of job loss to help pay the mortgage; a $750 monthly benefit also is available for a qualified co-buyer. There is NO cost to you! To qualify, buyers must be first time home-buyers – haven’t owned a home for the last three years; has opened escrow on or after April 2, 2009 and closed escrow before December 31, 2009; use an active California REALTOR® ; purchase the property in California, and be a W-2 employee (cannot be self-employed). Funds are limited. Please call me or email me to find out more. You can reach me direct on 714.943.0444 or Patrick @EnterYourDreamHome.com

Search For Homes in Orange County CA

The Pacific West Association of REALTORS® Charity Foundation is helping first-time home buyers with the HOA Assistance Program to provide HOA dues for up to one year to first time home buyers!

Applications for first time buyer programs.

>> Click Here for More Info on HOA Assistance Program

>> Click Here for More Info on Down Payment Assistance Program

Criteria:

• Income level (2 buyers) $111,600 for Orange County & and $90,960 for Los Angeles County.
• Purchase price is $350,000 for Orange and Los Angeles Counties.
• Buyers must contribute 1% of the sales price from their own pocket.
• Has not owned a home within the past 3 years.
• Credit score of 620 +.
• Approved from a direct lender
• Minimum five-year fixed-rate, full documentation (no stated income) loan.
• Buyer must be represented by a PWR REALTOR® member who has contributed to the PWR Charity Foundation in 2009.
• Must be located within PWR's jurisdiction.
• Short-sales excluded
• Property and Home Owners Association must meet agency standards and pass review of PWR Underwriters (occupancy ratios apply, pending litigation, leased land,
• insufficient reserves not allowed) Condos & True Pud’s.

Jurisdictions Include:

Central/Northern Orange County and the Southeast Los Angeles County.

Anaheim/Anaheim Hills, Brea, Buena Park, Cypress, Fullerton, Garden Grove, La Habra/La Habra Heights, La Mirada, La Palma, Lakewood, Long Beach, Los Alamitos, Norwalk, Orange, Pico Rivera, Placentia, Rossmoor, Santa Ana, Seal Beach, Signal Hill, Stanton, Tustin, Villa Park, Westminster, Whittier, and Yorba Linda.

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Please do not hesitate to visit www.EnterYourDreamHome.com

Obama signed into law a great new program that the (NHTSA) National Highway Traffic Safety Administration has named (CARS) the Car Allowance Rebate System. This is a government program that helps you purchase a new, more fuel efficient car when you trade in a less fuel efficient car, truck or any gas guzzler really. See the Frequently Asked Questions for more details.

Criteria:

• Your vehicle must be less than 25 years old.
• Only purchase or leases of new vehicles qualify
• Trade-in vehicles must get 18 or less MPG (some pick-up trucks, cargo vans have different criteria)
• Must be registered and insured continuously for the full year preceding the trade-in.
• Up to $4500 will apply as a credit at purchase.
• The program runs through Nov 1, 2009 or when the funds are expire, whichever comes first. First come first served
• The vehicle that you are trading in will be destroyed. The value you negotiate with the dealer should not exceed its scrap value. The law requires the dealer to disclose to you and estimate of the scrap value when trading in your vehicle.

Beginning date is around July 23. See Program Rollout

How their guarding against fraud during the program? Click here for more information.

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Please do not hesitate to visit www.EnterYourDreamHome.com

Could you be in a Sellers Market. The buyers that are reading this know exactly what I am talking about. Don't get me wrong prices have fallen, home prices are at an all time low - rates are at an all time low - even refi's are refinancing at killer rates - banks are super busy, underwriters are super busy, banks are pricing to sell, Banks are pricing for multiple offers, banks are getting multiple offers - and buyers are FRUSTRATED why they are not getting properties. Especially here in Orange County adn Riverside County.

Buyers right now have an enormous amount of competition. I have seen properties go for $30,000 - $40,000 over asking and the buyers are bringing in the difference at the close of Escrow. For first time home buyers what I mean regarding "bringing in the difference" is THIS:

A person writes an offer on a property for lets say $400,000 and I will guarantee you you will have 4-5-6 buyers probably more wanting the same property because it is a killer deal - in a killer neighborhood - with top rated schools etc... everything everybody wants in in a home.

You then receive from the seller Highest and Best which means you are getting a second crack at the whip. Their looking for more money and also telling you there are multiple offers on the property. You've made up your mind you cannot live without this home so your Highest & Best is $450,000 and your offer gets accepted. Your lender then sends out an appraiser who appraises the home for $425,000. Question: will you bring in the balance - will you bring in the difference at the cloe of Escrow - or will the banks negotiate - are you thinking that you over paid. IS IT A BEST BUY?

Probably. Homes are coming down in price to where they should be "AFFORDABLE" but again are you are in a Sellers Market? you ask.

Yes - you are in a buyers paradise but does it feel like a Sellers Market? Why is there 10 people after the property you want? Why are you not getting the property you want? - are you submitting all the correct information? - are you the first to submit an offer? Are you drip feeding the Seller the paper work and if so - TRUST me you will never get the property you are after. Banks do not have the patience to wait for when you are ready. They more than likely not even look at your offer.

Make sure you have everything ready. Your Approval letter - Good Faith Deposit - Fico's Scores - Proof of funds. Some banks want you to be qualified with them first to make sure you can actually qualify for a Loan. This can be very annoying since you have already been qualified by your lender and now they need to pre-qualify you again. Go through the same headache you did on the last 3 properties you didn't get that had 5000 offers on it. Well if you look on the bright side now you will be only competing against 4999 on you next offer :)) To be ahead get yourself prepared

The Recipe for success:

A " Realtor " (714) 943-0444

Approval Letter

Photo copy of " Good Faith Deposit "

Photo copy of " Credit Scores "

MOST IMPORTANT " PROOF OF FUNDS " print out a copy of your account

Write up the OFFER before you get there

Be the FIRST to catch that deal, be the FIRST to preview the property.

For more information please do not hesitate to contact me 714.943.0444.

City of Anaheim

NEIGHBORHOOD STABILIZATION PROGRAM

Homebuyer Down Payment Assistance Up to $125,000

for

Foreclosed Homes

City of Anaheim’s Neighborhood Stabilization Program (NSP). The City provides homebuyer down payment assistance up to $125,000 to purchase a foreclosed home within eligible census tracts in Anaheim.

Unfortunately it is First-come, First-serve basis. Preference is given to households that live or work in Anaheim.

For the complete Application package and Eligibility information please call me 714.943.0444 and I will email you the STABILIZATION PROGRAM Package.