This loan amount can be used in conjunction with most FHA Down Payment Assistance Programs and FHA approved Government Grants.
Seth Phillips CEO of SP3 Realty attended the roundtable and was quoted saying “this will help a lot of our clients buy houses in Los Angeles”!
This increase in loan amounts is in recognition of the increasing house costs in one of the most dynamic housing markets in the country.
So why should you buy now?
- There is no better way to build your retirement.
- As a renter every time you pay your rent you are building your landlord’s retirement fund.
- As a homeowner every time you pay your mortgage payment some of that money goes into your own retirement fund.
- The government gives a major tax incentive to those who own their own home. Why? Because people that own their homes are directly invested in their neighborhoods. This builds stronger communities.
- There’s just something about owning your own castle. It’s not only the American dream it’s the dream of the whole world. When you own your home, you set the rules. When you rent, your landlord sets the rules.
- Privacy! Yes, it’s yours. Keep Out!
Real estate sales push the economy forward. Lenders are getting more aggressive by the day. The government and private sector are adding more Down Payment Assistance Programs and Grants to enable more people to buy homes.
They’re getting more confident in the housing market and are offering more incentives almost daily. This has happened before, but unlike the programs from 2000 to 2005 they are being much more careful. A borrower must have documented income and have at least average credit.
The banks do understand that with the high prices of homes and the resulting high down payments required with conventional loan qualifying, that a large percentage of the country’s population is being shut out of the home buying market.
There are a lot of good folks like you that work hard, pay their bills and taxes, but don’t have a spare $100,000 to spend on a down payment.
Seth say’s the lenders SP3 Realty works with, look at homebuyers as people, not just as numbers on a credit report or profile, they have found that people that put down lower down payments do not default on their loans at a significantly higher rate than those that put down larger amounts.
A person’s Integrity is not a function of their wealth.
Seth of SP3 Realty wants to hear from anyone that wants to buy a home but doesn’t think they have enough money for a down payment.
Specializing in Down Payment Assistance Programs and Government Grants for 10 years.
For the original news story, please visit https://pressreleasejet.com/news/news-flash-fha-raises-loan-limits-in-los-angeles-to-660000.html.
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