Orange County has Become a Hotbed for FHA Home Buyers

FHA is definitely the program of choice for Orange County, CA home buyers. 75% of the home buyers I’m working with right now are going with an FHA loan program because of the advantages an FHA loan has over a Conventional program, including a small down payment and flexibility with credit. Another 15% of the business I’m seeing are VA loans, CalSTRS loan and CalPERS loans. Each of those programs are for specific groups of people. VA = Veterans. CalPERS = California Public Retirement System. CalSTRS = California State Teachers Retirement System. These are all great programs. The final 10% of the buyers I’m working with are going with some of Conventional loan program.

With the dramatic drops in interest rates we got this week, and the expectation that rates will stay low heading into 2009, this is a great time to take advantage of the combination of low rates and low interest rates. There are not been a better time to buy a home in years.

PreQualified

The first step is to get prequalified. This is easy and can be done over the phone in less than 10 minutes. The good loan officer will need to know your income, job history, revolving and installment payments, and an credit history. From this information a “loan scenario” matching your needs and goals can be prepared.

PreApproval

Preapproval is a step beyond just getting Prequalified. By getting approved, you will know for sure what loan amount you qualify for. Also, the seller of any home you make an offer on will be more likely to negotiate with you since you have already begun the loan process. The items needed for loan Preapproval are:

• Paystubs for the most recent 30 day time period.
• W2’s and Federal Tax Returns for the most recent 2 years, all schedules.
• Bank statements, all pages, for the most recent 2 months.
• Copy of drivers license and social security card.

A loan application will be prepared, either over the phone or in person, and an automated approval is received the same day. Then, an underwriter will verify the approval by reviewing the income and asset information from the future home buyer. It is actually fairly simple, and does not cost anything.

Frost Mortgage Lending Group is an Orange County Direct Endorsed FHA lender based in Orange County, CA. This means we will process, underwrite, and fund your loan in our office, giving us total control to get the loan closed quickly and efficiently.

If you’d like more information, or would like to check your options please contact Tim Storm at 877-786-4243 x 7.

Frost Mortgage services Orange County, Los Angeles County, Riverside and San Bernardino Counties, (The Inland Empire), San Diego County, and all of California.

Tim Storm has been a loan officer since 1989 and has worked closely with Realtors, Financial Advisors, and Attorney’s in building a strong referral network.