Friday, October 12, 2012

Low mortgage = high competition in Los Angeles

We consult with many clients seeking FHA loans in Los Angeles, often to purchase their first home. FHA loans are a good option for buyers who qualify for their desired mortgage, but may only have a small down payment.  Of note to first time homebuyers is this mortgage news article from the Los Angeles Times today: 
"Competition for lower-priced homes in California is so hot that the number of cheaper homes available for sale has sunk more than 40% in the last year, pushing out many would-be buyers.
Homes that sold for $313,200 or less were the most competitive type of home nationally, but nowhere did inventory in that price range drop more than in the Golden State, according to a report released Thursday by real estate website Zillow."
If you need expert advice on how to get an edge in today's most competitive California home buying market, contact Bill Rayman. Bill is an independent mortgage broker and lender. He brings years of experience in the lending market, and works directly for his clients, not for a bank. If you are a first time homebuyer interested in an FHA loan or traditional mortgage loan, contact Bill Rayman today.

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