U.S. postpones 2014 hike in mortgage fees

West hollywood real estate

It’s a Christmas miracle!

Planned fee increases that would have added to the cost of millions of mortgages will be postponed. Currently, borrowers seeking loans backed by Fannie Mae and Freddie Mac are set to pay higher upfront fees starting April 1.

The fees, ordered by the Federal Housing Finance Agency earlier this month, are meant to help safeguard banks against risky borrowers who might default.
But housing experts say they will add thousands of dollars to the cost of all mortgages insured by Fannie and Freddie, with the biggest hits taken by borrowers with less than perfect credit histories.

On Friday, the incoming chief of the FHFA, Mel Watt, said he intends to postpone the fees — and perhaps even cancel them — until more analysis is done. The FHFA oversees Fannie Mae and Freddie Mac.

Watt, a former Democratic member of Congress, has been confirmed to his post by the Senate and takes office on January 6.

In a statement, Watt said he intends to “evaluate fully the rationale” for the fees and their impact on Fannie and Freddie and the “availability of credit.”

The mortgage industry has been bracing for substantial increases in the price of loans in 2014.
“If these [policies] had been implemented, it would have increased borrowing costs dramatically,” said David Stevens, CEO of the Mortgage Bankers Association.

The hit for individual borrowers would depend on the amount of the home purchase being financed, according to Brian Koss, executive vice president at Massachusetts-based lender Mortgage Network.
Borrowers would have paid a fee when they took out the loan, or they could have effectively rolled the higher fees into their interest rate, raising monthly mortgage payments by as much as a quarter percentage point.

Even with the reversal, however, mortgages will probably get more expensive over the next few months anyway as the Federal Reserve cuts back on its purchases of mortgage backed securities, a program designed to keep interest rates low.

Stevens, the mortgage industry representative, said the proposed increases made little sense. Defaults on mortgages made in recent years have been much lower than on those made before the housing crash.

As a result, Fannie and Freddie are flush with profits, so much so that they have already returned almost all of their $187 billion taxpayer-funded bailout.

“The GSEs are making a lot of money,” said Stevens. “There’s no rationale for the increases.”

If you’re looking for commercial or residential real estate assistance, please contact me at
jkryukova@gmail.com or (310)402-8181 begin_of_the_skype_highlighting (310)402-8181 FREE  end_of_the_skype_highlighting.

Source: http://money.cnn.com

2332 Canyon Drive – Great 1920s Era Home in Los Feliz Village $939,000

2332 Canyon Drive Los Feliz, CA 90068

This Los Feliz retreat rests on a knoll above sought-after Canyon Drive. At one end are trendy boutiques and restaurants, and at the other, a peaceful park for hiking, kids, and pups. Inside the Roaring 20′s home are gleaming hardwood floors, soaring ceilings, a charming dining room with period built-in book cases, a living room with fireplace, a kitchen full of stainless-steel appliances, and a unique screening room. A walled and gated outdoor living area is perfect for entertaining!

http://www.2332canyondrive.com

Asking price: $939,000

2 bedrooms, 1.5 bathrooms, bonus room, separate dining room, large living room with high ceilings

TONS OF CHARM & CHARACTER!!!

Please contact me at jkryukova@gmail.com or (310)402-8181 for more information, private showings, or for any of your real estate needs.

 

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Fed attempts to free higher-priced loans from appraisal binds

A proposed rule was issued by six federal financial regulatory agencies that would create exemptions from specific appraisal requirements for a subset of higher-priced mortgages.

The proposed exemptions would save borrowers both time and money as well as promote the safety and soundness of creditors.

The Dodd-Frank Act imposed appraisal requirements for high-priced mortgages. Under the act, loans are deemed “higher-priced” if they are secured by a consumer’s home and have interest rates above a certain threshold.

The rule proposed would allow the following three types of higher-priced mortgage loans to be exempt from the Dodd-Frank Act appraisal requirements: loans of $25,000 or less, certain streamlined refinancing and certain loans secured by manufactured housing.

In January, the Federal Reserve Board, the Consumer Financial Protection Bureau, the Federal Deposit Insurance Corporation, the Federal Housing Finance Agency, the National Credit Union Administration, and the Office of the Comptroller of the Currency issued a final rule implementing the new Dodd-Frank Act appraisal requirements.

As of January 18, 2014, compliance with the final rule will become mandatory. The agencies listed above are jointly issuing the proposed rule on additional exemptions in response to public comments received previously.

Public comments are encouraged by the agencies on all aspects of the proposal. The public will have until September 9, 2013, to review and comment on most of the proposal. However, comments linked to the proposed Paperwork Reduction Act analysis will be due 60 days after the rule is published in the Federal Register.

 

 

Source: Housingwire.com

JUST LISTED: Private Celebrity Retreat In Outpost Estates (Hollywood Hills)

Address: 7009 Senalda Drive Hollywood Hills, CA 90068
Price: $2,479,000
Stats: 5BR/3.5BA; 2,884 sq.ft., 13,608 sq.ft. lot

Description:

This exclusive property is tucked above and away from Outpost canyon’s main drag, but is close enough to access all of Hollywood’s offerings. Located in a celebrity enclave (with A-listers sharing property lines), the property features elevator access from the 2-car garage to the kitchen, designer-landscaped serenity gardens, remodeled kitchen and bathrooms, updated systems, ultimate privacy, and fantastic canyon and mountain views. Get away from it all…in the middle of it all.

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Please contact me at (310)402-8181 or jkryukova@gmail.com for details and showings. 

JUST LISTED: 2880 Las Alturas St. Hollywood Hills $999,000

Las Alturas

2bed/2.5 Bath

2,068 Sq. Ft.

KILLER VIEWS!!!

This stylish Hollywood Hills residence showcases dramatic views right from the front door and its sky-lighted entry hall (with powder room).  An open floor plan accentuates the home’s modern vibe. The house’s ample living area has a fireplace, pitched ceilings, wood floors, and resort-style walls of glass that accordion-open to a generous balcony. Inside becomes outside as the breezes blow and a carpet of city lights spice-up the living space. A dining area also showcases views to di(n)e for. The highly-desirable open floor plan continues as dining opens to the home’s well-equipped kitchen (with breakfast or cocktail bar), which has newer appliances and plenty of custom wood and glass cabinetry.

The master bedroom has custom built-in wall of shelving and cabinetry and plenty of closet space. There is a balcony accessible through glass double doors. Just past the pine trees…more city lights views. The remodeled master bath features a chic porcelain vessel sink, a reclaimed wooden cabinet and mirror, slate shower & tub surround, and chrome fixtures. The second bedroom also has access to a remodeled bathroom with an over-sized sink cabinet and step-in shower.  This bedroom also has a balcony with tree-top and city lights views.

The home’s large, direct-access garage is currently working perfectly for two-cars, laundry area, and storage-storage-and more storage; but could be used as a gym or additional living space. An outdoor wrap-around deck area (hedged and gated) provides ample private space for kids/pets, and sports and built-in barbeque. This area is perfect for an evening cocktail gathering or Al Fresco dining and…has views!

This home is a true Hollywood Hills pad, just north of landmark Mulholland Drive. Near the end of a cul-de-sac, this Las Alturas home provides a safe and secure street to hang out, walk the pups, and take in the “mountain” air. And, it’s only a short walk to the upper entrance to Runyon Canyon Park.

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JUST LISTED: Re-imagined Sunset Strip Spanish Estate! Offered at $5,300,000 Open Tuesday 11-2pm

1136 Doheny Dr.

1136 Doheny Drive Los Angeles, CA 90069

3bed/3bath Stunningly updated with spanish detail

2,996 sq. ft./Lot size 13,607 sq. ft.

Please click here for the virtual tour:  1136 Doheny Dr Lifestyle Video 

3BR/3BA Spanish residence in the Sunset Strip offers ultimate privacy (gates, hedges, no one “looking in” from above) and unparalleled access to all of the Sunset Strip’s offerings. Features include: formal step-down living room with 2-story vaulted ceilings and over-sized fireplace, cook’s kitchen with Viking appliances and eat-in peninsula, luxury-level master suite (overlooking park-like grounds) with large walk-in closet and spa-like bathroom with cathedral ceilings and soaking tub, 2 additional bedrooms en suite, family room and dining room with French doors to the completely private back yard, sparkling full-sun pool and spa with flagstone lounging/eating areas, expansive lawn with room for play, pups, and parties. Indoor-outdoor flow makes this home perfect for entertaining. Pre-wired for media, individual room-by-room volume controls, office area with custom built-in desk and cabinetry, basement/bonus room with storage, direct access to 2-car garage, security, intercom.

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Year-over year US home prices up sharply in November

U.S.  home prices in November extended their steady recovery from the housing bust,  rising 7.4 percent compared with a year ago. It was the biggest year-over-year  increase in 6½ years.

CoreLogic,  a private data provider, said Tuesday that prices also rose 0.3 percent in  November from October. The month-to-month figures are not seasonally adjusted.  CoreLogic compiles its indexes by tracking sales of the same homes over time,  using data on sales in all 50 states.

The  gains in home prices have been widespread across most of the country. And  CoreLogic forecasts that prices will increase 6 percent this year.

Prices  in November were higher than in November 2011 in all but six states. And only 13  of 100 large cities that CoreLogic studies reported year-over-year price  declines. That was down from 20 cities in October.

The  sharpest increases were in Arizona, Nevada and Idaho. North Dakota and  California rounded out the top five.

Steady  price increases are helping fuel the housing recovery. They’re encouraging some  people to sell homes and enticing would-be buyers to purchase homes before they  get more expensive. Rising prices also reduce the number of homeowners who owe  more on their mortgages than their homes are worth.

“All  signals currently point to a progressive stabilization of the housing market and  the positive trend in home price appreciation to continue into 2013,” said Anand  Nallathambi, CEO of CoreLogic.

Despite  the gains, home prices nationwide are still nearly 27 percent lower than in  April 2006, when prices peaked during the housing bubble.

Some  of the biggest gains have been in states that were hurt the worst. Prices in one  of them, Arizona, have jumped nearly 21 percent in the past year, the most of  any state. But prices in that state are still nearly 40 percent below  their peak.

And  prices in Nevada have risen 14.2 percent in the past year but remain 53 percent  below peak levels.

The  states where prices continue to fall include Delaware, where they are 4.9  percent below a year ago, and Illinois, down 2.2 percent. Connecticut, New  Jersey, Rhode Island and Pennsylvania are also reporting declines.

Prices  rose 24 percent in Phoenix in the past 12 months, the most of any large metro  area. Riverside-San Bernardino, Calif. was next with a 9.7 percent rise. It was  followed by Los Angeles, where prices rose 8.4 percent.

Source: Sfgate.com

How to Negotiate with Sellers

Buying a home is one of the most important purchases most people will make. In order to make the right decision the first time, potential buyers need to be prepared. Consider the following before starting negotiations:

  • Be prepared Research the housing market in the target area. Once you have information about the general area, focus on the particular property and seller. Look for answers to questions such as:
    1. Why is the homeowner selling? (If they’re moving because they find the area undesirable, you might want to consider this issue.)
    2. How long has the home been on the market? (If it has been on the market for a long time, perhaps there are negative facts about the property that you need to know.)
    3. How much did the seller pay for the home compared to the current asking price? (If the seller paid more, find out why. Was it a general real estate trend, or did property values in that particular neighborhood go down?)
    4. What is the seller’s time frame for selling and moving? Does it fit within your needs?
    5. Are there any defects in the home or problems with the surrounding neighborhood? (For example, is the roof so old that it will likely leak during the next storm? Is there a new construction project in the area that will lead to major traffic congestion?)

As the potential buyer, you want the advantage. While you want answers to all your questions to the seller, reveal very little about your circumstances.

Do not give the seller personal information such as your income, the maximum you are able to pay for a down payment or the home, or when you want to move.

Make sure that your agent knows not to reveal any such information to the seller or his/her agent.

Also, do not let the seller see how much you want the property. If you appear desperate or overly enthusiastic, the seller then has the stronger bargaining position. When meeting with the seller or listing agent, keep your emotions in check.

  • Establish a Timeline Find out if the seller needs to have the sale closed sooner rather than later. If the seller is feeling pressured to sell, use that to your advantage in negotiating. Even if you, the buyer, are the one with the deadline for purchasing a home, don’t let yourself be rushed into making concessions or a purchase you may regret later.

Top Reasons to Opt for Seller Financing!

Seller Financing

Top Reasons to Opt for Seller Financing

Seller Financing has benefits for both the buyer and the seller

A recent experience of mine reminded me of the importance of seller financing. The son of a longtime friend of mine recently caught me at a Friday night high-school game and informed me he and his wife had turned down an older home in the neighborhood they always wanted, for a new home in a subdivision.

They also declined the possibility of no-cost seller financing from the owner of the older home because the builder offered a slightly lower rate on the new home.

“We just felt like we wouldn’t have to do anything on the home for years,” Patrick said. “We couldn’t afford any expensive surprises.”

While I disagreed with him on both topics, I kept my opinions to myself because he had already made his decision and was looking forward to moving into his new home. Here’s why I would have chosen differently.

First and foremost, you can always repair or remodel a home, but you can never single-handedly fix a neighborhood. If you know the schools, churches and streets that are important to you, it’s usually best to buy where you have done your primary research. And, new homeowners often underestimate upkeep.

But just as important are the credit and cash needed to get a loan today. Lenders are being more cautious and are demanding more skin in the game.

Recently, Fair Isaac Co., the developer of FICO scores, revealed that 78.5 percent of all consumers have scores that fall between 300 and 749. The FICO score ranges from 300 to 850. So only about one in five American have a FICO score of 750 or higher.

Ellie Mae Inc., a provider of mortgage origination software to lenders, reports that borrowers approved for mortgages in September had an average FICO score of 750. What message does that send to prospective home buyers?

Besides high credit scores, borrowers are coming in with higher down payments to satisfy lender requirements. According to Ellie Mae, home buyers who used a Fannie or Freddie loan had, on average, a 21 percent down payment. Homeowners who refinanced had average equity in their homes of 30 percent.

Doug Duncan, Fannie Mae’s chief economist, recently said he thought that loan standards will eventually ease as banks reduce some extra risk-based fees that they have added to benchmark quotes since the mortgage meltdown.

But is there a viable plan B? What if you didn’t have to go to a lender for a home loan?

Seller financing is an underestimated benefit not only because of today’s increased lender scrutiny, but also because the buyer dodges most all the fees associated with the loan. For example, in Patrick’s case, he decided on a 3.5 percent loan from a lender rather than a 4 percent loan from the homeowner.

Let’s say the total costs of a $200,000 loan come to 2 percent of the loan amount, or $4,000. The monthly difference between a 3.5 percent loan and 4 percent loan is approximately $57 a month. Not only would Patrick have to borrow more or come out of pocket with the extra funds (in addition to the down payment needed on the house), but he would also need more than seven years to make up the monthly difference.

While many owners make “cash-out, conventional” financing a requirement when selling a home, others are more than willing to negotiate price and terms. Homes are selling quickly in many neighborhoods, but others continue to sit. It’s those owners who can be “all ears” if it means closing a deal and moving on with their lives.

And, some sellers, particularly seniors with no high-rate place to park their cash, are not opposed to accepting a healthy down payment and “carrying the paper” on their real estate as long as they are guaranteed 4 percent interest on their money. In most cases, it’s difficult to get that rate in non-risk accounts.

Buyers and sellers can build in safety features to make carrying the paper palatable for both sides. If you are a buyer, there’s no harm in asking. You could save time, anxiety and a lot of cash — an inexpensive surprise.

If you’re looking to buy, lease, or lease – please contact me at 310.402.8181 or jkryukova@gmail.com

Click here to visit my website

Source: Inman news

2013 Cyprean Dr. Hollywood Hills, CA 90046 OPEN SUNDAY!!

OPEN SUNDAY 9/23/12 2-5PM!

Zen Hilltop Contemporary on private shared street. All rooms enjoy spectacular
canyon, valley and mountain views. Living room w/ beamed ceiling and fireplace
open to deck overlooking canyons. Master Suite has huge steam shower tiled w/
limestone counter tops. Large walk in closet, also bonus room for office. First
floor has extra 1/1+living room w/private entrance. Bamboo floors, tiled
kitchenette & own deck. Wonderland school district & 2 car garage.

Size: 3 bedrooms, 3 bathrooms

Asking Price: $899,000

Location: Hollywood Hills, Laurel Canyon, Wonderland School District

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