The Federal Housing Administration (FHA) has introduced new rules for the FHA home loan program which will ultimately have a huge impact on Ventura County’s home buyers and consequently, Ventura County’s real estate market.  Due to a significant rise in the number of defaulted FHA loans, the FHA’s cash reserve has fallen below the Federally mandated level.  This has prompted new FHA home loan guidelines to ensure that the new FHA home buyers are in a better financial position and have greater equity at the time of purchase.

The new FHA guidelines will introduce new restrictions for FHA borrowers.  Below is a list of a few of these conditions and restrictions:

• Downpayment for borrowers with a credit score above 580 will remain at 3.5%.  However, home buyers with a credit score less than 580 will have to provide 10% downpayment towards the purchase of their new home.  This rule will go into effect in early summer 2010.

• All new FHA borrowers’ upfront mortgage insurance premiums will increase from 1.75% to 2.25%.  The FHA mortgage insurance is a cost borrowers pay because they are able to purchase a home with less than 20% downpayment.  This rule will go into effect in Spring 2010.

• Home sellers’ concessions, which is the amount home sellers contribute to the FHA home buyers’ closing cost, will be reduced from 6% to 3%.  This means home buyers will have to come up with the additional money for their closing costs.  This rule will go into effect in early summer 2010.

Some Ventura County home buyers may see these new FHA guidelines as an additional hurdle in their road to homeownership.  Many FHA home buyers who were relying on FHA’s low closing cost and low downpayment will have to come up with some additional cash.  In today’s economy where cash and revenue is scarce, coming up with additional cash may be more difficult for some FHA home buyers.   Therefore, Ventura County may experience a thinning in FHA home buyers during the summer season where traditionally the real estate market is at its busiest.

I would like to read your thoughts and feelings on these new FHA guidelines in the comment area provided for you below.

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Sold in just 5 short weeks! – Ventura, CA

Sold with Multiple offers! – Thousand Oaks, CA

Sold in record time! – Los Feliz, CA

After 2 years on the market with NO OFFERS, received 4 offers within 8 weeks! – Hollywood, CA

Sold in 46 days! Avg. DOM for neighborhood was 148! – Mandelay Shores, Oxnard, CA

Sold in 9 Days!!! – Lake Balboa, CA

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On Saturday January 23, 2010, the students of Los Primeros School of Science & Arts will be holding a bake sale at the Camrillo’s Farmers Market from 8:00am to 12 noon.  The money raised will be donated to help the earthquake victims in Haiti.  The funds raised from the students’ bake sale will be matched Dollar for Dollar by Amgen.

The students participating in the back sale came up with the idea, have arranged all the planning, and are doing their own baking!  If you are in the Old Town area of Camarillo tomorrow, please stop by Los Primeros bake sale table and help support the students’ endeavors and a great cause!

Thanks in advance for supporting our kids!

Starting February 1, 2010 the dream of home ownership will become easier for many FHA home buyers.  For the next year the Federal Housing Administration (FHA) will lift its’ 90 day seasoning requirement in order to expedite the sale of foreclosed and flipped properties.  This new guideline will allow Ventura County FHA home buyers to have access to a much larger inventory of homes.

How Do The FHA New Rules Help Ventura County FHA Home Buyers?

Current FHA guidelines prevent FHA home buyers to purchase a home that has been owned by a seller for less than 90 days.  Therefore, FHA home buyers are not eligible to purchase foreclosed properties and/or flipped properties unless the home has been owned by the seller for more than 90 days.   Many prospective home buyers with FHA mortgage insured loans and many Realtors can attest to the frustration associated with the FHA home loans 90 day seasoning requierment.

However, the new FHA guidelines will allow Ventura County FHA home buyers to have just as much access to all properties as do cash buyers or buyers with conventional loans.  No more 90 day seasoning will also help neighborhoods with a high volume of foreclosed homes to become occupied sooner.

At the 2009 Realtors’ Expo I was invited to participate in Realtor.com’s Ask a Realtor event. I was asked the question “What do I need to know if I buy and sell a home at the same time?” Below is yours truly and my answer to the question above:

Currently there are 40 homes for sale in the city of Santa Paula.  Of these 40 homes for sale in Santa Paula, 9 homes are listed as short sale and 2 are bank owned or REO homes.

Below is a real estate market report for Santa Paula for the month of December 2009.

Santa Paula Real Estate Market-December 2009

Single Family Homes in Santa Paula:

• Homes listed for sale in December: 6
• Homes sold in December: 16
• Average home sale price: $284,525
• Median home sale price: $273,000
• Average days on market: 71
• Average selling price % of list price: 94.26%

Condos and Townhouses in Santa Paula:

• Condos/Townhouses listed for sale in December: 3
• Condos/Townhouses sold in December: 6
• Average Condos/Townhouses sale price: $150,833
• Median Condo/Townhouse sale price: $145,000
• Average days on market: 66
• Average selling price % of list price: 100.30%

Source: Ventura County Regional Data Share

If you wish to receive updated information on Santa Paula Real Estate please feel free to call Mana Tulberg: (805) 443-8898.

There are currently 146 homes for sale in Port Hueneme. Of these 146 homes for sale in Port Hueneme, 23 are short sale homes and 7 are bank owned or REO homes.

Below is a real estate market report for Port Hueneme for the month of December 2009.

Port Hueneme/Oxnard Beaches Real Estate Market-December 2009

Single Family Homes in Port Hueneme:

• Homes listed for sale in December: 6
• Homes sold in December: 6
• Average home sale price: $1,285,833
• Median home sale price: $880,000
• Average days on market: 81
• Average selling price % of list price: 87.26%

Condos and Townhouses in Port Hueneme:

• Condos/Townhouses listed for sale in December: 10
• Condos/Townhouses sold in December: 12
• Average Condos/Townhouses sale price: $507,158
• Median Condo/Townhouse sale price: $407,500
• Average days on market: 85
• Average selling price % of list price: 95.07%

Source: Ventura County Regional Data Share

If you wish to receive updated information on Port Hueneme/Oxnard Beaches Real Estate please feel free to call Mana Tulberg: (805) 443-8898.

Currently there are 188 homes for sale in the city of Oxnard. From the 188 homes for sale in Oxnard, 59 homes are short sale homes and 35 homes are bank owned or REO homes.

Below is a real estate market report for the city of Oxnard for the month of December 2009.

Oxnard Real Estate Market-December 2009

Single Family Homes in Oxnard:

• Homes listed for sale in December: 41
• Homes sold in December: 127
• Average home sale price: $310,641
• Median home sale price: $295,000
• Average days on market: 44
• Average selling price % of list price: 100.25%

Condos and Townhouses in Oxnard:

• Condos/Townhouses listed for sale in December: 10
• Condos/Townhouses sold in December: 44
• Average Condos/Townhouses sale price: $175,563
• Median Condo/Townhouse sale price: $165,000
• Average days on market: 55
• Average selling price % of list price: 102.79%

Source: Ventura County Regional Data Share

If you wish to receive updated information on Oxnard Real Estate please feel free to call Mana Tulberg: (805) 443-8898.

There are currently 197 homes for sale in the city of Ventura.  Of these 197 homes for sale in Ventura, 35 homes are short sale homes and 27 are bank owned or REO homes.

Below is a real estate market report for the city of Ventura for the month of December 2009.

Ventura Real Estate Market-December 2009

Single Family Homes in Ventura:

• Homes listed for sale in December: 30
• Homes sold in December: 58
• Average home sale price: $448,226
• Median home sale price: $402,250
• Average days on market: 49
• Average selling price % of list price: 97.03%

Condos and Townhouses in Ventura:

• Condos/Townhouses listed for sale in December: 4
• Condos/Townhouses sold in December: 18
• Average Condos/Townhouses sale price: $235,917
• Median Condo/Townhouse sale price: $247,500
• Average days on market: 65
• Average selling price % of list price: 98.12%

Source: Ventura County Regional Data Share

If you wish to receive updated information on Ventura Real Estate please feel free to call Mana Tulberg: (805) 443-8898.