LA Beach Buzz: Real Estate, Restaurants, & Relaxation

Home Buyers on the Move

2008-05-09T14:40:45-07:00

With the passage of the economic stimulus package, many home buyers are taking advantage of the opportunity to get an FHA (Federal Home Administration) loan.

FHA loans had lost their popularity especially in our high-cost areas of California in the 1990s, as home values began inching upward, surpassing FHA mortgage limits.

Also, many felt FHA had very strict credit standards and too many stringent and burdensome appraisal requirements, and often it took too long to close an FHA loan.

Now that conforming loan limits have been increased to $729,750 in LA County, FHA loans have become a very feasible option for homebuyers, especially those couples and individuals buying their first home.

Raising the loan limits also allows a larger pool of borrowers to qualify for lower-cost mortgages or to refinance existing mortgages. FHA loans have some advantages over other loan products. FHA insures the loan, so the lender can offer a borrower a better deal. FHA requires low down payments, low closing costs and easy credit qualifying.

Here are a list of benefits to an FHA loan:

• All FHA loans are fully assumable.

• Credit standards are more flexible. You may qualify for an FHA loan even if you have encountered financial problems. Nominal credit scores apply, and non-traditional proof of credit worthiness may be used, i.e., proof of rent/utility payments. If you have filed for bankruptcy in the past, you can obtain an FHA loan two years from the date of your bankruptcy discharge, as long as you've maintained good credit since your debts were discharged.

• FHA's debt to income ratio is 31/43 with a 3 percent down payment requirement; 100 percent of the down payment may be gift money.

• Co-signers/co-mortgagors need not be occupants of the home.

• FHA appraisal requirements have been greatly relaxed.

• Underwriting is now standardized.

• FHA no longer requires seller closing fees, just a tax service fee.

• It takes about 30 to 60 days to close, but there are exceptions, as long as full docs are received.

• FHA repair demands are more reasonable today. For example, defective roofs that leak still need to be replaced, but an older roof does not necessitate replacement if it doesn't leak.

Since home prices have become more realistic and people learn of the advantages of FHA loans they are becoming increasingly more popular.

We always encourage buyers to learn more about FHA loans and to use a knowledgeable, trustworthy lender who understands how FHA loans work.

The FHA stimulus package is a window of opportunity for buyers, and while there is a move to make the conforming loan limits increases permanent, the bill as signed by the president states the loan limits will be in effect only this year.

For more information about getting qualified for a home loan call (310) 745-1600 or visit this link: Best Mortgage Rates

Weekend Music: Big Names in the South Bay

2008-05-08T11:46:00-07:00

Saint Rocke brings more great shows to the South Bay.

Friday May 9th / Reggea legend Pato Banton - www.PatoBanton.com

Saturday May 10th / Marshall Goodman (Formerly of Sublime)

Saint Rocke | 142 Pacific Coast Highway, Hermosa Beach

For tickets and additional information visit: www.SaintRocke.com

Hot Property: Beautiful Condo...Gorgeous View

2008-05-06T14:11:00-07:00

Luxurious Marina del Rey high-rise condo with breathtaking, unobstructed city and mountain views from all rooms. The Regatta was Builder Magazine's 2001 Residential Project of the Year. Open floor plan features dramatic floor-to-ceiling windows and split bedroom suites. Offered at $869,000

For a tour of this home call: (310) 745-1600

More information | Virtual Tour

Vitality with Vitamins

2008-04-23T13:31:00-07:00

People often wonder about taking vitamins. Should I bother? Are they worth the money? Which ones should I take? In order, the answers are yes, yes, and take any brand with which you feel comfortable.

Why take vitamins at all? The purpose of supplementation is to cover all bases -- to make sure they're covered. How can you be sure your diet contains all the cofactors and trace minerals needed to make your metabolism work correctly? And what about all the antioxidants that fight free radical formation and the phytonutrients that seem to have so much benefit in cancer prevention?

Continue reading "Vitamins for Vitality" »

Petroleum Employee Tells All

2008-04-23T10:01:00-07:00

TIPS ON PUMPING GAS

Here in California we are paying upwards of $4.00 and higher per gallon of gas.

We recently came across a petroleum industry employees who shared his 31 years of gas tricks and knowledge. Below you'll find four ways get more of your money's worth for every gallon.

Tip #1: Only buy or fill up your car or truck in the early morning when the ground temperature is still cold. Remember that all service stations have their storage tanks buried below ground. The colder the ground the more dense the gasoline, when it gets warmer gasoline expands, so buying in the afternoon or in the evening....your gallon is not exactly a gallon. In the petroleum business, the specific gravity and the temperature of the gasoline, diesel and jet fuel, ethanol and other petroleum products plays an important role.A 1-degree rise in temperature is a big deal for this business. But the service stations do not have temperature compensation at the pumps.

Tip #2: When you're filling up do not squeeze the trigger of the nozzle to a fast mode. If you look you will see that the trigger has three (3)stages: low, middle, and high. In slow mode you should be pumping on low speed, thereby minimizing the vapors that are created while you are pumping. All hoses at the pump have a vapor return. If you are pumping on the fast rate, some other liquid that goes to your tank becomes vapor. Those vapors are being sucked up and back into the underground storage tank so you're getting less worth for your money.

Tip #3: One of the most important tips is to fill up when your gas tank is HALF FULL or HALF EMPTY. The reason for this is, the more gas you have in your tank the less air occupying its empty space. Gasoline evaporates faster than you can imagine. Gasoline storage tanks have an internal floating roof. This roof serves as zero clearance between the gas and the atmosphere, so it minimizes the evaporation. Unlike service stations, here where he works, every truck that we load is temperature compensated so that every gallon is actually the exact amount.

Tip #4: Another reminder, if there is a gasoline truck pumping into the storage tanks when you stop to buy gas, DO NOT fill up--most likely the gasoline is being stirred up as the gas is being delivered, and you might pick up some f the dirt that normally settles on the bottom. Hope this will help you get the most value for your money.

Brix @ 1601

2008-04-21T11:29:00-07:00

Brix @ 1601 is located in the shiny new Hermosa Pavillion shopping complex (also home to the LA Beach Living Properties). This New American/wine bar – boasting brick archways, warm bronze lighting, deep leather booths, stone fireplaces and a vaulted ceiling – feels like it’s been there forever; its midpriced, casually creative menu (e.g. duck confit spring rolls) plays off an extensive list of wine.

1601 Pacific Coast Hwy., Hermosa Beach

310-698-0740 / www.Brix1601.com

Top 10 Reasons to Go Green

2008-04-18T09:47:00-07:00

Everyone's talking about eco-friendly homes, but what's in it for you?

Here are 10 reasons to take the plunge into a greener lifestyle:

1. You'll increase your home's value

There's a growing buzz among buyers about eco-friendly homes. And what's not to like: Green homes use sustainable materials that are better for the environment, and have lower utility bills and healthful air. That means you'll boost your home's value with big and small eco-friendly projects. So whether you splurge on solar panels or buy an affordable water-saving shower and toilet, you'll have that much-needed edge with buyers when you sell.

2. The energy savings will add up

The U.S Department of Energy believes if current buildings were green-improved, the country would use $20 billion less in energy per year. That's not chump change!

You can get your piece of the discounts with your own energy-efficient updates. You'll be surprised at the amount of money you'll save with small updates, like installing tightly sealing insulation.

3. You'll save money on your water bill, too

Green updates that reduce the amount of water it takes to run a home will certainly save you money. Inside the house, Energy Star appliances and water-saving plumbing systems will drastically cut water usage. For instance, toilets built before 1982 use a whopping 5 to 7 gallons of water per flush. Replace the water-guzzler with a high-efficiency model that uses fewer than 1.3 gallons per flush and you'll see almost instant savings. You can also save money in the yard with a low-flow sprinkler or irrigation system. Less agua can actually help grass by preventing over watering and minimizing weed growth. Your wallet will thank you, and you can still have the greenest lawn on the block.

4. Green homes are durable

Eco-friendly homes might use recycled products, but that doesn't mean they'll wear out sooner. Recycled-content decking, which is made from recycled plastic and wood fibers, can last five times longer than traditional wood decking, and it never needs to be treated or painted. Durable materials mean you'll spend less time and money maintaining your property; you'll get more money in your pocket when you decide to sell.

5. You'll breathe better air

You know that new car -- or new home -- smell? That's the sweet smell of toxins from building materials slowly seeping out. The air inside a conventional new home can be 10 times more polluted than outdoor air. Green homes have better indoor air quality than other brand-new and pre-owned homes, making the indoors physically healthier and more comfortable for homeowners. For example, using paints, cleaners and adhesives low in volatile organic compounds (VOCs) reduces exposure to formaldehyde, a known carcinogen. With a few green updates, you can breathe easier knowing that your home's air is clean.

6. You'll get more done

That's right: Cleaner air can help you be more productive. A U.S. Department of Energy study found that poor indoor air quality not only affects your health, it also affects your brain.

The workplace study found that people with better air quality got more done and took fewer sick days. So go green and watch your to-do list dwindle.

7. Your project will create less construction waste

A huge trash bin that's constantly full is a common fixture at a construction site. The Environmental Protection Agency estimates that building waste accounts for about 20 percent of all trash in landfills or about 136 million tons per year. But it doesn't have to be that way. About 85 percent to 90 percent of those materials can be recycled.

8. Green homes preserve their surroundings

Building green involves more than just putting some solar panels on your rooftop. An eco-friendly home aims to have the smallest possible impact on its environment.

Green building means working with the land rather than against it. Forget clear-cutting the entire lot; take down only the trees and bushes that would interfere with construction. The remaining trees can help cool the house in the summer and act as a windbreak in the winter.

9. Green homes are designed to be adaptable

A home that's truly built green is built to last. So while you might want to devote an entire room to your pool table in your 20s, you may want to trade it in for a playpen in your 30s. Green homes contain typically open spaces, so it will be simpler to rearrange than remodel.

10. Conserving resources is a top priority

Another core value of green remodeling is conserving natural resources. Green building means looking for recycled or renewable materials that will have a minimal impact on the environment. Using antiques in your home is a great way to create something new without using any new natural resources.

Don't worry, your home's looks don't have to suffer. Many sustainable products look just as good (or better) than their conventional counterparts.

For instance, traditional hardwood floors are beautiful, but they're often sawn from old-growth trees that take decades to grow. The supplies for a bamboo floor can grow in less than a year. Using the fewest possible resources makes environmental sense, and it'll be easier on your wallet, too.

Source: HGTV

When the Saints Go Rockin' In

2008-03-24T11:27:00-07:00

Saint Rocke hits the ground running in Hermosa Beach. The former Pitcher House has been re-tooled, re-vamped, and rejuvenated!

With great food, awesome live music, and an atmosphere to match, you can't go wrong the this Hermosa Beach highlight!

Check out the calendar of upcoming shows at: www.SaintRocke.com

Show me the (borrowed) money!

2008-03-18T09:13:00-07:00

The Economic Stimulus Package that was signed into law included an immediate increase in both the FHA and conforming loan limits to as high as $729,750 in our high cost LA Beach neighborhoods.

This means that the interest rates on many mortgages will go down because these loans are now eligible to be purchased by Fannie Mae and Freddie Mac or insured by the Federal Housing Administration (FHA). Previously, the FHA was only allowed to insure loans with balances lower than $200,160 - $362,790, depending on the county where the property was located.

What does all of this mean for you?

Previously Fannie Mae and Freddie Mac were only allowed to purchase loans with balances at or below $417,000. This resulted in limited options and higher financing costs for those with loan balances above these limits. The new law substantially increases these limits in high cost areas and opens up new options and lower financing costs for many people.

There is some confusion because the bill has a provision that says the higher limits are only effective for loans originated between July 1, 2007 and December 31, 2008. In short, the reason it is effective beginning July 1, 2007, is because the credit crisis started to unfold in July and August of 2007. Mortgage market conditions rapidly deteriorated almost overnight. Many secondary market investors suddenly refused to purchase loans that couldn't be sold to Fannie Mae and Freddie Mac.

However, the July 1, 2007 date has no bearing whatsoever on new refinance transactions! In other words, it doesn't matter when the loan you are refinancing was originated. The old loan could have been originated in 2005, 2006 or anytime before or after July 1, 2007 and it would have no effect whatsoever on your current purchase or refinance transaction. If you are financing a new loan today, whether it is a purchase or refinance transaction, that loan is subject to the new limits set forth in the bill.

The other date of December 31, 2008 means that the old limits will go back into effect after this year. In other words, now is the perfect time to buy a new home or refinance your mortgage because after this year, your costs will be higher and your options more limited again.

This all goes into effect immediately!

However, Fannie Mae, Freddie Mac and various lenders have different policies as to how these loans are priced and underwritten. That is why it is imperative that you work with a Certified Mortgage Planning Specialist who is committed, qualified and equipped to give you timely information and expert guidance every step of the way.

Contact me today for a complimentary consultation. I can look up the new loan limits in your neighborhood and see whether you can save money in any way.

Also, please pass along this update to anyone you know who may be able to benefit, and I'd also be happy to look up the new loan limits in their area and discuss with them whether they could save money.

Joe Ruymen, CMPS®
Certified Mortgage Planning Specialist

Platinum Capital Group
3500 Sepulveda Blvd Suite E
Manhattan Beach, CA 90266

Direct: (310) 303-3486
Fax: (310) 406-3556
Joe.Ruymen@PlatinumCapital.com www.JoeRuymenLoans.com

Local Book Signing

2008-03-15T12:43:00-07:00

Come and enjoy author and local resident Angela Yarbrough as she reads from her heart-warming and hilarious book, OKAY GOD, EXPLAIN THIS ONE!

"It's clever, insightful and extremely entertaining," writes Dr. Richard Carlson, Author of DON'T SWEAT THE SMALL STUFF

Saturday, March 29th, 2008 from 3:00-6:00pm

Cultural Interiors & Gifts

4444 West Slauson Avenue
Los Angeles, California 90043

(323) 292-1500 / Also for purchase on Amazon.com