First-Time Home Buyer Program Unlocks Lofty Dreams in Los Angeles

REAL ESTATE NEWS (Los Angeles, CA) — In the heart of L.A., a unique opportunity is unfolding for first-time home buyers. The First-Time Home Buyer Program, a trailblazing initiative by Entar, the LA Loft Blog, and the Corey Chambers Real Estate Team, is transforming the property landscape for those who have longed to own their piece of this vibrant city.

A Golden Ticket for Aspiring Homeowners

Designed exclusively for individuals who don’t currently own a home in California, this program is more than just a financial boon – it’s a gateway to a plethora of properties, including elusive off-market gems. With the added benefit of expert guidance, participants are empowered to discover and secure their dream abode, outpacing competition to land the best deals. The program is for Los Angeles lofts, but can be used for most California condos or single family homes as well.

Financial Incentives That Speak Volumes

The program doesn’t just open doors; it hands over the keys with financial incentives that make homeownership more attainable. By registering before the December 31, 2023 deadline, participants can avail of either a $5,000 incentive towards closing costs or a substantial seller concession of $10,000 or more. This limited-time offer is a game-changer in a city where the real estate market is as dynamic as it is challenging.

Testimonials That Inspire

Don’t just take our word for it. The program’s success resonates through the stories shared on CoreyChambers.info. These testimonials, predominantly from first-time buyers, underscore the life-changing impact of this initiative. They are stories of dreams realized, of financial hurdles overcome, and of the joy of finding a place to call home.

A Response to Rising Interest Rates

In a market rattled by increasing interest rates, the program presents a solution: seller buy-downs to lower these rates, making the financial burden lighter for new homeowners. The program may also include negotiations for a seller-paid rate buy-down to reduce interest expenses, and to provide for lower monthly payments. This proactive approach demonstrates a commitment not just to sell properties but to ensure sustainable, long-term homeownership.

Personalized Guidance and Exclusive Access

Beyond the financial perks, the program offers personalized counseling from Corey Chambers, a seasoned broker, and exclusive access to the Loft Blog Premium. This means tailored advice, insider knowledge, and a first look at properties that might otherwise slip through the cracks.

A Community of First-Time Buyers

The program isn’t just about individual success; it’s about building a community. Many Los Angeles loft owners started their journey as first-time buyers through this program, creating a network of stories and shared experiences.

Easy Application, No Obligation

The application process is as straightforward as it is inviting. With no cost or obligation, aspiring homeowners can apply immediately, stepping closer to their dream with each click.

A Partnership That Paves the Way

This initiative is a testament to the collaborative spirit of L.A. Loft Blog, Entar Real Estate, and the Corey Chambers Real Estate Team. Their combined expertise and dedication have crafted a program that does more than sell homes – it builds futures.

Contact and Join the Movement

For more information or to start your journey, contact Corey Chambers at 213-880-9910. The deadline is looming, and opportunities like this don’t knock twice. Join the ranks of satisfied homeowners who started their journey with a simple application and ended with keys in hand.

This program is a beacon of hope in a bustling city, a reminder that the dream of homeownership is alive and well in Los Angeles. As we approach the deadline, the message is clear: the time to act is now. Let’s unlock the door to your future, together. Fill out the online form.

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Copyright © This free information provided courtesy L.A. Loft Blog with information provided by Corey Chambers, Broker DRE 01889449. We are not associated with the seller, homeowner’s association or developer. For more information, contact 213-880-9910 or visit LALoftBlog.com Licensed in California. All information provided is deemed reliable but is not guaranteed and should be independently verified. Text and photos created or modified by artificial intelligence. Properties subject to prior sale or rental. This is not a solicitation if buyer or seller is already under contract with another broker.

New Socialist Mortgage Fee Structure Begins Mayday

REAL ESTATE NEWS — Starting May 1 (a socialist holiday), changes in the mortgage industry will affect loans backed by Fannie Mae and Freddie Mac. These changes are part of a broader government effort to provide more equitable access to homeownership and support Freddie Mac and Fannie Mae, which have been under federal conservatorship since the 2008 mortgage crisis. Unfortunately, “equitable” lately appears to be synonymous with “socialist,” a failed philosophy that generally ignores the highest economic law of supply and demand, while institutionalizing tyranny.

The changes involve adjusting mortgage fees up or down in a new government matrix, adversely impacting borrowers with high credit scores. The updates aim to reduce fees for homebuyers with bad credit, narrowing the gap between prospective homebuyers with good and bad credit. While some borrowers with credit scores above 700 may see fees increase by 0.125% to 0.75% depending on their down payment size, they will still pay less than borrowers with worse credit, though still more than they should pay according to the demand curve.

The fee structure, detailed in Fannie Mae’s Loan-Level Price Adjustment Matrix, follows the FHFA’s October 2022 move to eliminate fees for some first-time homebuyers. Upfront fees were eliminated for first-time homebuyers at or below 100% of the area median income (AMI) in most areas and below 120% of AMI in high-cost areas.

Homeownership in the US has increased over the past decade, but not everyone has access to affordable housing, with some lower-income families traditionally facing significant challenges. The FHFA’s updated housing finance plans aim to address these disparities.

The changes have attracted criticism from conservatives, libertarians and economists. Sixteen Republican US senators wrote a letter to FHFA Director Sandra Thompson, arguing that the new fee structure sets a dangerous precedent and demonstrates a misunderstanding of the necessity of accurately tailoring housing finance products to credit risk. Many are concerned that the new fee structure encourages another 2008 type of financial crisis sparked by sub-prime loans.

Some commentators and media outlets have criticized these changes, claiming they penalize borrowers with excellent credit scores. The changes are meant to create a more equitable mortgage environment, and the impacts vary depending on individual circumstances. Unfortunately, there has been no cost benefit analysis, so the end results will not be of much help to those with lower credit scores. A sinking tide lowers all ships. Reduced efficiency negatively affects everyone, especially the vulnerable. A sinking economy sinks the struggling and middle class.

The new socialist framework changes upfront fees that homebuyers pay when they close on a property, which are based on borrowers’ risk characteristics, such as credit scores. Because these federal programs have already taken over a large percentage of loans, most borrowers will be affected. Under the new rule, some people with higher credit scores will pay more in fees, while those with lower credit scores will pay less. While Biden administration claims to not directly be responsible for these changes, the administration is ultimately responsible for enacting or authorizing this administrative change by bureaucracy that controls Fannie Mae. Biden has not publicly commented on the change.

Some critics argue that the new framework penalizes borrowers with good credit to subsidize those with poor credit. However, housing experts from the Urban Institute point out that borrowers who put down less than 20% must purchase mortgage insurance, which moves some risk from Fannie Mae and Freddie Mac to a private mortgage insurer. This allows the government-sponsored enterprises to charge a lower loan-level price adjustment (LLPA) while the borrower pays a fee for the mortgage insurance.

The changes to the pricing framework were not designed to stimulate mortgage demand.
The new plan makes it easier for those with poorer credit scores (639 or below) to buy homes, even with a down payment of 5% or lower. While home ownership improves the financial future for most, a distorted enticement causes some to live beyond their means, and to incur too much debt — a real disaster when the economy sours. Thus, this Mayday mortgage madness is likely to turn into “MAYDAY, MAYDAY, MADAY” distress call by some of the same people whom it claims to help.

The Federal Housing Finance Agency (FHFA) announced the new fee structure applicable to home loans with terms greater than 15 years. This means that home buyers with excellent credit can still get properly rewarded with lower fees by obtaining a 15 year instead of the more common 30 year loan.

The changes aim to provide equitable access to affordable and sustainable housing to people from various backgrounds. The problem is that the system is already too Soviet in nature, inhibiting selection of financing companies, eliminating flexibility, and massively driving up home prices. Making matters worse, the new fee kicks the mortgage and real estate industries while they are already down.

Get a free list of live/work lofts for sale or for lease in Los Angeles. Fill out the online form:

LOFT & CONDO LISTINGS DOWNTOWN LA [MAP]

  Lofts For Sale     Map Homes For Sale Los Angeles

SEARCH LOFTS FOR SALE Affordable | Popular | Luxury
Browse by   Building   |   Neighborhood   |   Size   |   Bedrooms   |   Pets   |   Parking

Copyright © This free information provided courtesy L.A. Loft Blog with information provided by Corey Chambers, Broker CalDRE 01889449. We are not associated with the seller, homeowner’s association or developer. For more information, contact 213-880-9910 or visit LALoftBlog.com Licensed in California. All information provided is deemed reliable but is not guaranteed and should be independently verified. Properties subject to prior sale or rental. This is not a solicitation if buyer or seller is already under contract with another broker.