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Pier to Pier Brokers Real Estate

The information source for local LA real estate

By Blake Roberts | Broker in Manhattan Beach, CA
  • 5% down loan program for CPA's, Attorney's, Doctor's and Dentist's

    Posted Under: Home Buying, Financing  |  November 20, 2012 2:17 PM  |  263 views  |  No comments


    This one just came across our desks. Here's the disclaimer: Pier to Pier Brokers has never worked with BBVA Compass Bank, but their current loan programs for CPA's, Doctor's, Lawyer's and Dentist's seems to be outstanding. We've not figured-out what the catch is, there's got to be something. If you find out, either way, good or bad, let us know.

    ​If you're one of these doctor or lawyer types, here's the deal that Compass is offering

    • loan amounts up to $1,000,000 with just 5% down
    • loan amounts up to $1,250,000 with just 10% down​
    • loan amounts​ up to $1,500,000 with just 15% down
    • loan amounts up to $2,000,000 with just 20% down​

    Special loan terms​

    • Mortgage insurance not required
    • Reserves are not required​
    • Only one year of tax returns​
    • no points of origination fees​

    Contact Scott Sandefur at 310.755.5458 for more information​  | BBVA Compass website

    © 2012 Pier to Pier Brokers® - www.piertopierbrokers.com

  • Housing Affordability

    Posted Under: Home Buying in Los Angeles, Financing in Los Angeles  |  November 20, 2012 1:49 PM  |  80 views  |  No comments

    The National Association of Home Builders prepares an affordability study each quarter and posts the results online.  Currently, home affordability is at an all-time high.  In LA County approximately 46% of all new and existing homes sold in the first quarter of 2012 were affordable to the median income, versus 2% at market peak in 2006 – a pretty remarkable difference.  Why is this important?  It’s important because many renters are probably unaware that they could own a home for a similar or lower payment than they currently pay in rent.

    To help, I’ve put together a basic spreadsheet reflecting certain price points and what the effective (post-tax) mortgage payment would be in comparison with rent payments.  I think it may be surprising to some to see what a comparable housing payment equates to in terms of rent.  Of course, the one caveat is that most financing requires 20% down, but keep in mind that these funds can be gifted from another family member.



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    © 2012 Pier to Pier Brokers® - www.piertopierbrokers.com

 
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