New Listing: 33340 MULHOLLAND HWY, MALIBU 90265

This private Mediterranean Contemporary horse property takes advantage of the views of the Santa Monica Mountains. Inside 3 fireplaces, cooks kitchen with copper hood, the master suite is large and sumptuous living space w/additional room that can be used as a gym or babies room.With deep soak tub & large steam shower are all angled for the views. Gorgeous outdoor living space w/pool, 4 stall barn, wood panel lined tack room, wash rack for 2 horses and arena. This home is all solar powered.


To view more photos of this listing please visit the Susan Allen & Associates Facebook Page

For more information on this listing please contact Susan Allen directly.

Susan Allen
310.704.0815
susan@susanallen.com

How to Obtain Your Certificate of Eligibility

I often get asked how one can obtain a Certificate of Eligibility, so I decided to ask an expert and share the information with you. Kevin Pearia blogs for VA Mortgage Center.com, the nation’s leading VA-dedicated lender.  In 2010 alone, VAMC helped secure over $1 Billion in VA financing for military members and their families.

VA home loans offer veterans and active duty service members a great opportunity to purchase for zero money down.  Not only can eligible military members benefit from not having to pay a down payment, but they also benefit from competitive interest rates and flexible loan terms.  Eligibility requirements for a VA loan are relatively lax, however, military members interested in securing a VA loan to finance the purchase of their home, will be required to submit a Certificate of Eligibility.

What is a Certificate of Eligibility?
A Certificate of Eligibility is a form given by the Veteran’s Administration office which states whether or not a service member is eligible for a VA Home Loan.  Military members who are able to receive a COE generally meet the following guidelines:
•    Have served at least 3 months on active duty during war time or served 181 days on active duty during a time without conflict
•    Have served 6 years in the military Reserves or National Guard

How Do I Obtain my COE?
Potential borrowers have two ways they can receive their Certificate of Eligibility: either they can let the lender get it for them or do so themselves.  Lenders are able to obtain COEs through Automated Certificates of Eligibility, an online system otherwise known as ACE which only lenders have access to.  With this program, lenders are able to access COEs in a matter of minutes only using the service member’s name a social security number.  However, those interested in allowing a lender to find their COE should note that the program works best for those who:
•    Are first-time VA Home Loan users
•    Were discharged after 1980
•    Served for at least 2 years on active duty

ACE will not certify a military member who is a part of the Reserves or National Guard, with a previous VA foreclosure, or with out the necessary time of service, as well as surviving spouses.  These individuals may have to obtain a Certificate of Eligibility themselves, and the process is a little more time consuming.  To receive a Certificate of Eligibility manually, military members must complete VA Form 26-1880 and submit it in one of the following ways:
∑    Online:  To fill out and submit VA Form 26-1880, prospective borrowers need to visit the Veterans Information Portal.  There they will find easy to follow guidelines for filling out the form.
∑    By Mail:  Surviving spouses may only submit a request for a COE by mail, and must submit VA Form 26-1817 to do so.  Military members must still submit VA Form 26-1880.  Both types of forms must be mailed to the VA Winston-Salem Eligibility Office.

A VA Home Loan is one of the most innovative lending programs on the market when it comes to helping military members achieve homeownership.  Borrowers will reap many benefits, and will be able to purchase the home of their dreams with little out-of-pocket expense.  All they need to do is to call a VA Loan Specialist and secure their Certificate of Eligibility, and they will be on the right track to becoming a home owner.

Happy Holidays From Susan Allen & Associates!

At the Holiday Season, my thoughts turn gratefully to those who have made my progress possible. THANK YOU & BEST WISHES FOR THE HOLIDAYS AND A HAPPY NEW YEAR!

First-time buyer housing affordability improves slightly in Q3

Here is an article I read today from C.A.R. The median home price drop in Q3 has provided first time buyers with a great opportunity. according to "C.A.R.'s first-time buyer housing affordability index," the LA county saw a 5% increases in affordability over the past year. Here is the article:

For release:
Monday, Nov. 15, 2010

C.A.R. reports first-time buyer housing affordability improves slightly in third quarter 

LOS ANGELES (Nov. 15) -- Housing affordability among first-time home buyers improved slightly in the third quarter of 2010, both on a quarter-to-quarter and year-to-year basis, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported today.  The percentage of first-time buyers who could afford to purchase an entry-level home in California stood at 66 percent in the third quarter of 2010, according to C.A.R.’s First-time Buyer Housing Affordability Index (FTB-HAI).  In the second quarter of 2010, the Index was a revised 65 percent and was 64 percent in the third quarter of 2009. 

C.A.R.’s FTB-HAI measures the percentage of households that can afford to purchase an entry-level home in California.  C.A.R. also reports first-time buyer indexes for regions and select counties within the state.  The Index is considered the most-fundamental measure of housing well-being for first-time buyers in the state. 

“With interest rates at historic lows, which have led to lower monthly mortgage payments, affordability continues to remain at near record-high levels in California,” said C.A.R. President Beth L. Peerce.  “Another high point for first-time buyers is the current ratio between the California median price and the California median household income.  During the third quarter, the ratio stood at 5 to 1 and was at a level we haven’t seen in the last 10 years.  This is opening many doors for potential first-time buyers.” 

First-time buyers, who tend to purchase homes equal to 85 percent of the prevailing median price, needed to earn a minimum annual income of $42,300 to qualify for an entry-level home of $266,620 during the third quarter of 2010.  The monthly payment, including taxes and insurance, was $1,410, assuming a 10 percent down payment and an adjustable effective interest rate of 3.66. 

“Nearly every region in the state experienced an increase in first-time buyer housing affordability,” added C.A.R. Vice President and Chief Economist Leslie Appleton-Young.  “Much of the increase in affordability can be attributed to the slight decrease in the state’s median home price during the third quarter.” 

At 85 percent, the High Desert region was the most affordable area in the state.  The San Francisco Bay region was the least affordable in the state at 51 percent, followed by the Santa Barbara area and the Santa Clara County regions, both at 53 percent.  

Leading the way…® in California real estate for more than 100 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States with more than 155,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.

C.A.R. First-time Buyer Housing Affordability Index

 

C.A.R. Region	Q3 2010	Q2 2010		Q3 2009
California	66	65	r	64
California - Condos	73	70		68	r
United States	79	78		76
High Desert	85	84		85
Los Angeles County	57	56		52
Monterey Region	64	62		66
Northern California	70	68		63
Northern Wine Country	62	61		58
Orange County	56	54		51
Palm Sprgs/Lwr Desert	75	72		74
Riverside/SBernardino	78	77		78
Sacramento County	82	80		78
San Diego County	60	58		56
San Francisco Bay	51	49		49
San Luis Obispo County	54	48		47
Santa Barbara Area	53	50		52	r
Santa Clara County	53	51		53
Southern California	65	63		64	r
Ventura County	63	61		56
County
Alameda	53	51		52
Contra Costa	44	43		42
Fresno	79	77		76
Marin	42	38		37
Merced	84	83		83
Riverside	77	75		78
San Bernardino	81	81		81
San Francisco	41	36		35
San Mateo	42	41		40
Santa Cruz	49	46		43
Sonoma	64	62		60

* -- percentage of California households that can afford to purchase an entry-level home
r – revised

Source:  CALIFORNIA ASSOCIATION OF REALTORS®

C.A.R. Region	Housing Affordability Index	Entry-Level Price	Monthly Payment Including Taxes & Insurance	Minimum Qualifying Income
California	66	$266,620	$1,410	$42,300
California - Condos	73	$218,310	$1,150	$34,500
United States	79	$151,220	$800	$24,000
High Desert	85	$108,230	$570	$17,100
Los Angeles County	57	$297,500	$1,570	$47,100
Monterey Region	64	$295,040	$1,560	$46,800
Northern California	70	$210,050	$1,110	$33,300
Northern Wine Country	62	$312,450	$1,650	$49,500
Orange County	56	$432,170	$2,280	$68,400
Palm Sprgs/Lwr Desert	75	$152,920	$810	$24,300
Riverside/SBernardino	78	$161,590	$850	$25,500
Sacramento County	82	$157,280	$830	$24,900
San Diego County	60	$329,470	$1,740	$52,200
San Francisco Bay	51	$500,600	$2,640	$79,200
San Luis Obispo County	54	$311,010	$1,640	$49,200
Santa Barbara Area	53	$373,060	$1,970	$59,100
Santa Clara County	53	$534,400	$2,820	$84,600
Southern California	65	$271,420	$1,430	$42,900
Ventura County	63	$377,090	$1,990	$59,700
County
Alameda	53	$428,330	$2,260	$67,750
Contra Costa	44	$576,610	$3,040	$91,200
Fresno	79	$129,020	$680	$20,410
Marin	42	$685,360	$3,610	$108,400
Merced	84	$100,580	$530	$15,910
Riverside	77	$167,260	$880	$26,450
San Bernardino	81	$143,730	$760	$22,730
San Francisco	41	$573,500	$3,020	$90,710
San Mateo	42	$650,250	$3,430	$102,850
Santa Cruz	49	$442,530	$2,330	$69,990
Sonoma	64	$317,090	$1,670	$50,150

Source:  CALIFORNIA ASSOCIATION OF REALTORS®

http://www.car.org/newsstand/newsreleases/q3hai/