Saturday, April 6, 2019
Friday, April 5, 2019
What Credit Score Do You Need To Buy A House?
There are many misconceptions about the credit score needed to buy a house. Recently, it was reported that 24% of renters believe they need a 780-800 credit score to be considered for a mortgage. The reality is they are misinformed!
Only 25% of the Americans have a FICO® Score between 740 and 800. Here is the breakdown according to Experian:
- 16% Very Poor (300-579)
- 18% Fair (580-669)
- 21% Good (670-739)
- 25% Very Good (740-799)
- 20% Exceptional (800-850)
Randy Hopper, Senior Vice President of Mortgage Lending for Navy Federal Credit Union said,
“Just because you have a low credit score doesn’t mean you can’t purchase a home. There are a lot of options out there for consumers with low FICO® scores,”
There are many programs available with low or no credit score requirement. The Federal Housing Administration (FHA) now requires a minimum FICO® score of 580 if you want to qualify for the low down payment advantage. The US Department of Agriculture (USDA) does not set a minimum credit score requirement, but most lenders require a score of at least 640. Veterans Affairs (VA) loans have no credit score requirement.
As you can see, none of them are above 700!
It is true that the average FICO® score for all closed loans in January was 726, but there are plenty of people taking advantage of the low credit score requirements. Here is the average FICO® Score of closed FHA Loans since April 2012 according to Ellie Mae:
As you can see, that number has been dropping for the last seven years. As a matter of fact, the average FHA Purchase FICO® Score reported in January 2019 was 675!
As you can see, that number has been dropping for the last seven years. As a matter of fact, the average FHA Purchase FICO® Score reported in January 2019 was 675!
One of the challenges is that Americans are unsure about their credit score. They just assume that it is too low to qualify and do not double check. Credit.com confirmed that only 57% of individuals sought out their credit score at least once last year.
FICO® reported,
“Since October 2009, the average year-over-year FICO® Score has steadily and consistently increased, from a low of 686 in 2009 to the latest high of 704 as of 2018.”
Here is the increase in the average US FICO® Score over the same period of time as the graph earlier.
Bottom Line
At least 84% of Americans have a score that would allow them to buy a house. If you are unsure what your score is or would like to improve your score in order to become a homeowner, sit down with a real estate professional that can help you to set a path to reach your dream!
Monday, April 1, 2019
Los Angeles County Calendar of Events
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Easter Hoppening Event Apr. 5
Enjoy a fun-filled afternoon filled with an egg hunt for children ages 1-10, bounce houses, food trucks, crafts, photos with the Easter Bunny, carnival games and more! Time/Place: 3-6pm / Malibu Bluffs Park
Contact: www.malibucity.org
Formula Drift Apr. 5-6
The Grand Prix of Long Beach Street Course has been around since 1977. Highlighted by Formula 1, IndyCar, American Le Mans Series, The Pro/Celebrity race, and now Formula DRIFT. Contact: www.formulad.com
Great Race of Agoura Hills Apr. 6
A celebration of running that features six races including two half marathons: the incredibly scenic Chesebro Half Marathon mostly trail race and the gorgeous Arrowhead Water Pacific Half Marathon road race. Contact: 877-478-7223 x4 / http://greatrace.run
Sierra Pelona Wine Festival Apr. 6
There will also be gourmet food and specialty items sampling, handmade crafts from local artisans, live music, live auction and lots of fun for a great day. Time/Place: 12-5pm / Reyes Winery, Santa Clarita
Contact: www.reyeswinery.com
West Hollywood Kids Fair Apr. 6
The event with feature sheriff/fire department equipment and demonstrations, community services/school information, environmental education, health information, face painting, arts & crafts, games and more! Time/Place: 10am-2pm / Plummer Park
Contact: www.weho.org
5K D*ASH Walk Apr. 6
DASH is Two-Lifestyles Inc. Annual 5k (3.1 miles) Walk. Held during Sexual Assault Awareness Month. We invite you to join us for this fun family event where we will educate our community on Sexual Assault & Domestic Violence. Time/Place: 8am-2pm / 1223 E. Avenue S, Palmdale
Contact: www.twolifestyles.com
CVHF Craft Beer, Wine & Food Fest Apr. 6
Endless tastes of great food, wine, and craft beers along with entertainment and dancing, silent auction, and the fun wine toss game. Benefiting Citrus Valley Health Foundation. Time/Place: 6-9pm / Pomona Fairplex
Contact: www.cvhf.org
The Original Renaissance Pleasure Faire Apr. 6-May 19
Saturdays and Sundays only. Begun in 1963 in Agoura, near Malibu, to create living history for school children and their families, the Faire has grown into an annual interactive playground and gallery for over 200,000 participants and guests. Time/Place: 10am-7pm / Santa Fe Dam Recreation Area Contact: 626-969-4750 / www.renfair.com/socal
Egg-SIGHT-ment in the Wild Apr. 7
Look for eggs along the trails and solve a fun puzzle! Followed by arts & crafts and a healthy snack back at the Nature Center. Time/Place: 10am-12pm / Stough Canyon Nature Center, Burbank Contact: 818-238-5440 / www.burbankparks.com
Masters of Taste Apr. 7
Thousands of food and beverage enthusiasts for one afternoon full of the finest fares from over 45 Master Chefs. Time/Place: 3pm / Rose Bowl Stadium
Contact: www.mastersoftastela.com
Beverly Hills Earth Day Apr. 7
There will be a wealth of information available regarding water conservation, drought tolerant planting, earthquake preparedness, smart bikes, alternative energy, recycle - old eyeglasses, printer cartridges, tablets and cellphones, and much more! Time/Place: 9am-1pm / Beverly Hills Farmers Market, Third St. Contact: 310-285-2461 / www.beverlyhills.org
Westlake Village Spring Fling in the Park Apr. 7
A petting zoo, face painting, balloon animals, egg hunts for kids under 10, food trucks and much more! Val Surf will be stationed at the skate park providing giveaways. Time/Place: 2-5pm / Westlake Village Community Park
Contact: www.wlv.org
Belmont Shores Roar in the Shore Apr. 10
Leading the way for the Grand Prix weekend. The event will feature racecars and other exotic cars on display on Corona & Covina avenues & 2nd Street. Time/Place: 5-8pm / Long Beach
Contact: www.belmontshore.org
Monsterpalooza Apr. 12-14
The show is for fans as well as industry professionals with more than 250 exhibitors, live makeup demonstrations, celebrity meet and greets, and a Monster Museum exhibition. Time/Place: Fri 6-11pm, Sat-Sun 11am-6pm / Pasadena Convention Center Contact: www.monsterpalooza.com
Calabasas Bunny Trail Junior Egg Hunt Apr. 13
For kids 8 and under. $3 per child. Must buy tickets in advance starting March 11 at De Anza Park. Your youngsters will slowly make their way around De Anzas bunny trail while enjoying face painting and crafts, a petting zoo and the Easter Bunny! Time/Place: 9am-12pm / Juan de Anza Park
Contact: www.cityofcalabasas.com
Breakfast with the Bunny Apr. 13
There will be springtime crafts, egg hunts, games and activities, light breakfast refreshments, and photo ops with the bunny. Time/Place: 10am-12pm / Reyes Adobe, Agoura Hills Contact: 818-597-7361 / www.agourahillsrec.org
Spring Fest in the Park Apr. 13
Bring your family & friends for a fun day of outdoor games and prizes, carnival games, music, and more at West Hollywood Park. And an old-fashioned Egg Hunt! Time/Place: 1-4pm / West Hollywood Park, Great Lawn
Contact: www.weho.org
Bunka-Sai Japanese Cultural Festival Apr. 13
Performances, exhibits, demonstrations, and workshops including Bonsai, Ikebana, dolls, origami, Japanese dance and music, martial arts, flower arranging, calligraphy, a tea ceremony, and more! Time/Place: 11am-5pm / Torrance Cultural Arts Center Contact: 310-618-2930 / www.TorranceSisterCity.org
Glendale Spring Eggstravaganza Apr. 13
Egg hunt, carnival games, bounce house, get your favorite face painting, Glendale Rocks! climbing wall and pictures with the Easter Bunny! Time/Place: 10am-1pm / Pacific Community Center & Park Contact: 818-548-4098 / www.glendaleca.gov
Calabasas Earth Day & Green Expo Apr. 13
Over 50 exhibitors from all over LA and Ventura counties will be participating to help participants take actions that will save them money through efficiency while protecting our planet. Time/Place: 2-5pm / Las Virgenes Creek
Contact: www.cityofcalabasas.com
Conejo Valley Home Remodeling Show Apr. 13-14
Over 170 vendors will be on hand with information on everything from kitchen and bath remodeling to interior decorating to landscaping, pools and spas. Time/Place: Sat 10am-6pm, Sun 10am-5pm / Hyatt Regency Westlake Contact: 805-529-0760 / www.conejovalleyhomeshow.com
Santa Clarita Cowboy Festival Apr. 13-14
Be surrounded by life on the American Frontier as performers serenade, chuck wagons serve up BBQ treats, and vendors offer one-of-a-kind gear and goods celebrating the Western past with the flair of today. Time/Place: Sat 10am-7pm, Sun 10am-6pm / William S. Hart Park Contact: 661-250-3735 / www.cowboyfestival.org
Chumash Day Powwow and Intertribal Gathering Apr. 13-14
Celebrates Native Americans from all over the country, representing hundreds of tribes. Native American food, craft vendors, tribal ceremonies and dances. Time/Place: 10am-6pm / Malibu Bluffs Park
Contact: www.malibucity.org
Kidspace Egg Hunt Apr. 13 & 20
Hundreds of candy-filled eggs will be hidden throughout the Kidspace Gardens just waiting to be found! Time/Place: 9:30am-4pm / Kidspace Museum, Pasadena Contact: 626-449-9144 / www.kidspacemuseum.org
Alhambra Spring Eggstravaganza Apr. 20
This fun-filled family event will feature an egg hunt, carnival games, arts and crafts, photos with the bunny and more. Registration is required to participate in the egg hunt. Time/Place: 8-11am / Almansor Park
Contact: www.cityofalhambra.org
Torrance Breakfast and a Visit with Bunny Apr. 20
Activities will include breakfast; cookie decorating; an egg hunt; a Buster Balloon show; music by DJ OZZIE; a special treat from Bunny and more! Breakfast served until 9:30am. Time/Place: Torrance Cultural Arts Center
Contact: www.torranceca.gov
Burbank Spring Egg-Stravaganza Apr. 20
Egg hunts, games & prizes, mascot meet & greet, inflatable bounce houses and pictures with the bunny. Time/Place: 9am-12pm / McCambridge Park: 1515 N. Glenoaks Blvd. Contact: 818-238-5353 / www.burbankca.gov/eggstrav
PAWSAPALOOZA Apr. 20
Dozens of exhibitors featuring pet-friendly products and services. A selection of food trucks will serve up a delectable variety of food choices, drinks, snacks and goodies. Other fun activities include a Canine Costume Contest and raffle. Time/Place: 9am-3pm / West Hollywood Park
Contact: www.pawsla.org
Sipurbia Wine & Beer Festival Apr. 27
Unlimited samples of over 20 beers and 25 wines. Throughout the day, there will also be DJs and several live bands. Enjoy nearly 50 exhibitors, food trucks, and lawn games. Time/Place: 3-7pm / King Gillette Ranch, Calabasas
Contact: www.sipurbia.com
Wine Walk Apr. 27
Enjoy a selection of wine tastings at participating venues while exploring the Playhouse District. Cost $25. Time/Place: 4-7pm / 39 S. El Molino Avenue, Pasadena Contact: 626-744-0340 / www.playhousedistrict.org
Cancer Support Community An Evening of Hope Gala Apr. 27
Cocktail reception, 3-course dinner, live entertainment, dancing, silent, and an exciting live auction. The evening promises to honor those that have made a notable impact on the well-being of local cancer patients and their families. Time/Place: 6-9pm / Four Seasons Hotel, Westlake Village Contact: 805-379-4777 / www.cancersupportvvsb.org
Diamond Bar Earth Day & Arbor Day Apr. 27
Free Smart Gardening and Composting Workshop. Paper Shredding E-Waste and Textile Recycling. Garden Mulch. Childrens Fun Area. Green Exhibits. Time/Place: 9am-2pm / 21865 Copley Drive
Contact: www.diamondbarca.gov
West Hollywood Arbor Day Celebration Apr. 27
Community members are invited to come plant trees. Time/Place: 9-10am / Laurel Park
Contact: 323-848-3116 / www.weho.org
California Poppy Festival Apr. 27-28
Music, art, food and fun celebrating the state flower of CA and the appearance of poppies in the Antelope Valley! Time/Place: 10am-6pm / Sgt Steve Owen Memorial Park Contact: 661-723-6077 / www.poppyfestival.com
Santa Clarita Valley Championship Apr. 27-28
The entry fee includes two rounds of golf, a golf cart, green fees, snacks, water, tee prizes, and dinner at the Awards Banquet on Sunday following completion of the tournament. Time/Place: Sand Canyon Country Club
Contact: www.scvbgc.org/golf
KHTS Home and Garden Show Apr. 27-28
Discover the latest in solar energy, pool & backyard design, kitchen remodeling & other home improvements. Find the beautiful handmade arts and crafts. Time/Place: Sat 10am-5pm, Sun 10am-4pm / Santa Clarita Central Park Contact: www.
Bombshell Bettys Car Show Apr. 28
Everything we do helps us to support our local veterans. Beer Garden, Pin-Up Pageant, and tons of hot cars and hot bikes. Time/Place: 12-5pm / Pacific Auto Recycling Center, Lancaster Contact: 661-992-6597 / www.bombshellbettyscalendars.
Fiesta Broadway Apr. 28
Entering its 30th year, Fiesta Broadway is L.A.s signature Cinco de Mayo event. Enjoy performances by well-known Latin American artists and authentic food from local-area vendors. Carnival-style games and rides fill out the fun! Time/Place: Downtown Los Angeles, Broadway Contact: 310-914-0015 / www.allaccess-la.com/fiesta- |
4 Reasons to Buy a Home in the Spring
Spring has sprung, and it’s a great time to buy a home! Here are four reasons to consider buying today instead of waiting.
1. Prices Will Continue to Rise
CoreLogic’s latest U.S. Home Price Insights reports that home prices have appreciated by 4.4% over the last 12 months. The same report predicts that prices will continue to increase at a rate of 4.6% over the next year.
Home values will continue to appreciate for years. Waiting no longer makes sense.
2. Mortgage Interest Rates Are Projected to Increase
Freddie Mac’s Primary Mortgage Market Survey shows that interest rates for a 30-year fixed rate mortgage came in at 4.41% last week. Most experts predict that rates will rise over the next 12 months. The Mortgage Bankers Association, Fannie Mae, Freddie Mac, and the National Association of Realtors are in unison, projecting rates will increase by this time next year.
An increase in rates will impact YOUR monthly mortgage payment. A year from now, your housing expense will increase if a mortgage is necessary to buy your next home.
3. Either Way, You Are Paying a Mortgage
Some renters have not yet purchased a home because they are uncomfortable taking on the obligation of a mortgage. Everyone should realize that unless you are living with your parents rent-free, you are paying a mortgage – either yours or your landlord’s.
As an owner, your mortgage payment is a form of ‘forced savings’ that allows you to have equity in your home that you can tap into later in life. As a renter, you guarantee your landlord is the person with that equity.
Are you ready to put your housing cost to work for you?
4. It’s Time to Move On with Your Life
The ‘cost’ of a home is determined by two major components: the price of the home and the current mortgage rate. It appears that both are on the rise.
But what if they weren’t? Would you wait?
Examine the actual reason you are buying and decide if it is worth waiting. Whether you want to have a great place for your children to grow up, greater safety for your family, or you just want to have control over renovations, now could be the time to buy.
Bottom Line
If the right thing for you and your family is to purchase a home this year, buying sooner rather than later could lead to substantial savings.
Sunday, March 31, 2019
Freddie Mac: Not So Upbeat About Economy, But Bullish on Housing
Lower mortgage rates are making for a rosy spring selling season, even if the economy is starting to show some sluggishness, economists note in Freddie Mac’s March forecast.
“The real estate market is thawing in response to the sustained decline in mortgage rates and rebound in consumer confidence—two of the most important drivers of home sales,” says Sam Khater, Freddie Mac’s chief economist. “Rising sales demand coupled with more inventory than previous spring seasons suggests that the housing market is in the early stages of gaining momentum.”
The 30-year fixed-rate mortgage dropped to a 4.28 percent average last week, lower than the 4.45 percent average from a year ago, Freddie Mac reports. “Mortgage rates have dipped quite dramatically since the start of the year and house prices continue to moderate, which should help on the home buyer affordability front,” Khater says.
© RichLegg/E+/Getty Images
Freddie economists predict that the 30-year fixed-rate mortgage will average 4.5 percent in 2019 and increase to 4.8 percent in 2020.
Home price growth likely will continue to slow, researchers note. Freddie is projecting annual home price growth increases of 3.5 percent in 2019 and then 2.5 percent in 2020.
But with demand growing for housing, economists are upbeat that housing construction will increase this year. Total housing starts will likely increase over the next two years, with the most growth coming from the single-family housing segment, according to the report. Total housing starts are forecasted to rise to 1.27 million units in 2019 and to 1.33 million units in 2020. (Read: You’re Even More Vital to New-Home Buyers)
However, while the housing market looks poised to gain steam, the economy overall is showing some signs of weakening compared with a year ago. A decline in consumer spending has lowered economists’ GDP growth rate forecasts for the first quarter of 2019 to 1.2 percent.
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