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  • CalHfa Expands Eligibility Criteria for Down-Payment Assistance

    By Escala Realty on March 15, 2018
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      CalHFA, a state-sponsored program that allows buyers to buy with little to no money down (i.e. Down-Payment Assistance), expands eligibility criteria to make program more accessible to more households. Starting on January 16th 2018, CalHFA will allow every new applicant to be qualified under a single, more simplified, income limit — regardless of the number of people in the household, a

  • Conventional lenders loosen guidelines

    By Escala Realty on October 19, 2015
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    As the economy and housing market continue to hum along, lenders are loosening their lending criteria.  What usually happens is that in the wake of a housing disaster like we had in 2008, the conventional kings (freddie and fannie) got really tight on their lending criteria and lenders (ie big bank or wholesale lenders) added their own, even tighter criteria on

  • Housing Discrimination exists; still.

    By Escala Realty on September 16, 2015
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    A New York bank recently settled with state regulators over their practice of not lending in minority communities. They outlined service areas which by-and-large excluded minority communities. The practice known as red-lining is illegal and a form of housing discrimination. While we would like to think that our society has moved past these types of small-minded behavior, this example reminds

  • Is LA Housing Unaffordable?

    By Escala Realty on November 24, 2014
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    A recent LA Times Article mentioned that only 22% percent of households can afford the Median priced home in Los Angeles.  In a perfect world, the average household should be able to afford the average house.  What’s different about LA is that we will always have a large part of the population, and more specifically at the lower income levels

  • HOW FHA MORTGAGE INSURANCE PREMIUMS WORK

    By Escala Realty on October 16, 2014
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    HOW FHA MORTGAGE INSURANCE PREMIUMS WORK The Federal Housing Administration does not own or originate any mortgage.  FHA is essentially an insurance program.  Because FHA guidelines are less stringent than conventional loans, the FHA insures the investors against loss.  It is this insurance, also known as MIP that many homeowners want to get rid of. As a homeowner, though, your