Good Ventura Real Estate News
Posted: 18 Nov 2011 12:11 PM PST
Portion of article By Gary Thomas, 2012 President-Elect, National Association of REALTORS®
I have some great news to share with everyone! Last night Congress voted to restore loan limits and the maximum cap for Federal Housing Administration loans. Their action reinstates the loan limit at 125 percent of area median price up to $729,750 for two years and extends the National Flood Insurance Program until December 16th, with no lapse.
This is good news! Higher loan limits will make mortgages more accessible for hard-working middle-class families throughout the country. In fact, nearly two-thirds of buyers who will be helped by the loan limits extension have incomes below $100,000. On flood insurance, the extension until December 16th ensures no lapse, but we still need to push for Congress to pass the five-year re-authorization. Contact your representative to reauthorize NFIP for five more years.
Opponents of higher loan limits mistakenly argue that only wealthy borrowers benefit from the maximum cost limits. But in 2010, the FHA was used by 56 percent of all first-time home buyers, and 85 percent of borrowers obtaining homes at the higher loan limits had incomes below $150,000. In addition, 60 percent of all African-American and Hispanic home buyers used FHA.
The truth is that it actually depends a lot on where in the country the borrower lives. Geography often dictates what the price of “affordable housing” is. Last month’s reset to 115 percent impacted 669 counties in 42 states and territories, with an average loan limit reduction of more than $68,000. We support giving middle-class borrowers the same access to affordable mortgage financing, no matter where they make their home.
For example, many people think of California as a high cost state, and there are many areas where it is. San Francisco will benefit because many middle class homes bump up against the $729,750 limit. What many people don’t know is there are many counties in California that are not considered high cost and will benefit. Take Fresno County, for example, prices will go from $281,750 to $311,250 to qualify. As you can see, this really benefits consumers no matter where they live.
If you would like the complete article, please email DennisAmick@GMail.com
About Our Community
Mission San Buenaventura was founded in 1782 by Father Junipero Serra and the City of San Buenaventura was incorporated in 1866. Ventura is located in western Ventura County bordered by the Los Padres National Forest and the Pacific Ocean and saddled between the Ventura River and the Santa Clara River with the Channel Islands National Park fifteen miles off the coast. Neighboring cities include Oxnard, Port Hueneme, Camarillo, Ojai, Santa Paula and Fillmore. Other nearby cities in Ventura County are Moorpark, Thousand Oaks, Westlake Village and Simi Valley.With average temperatures of 75 degrees and a Mediterranean climate, nearby mountains, ocean beaches, the Ventura Harbor, the Channel Islands and 31 parks, the environment is ideal for family activities of hiking, sailing, kayaking, golfing, cycling, swimming, surfing and scuba diving. Exploring and camping in the Channel Islands can be arranged by Island Packers in the Ventura Marina.
The City of Ventura supports cultural activities of art walks, music festivals, street fairs, live theatre, farmers’ markets and events at the Ventura County Fair Grounds. A walk through historic downtown Ventura and to the new museum and the San Buenaventura Mission add to the activity list with something for every generation.
Affordable neighborhoods from the west side, to midtown, to the east end of Ventura attract families for their proximity to Ventura College, Channel Islands University and UC Santa Barbara. The historic Hobson Heights and the hillside Ondulando areas offer views of downtown Ventura, the Pacific Ocean and the Channel Islands, while some ocean front homes in Pierpont Bay offer front door steps to the fresh beach sand. For the boat owner who would like to have a waterfront home they may choose Ventura Keys which is adjacent to the beautiful Ventura Harbor. Many Ventura residents think Ventura and its’ many features are among the best kept secrets.
