Search for property in pre-foreclosure, going to auction at the courthouse soon, or bank owned in Los Angeles or Orange County on


Want more information on how to buy these properties or what to be aware of when purchasing this type of property?  If so contact an IET Real Estate Agent.

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With the changes happening to the basic underwriting guidelines of Conventional loan programs so quickly I thought I'd create this blog post to highlight *_some_* of the potentially deal killing details that I've come across in the course of my own business...

  • MI for conforming loans on Condo's is on the verge of being extinct (consider FHA as an alternative).  41% max backend DTI for all MI companies.  Doesn't matter what DTI Lender will allow.
  • Reserve Requirements when purchasing Investment Properties. 
    Fannie Mae Announcement re: borrowers purchasing multiple investment properties
  1. When the borrower will own one to four financed properties (including the subject property) the reserve requirements are:

    * two months of reserves on the subject…

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Concerned about crime in the neighborhood you are considering buying into?  Use this website to review statistics on past crime in your new neighborhood.

Great source of data, uploaded directly from Local Law Enforcement Agencies.

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With the introduction of the Home Affordable Modification Program (HAMP) many homeowners that are not currently behind on their mortgages are being faced with a situation where they are being offered potential relief.

Obviously their first reaction would be to accept this relief but the government had done something smart (yes, give credit where credit is due).  They made it mandatory for loan servicers to report derogatory history to the credit bureaus for all borrowers who participate.  The creators of HAMP did this to weed out the people that can afford their payments but want a modification of their loan terms on the taxpayer dollar.  

Those in true financial need won't mind, they are most likely already behind on their payments and their credit…

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