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WINDWARD VILLAGE, LONG BEACH, CA.
3595 Santa Fe Ave
Now you can own your own land!
Planned Unit Development
Gate Guarded Community
No Space RentLow HOA dues includes Association heated pool, spa, club house, tennis court. Exercise room, & playground
Lots are priced from $136k to $174k (most are just under $152k) Plus a credit toward closing costs of $1250 to $2500. New & used homes are available. Call any of our sales team to see. View Agent Link to find.
YOU OWE IT TO FAMILY TO CHECK THIS OUT
AFFORDABLE HOUSING IN LONG BEACH
(Condensed from an Article in the LB Press-Telegram)
For many people, the search for a decent home in Long Beach at an affordable price often ends in disappointment. Many are left with no choice except to move into a rental unit. The same story plays out in most of Southern California, especially in those areas near the beach, which offers employment opportunities nearby. The residents of Windward Village, a manufactured housing community at 3595 Santa Fe Ave, are being offered a golden opportunity to become landowners, not just renters.
The 304 space community, which opened in 1977, has been subdivided into 304 individual lots. Each homeowner will soon have the opportunity (should they desire) to purchase the ground upon which their home is sited.
The Windward Village purchase opportunity differs from most resident purchase transactions in that the buyer receives fee simple title to his or her lot, just like any other lot on any street in the city. The big difference from most other resident ownership conversions is that the residents are not purchasing a condominium or cooperative interest in real property. The residents of Windward Village will be able to purchase a legally recorded lot with Title Insurance, whereby both the lot and the home upon it become a single parcel of real estate. The buyer then no longer pays rent to the park owner, only a much smaller maintenance fee to the Homeowners Association, which is governed by an elected board of homeowner/members.
This concept allows for market rate real property home loans with much lower interest rates than personal property loans for manufactured homes on rental property. This makes it easier for most people to qualify for their loan, have an appreciation in value and therefore in owners’ equity.
Windward Village represents a new and unique opportunity in Long Beach that has never been offered in the area before now. This is allowing many renters to become home owners who otherwise may never have been able to realize the benefits of home ownership…….
This is a beautiful setting but not located in the best section of Long Beach. I feel the cost of the land for the small size of the lots is set too high for the area. This could work for a lot of people. The homes are usually larger than most conventional homes on the market. Currently the overall cost is comparable to repos in bad areas.
This is a gated community with a 24 hour guard, a community club house, swimming pool, tennis court, playground, and beautifully maintained. You owe it to yourself and your clients to check it out.
Get past the trailer trash mentality and you can own a beautiful home.
Here is information below that I put together for #55 in Windward. The home is listed for $80k and the land for $151,864. I estimated $4000 for a permanent foundation.
The box on the left is for an FHA loan with 3.5% down. The conforming loan with 20% down is on the right. The land seller will credit something toward closing costs, which is reflected on the sheet. The rest of the closing costs and prepaids would need to be covered in addition to the down payment.
Please let me know if you need more information.
Sincerely,
David Brauchler
dbrauchler@lhfinancial.com
Office: 949-498-8719
Cell: 714-264-0873
Fax: 949-682-4843
Date valid: 3/25/2010
Windward Village Space 55 mortgage options
Note: seller credit for closing costs available ONLY if Land Home Financial Services, Inc provides financing
FHA
Purchase price (total): $235,864
Land: $151,864.20
Home $80,000.00
Foundation: $4,000.00 estimate
Minimum down payment: $8,255.25 (3.5%)Seller credit for closing costs: $2337.96
Property tax: $245.69 per mo
Insurance: $60.00 per mo (est.)
HOA dues: $187.00 per mo
MI $96.50
Total = $589.19
30 year fixed
$231,591 @6.25% $1,425.95
Total $2,015.14
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Conforming
Purchase price (total): $235,864
Land: $151,864.20
Home $80,000.00
Foundation: $4,000.00 estimate
Minimum down payment: $47,172.84 (20%)
Seller credit for closing costs: $1250
Property tax: $245.69 per mo
Insurance: $60.00 per mo (est.)
HOA dues: $187.00 per mo
Total = $492.69
20 year fixed
$188,650 @5.5% $1,297.70
Total $1,790.39
WINDWARD VILLAGE OPINION
It is my opinion that in Windward Village in the selling of the home where the home must be attached to and sold with the land that there is no argument that it must be a real estate sale in total. As HCD law states that a HCD listing must be a HCD escrowed sale, any home listed by an unlicensed real estate person is in itself not valid.
The paying of any money to a licensed manufactured housing person could be construed as paying a commission to an unlicensed person. Calling it “a referral fee” is simply a deception to defraud the intent of the law.
As a real estate person, I would be concerned about jeopardizing my license. As a manufactured housing person I would be concerned about defrauding the home seller, a crime that may be construed as moral turpitude, and a serious conflict of the seller’s interest.
As the home seller, I would be concerned about a legal and lawful sale. Unless the home is to be pulled out of the park, I would insist on a real estate listing and make the sales agent show me a real estate license. I would immediately cancel any non real estate listing in writing.
As in any serious undertaking where you are unsure of the law, get the advice of an attorney or someone you trust like:
www.joesullivanmanufacturedhousingexpert.com
Another opinion from Dave Brauchler :
“My understanding is that there are 2 escrows for the sales until after they are combined with the recording of a 433. There will be 2 escrows and 2 escrow fees, although they will both be relatively small fees. There is a purchase contract between the home seller and buyer for the home and a separate one between TAG and the buyer for the land.
The joining of the home and land does not legally occur until the close of the purchase. Resales after conversion will be one escrow.”
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FHA Increases Mortgage Insurance Premiums
This update from FHA in Mortgagee Letter 2010-02 contains information about Increases to Upfront Mortgage Insurance Premiums.
Here are the 5 things you need to know about these changes:
1. |
Changes are effective for case numbers assigned on or after April 5th, 2010. |
2. |
New upfront mortgage insurance premium (UFMIP) will be 2.25% for all purchase and refinance loans. The premium for H4H and HECM is 2.0%. |
3. |
This change applies to all standard FHA Single Family Programs except the following: Title I, Section 247-Hawaiian Homelands, Section 248-Indian Reservations, Section 223e-Declining Neighborhoods or Section 238c-Military Impact areas in Georgia and New York |
4. |
Annual premiums will not change at this time. |
5. |
There will be no discount on the UFMIP for first-time homebuyers with pre-purchase counseling |
Procedures For Terminating Lender Underwriting Authority
Here are the 7 things you need to know about these changes:
1. |
The effective date of this policy is January 21st, 2010. |
2. |
This change allows HUD to terminate the underwriting authority of lenders with high default and claim rates (DCR); Previously HUD only had authority to terminate loan origination approval authority. |
3. |
Every 3 months HUD will review the previous 24 months of DCRs on all FHA-insured single family loans and analyze the performance of every mortgagee. |
4. |
HUD will target lenders with a DCR that exceeds 200% of the DCR within the geographic area, and also exceeds the national DCR. |
5. |
HUD will take under-served areas into consideration and compare a mortgagee’s performance to the field office’s average DCR for similar loans. |
6. |
To lessen the effect this policy will have on lenders with small volume, HUD will establish a minimum DCR and only analyze lenders that exceed this minimum DCR. |
7. |
Mortgagees may appeal within 30 calendar days of the date of receipt of the proposed termination notice. |
Now get out there and sell something!
This information is not intended to provide you with specific legal advice. You must consult with an attorney.
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