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NEWS

Check out Virtual Tours of Our Penthouse Series Units:

CALIFORNIA HOMEBUYERS NEW TAX CREDIT PROGRAM

The federal tax credit has just expired but Californians are still in luck! Up to $10,000 in tax credits are available for first time homebuyers - or anyone that has not owned a home in the last three years – for purchases in contract on or after May 1, 2010, and closed by January 1, 2011. Some restrictions apply. Go to http://www.ftb.ca.gov/individuals/new_home_credit.shtml for more details.

ARIA CHAMPAGNE EVENING TOURS – NOW FOR A LIMITED TIME!!

There’s a great new way to see the luxurious and serene atmosphere of Aria. Enjoy the sparkling skyline views – a true benefit of living atop Cortez Hill, the highest point in Downtown San Diego! Schedule a private champagne evening tour! These tours are held weekly and reservations are provided on a first come, first serve basis. Astounding views and fine champagne awaits. . . . Call us to schedule your private tour today at 619.234.5800!

VA/FHA FINANCING NOW AVAILABLE AT ARIA*

High Rise Living at Ground Floor Prices!

It’s easier than ever to make ARIA your home! VA/FHA buyers* receive:

  • As low as 3.5% down payment
  • Flexible credit requirements
  • Controlled loan closing costs
  • Co-signers accepted
  • Low monthly mortgage insurance

For more details on VA and FHA financing, see information below, or ask a sales representative.

2 & 3 BEDROOM HOMES STARTING IN THE LOW $700,000’s

  • Spectacular views
  • Large outdoor balconies
  • Floor-to-ceiling windows
  • Top-of-the-line appliances and finishes
  • Fitness center with lap pool and spa
  • Clubroom with kitchen, wet bar, theatre and pool table
  • Secured access and parking
  • Close to the perks of downtown without all the noise

Come Tour ARIA today!

Open daily, 10am-5pm

1441 9th Avenue, Suite 105
San Diego, CA 92101
619.234.5800

Prices, rates, specifications, details, features and fees subject to change without prior notice and subject to qualification. *ARIA is now VA/FHA approved. 3.5% down payment and interest rates apply for qualified buyers. See sales representative for details. See sales representative for details.

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VA Loans

VA Financing is now available at ARIA. Here is some background on the benefits of VA loans and edibility requirements. A VA-Guaranteed loan is financed by a lender, such as a mortgage company, savings and loan, or bank. VA’s guarantee on the loan protects the lender against loss if the payments are not made, therefore encouraging lenders to offer veterans loans with more favorable terms. Here are some of the modern benefits of a VA loan today:

  • 1 Loan (Fixed and ARM options)
  • Zero Down
  • No Mortgage Insurance (PMI)
  • No Pre-payment penalties
  • Great refinance options if the rates go down with no appraisal required
  • Lower rates
  • Liberal income and credit guidelines
  • Reusable - but only one at a time
  • Funding fee can be financed
  • Minimal closing cost to the Buyer
  • Personal financial counseling to help Veterans during time of financial difficulty
  • The loan is assumable to credit worthy buyers

The VA loan must be used for owner occupied properties; it cannot be used for investment properties or 2nd home. The VA loan is not driven by a FICO score like conventional loans. As a general rule your score cannot be less than 580 and should be 630+. The VA uses the residual income technique, not debt to income. The VA guidebook references 41% debt to income, but this is not the driving factor. Another large advantage of the VA is no reserves (cash) is required unlike conventional and FHA. People eligible for a VA loan are basically just about anyone that did military time - Active Duty, Reserves, Retirees, and Veterans. This eligibility does not expire and in some cases, widows may even utilize the eligibility of their spouses. In order to sustain the VA Home Loan Guarantee Program, the Department of Veterans Affairs collects a funding fee for each transaction (loan). For example, if you are regular military with a 0 down payment the funding fee would be 2.15% for first time use. With a down payment of 5 to 9% the funding fee would be 1.5% for first time use, and for 10% or more down payment the funding fee would be 1.25% for first time use. Most buyers are 1st time users with zero down payments and have active duty time, so the funding fee is typically 2.15%.If you’re collecting any VA disability pay, you’re fully exempt from that funding fee, which means you get all the benefits of the VA without any extra fees. The Veteran can, but is not required to pay the following fees: 1% loan origination fee, Discount Points (Buy rate down), Appraisal, Credit Report, Prepaid items, VA Funding Fee, Title Insurance Policy, and Recording Fees. All other fees cannot be paid by the Veteran and include: Escrow Fee - typically 1/2 buyer and 1/2 seller in Southern California, notary fee, document preparation fees, tax service fees, underwriting fee and all other miscellaneous fees. For the VA non-allowed fees, the Seller or Lender can pay all these costs. VA Eligible Properties would include:

  • Any single family residence that is re-sale.
  • New single family residence for which the Builder has been VA Approved.

For resale condominiums the complex must have VA approval. The VA requires that a condominium complex be VA approved before they will guarantee a VA loan. For 2009 the maximum VA with zero down is $593,750. Also there is a VA Jumbo loan available for those buyers at rates much better than conventional jumbo financing.

VA Jumbo Loans up to $1 million

For those retired veterans, active duty officers or dual income families fortunate enough to afford a home beyond the limit, the VA provides a great Jumbo loan option. VA Jumbo financing is readily available for loan amounts up to $1 million with a small down payment. The down payment requirement is 25% of the difference between the purchase price and the maximum VA Loan amount at 100% financing (currently $593,750 for San Diego in 2009). So, here in San Diego, a purchase price of $1 million, would require a down payment of just over $100,000. With a small seller credit and today’s amazingly low interest rates, you could purchase a million dollar dream home with little more than 5% to cover the down payment and closing costs. No other program offers a Jumbo loan with that little down; and best of all, no private mortgage insurance (a monthly savings of almost $675 at that loan amount). For those fortunate enough to be able to take advantage of this program, this could be an opportune time to trade up on your existing equity.

FHA Loans

The following information has been provided by Project Approval Services http://projectapprovals.net/services.html.

  • Underwriting guidelines for FHA Borrowers are less strict than conventional underwriting guidelines.
  • Most lenders allow for a minimum 620 FICO, which is less than conventional guidelines.
  • More than 1 FHA loan to a borrower: FHA generally will not insure more than one mortgage for any borrower. Exceptions are – Relocation to another area not within reasonable commuting distance from current residence, documented increase in family size to the point the present house no longer meets the family’s needs, vacating a jointly owned property that will remain occupied by a co-borrower, and non-occupying co-borrower on property being purchased with a FHA insured mortgage as a principal residence by other family members.
  • Investment Property – not allowed.
  • Seller Contributions: The seller may contribute up to 6% towards borrowers closing costs, pre-paids and discount points.
  • Identity of Interest: An employee of a builder may purchase one of the builder’s new homes or models as a principal residence with maximum financing.
  • Non-Occupying Borrowers: Maximum financing is allowed when a non-occupying co-borrower is related by blood, marriage or law and blended rations are used.
  • Non-Purchasing Spouses: The debts of the non-purchasing spouse must be included in the borrower’s qualifying ratios. Although the non-purchasing spouse’s credit history is not to be considered a reason for credit denial, a credit report must be obtained for the non-purchasing spouse in order to determine the debt-to-income ratio.
  • Lack of Credit History: May not be used as a basis for rejecting a loan. Must develop an acceptable credit history using alternative credit such as utility payment records, rental payments, auto insurance and child care for a minimum of 12 months.
  • Must have 3.5% Cash Investment – All can be a gift but not from builder/developer. (Cash investment = down payment & closing costs – not pre-paids)
  • May go up to 100% financing with a Down Payment Assistance or Bond Program.
  • May use alternative credit (gas, electric, jewelry, child care, car insurance bills).
  • May have past derogatory credit history with good credit for past 12 months.
  • BK discharged 2 years ago (not 4 years, as some Conventional loans require).
  • Collections do NOT necessarily need to be paid off (up to lender).
  • Borrower may not have to have reserve.