GOT A QUESTION?
Check our list below. Your question might be answered here. If not, we’d love to hear from you. Just give us a call at (714) 289-7600.
Question about selling
Can a home depreciate in value?
Generally, real property never depreciates in value, or more so, it is not very common for property to depreciate. This is why it’s a great investment. Make sure you carefully consider location and community when choosing a home, it can effect the homes future value greatly.
If you are in a newly developed area, do some research on the construction of the surrounding areas being developed to determine if they may effect your homes value.
Is an older home as good a value as a new home?
This is really just a matter of preference, but both newer and older homes offer distinct advantages, depending upon your unique taste and lifestyle.
Older homes can generally cost less than new homes, however, there are many cases where new homes can also cost less then older homes. Most new homes will not have any backyard landscaping and some don”t include any front landscaping either. With an older home, the landscaping is normally already completed and could have 10”s of thousands of dollars in landscaping done, which is included in the purchase price.
Taxes on some older homes may also be lower. Some people are charmed by the elegance of an older home but shy away because they”re concerned about potential maintenance costs. Consider a home warranty to get the peace of mind you deserve. A good Home Warranty plan protects you against unexpected repairs on many home systems and appliances for a full year or more after you move in.
In a new house, you can pick your own color schemes, flooring, kitchen cabinets, appliances, custom wiring for TV”s, electrical, computers, phones and speakers, etc., as well as have more upgrade options. Modern features like media rooms, extra-large closets and extra-large bathrooms and tubs are also more attainable in ground-up construction. In a used home, you rely largely on the previous resident”s tastes and technological whims, unless you plan to farm thousands into a remodeling and rewiring.
New-home designers can use new building materials such as glazed Energy Star windows, thicker insulation and other technology that will lower future energy costs for the owner. Most states now have minimum energy-efficiency requirements for new construction. Kitchens and laundry areas in new homes are designed to house more efficient energy-saving appliances. Older homes, unless they have undergone an energy retrofit, usually cost much more per square foot to air-condition and heat.
Builders have to follow very strict guidelines in new-homes and additions, especially in the West and Northwest, where earthquake safety standards must be observed. In general, new homes are usually more fire-safe and better accommodating of new security and garage-door systems.
Older homes can be better judged for their quality and timeless beauty. New homes that now possess a smooth veneer might reveal the use of substandard building materials or shoddy workmanship over time.
As you can see there are advantages and dis-advantages to each, but it really comes down to what fits you and what you are looking for in a home.
What is a broker?
An agent who is authorized to open and run his/her own agency. All real estate offices have one principal broker.
What is the difference between being prequalified and preapproved for a loan?
If you’re prequalified it means that you POTENTIALLY could get a loan for the amount stated to you, assuming that all of the information you provide to the bank is accurate and true. This is not as strong as a preapproval.
If you’re preapproved, it means that you have undergone the extensive financial background check, which includes looking at your credit history, previous tax returns and verifying your employment – and the lender is willing to give you a loan, basically meaning you’re approved!
You will usually be provided an accurate figure which shows the maximum amount that you are approved for. Most sellers prefer buyers that have been preapproved because they know that there will not be any problems with the purchase of their home.
What is title insurance?
Title insurance is insurance that protects the lender and buyer against any losses incurred from disputes over the title of a property.
Can I pay my own taxes and insurance?
When a loan is originated, the mortgage documents specify the escrow conditions. This has become a standard practice for all mortgages, including FHA, VA and conventional mortgages. Occasionally on conventional loans, FRFCU waives the collection of escrow requirement at closing if the member has a minimum 20% equity position in the property.
How can I avoid private mortgage insurance?
The easiest way to avoid PMI is by putting 20% down payment; however, PMI can also be avoided if you only have 5% or 10% for the down payment. The way to accomplish this is via a first and second mortgage combination commonly referred to as 80/10/10^s or 80/15/5^s.
These two methods combine a first mortgage lien for 80% of the home price with a second mortgage lien for either 10% or 15% of the home price leaving the remaining 5% or 10% as the down payment. Because the first lien is at the magical 80% loan=to-value, there is no PMI required, even though a second mortgage is being |piggybacked| onto the financing thus allowing for the lessor down payment.
While the second lien terms are not as attractive as first lien rates, the second mortgage is still home mortgage interest and thus deductible as such on your federal tax return where PMI is insurance and offers no deduction.
How is interest calculated on a mortgage loan?
Most mortgages originated today calculate interest in arrears, unlike consumer loans which calculate interest to the date of payment receipt. As an example, when borrowers pay their February mortgage payments, they are paying the January interest. This method of calculating interest is based on a 360 day year in which each month has 30 days.
Is there a minimum credit score?
Title insurance is insurance that protects the lender and buyer against any losses incurred from disputes over the title of a property.
What benefits do I receive from private mortgage insurance?
Title insurance is insurance that protects the lender and buyer against any losses incurred from disputes over the title of a property.
What do I do if I receive a tax statement?
Many tax authorities will mail an informational copy of the real estate tax statement to the homeowner in addition to the Credit Union. However, there are some statements tax authorities do not forward to the credit union, and in special cases we will need your assistance in obtaining the bill. If you receive a statement for any of the following, please forward it to our office by mail or fax.
- delinquent real estate taxes
- supplemental or additional real estate taxes
- special assessments
- if the tax authority will not honor a bill request from another party.
How long does the loan process take?
Most mortgages originated today calculate interest in arrears, unlike consumer loans which calculate interest to the date of payment receipt. As an example, when borrowers pay their February mortgage payments, they are paying the January interest. This method of calculating interest is based on a 360 day year in which each month has 30 days.
Question about renting
How can I apply for affordable housing?
Various rents are available at our properties, please place yourself on a waitlist for projects with lower rent thresholds.
To apply, you must bring in a complete application, with all documents and money orders that are required. After the first interview, you will be provided with more information if you income qualify for the program.
How does the program work?
Rents cannot exceed the maximums provided to the management company by the regulators of the program. You can rent a unit if your household meets the income and occupancy requirements and fulfills the other rental criteria. Thereafter, your household must submit all income/asset information as well as household composition.
How can I get an application for your low-income program?
You can get an application onsite at the property or at APS’ main office.
How can I place myself on the Interest List?
You can complete the Interest List form by visiting the property of interest or APS’ main office. If email is preferred, please provide your email address by contacting us via telephone or the Contact Us page on the website.
Can I add myself on the wait list for all of your properties?
You can place yourself on a maximum of 3 wait lists. APS requires information on location and bedroom preference to best match your household’s needs to the properties that are available.
What do I have to do to qualify?
You must bring in a complete application, with all the documents and the money orders that are required. After the first interview, we will be able to provide you more information on your probability of qualifying.
Where can I submit an application?
You can submit your application with the onsite property manager located at the property of interest or at APS’ main office.
How long is the wait list for each property?
The wait lists varies among each property, however most of the properties have very long wait lists.
What number am I on the wait list?
We do not disclose the number or rank on our waitlists, but we can provide you with the month and year we are scheduled to call you back.
How many people can live in the apartment?
The number of persons allowed per unit depends on the property. However, in general the household sizes are limited to three persons in a One-Bedroom, five persons in a Two-Bedroom, and seven persons in a Three-Bedroom.
How long does it take to process an application?
To process an application varies per case, but generally two to three weeks on average.
Are you a government agency?
No, APS is not a government agency.
Do you provide any source of help with rent?
Our rents are affordable (below market rate rents), but we do not subsidize rental payments.
What is your lowest and highest rent?
The rent varies by property.
How much do I have to make to qualify?
You must make at least two times the rent.
What is the maintenance emergency number?
The maintenance emergency number is (714) 731-7313 and can ONLY be used for emergencies.
What are the managers’ hours?
The property managers’ hours vary per property. Please call the onsite property manager to inquire.
Do you work with the City/ County Housing Program (Section 8)?
We accept tenants with housing vouchers.
Do you accept Medical Cards?
No, this does not affect your eligibility in any way.
What is the square footage for all the bedrooms?
This varies by property.
In what city do you have properties?
We have properties located in the following cities in Southern California:
Camarillo, Carlsbad, Corona, Fullerton, Huntington Beach, Irvine, Orange, Paso Robles, Rancho Cucamonga, Santa Ana, San Marcos, and Yorba Linda.
Can I receive a confirmation or see proof that I have been placed on the wait list and the property I was placed on?
Yes.
Do all of the apartments have garages?
No.
Do I place myself on the wait list and then receive the apartment?
No, after you place yourself on the wait list, we will call you and request you submit an application. Once the completed application has been submitted to APS, we can then determine if you qualify.
How are the rents determined?
Our rents vary to accommodate more levels of low-income households. While we may have lower rents, the rents we currently have available are only from apartments that are vacant. We have a low turnover rate on our lower rent properties.
What programs do you offer?
Our properties are regulated by various programs such as HOME, Bond, and LIHTC.