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Santa Maria and Lompoc First Time Buyers, FHA Loan Info

What is an FHA loan? -- Essentially a FHA loan is a loan that is guaranteed by the Federal Housing Administration. Lenders typically do not want to lend unless on a home unless a buyer has a 20% down payment. If there is less than a 20% down payment, mortgage insurance is required. And, in today's market unless you have a credit score at least 720 or above you won't be able to get mortgage insurance.
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Foothill Estates 2009 Update – Lompoc CA Homes and Real Estate

Tucked away in the hills of southwest Lompoc is the charming HOA community, Foothill Estates. The community is broken up into enclaves of duplex style units, with two units attached at one common wall. They have two car garages, and larger back yards than you get in other HOA communities. Amenities include a community pool, spa, and clubhouse. There are 2 and 3 bedroom models which range from about 1100 to 1300 square feet in size. The monthly HOA fees are $145 per month. But what you get for the money can't be beat. The views from this development are breathtaking and unmatched, and if you have a large dog you can't beat having a decent size yard versus the patio that most comparably priced condo units offer.
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Does 'Days on Market' Always Tell the Whole Story?

It's the end of the year and time to begin compiling data and drawing conclusions about what the real estate market was like in Santa Maria and Lompoc this past year. Often, sellers and buyers rely on "days on market" to tell them additional and useful information about the real estate market. However, as with any one statistic, days on market can be an unreliable and misleading indicator of true market conditions.
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Lompoc CA & Vandenberg Village CA 2008 Market Update & MLS Listing Search

There were a total of 400 homes sold in the Lompoc and Vandenberg Village areas in 2008. 346 were detached dwellings, and 54 were attached residences. Of the 400 sold, 226 were REOs (bank owned) and 31 were short sales. So, a total of 257 out of 400, or 64% were foreclosure related sales. Thus, the Lompoc market is thoroughly dominated by foreclosure activity; it is the primary force moving the market.
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Are you PCS'ing to Vandenberg AFB and Looking for Housing?

Vandenberg Air Force Base provides a steady source of new arrivals to the Central Coast area. Due to the attractive climate and small town atmosphere many decide to never leave or to return to the area after they retire from military service. The biggest weather related complaints here tend to be fog and wind; complaints that generate laughter from those who have spent winters living with ice, shoveling snow, and hiding from freezing sleet.
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Buying Bank Owned Properties (REOs) in the Santa Maria/Orcutt and Lompoc/Vandenberg Village Foreclosure Market

The Santa Maria and Lompoc real estate markets are currently dominated by foreclosure listings. Of the 663 active listings for homes/condos in the Santa Maria - Orcutt area, approximately 25% (165) are bank owned properties (REOs), and about 50% (339) were short sales. Similarly in the Lompoc - Vandenberg Village active market for homes and condos, there are 198 total listings, and 20% (39) were REOs and 40% (81) were short sales. This means that 75% of the active market in Santa Maria and 60% of the active market in Lompoc and its surrounding areas could be classified as either a foreclosure or a pre-foreclosure. Certain trends or practices are becoming fairly routine in this market.
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