I came across this little gem while searching for a client. I am a huge fan of Craftsman style homes. I love their elegance and attention to detail. Ideally if I can the fund I would go victorian but realistically a Craftsman is more in my immediate means. Click on the link below to check out these pictures there insane. This home have been kept in amazing condition.
The seller is a 5th generation San Diegan, whose respect for the heritage of t
You will find that most bungalows are built in specific sections of a town or city. Their owners would sit on the porch after a hard days work to rest and talk with neighbors and friends. Bungalows have great porches.
The American Craftsman bungalow typified the common styles of the American Arts and Crafts movement, with common features to include low-pitch roof lines on a gabled or hipped roof; deeply overhanging eaves; exposed rafters or decorative brackets under the eaves; and a front porch beneath an extension of the main roof.
Chicago Bungalows are typically built of brick and have one and a half stories. The primary difference between a Chicago bungalow and others is that the roof gables are parallel rather than perpendicular to the street. Chicago bungalows are relatively narrow, an average of only 20 feet wide.
The California Bungalow was a widely popular 1 1/2 story variation on the bungalow in America from 1910 to 1925.
Milwaukee Bungalows: Many older houses in Milwaukee, Wisconsin, are bungalows similar to those of the Arts and Crafts style like Chicago’s, but usually with the roof gables perpendicular to the street. Milwaukee bungalows tend to have white stucco on the lower portion of the exterior.
Detroit Bungalows: Also built during the Arts and Crafts movement, Detroit bungalows were constructed using local building materials.
Ranch Bungalows: Ranch bungalows are designed with bedrooms on one side and the living areas on the other. The attached garage, if present, is located on the living area side.
Raised bungalows: Raised bungalows have a basement that is partially above ground allowing for natural lighting in the lower level. Foyers are usually located at ground level half-way between the floors. Garage entrances are normally at basement level.
Airplane Bungalows: Variations of craftsman style home plans include the “Airplane” bungalow which has a much smaller area on its second floor that appears to “pop out”. Centered on the structure with windows on all sides it has a view much like that of a cockpit of an airplane. An LA company introduced a Japanese-pagoda roof-line inspired style at one time and called it an “aeroplane bungalow.”
You might note that bungalows do not have attics. This allows for the distinctive roof line which is normally quite low. Natural materials like wooden shingles and clapboard are used for siding. Cobblestones and brick are normally used for the exterior walls, porch columns and chimneys.
A FHA insured loan is a Federal Housing Administration mortgage insurance backed mortgage loan which is provided by a FHA-approved lender. FHA insured loans are a type of federal assistance and have historically allowed lower income Americans to borrow money for the purchase of a home that they would not otherwise be able to afford. To obtain mortgage insurance from the Federal Housing Administration, a mortgage insurance premium (MIP) equal to a percentage of the loan amount at closing is required, and is normally financed by the lender and paid to FHA on the borrower’s behalf. Depending on the loan-to-value ratio, there may be a monthly premium as well.
The program originated during the Great Depression of the 1930s, when the rates of foreclosures and defaults rose sharply, and the program was intended to provide lenders with sufficient insurance. Some FHA programs were subsidized by the government, but the goal was to make it self-supporting, based on insurance premiums paid by borrowers. Over time, private mortgage insurance (PMI) companies came into play, and now FHA primarily serves people who cannot afford a conventional down payment or otherwise do not qualify for PMI.
The National Housing Act of 1934 created the Federal Housing Administration (FHA), which was established primarily to increase home construction, reduce unemployment, and operate various loan insurance programs.[1] The FHA makes no loans, nor does it plan or build houses. As in the Veterans Administration’s VA loan program, the applicant for the loan must make arrangements with a lending institution. This financial organization then may ask if the borrower wants FHA insurance on the loan or may insist that the borrower apply for it. The federal government, through the Federal Housing Administration, investigates the applicant and, having decided that the risk is favorable, insures the lending institution against loss of principal in case the borrower fails to meet the terms and conditions of the mortgage. The borrower, who pays an insurance premium of one half of 1 percent on declining balances for the lender’s protection, receives two benefits: a careful appraisal by an FHA inspector and a lower interest rate on the mortgage than the lender might have offered without the protection.
Until the latter half of the 1960s, the Federal Housing Administration served mainly as an insuring agency for loans made by private lenders. However, in recent years this role has been expanded as the agency became the administrator of interest rate subsidy and rent supplement programs. Important subsidy programs such as the Civil Rights Act of 1968 were established by the United States Department of Housing and Urban Development.
In 1974 the Housing and Community Development Act was passed. Its provisions significantly altered federal involvement in a wide range of housing and community development activities. The new law made a variety of changes in FHA activities, although it did not involve (as had been proposed) a complete rewriting and consolidation of the National Housing Act. It did, however, include provisions relating to the lending and investment powers of federal savings and loan associations, the real estate lending authority of national banks, and the lending and depositary authority of federal credit unions.
Further changes occurred in the 1977 Housing and Community Development Act, which raised ceilings on single-family loan amounts for savings and loan association lending, federal agency purchases, FHA insurance, and security for Federal Home Loan Bank advances. In 1980 the Housing and Community Development Act was passed; it permitted negotiated interest rates on certain FHA loans and created a new FHA rental subsidy program for middle-income families.
On August 31, 2007, the FHA added a new refinancing program called FHA-Secure to help borrowers hurt by the 2007 subprime mortgage financial crisis.
On March 6, 2008, the “FHA Forward” program was initiated. This is the part of the stimulus package that President George W. Bush had in place to raise the loan limits for FHA.
Second, the potential lender assesses the prospective home buyer for risk. The analysis of one’s debt to income ratio enables the buyer to know what type of home can be afforded based on monthly income and expenses and is one risk metric considered by the lender. Other factors, e.g. payment history on other debts, are considered and used to make decisions regarding eligibility and terms for a loan.FHA does not make loans. Rather, it insures loans made by private lenders. The first step in obtaining an FHA loan is to contact several lenders and/or mortgage brokers and ask them if they originate FHA loans. As each lender sets its own rates and terms, comparison shopping is important in this market.
Section 251 insures home purchase or refinancing loans with interest rates that may increase or decrease over time, which enables consumers to purchase or refinance their home at a lower initial interest rate.
FHA’s mortgage insurance programs help low- and moderate-income families become homeowners by lowering some of the costs of their mortgage loans. FHA mortgage insurance also encourages lenders to make loans to otherwise credit-worthy borrowers and projects that might not be able to meet conventional underwriting requirements, protecting the lender against loan default on mortgages for properties that meet certain minimum requirements, including manufactured homes, single and multifamily properties, and some health-related facilities. The basic FHA mortgage insurance program is Mortgage Insurance for One-to-Four-Family Homes.
FHA allows first time homebuyers to put down as little as 3.5% and receive up to 6% towards closing costs. Specific FHA lender overlays may be tighter. For example very few lenders will allow a seller to contribute more than 3% toward allowable closing costs. If little or no credit exists for the applicants, the FHA will allow a blood relative, such as a parent, to co-sign for the loan without requiring them to reside in home with first time homebuyer. This is called a Non-Owner-Occupied Co-Borrower. Depending on the state you reside in, you may receive a discount on your State Transfer Taxes at settlement. Again, the specific FHA lender’s underwriting guidelines will have their own standards. Very few lenders will fund FHA loans for buyers without a minimum 620 FICO score. For below 620 FICO scores, interest rates will be higher.
Down payment assistance and community redevelopment programs offer affordable housing opportunities to first-time homebuyers, low- and moderate-income individuals, and families who wish to achieve homeownership. Grant types include seller funded programs, the Grant America Program and others, as well as programs that are funded by the federal government, such as the American Dream Down Payment Initiative, or local governments, often using mortgage revenue bond funds.
(note: Video used for informational purposes only. This in no way is promoting this video’s services)
On May 27, 2006, the IRS issued Revenue Ruling 2006-27, categorizing the non-profit seller funded down payment assistance programs (DPA programs) as “scams.” The IRS ruled that organizations such as AmeriDream and Partners in Charity are no longer eligible for non-profit status and are not acting as “charitable organizations” as defined by the IRS. This ruling was based largely on the circular nature of the cash flows, in which the seller pays the charity a “fee” after closing. Many believe that the “grant” is really being rolled into the price of the home. According to the Government Accountability Office, there are higher default and foreclosure rates for these mortgages.
On October 31, 2007, the Department of Housing and Urban Development adopted new regulations to ban so-called “seller-funded” down payment programs. The new regulations state that all organizations providing down payment assistance reimbursed by the property seller “before, during, or after” that sale must cease providing grants on FHA loans by October 30, 2007, with the exception of the Nehemiah Corporation. Nehemiah is the beneficiary of a lawsuit settlement with Department of Housing and Urban Development in April 1998. The terms of that settlement will allow Nehemiah to operate until April 1, 2008. Ameridream was granted an extension to the new regulations until February 29, 2008.
Several similarly operated government grant programs were introduced in response to the IRS Revenue Ruling in May 2006. Their governmental status made them exempt from the IRS Ruling, but they are still affected by the HUD Rule Change. One such organization was The Grant America Program, which was conducted by the Penobscot Indian Nation and had been available to all homebuyers in all fifty states.
LEED for Old Homes
[youtube http://www.youtube.com/watch?v=ScRf8NV-aAU]Preserving the Past by Todays Standards
[youtube http://www.youtube.com/watch?v=n7TojvrYmB8]
Yesterday I was part of a home tour that was showing new clients the different areas of San Diego. On the tour we visited North Park, Golden Hills, Mission Hills, Normal heights and Hillcrest. I really love these areas. With the old architecture and great neighborhood feel, these parts of town have been have always been desirable locations for home buyers. As we were popping in and out of homes it dawned on my that I should do a little piece on San Diego’s older neighborhood home styles….
The Craftsman Style
Craftsman’s Style homes can be found all through out the older hoods of SD, for example the majority of North Park and South Park are craftsman. The big surprise from yestrdays tour was the Golden Hills area. I don’t spend a lot of time here but after yesterday my radar is definitely on for this neighborhood.
Some signs of Craftsman Style Homes include…….
[youtube http://www.youtube.com/watch?v=Rkg_FMNsbD4&w=480&h=390]Signature Inviting Porch
Typically a battened door with wrought-iron strap hinges welcomes guests paired with the signature wide, inviting porch unique to Craftsman style homes. The front porch typically spans the width of the front exterior facade supported by heavy square or round columns contrasting the bold exterior stone chimneys.
Details Increase Functionality
Inside, Craftsman style homes offer airy open floor plans with few hallways but lots of windows to let in light. Stained or leaded glass windows provide a special touch while beamed ceilings, dark wood wainscoting moldings, built-in cabinets, shelves and seating create a cozy welcoming retreat for family activities and casual entertaining.
Low-Slung Roof
Related to Bungalow, Prairie, and Pueblo homes, Craftsman style house plans feature wood, stone or stucco siding, a low pitched roof, and wide eaves with exposed wood rafters. The low-slung roof; often with multiple projections gives the home a “built-in” feel.
