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LOS ANGELES, CA – 21 June, 2016 – Shawn Carvin, a Los Angeles mortgage banker with offices in Torrance, California, announced today the introduction of a free personalized education program designed to help more Los Angelenos purchase homes.

Mr. Carvin — a senior mortgage banker who oversees the Torrance, California branch location of Right Start Mortgage, Inc. — founded the program in response to a perfect storm of climbing home prices in the Los Angeles area, rising household debt levels, and changes in the mortgage industry which are expected to make it more difficult to qualify for a home loan in the second half of 2016 and beyond.

Los Angeles home prices growing more unaffordable

With the median sale price of homes in the greater Los Angeles area topping $600,000 in March and April of 2016 according to Zillow, only about 30% of area households can afford to purchase a median-priced home. Plus, homes valued at $1 million or more now comprise over 16% of the L.A. market — double the 8% of the market they made up in 2012. This rapid climb in home value has severely limited the supply of affordable housing.

Wages stagnate but debt levels increase

While home prices in Los Angeles have increased dramatically in the past few years, wages have remained relatively stagnant since the economic downturn of 2008 – 2009. And since 2009, consumer debt has risen. CardHub recently projected that U.S. household debt at the end of 2016 will approach $1 trillion, topping the previous record of $984 billion set in 2008.

Tougher mortgage underwriting standards

Until now, it has been common practice for prospective borrowers to get themselves ready to qualify for a mortgage by paying down any high credit card balances a few months prior to applying. But new Fannie Mae underwriting guidelines effective June 25, 2016 include the use of “trended” credit data. With this change, mortgage underwriters will see the running balance, minimum required payment, and the actual payment made for the last 24 months on each of the applicant’s credit cards.

Free Homebuyer Success Program

This confluence of factors prompted Mr. Carvin to create a program to educate and coach prospective home buyers on the steps they need to take to ready themselves to qualify for a mortgage and purchase a home.

Participants in the free homebuyer success program will receive an in-depth credit report and financial analysis from a licensed mortgage professional, along with personalized recommendations of concrete steps they should take to improve their ability to qualify for a mortgage.

“Our goal is to help people who want to buy homes get the best possible terms on their mortgage,” said Mr. Carvin. “We are uniquely qualified to help them understand the right steps to take in order to position themselves to buy their dream home as soon as possible.”

About Shawn Carvin

Shawn Carvin has been in the financial industry for nearly 30 years, more than half of that time spent in the mortgage industry. Shawn has closed loans in more than 25 states, and owned his own lending companies for eight years. Currently, he is federally (NMLS# 320041) and California licensed, and operates the branch location of Right Start Mortgage in Torrance, California.

In particular, Shawn is an expert in government-backed FHA and VA home loan programs which offer very attractive interest rates and affordable down payments to make the dream of home ownership a reality for more people in Los Angeles.

For more information, visit http://lahomeloanpro.com

About Right Start Mortgage, Inc.

Right Start Mortgage, Inc., founded in 1989, is a full service mortgage banking firm specializing in conventional, VA, and FHA residential mortgages.

Right Start Mortgage is approved to lend in Arizona, California, Colorado, Nevada, Oregon, Texas and Wyoming. Right Start Mortgage (RSM), California Department of Real Estate, DRE License No. 01044799, CO License #LMB100026079. WA Department of Financial Institutions WA License #CL-238087. RSM is not a State or Federal Government agency. Department of Corporations Finance/Lender #603B067. NMLS# 35960.

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