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va loans: Allowable VS Non-Allowable Closing Costs a Veteran May Pay When Purchasing or Refinancing Using VA Financing in The SF Bay Area - 02/10/12 06:46 PM
I receive a lot of questions regarding what fees a Veteran is allowed and not allowed to pay in a real estate transaction in Alameda. Here is a summary of allowable and unallowable costs from one of the lenders I frequently work with.
ALLOWABLE CLOSING COSTS
A Veteran may pay any of the following reasonable closing costs and fees:
1% origination fee for purchase and cash-out loans, the origination fee is calculated using the total loan amount, including the financed funding fee For IRRRLs, the origination fee is calculated using the payoff minus any cash payments by the veteran, if applicable … (0 comments)

va loans: The Double Dip Recession of Real Estate Proven in Case-Shiller Report Alameda - 06/01/11 01:38 PM
Clearly this article is much longer than usual but the content is important...
Today I am floored.  All the gains of the real estate market we saw from the Bush administration are officially gone. Lately, in The Werdmuller Group's local market, Alameda, with somewhat of an emphasis on Harbor Bay Isle/ Bay Farm Island, I have seen huge losses in equity on properties I thought would appraise with no problem. Also, clients of mine who purchased in 2008, after the whole credit crisis thing had resided...mostly...have lost about 180K on a property they purchased for just under 600K.
I have been … (0 comments)

va loans: Can I Qualify For A VA Refinance If I Currently Have A Conventional Loan in San Francisco? - 05/13/11 02:04 PM
With home values still declining in the Bay Area many homeowners cannot take advantage of today's low rates on a home mortgage loan refinance. Values in the Bay Area are still declining and we see appraisal issues quite often when refinancing properties in San Francisco, Oakland and Alameda.
If you are an eligible veteran or member of the armed forces and currently have a conventional loan, then yes, you can refinance into a VA loan! In fact, we are working with a client here in Alameda, CA doing exactly this type of refinance, and the great news is he will be … (0 comments)

va loans: VA Refinancing Options for Eligible Homeowners in Alameda, CA - 04/15/11 06:19 PM
Here in Alameda, much of the higher priced real estate on Harbor Bay Island, or Bayfarm Island, has been hit hard recently by the market. Many pockets of the Bay Area are stable now, however, this higher priced area is losing equity.  We were able to help many of the Veteran Homeowners refinance and save their homes with a niche VA refinance product. We can go to 95% of the current appraised value and the best part is there is no Mortgage Insurance!
Now is an incredible time to refinance your home with a VA mortgage loan! You can take advantage … (0 comments)

va loans: How to Purchase a Home with a VA Loan in Alameda, CA - 04/13/11 02:32 PM
Alameda, Ca., We have seen a lot of military residents in Alameda and a lot of VA financing. How long?  Well here is a brief history of  "NAS Alameda"...
Congress approved $10 Million to develop a Naval Air Station here in 1938. The station commissioned on November 1, 1940, with a minimum of facilities.  It was April 25th 1997 the base saw the closing of NAS Alameda and on September 30th 1996 the Naval Aviation Depot closed.  Naval Air Station (NAS) Alameda had 60 Military tenant commands for a combined military/civilian work force of 18,000 personnel. In 1997 the base closed, … (1 comments)

va loans: Approved Property Types And Loan Limits For VA Loans in Alameda, CA - 03/30/11 04:58 PM
Alameda Ca. What property types are available for financing in the Bay Area? 
With VA mortgage loans, you are allowed to take out a loan on either the purchase of an existing home or for the construction of a new home.
However, VA mortgage loans are for primary residences only; you cannot purchase an investment property or second home with a VA loan as these property types are not eligible for VA financing.
A little known fact of a VA Loan is that you can purchase an owner-occupied 2-4 unit property and get 100% financing.  It is possible to live in … (1 comments)

va loans: VA Loan Requirements and Eligibility in Alameda, CA - 03/30/11 03:15 PM
Because of Coast Guard Island we see a lot of military in Alameda, Berkeley, Oakland, and Emeryville.  The funny thing is when it comes to home buying there seems to be a lot of confusion about VA Mortgage Home Loan Financing. A big question real estate agents frequently ask is:
"Who is eligible for VA financing?"
Here is a basic rundown on times of service pertaining to VA Home Loan Mortgage Eligibility:
Veterans and active duty military personnel who served during peacetime must have had more than 180 days of active service. Veterans of enlisted service starting after September 7, 1980, … (0 comments)

va loans: VA Mortgage Loans in Alameda, CA, a Piece of Island History - 03/23/11 06:35 PM
Alameda, CA is a town with a long military history. Since we have lived here, they have been trying to renovate about 1/3 of the main island which was base to the Coast Guard.
Just a little history.... originally known as Government Island, this artificial island was formed in 1913 by the dredging project that extended the Oakland Estuary to San Leandro Bay. The Coast Guard first came to the island in 1926 when it established Base 11. Through the years, there was much expansion and many improvements made to the area. In 1982, the Training Center was closed and Support … (0 comments)

va loans: VA IRRRL Mortgage Loan! Serving those that Serve! Alameda, Oakland, Berkeley, and all of California! - 06/01/10 05:51 PM
Know any Vets who purchased a home? Now is an incredible timfe for them, to refinance into a VA IRRRL.  Pricing is ridiculously low and the process is very straight forward.
"IRRRL stands for Interest Rate Reduction Refinancing Loan.  You may see it referred to as a "Streamline" or a "VA to VA."  Except when refinancing an existing VA guaranteed adjustable rate mortgage (ARM) to a fixed rate, it must result in a lower interest rate.  When refinancing from an existing VA ARM loan to a fixed rate, the interest rate may increase.
No appraisal or credit underwriting package is required … (0 comments)

 

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