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down payment: Talking Points (vol.3) - 05/31/08 01:12 PM
Housing Market Conditions Favor Homebuyers
Home price affordability has improved dramatically...53.8% of all new and existing homes sold during the first 3 months of 2008 were affordable to families earning the median household income of $61,500. Three factors combined to substantially increase housing affordability: mortgage rates returning to near record low levels of a few years ago, a $2,500 rise in family income nationwide and lower house prices.
--Sandy Dunn, CNNMoney.com, May 21, 2008
There are many reasons for people to get into the housing market today, and very few reasons not to. With the plentiful supply of homes for … (1 comments)
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down payment: What is a 203k Rehab loan? - 04/24/08 01:45 PM
I really love this house, but it needs work...
The FHA 203(k) loan allows the buyer to finance the cost of improving an existing 1-4 unit property into 1 loan at a long term fixed or adjustable rate. The mortgage amount is based on the projected value of the property with the work completed (taking into account the cost of the work). All this jargon basically means you can buy the property and fix it up with 1 loan.
The FHA 203k program is used to make improvements to an existing property. They can be used to make simple up-grades … (3 comments)
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down payment: FHA Today - 03/07/08 03:31 PM
As part of the government stimulus package the new FHA loan limits will increase from $362,000 to $729,000 for LA and Orange County. What this means to buyers, and those who may be sitting on the fence, is that 2008 is the time to buy. Interest rates remain low, and this stimulus package is TEMPORARY. It is designed to get the economy back on its feet and stable. Be part of the market correction now while prices are low and inventory is high. You may not have been able to qualify in the past, and you won’t be able to again … (0 comments)
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Melissa Kiser, a next generation Realtor
Huntington Beach,
CA
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Star Real Estate
Address: Huntington Beach, CA, 92648
Cell Phone: (310) 489-8379
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