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first time buyer: 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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first time buyer: 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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first time buyer: Tips for consumers considering a bank REO - 04/14/08 01:41 PM
REO is an acronym for real estate owned and is industry jargon for foreclosure property repossessed by banks or lenders. If a bank or lender is the highest bidder at a foreclosure auction — or if no third party bids at the auction — the property reverts back to the lender and becomes an REO. REOs are owned by banks. Lenders go to great lengths to sell REOs. For banks, however, bank-owned homes are a liability. · First-time buyers will need to be pre-approved by one or more lenders.
· Don’t be surprised if the bank that owns the home requires that … (4 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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