san diego real estate: VA Loans Are Getting Even Better!
- 03/03/09 05:47 AM
When it comes to great loan ooprtunites, VA definitely seems to be the way to go for anyone who qualifies. Well, just when I thought it couldn't get any better, it did! VA loan limits have now increased to $625,500 effective now! Here are just a few reasons why buyers choose to go VA: Generous loan limits (now $625,500) Zero-down loan options No private mortgage insurance payments (a BIG savings!) Fixed and Adjustable rate programs availalbe Flexible income, employment and savings requirements And just in case you are curious about monthly payments, here are a few purchase scenarios to whet your … (0 comments)
As many people are now aware, there is an $8,000 tax credit for first time buyers, thanks to the "stimulus" package that was recently signed.
In addition to this however, the state of California is also offering a $10,000 tax credit to people buying new construction homes. There is a healthy amount of paperwork to fill out, and "standard operating procedures" have yet to be established, so the best bet is to apply early before the money runs out.
The state has a budget … (0 comments)
san diego real estate: New FHA loan limits for San Diego County
- 02/25/09 08:36 AM
Like a proverbial yo-yo, the FHA loan limits have once again changed direction. The National Association of Realtors has been working in Washington DC to help the Federal Government structure the American Recovery and Reinvestment Act of 2009. As a result of its passage, today HUD published changes to FHA's single family loan limits. The new FHA loan limit for sinlge-family homes in San Diego County is $697,500. Download a pdf document with the San Diego limits here: Limits You can find the FHA loan limit for other areas at: https://entp.hud.gov/idapp/html/hicostlook.cfm.
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san diego real estate: California Foreclosure Update- February 2009
- 02/23/09 09:33 AM
Since the foreclosure market tends to drive the current housing market here in San Diego and Chula Vista, accurate information is key to udnerstanding what to expect in the coming months. Here are some of the key facts that I noticed in a recent report by Foreclosure Radar- a wonderful service to anyone looking into the foreclosure and pre-foreclosure market- (click here for instant Foreclosure Radar access). - From December '08 to January '09, Wells Fargo, (which recently purchased Wachovia) saw NOD fillings decrease 46% while JP Morgan/Chase/Washington Mututal saw declines at 49% for the same period. - Juxtaposed to that, … (0 comments)
san diego real estate: The Long & Skinny on Short Sales- Part 2
- 09/25/08 10:18 AM
I Am Ready To Short Sale My Home, Now What? Well, get prepared for a lot of paperwork, a lot of waiting, and a lot of paperwork. Then you will need to wait some more. Get the right agent Have a legitimate reason to short sale Be prepared to give a lot of documentation Be ready to take back a note and pay back the balance due to the bank- everyone is easier to work with when they get their money back. What Do I Look For In A "Short Sale Specialist?" Well, it seems today like every … (0 comments)
san diego real estate: The Long and Skinny on Short Sales- Part 1
- 09/24/08 11:41 AM
First of all, whoever came up with the term "short sale" should be cited for false advertising. The only thing "short" about a short sale tends to be the patience of everyone involved. As any buyer or agent that has been involved in any number of short sales can attest to, the process is usually long and arduous, and the rationale of the banks involved hardly rivals that of a two year-old trying to pontificate on the mysteries of the universe.
What is a "Short Sale?" A short sale occurs when a property is sold for less … (2 comments)
san diego real estate: Seven Steps to Your Almost-Perfect 9.9
- 09/19/08 10:28 AM
For numerous, perhaps countless numbers of reasons, home buyers today seem more hesitant than ever to pull the trigger when given the opportunity to buy a home that fits 99% of their criteria. Too many times, peope get frustrated with the home searching process becasue they can't find anything good. There is always something wrong with the property. Well, instead of looking for reasons to NOT buy a property, look at the reasons TO BUY IT. I'm not saying to buy everything you come across (and if you want to, you have my contact info) but if … (0 comments)
Yes for those wanting to buy a home for well under market value, put some money in and still have $60k in equity (even in today's market!), then this is for you! Be ready to buy everything except lower kitchen cabinets and the tile counters and the windows. Needs ALL flooring, cabinets, paint, bathroom fixtures, showers, tubs, toilets, towel holder, and yes, even toilet paper holders. You put a lot own or even apply for a renovation loan. Read about renovation loans in my other blogs. The previous owners were very thorough in the removal of items, and if … (0 comments)
san diego real estate: 30-Year Rates Now Under 6%!
- 09/15/08 01:38 PM
30-Year Rate Drops under 6%! As a relief to many home buyers, the average 30-year fixed rate fell from 6.35% to 5.93%. The 15-year rate fell almost half a percent as well anf the 5- year ARM rose slightly. Ed Kashmareck, economist for Wells Fargo & Company had this to say: "In the most recent survey period, long-term mortgage rates plunged after the government took over Fannie Mae and Freddie Mac. Generally speaking, mortgage rates track 10-year Treasury yields quite losely. However, while 10-year Treasury yields were little changed over the past week, the government's takeover of Fannie Mae and … (0 comments)
san diego real estate: Turn That Nightmare Dump into the Home of Your Dreams!
- 08/20/08 09:56 AM
Okay, so the title sounds a little "hip-hip horray!" but seriously, this is a wonderful tool to help buyers get the homes of their dreams that are in a nightmarish condition! The traditional way to get repairs and such done was to either ask for repair credit at close of escrow or put the cash into it your self. The problems with traditional funding are these: 1. Obviously more out-of-pocket expenses lowers your ability to buy if you have limited funds available (and by "your ability" I mean the ability of most buyers in the market). 2. Sellers don't like messing with … (0 comments)
san diego real estate: HUD Foreclosures offer GREAT opportunities for buyers!
- 07/24/08 05:33 AM
Here is how the HUD Foreclosures work and why it is turning out to be such a HOT opportunity in San Diego. A HUD Foreclosure takes place when a borrower on an FHA loan defaults and goes into foreclosure. FHA will purchase the loan back from the lender and pay them the amount of the loan. FHA then sells the property using an augmented auction process to the highest bidder. Here's the great part- the competition is virtualy ZERO! Why? First. The San Diego HUD foreclosure homes are not on the MLS for the first 30 days, so hardly anybody knows … (9 comments)
When it comes to great loan ooprtunites, VA definitely seems to be the way to go for anyone who qualifies. Well, just when I thought it couldn't get any better, it did! VA loan limits have now increased to $625,500 effective now! 
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