Five Things First Time Home Buyers Don’t Know Being in our industry for so long, we forget that clients new to the home buying process really don’t know how things work. That is why Realtors and lenders working with first time home buyers must be willing and able to provide patient and generous education to these home dreamers along the way. I have found that by providing trusted guidance to first time home buyers, I create a lifelong client as their home needs change over the years. Here are five things that, surprisingly, first time home buyers don’t … (0 comments)
Re-use Materials for Property in Sonoma CountyRe-use of material for property in Sonoma County are parts of your earth-impact responsibility. When it comes to choosing materials for projects or repairs of a property, wise choices can help not only the environment but be easier on your pocket book too. Re-use materials for property in Sonoma County can be used for repairs, remodels and additions. When re-using materials, these products do not require the resources, shipping, and handling needed by newly produced materials. Re-used materials are less expensive than new, and often are of better quality. Though there is more … (0 comments)
95% LTV Available Again for Sonoma County Home Loans Genworth mortgage insurance company is now insuring and has made available financing up to 95% LTV home purchase loans in California and Sonoma County for specific conventional loan programs including Fannie Mae's My Community Mortgage and Freddie Mac's Home Possible financing. This is an improvement over the previous 10% down requirement for all conventional lending in any declining market. And all of California and Sonoma County had been deemed a declining market. There are some restrictions but the pricing is good (5.125% - 5.25%). An advantage of the … (0 comments)
sonoma county: Fast and Easy Rehab Loan for Sonoma County
- 09/21/09 04:54 AM
The Fast and Easy Rehab Loan in Sonoma County There is a great Fast and Easy Rehab Loan available in Sonoma County that will open up more inventory for your buyers and sellers. The FHA 203(k) rehabilitation loan is a bit complicated and expensive to use for the homebuyer who is not in the building trade, but the Fast and Easy Rehab Loan version this program is quick, easy to use, with a minimal fee ($250). This is exciting because our biggest challenge in Sonoma County right now is inventory in the less than $350k range. In the past, many … (0 comments)
sonoma county: Termite/Pest Reports for Sonoma County Real Estate Loans
- 09/14/09 04:26 AM
Termite Reports Here in Sonoma County Conventional and FHA lending does not automatically require a pest report. One major lender released policy change requiring pest report clearance it the report is included in the purchase contract. This has been the case off and on, but this may indicate a move back to the conservative blanket requirement of cleared pest items if the report is on the contract. Leaving the report off the contract or waiving the report are options to avoid termite clearance issues. Here are the details for one lender servicing Sonoma County. 1. A termite report and clearance … (4 comments)
sonoma county: Sonoma County Real Estate 2Q 2009
- 09/14/09 04:18 AM
Highlights from Sonoma County EDB 2nd Quarter Report The Sonoma County Economic Development Board releases quarterly local economic data for Real Estate. Statistical reports can be found at http://www.sonoma-county.org/edb/reports.htm. Here some highlights from the most recent report for Sonoma County. Sonoma County's median home price decreased in June by $85,000 (23.1%) on a year-over basis to $300,000. This price is down $275,000 (47.8%) from its June peak of $575,000 in 2006. The average number of property listings decreased as closed sales rose over the quarter. 69.2% of listed properties sold in June 2009, a roughly 23% decrease from the 92.0% … (0 comments)
sonoma county: FHA Anti-Flipping Rules Growing in Sonoma County
- 09/02/09 04:37 AM
The FHA anti-flipping rules are growing in popularity by lending investors and being adopted for both VA lenders and many conventional mortgages as more lenders are looking to protect themselves from financing property "flips". Here in Sonoma County where opportunistic investors are putting recently purchased homes on the market it is important to understand how many of these properties will be un-financable in traditional financing terms. The FHA rules are defined by HUD issued Mortgagee Letter 2006-1(http://www.nlihc.org/doc/MortgageeLetter2006-14.pdf). The anti-flipping rule established by HUD defines a flip as a property that is purchased by a speculator, and sold within 0-6 months, at a price … (1 comments)
sonoma county: HELOC for Contingent Purchase Financing in Sonoma County
- 08/31/09 03:28 AM
Sonoma County buyers can use HELOC (Home Equity Line of Credit) to finance a contingent purchase as long as they are well qualified to carry both property mortgages intially. This will allow the buyer to purchase a home with beneficial financing, while waiting for their current home to sell. Yes, home equity lines of credit (HELOC) are endangered, but not extinct. Evolved would be a better term for what these loans are now and how they are used. For an existing home owner, no-fee are available through local banks like Bank of the West here in Sonoma County. They are easy … (0 comments)
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