mendocinocounty: Can you really save enough money to keep up? - 09/15/16 01:12 AM
Why do borrowers think that they must have a 20% down payment to buy a house? Where did they learn that from? If you are in the real estate industry, it is important that we are educating the home buying community on the programs that exist today that allow them to get into a home for -0- money down in rural areas and 3% down in all other areas. 
In my lending area of #NorthernCalifornia, and more specifically, #UkiahCalifornia, USDA Rural Development works for every property. If you are not aware of this program,  it doesn't require a down payment. But, i am … (2 comments)

mendocinocounty: VA Loan Benefit: A gift that keeps giving! - 04/07/16 12:18 AM
Honorably discharged veterans are able to purchase a home using their VA benefit with -0- down payment up to $417,000. But did you know that a veteran can use this benefit over and over and over again?
As long as the loans are paid in full at the time the veteran sells the home,  the veteran can use the VA benefit to purchase real estate continuously over their life time. 
The difference is that on the first time use of this benefit, the VA funding fee (cost to use the program) is 2.15% of the loan amount. On future loans, the VA funding fee is increased … (1 comments)

mendocinocounty: Are You Pre-Qualified? - 03/14/16 01:50 AM
Spring is almost here and it is one of the busiest times of the year in the real estate markets. As a potential home buyer, one of the first questions a good real estate agent will ask you is:
"have you met with a lender? AND, what have you been pre-qualfied to purchase?"
Showing property you cannot afford to purchase isnt going to be helpful in your agent helping you achieve your dream. It is easy to know what you can afford. There are many good lenders who can, in a matter of 20 minutes, review your credit and income and tell you … (0 comments)

mendocinocounty: GSFA Grant Program for California - 02/16/16 05:29 AM
Looking for a down payment assistance program that gives free money? The Golden State Finance Agency offers grants (it does not have to be paid back) for use for down payment. Grant amounts can range from 3%-5% of the sales price of the loan and interest rate will depend on the grant amount plus credit score. 
Today, February 16th, 2016, rates for a 4% grant with a 660+ credit score is 4.125% on an FHA loan. Assuming that FHA requires a 3.5% down payment, one could have their entire down payment requirement handled with the GSFA grant. 
In #Ukiah, California, it is very … (0 comments)

mendocinocounty: Taking Care of Ourselves - 02/01/16 01:43 AM
It's hard to be a rock star real estate agent or mortgage originator, if one is not taking care of themselves. This means, at least to me, physically, mentally, emotionally and spiritually. If any of these are out of balance, then i find it very hard to focus 100% on the business in front of me.
As hard as I work on marketing, sales, relationsip building, etc., i also work on taking care of body and my soul!
When i go to the gym, or a bike ride or a hike, when i help someone else out, when i deal with the issues … (3 comments)

mendocinocounty: Existing Home Sales Report..What if We Had Inventory? - 01/25/16 12:44 AM
The Existing Home Sales report that came out last Friday, showed an increase over the previous month. Some think this is becuase of TRID delay in the closing of transactions. I wonder that that report would be if every buyer i have in my database could actually find a home and buy it? 
Becauase of the lack of inventory and the price appreciaion, i have propsect that will never convert to a homebuyer! Prices are now getting out of the range of many home buyers who have been actively seeking to find something for months. What is the solution? More new housing … (0 comments)

mendocinocounty: Are the markets in a bubble? - 01/14/16 12:43 AM
I was listening this morning to one of the financial channels on TV and some real estate guru was talking about markets that have been appreciating to such a degree that they may be reaching a "bubble"! 
This got me to thinking about #Ukiah, California, and the surounding areas of #Willits, California and #Lake County, California. These are the areas that i work in. I have seen values in these areas climb 50-60% since the bottom of the market in 2011. The cost of housing in these areas are now pricing many borrowers out of the market. 
However, there is still not enough inventory to satisfy … (2 comments)

mendocinocounty: Is Saving $17 Per Month Worth Taking A Risk? - 10/12/15 02:31 AM
Is Saving $17 Per Month Worth Taking A Risk? That's the title to this blog and refers to borrowers who disregard a realtors referred lender of choice, all in saving 1/8 to the rate. Yep, on a $250,000 loan amount (the average loan size for Ukiah, CA. in Mendocino County, CA.)  the difference between 3.875% and 4% is $17 per month. I spend more on coffee at my favorite coffee place on a weekly basis, but yet many a home buyer will risk their home buying process to somebody they meet online, and never will meet in person and most likely … (0 comments)

mendocinocounty: Values on the rise but wages are not. - 08/28/14 01:25 AM
As I was watching CNBC this morning, Charles Biderman was discussing how stock prices have gone up dramatically while wage growth has only gone up 3% a year. That got me to thinking that if real estate prices are rising 15-20% in some areas, an wages are only rising 3%, we are going to have an issue with affordability. 
In some of the larger urban areas, like San Francisco and San Jose, CA., salary and net worth are substantially higher. I suspect they will be able to maintain the apprecation of values. However, in some of the smaller rural areas, this is going to be … (0 comments)

mendocinocounty: Market Has Slowed. What Does It Mean? - 08/27/14 05:01 AM
In my area of Ukiah, CA. which is in Mendocino County, CA. (Northern California) we are finding that buyer activity has slowed. What does it mean? That is the question that was being discussed today at a meeting of the local realtor chapter. I have given some thought to this and perhaps it's nothing more than summer slow down. Last summer home sales also slowed during this same time frame and then picked back up in the fall after the kids were back in school. 
The other thought that I have is that home values have risen so much over the … (1 comments)

mendocinocounty: Co-Branding With A Realtor And Sharing Advertising Cost- - 08/25/14 07:37 AM
Co-Branding with a real estate agent is a good way to generate leads and solidify a referral relationship.  I am sharing the cost of advertising on a web site in Ukiah, CA. and so far the realtor has generated a few leads or enough interest to pay for the cost of the advertising.
Part of the process is  what web site to advertise on, how much do you want this to cost you and what is your expectation? We both agreed to pay for some AdWord advertising on Google and so far the realtor seems to be pleased by the results. My … (0 comments)

mendocinocounty: Social Media. Is the Hype Worth It? - 08/21/14 02:53 AM
I do wonder if the Hype about Social Media is way overblown? I post to all the usual outlets but question whether it is a waste of time or if someday I might actually get somebody who says to me "found you on Google + or Facebook!" I am easily found if somebody types in certain key words but I think i have only had one borrower ever say to me "found you on the internet". All other referrals are usually from a realtor. I have been spending a bit more time reading about social media so perhaps I will be … (1 comments)

mendocinocounty: In Ukiah, CA. You Need To Be Pre-Approved For A Loan To Buy A Home - 08/20/14 02:16 AM
In Ukiah, CA. You Need To Be Pre-Approved For A Loan To Buy A Home
When shopping for a loan in Ukiah, CA, it is important that you have been Pre-Approved for a mortgage loan. The market is very competetive and if you havent been Pre-Approved your offer will no doubt NOT be accepted by the seller.
It is also important that you use a local lender. Ukiah, CA. is in Mendocino County, CA.  and this area, because of rural property, has many more lending issues than a typical home in a subdivision in an urban area. Getting Pre-Approved by a … (0 comments)

mendocinocounty: Rates are great unless your credit score is 640 - 08/15/14 07:48 AM
A reminder to everyone that not every borrower gets the same rates. On a conventional loan, if you have a credit score of 640 there is a cost for this. The LLPA depends on the loan to value. I am doing a loan now and this borrower who is doing a cash out refinance loan is going to pay an extra .25 to the rate because of the credit score. Sometimes you can pay down debt and do a "rapid-rescore" to increase the credit score and get a better rate. Next time your borrower is faced with this issue ask the … (2 comments)

mendocinocounty: Housing Recovery In California #Ukiah, #Willits, #MendocinoCounty - 08/16/13 04:49 AM
Then number of home sales in California for the month of July,  surged 17% over June with 48,000+ existing homes changing hands. The July sales figure were the highest for any July since 66,929 homes sold in July 2005!
The median price paid for a home in California in July was $363,000, 3.1 percent above the June median of $352,000 and up 29.2 percent from 12 months earlier when the median was $281,000. July marked the 17th consecutive month in which the median price rose on an annual basis. The highest median in the state was recorded in March, April, and … (0 comments)

Rick Costa, FHA/VA/USDA expert (Primary Residential Mortgage Inc. NMLS 3094)

Rick Costa

FHA/VA/USDA expert

Ukiah, CA

More about me…

Primary Residential Mortgage Inc. NMLS 3094

Address: 704 East Perkins Street STE E, Ukiah, CA, 95482

Mobile: (707) 529-3374



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