A New HomeBuyer Assistance Program in Millbrae

It’s sure been a while since I’ve seen anything like this one, so if you want to buy a new home and are in need of some financial assistance to do so, you just might want to check this out. If you qualify, there’s a $15,000 cash assistance program for you. There is a catch, though. Isn’t there always one? You must be buying a new condo at Belamor Millbrae Paradise and it must be done before November 30,2011.

Thinking of Buying a Home? There’s Going to be a Cost in Waiting: San Mateo CA

I like to work with several lenders and it allows me to refer our clients to different personalities and companies. We generally prefer working with a loan broker who has access to many different loan programs, rather than having a bank as the lender. You are stuck if you chose a bank and they don’t have any good programs for you. You’re at their mercy. Look for loan brokers. They offer so much more to their clients.

Loans Will Change on October 1 and Your Affordability Will Drop: Foster City CA

We are entering the most active time in real estate, the summer market. We don’t have a huge inventory of homes for sale any more and that means we are seeing multiple offers on the best of the best. San Mateo County has never seen a large surplus of housing. In fact, we have a shortage of housing for our communities which is why prices remain high. If you keep sitting on the fence, expecting prices to drop, you not only won’t see that but you won’t be able to buy as much as you can today. Short Sales and Foreclosures are around but not in large numbers

$4,320 Down to Buy a $432,000 Home, Really? : San Mateo CA

Thanks to the California Housing Financing Agency (Cal HFA), first-time home shoppers can finance the purchase of their home with just about the same amount of money needed for a security deposit and first month’s rent required to move into a rental home.

Cal HFA currently provides 1.0% down payment, below market interest rate financing along with a little closing cost assistance to help home buyers finance the purchase of their first home. This program combines the Cal HFA FHA 30 year fixed rate mortgage currently (as of December 17, 2010) at 4.0% (APR 4.81%) with the California Homebuyer Down Payment Assistance Program (CHDAP) simple interest, silent mortgage at 3.25% (APR 3.25%).

Low Mortgage Rates Improve Household Economics: San Mateo CA

One score and 19 years ago, 7.63% was the rate on a 30 year fixed, conforming mortgage. Today, mortgage interest rates sit a four decade low.. The chart below shows the 30 year fixed, conforming interest rate history from 1971—since the Federal Open Market Committee (FOMC) has been tracking this rate—to September 2010.

Attention FHA Buyers!!! BIG Changes are Coming October 4th – San Mateo, CA

After October 4, 2010 FHA financing becomes much more expensive for the borrower. If you are planning to use an FHA loan program to purchase a home or refinance your home, it’s economically prudent to move quickly to avoid the increase MIP expense.

San Mateo County is Seeing Short Sales But Are They Good Buys?

If a property is being sold as a Short Sale it means that the loan on the property is for more money than the property can be sold for. There is a shortage of funds due the lender. Sometimes a lender will forgive this amount and sometimes it will not. If the amount is forgiven it may not be a win for the seller because they may have to show this amount “forgiven” as income in their taxes the following year. It must be shown as income because it was money that was owed by the seller through a note to buy the property, but not paid back to the lender and the IRS looks at this as money in your pocket even though you never see the money.

New Disclosure Guidelines For Lending May Impact Your Closing Date – San Mateo, CA

It is now critical that your lender is consulted first about potential closing dates for the contract in order to set expectations for everyone involved in the agreement — that means the buyer, the seller, the lender and both Realtors representing the buyer and the seller. The minimum amount of time we need to plan on to complete the loan process is at least 30 days from the initial application.

What Are Credit Scores?

When a lender evaluates a loan application, a process called underwriting, they try to evaluate the ability and willingness of the potential borrower to repay the loan. The application the borrower fills out is sent to an underwriter, who is a real person and not a computer program. The underwriter then judges the borrowers ability to repay by reviewing the income and stability of past earnings.

HUD Allows First Time Home Buyers to Use Their Tax Credit at Closing

The Department of Housing and Urban Development (HUD) announced Friday its plan to allow first time home buyers who qualify for the federal income tax credit to get the money advanced to pay closing costs and additional down payment.  Buyers must use an FHA approved lender, like Mortgage California, and be able to put down…Read More »