VA Loans – The Veteran’s Best Friend!
No Down Payment required to $697,500!
Maximum Seller Contributions may exceed 6%!
100% Gift Funds Allowed!
No Minimum Reserve Requirements!
Not Limited to First Time Homebuyers!
Reservists Qualify for VA Benefits!
Quick Closings!
* The seller must pay all escrow fees and non allowable charges. In a $400,000 transaction this
will total about $3,000
* The seller may pay 4% over and above all the closing costs. Closing costs are not counted
towards the 4% seller contribution. This means the seller may pay all of the closing costs and
up to 4% towards discount points or the VA funding fee. This is the classic “VA No-No”
* The appraisal must be done by a VA approved appraiser. If the property does not appraise, the
borrower may cancel escrow with no loss of deposit.
* Repairs requested by the appraiser must be completed and re-inspected before closing.
* Termite report and clearance is always required for VA approval.
* Non occupant borrowers are not permitted to help the borrower qualify.
* Borrowers must occupy the property. No investment property purchases allowed. VA is often
confused as a “first time homebuyer” program, but this is not the case. VA borrowers may own
other property as long as the subject property will be owner occupied
* VA loans can be closed quickly. They don’t take longer to close than conventional loans.
* VA loans are assumable -
* Condos must be on the VA or FHA approved list.
* Condos must have 51% owner occupancy or greater, and 90% of the units must be sold and
closed. Some exceptions to the sold and closed ratio can be made for newly constructed
projects.
* To get a condo project approved, the loan officer must obtain a completed condo cert, and the
seller will have to provide CC&Rs, HOA Budget, By-Laws, and Articles of Incorporation.
If you would like more information regarding VA or other loans, feel free to call Patti Matta.
Patti Matta
858-831-0083 x104
Sr. Mortgage Advisor
Your Government Loan Expert!
Friday, October 24, 2008
Thursday, October 23, 2008
List of lenders who are participating in HOPE for homeowners program
List of Lenders Who Are Participating in the HOPE for Homeowners (H4H) Program
NOTE: Homeowners, contact your existing lender and/or a new lender to discuss how you may qualify for the H4H program.
The lenders listed below have indicated an interest in refinancing loans under the HOPE for Homeowners program. When contacting any of the lenders listed below, you are strongly encouraged to contact your servicing lender and any subordinate lien holders since their participation is vital for you to refinance into a HOPE for Homeowners mortgage. It is important to remember that the HOPE for Homeowners program is voluntary and your servicing lender may offer different solutions for avoiding foreclosure.
If you are experiencing difficulty in communicating with your current servicing lender and/or subordinate lien holders, you may wish to contact a housing counseling agency to ask for advice and assistance in reaching a mutually agreeable solution for avoiding foreclosure.
To view the list of lenders who are participating in the HOPE for Homeowners program click on the link below. Your browser will open an Excel Spreadsheet.
http://portal.hud.gov/pls/portal/docs/PAGE/FHA_HOME/LENDERS/LIST_OF_LENDERS_WHO_ARE_PARTICIPATING_IN_THE_HOPE_FOR_HOMEOW/LIST%20OF%20H4H%20PARTICIPATING%20LENDERS.XLS
The H4H Lender List was updated on October 17, 2008. We will refresh the list on most Fridays.
NOTE: Homeowners, contact your existing lender and/or a new lender to discuss how you may qualify for the H4H program.
The lenders listed below have indicated an interest in refinancing loans under the HOPE for Homeowners program. When contacting any of the lenders listed below, you are strongly encouraged to contact your servicing lender and any subordinate lien holders since their participation is vital for you to refinance into a HOPE for Homeowners mortgage. It is important to remember that the HOPE for Homeowners program is voluntary and your servicing lender may offer different solutions for avoiding foreclosure.
If you are experiencing difficulty in communicating with your current servicing lender and/or subordinate lien holders, you may wish to contact a housing counseling agency to ask for advice and assistance in reaching a mutually agreeable solution for avoiding foreclosure.
To view the list of lenders who are participating in the HOPE for Homeowners program click on the link below. Your browser will open an Excel Spreadsheet.
http://portal.hud.gov/pls/portal/docs/PAGE/FHA_HOME/LENDERS/LIST_OF_LENDERS_WHO_ARE_PARTICIPATING_IN_THE_HOPE_FOR_HOMEOW/LIST%20OF%20H4H%20PARTICIPATING%20LENDERS.XLS
The H4H Lender List was updated on October 17, 2008. We will refresh the list on most Fridays.
10 Ways to Increase Property Values
With home prices down, anything you can do to increase your property value can really help. Here are 10 things you can do to increase what your home is worth.
RISMEDIA, Oct. 23, 2008-Homeowners play an important part not only in how their home is perceived by prospective buyers, but also its actual appraised value. To help sellers better maximize their profit potential, Robert Jenson, CEO of luxury Las Vegas realty The Jenson Group at RE/MAX CENTRAL, offers 10 tips for readily increasing a home’s worth:
1. Paint the exterior - A fresh coat of paint can give even a relatively new home a much needed facelift, and can often be done for as low as a few thousand dollars. Select a neutral tone that is consistent with other residences in the neighborhood. Also be sure to pay close attention to eaves, gutters and drains that may also need painting.
2. Complete all needed repairs - To maximize a home’s worth, it should be in good condition both inside and out. Don’t wait until there is an offer on the home. Hire an inspector now, and fix any and all problems, such as roof deficiencies, leaky plumbing and electrical concerns.
3. Purchase a home warranty - Establish peace of mind that comes with knowing a home and its contents are adequately covered in the event of a loss. A transferrable home warranty protection plan can provide added security to the home owner - and buyer - in this regard.
4. Furnish the home to sell - Appeal to the buyer’s emotion. Furnishing a home can go a long ways to getting your home sold, actually increasing the odds of it selling. Give buyers the option to procure the property with or without furnishings, and have a pre-established sale price set for either scenario.
5. Upgrade front yard landscaping - Curb appeal plays a big role more so than people realize. Potential buyers driving the neighborhood may never call on the For Sale sign, if your home doesn’t look appealing from the outside. As well, buyers waiting for their Realtor to show up will often spend a good amount of time critiquing the landscaping while waiting. In addition to purposeful foliage, add landscape lighting and a weather and soil moisture-based landscape irrigation scheduling device to boost value even more.
6. Create a quick kitchen makeover - Kitchens are one of the number one room in the home where you’ll get the most bang for your remodeling buck. Countertops and appliances are the quickest fix, as are faucets, fixtures, door knobs and other easily changed items that can have a large impact on the space.
7. Think spa, not bathroom - The master bath is an important a factor in a home’s worth. Think spa, or private sanctuary, where the master bath is concerned. A space meant to be relaxing, rejuvenating and more. Give buyers something to be excited about with upgraded faucets, fixtures, lighting, cabinetry, mirrors and the like. Then dress it up with plants, candles and other inexpensive, high impact décor.
8. Install soft and hard window treatments - There’s nothing more boring than a plain window. Take advantage of this easy opportunity to give the home’s interior design more impact, while also increasing the home’s actual worth. In addition to “hard” treatments such as blinds and shutters that offer privacy, also add soft treatments hung from decorative fixtures, which can alter the appeal of a room entirely. Look to a professional to ensure the best outcome.
9. Replace carpet rather than just cleaning - Rather than simply steam cleaning old, used carpet, replace it with fresh, neutral-toned carpet with an upgraded pad for an extra luxurious feel. Spending the extra money on new carpet will really make your home stand out from the crowd, in sight, feel and even smell.
10. Don’t overlook your closets - The better organized a closet, the larger it appears and the better it reflects on a home overall. Now is the time to box up those unwanted clothes and shoes and donate them to charity. Then, invest in a closet organization system - either by a professional or self-installed - which will positively impact an appraisal.
RISMEDIA, Oct. 23, 2008-Homeowners play an important part not only in how their home is perceived by prospective buyers, but also its actual appraised value. To help sellers better maximize their profit potential, Robert Jenson, CEO of luxury Las Vegas realty The Jenson Group at RE/MAX CENTRAL, offers 10 tips for readily increasing a home’s worth:
1. Paint the exterior - A fresh coat of paint can give even a relatively new home a much needed facelift, and can often be done for as low as a few thousand dollars. Select a neutral tone that is consistent with other residences in the neighborhood. Also be sure to pay close attention to eaves, gutters and drains that may also need painting.
2. Complete all needed repairs - To maximize a home’s worth, it should be in good condition both inside and out. Don’t wait until there is an offer on the home. Hire an inspector now, and fix any and all problems, such as roof deficiencies, leaky plumbing and electrical concerns.
3. Purchase a home warranty - Establish peace of mind that comes with knowing a home and its contents are adequately covered in the event of a loss. A transferrable home warranty protection plan can provide added security to the home owner - and buyer - in this regard.
4. Furnish the home to sell - Appeal to the buyer’s emotion. Furnishing a home can go a long ways to getting your home sold, actually increasing the odds of it selling. Give buyers the option to procure the property with or without furnishings, and have a pre-established sale price set for either scenario.
5. Upgrade front yard landscaping - Curb appeal plays a big role more so than people realize. Potential buyers driving the neighborhood may never call on the For Sale sign, if your home doesn’t look appealing from the outside. As well, buyers waiting for their Realtor to show up will often spend a good amount of time critiquing the landscaping while waiting. In addition to purposeful foliage, add landscape lighting and a weather and soil moisture-based landscape irrigation scheduling device to boost value even more.
6. Create a quick kitchen makeover - Kitchens are one of the number one room in the home where you’ll get the most bang for your remodeling buck. Countertops and appliances are the quickest fix, as are faucets, fixtures, door knobs and other easily changed items that can have a large impact on the space.
7. Think spa, not bathroom - The master bath is an important a factor in a home’s worth. Think spa, or private sanctuary, where the master bath is concerned. A space meant to be relaxing, rejuvenating and more. Give buyers something to be excited about with upgraded faucets, fixtures, lighting, cabinetry, mirrors and the like. Then dress it up with plants, candles and other inexpensive, high impact décor.
8. Install soft and hard window treatments - There’s nothing more boring than a plain window. Take advantage of this easy opportunity to give the home’s interior design more impact, while also increasing the home’s actual worth. In addition to “hard” treatments such as blinds and shutters that offer privacy, also add soft treatments hung from decorative fixtures, which can alter the appeal of a room entirely. Look to a professional to ensure the best outcome.
9. Replace carpet rather than just cleaning - Rather than simply steam cleaning old, used carpet, replace it with fresh, neutral-toned carpet with an upgraded pad for an extra luxurious feel. Spending the extra money on new carpet will really make your home stand out from the crowd, in sight, feel and even smell.
10. Don’t overlook your closets - The better organized a closet, the larger it appears and the better it reflects on a home overall. Now is the time to box up those unwanted clothes and shoes and donate them to charity. Then, invest in a closet organization system - either by a professional or self-installed - which will positively impact an appraisal.
Wednesday, October 22, 2008
Try again to modify your loan!
Have you tried to modify your loan with your current lender but didn't have any luck? Maybe you should try again.
Daily Real Estate News | October 22, 2008
Mortgage Workouts Increase as Banks Ramp Up
Banks, faced with rising foreclosures, government pressure and economic realities, are growing more willing to modify loans to keep borrowers out of foreclosure.
More than three million U.S. homeowners over the last 15 months have either received loan modifications or are involved in programs where that will be the result.
* About 2.26 million mortgages have been modified under the Hope Now program, an alliance of mortgage servicers, counselors and investors.
* An estimated 400,000 homeowners are expected to participate in a new Federal Housing Administration program that allows borrowers in trouble to refinance into a 30-year FHA loan.
* Nearly 400,000 borrowers whose loans came from Countrywide Financial will be refinanced through new owner Bank of America as part of an agreement resulting from a class action lawsuit.
Source: USA Today, Stephanie Armour (10/22/2008)
Daily Real Estate News | October 22, 2008
Mortgage Workouts Increase as Banks Ramp Up
Banks, faced with rising foreclosures, government pressure and economic realities, are growing more willing to modify loans to keep borrowers out of foreclosure.
More than three million U.S. homeowners over the last 15 months have either received loan modifications or are involved in programs where that will be the result.
* About 2.26 million mortgages have been modified under the Hope Now program, an alliance of mortgage servicers, counselors and investors.
* An estimated 400,000 homeowners are expected to participate in a new Federal Housing Administration program that allows borrowers in trouble to refinance into a 30-year FHA loan.
* Nearly 400,000 borrowers whose loans came from Countrywide Financial will be refinanced through new owner Bank of America as part of an agreement resulting from a class action lawsuit.
Source: USA Today, Stephanie Armour (10/22/2008)
Tuesday, October 21, 2008
Home Sales Skyrocket in Southern California
Daily Real Estate News | October 21, 2008
Home sales in southern California rose 65 percent in September compared to the same month a year ago.
A total of 20,497 new and existing houses and condominiums sold last month in Los Angeles, Riverside, San Diego, Ventura, San Bernardino, and Orange counties. It was the largest increase MDA DataQuick has recorded in the 20 years it has been keeping records, the company said Monday.
The increase was fueled by foreclosures, which drove down prices, MDA DataQuick said, pushing the median price down 33 percent from a year earlier to $308,500.
Sales so far this month appear to have been slowed by bad financial news, says Andrew LePage, an analyst with MDA DataQuick.
Source: Bloomberg, Daniel (10/20/08)
Home sales in southern California rose 65 percent in September compared to the same month a year ago.
A total of 20,497 new and existing houses and condominiums sold last month in Los Angeles, Riverside, San Diego, Ventura, San Bernardino, and Orange counties. It was the largest increase MDA DataQuick has recorded in the 20 years it has been keeping records, the company said Monday.
The increase was fueled by foreclosures, which drove down prices, MDA DataQuick said, pushing the median price down 33 percent from a year earlier to $308,500.
Sales so far this month appear to have been slowed by bad financial news, says Andrew LePage, an analyst with MDA DataQuick.
Source: Bloomberg, Daniel (10/20/08)
Monday, October 6, 2008
Bank of America Will Modify Troubled Loans
Daily Real Estate News | October 6, 2008
Bank of America on Monday said it is launching a "home retention program" on Dec. 1 to modify troubled mortgages for nearly 400,000 customers of Countrywide Financial Corp.
Bank of America acquired Countrywide on July 1.
The program, which can reduce up to $8.4 billion in interest payments and principal, was developed in partnership with state Attorneys General to help borrowers that financed their homes with subprime loans or adjustable rate mortgages.
The goal is to "help as many Countrywide customers as possible stay in their homes," says Barbara Desoer, president, Bank of America Mortgage, Home Equity and Insurance Services.
The centerpiece of the program is a proactive loan modification process to provide relief to borrowers who are seriously delinquent or are likely to become seriously delinquent as a result of rate resets or payment recasts. For more information, visit Bank of America's Web site.
Source: Bank of America
Bank of America on Monday said it is launching a "home retention program" on Dec. 1 to modify troubled mortgages for nearly 400,000 customers of Countrywide Financial Corp.
Bank of America acquired Countrywide on July 1.
The program, which can reduce up to $8.4 billion in interest payments and principal, was developed in partnership with state Attorneys General to help borrowers that financed their homes with subprime loans or adjustable rate mortgages.
The goal is to "help as many Countrywide customers as possible stay in their homes," says Barbara Desoer, president, Bank of America Mortgage, Home Equity and Insurance Services.
The centerpiece of the program is a proactive loan modification process to provide relief to borrowers who are seriously delinquent or are likely to become seriously delinquent as a result of rate resets or payment recasts. For more information, visit Bank of America's Web site.
Source: Bank of America
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