Tuesday, September 30, 2008

Santee Open House

Join me on Sunday for an open house at 7962 Woodpecker Way in Santee.

Do you know someone looking for an affordable, updated, move in ready home? Bring them by to take a look. This home is immaculate. The kitchen has been updated and the stainless appliances stay. Both baths have been updated as well. Other updates include, newer roof, windows, heat and AC. There is also a cozy fireplace. Outside, you will not believe this relaxing backyard and the spa stays. All of this and you are located on a quiet cul-de-sac.

Drop by and see for yourself on Sunday, October 5th, from 1:00-4:00. Call me if you need directions.

Monday, September 22, 2008

VA Home Loans

Daily Real Estate News | September 22, 2008
VA Loans Still Don't Require Down Payment

The U.S. Department of Veterans Affairs, whose loans remain one of the few no-down-payment options in this tight market, have made more than 162,000 home loan guaranties this year, an increase of more than 31 percent over the same period last year.

The VA has tried to streamline the loan process by allowing veterans to apply for a loan before they obtain a VA Certificate of Eligibility.

Once the borrowers have demonstrated that they are otherwise eligible, lenders can access the program's Web portal to use VA's online Automated Certificate of Eligibility (ACE) system and obtain the certificate for the veteran.

Many times, lenders can receive the certificate within seconds. The VA can process the application in less than 24 hours.

VA-guaranteed home loans are made to eligible veterans, service members, and surviving spouses through private mortgage lenders throughout the United States.

Source: U.S. Department of Veterans Affairs (09/21/2008)

Friday, September 12, 2008

Mortgage Rates drop to under 6! Are you excited!

Mortgage Rates Drop Below 6%

For the first time since early spring, mortgage rates have fallen below the 6-percent threshold.

Freddie Mac reports that 30-year fixed loans came in at an average of 5.93 percent this week, down from 6.35 percent a week ago and 6.31 percent at the same time last year.

A borrower taking out a $200,000 mortgage at 5.93 percent would pay $1,190 for monthly principal and interest payments, which is $54 less than the payments on last week's rate.

"Consumers see a five in front of mortgages, and they get excited," says Keith Gumbinger, a vice president at research firm HSH Associates.

Source: The Washington Post, Dina ElBoghdady (09/12/08)

Thursday, September 11, 2008

Buyers FYI

Daily Real Estate News | September 11, 2008
Mortgage Rates Drop--At Least for Some

In the days since the government assumed control of Fannie Mae and Freddie Mac, the 30-year fixed mortgage rate has dropped to about 6 percent, says HSH Associates.

While many borrowers are rushing to lock in the new rates, experts point out that only those borrowing less than $729,750--the new conforming loan limit--will qualify for the lower rates.

Moreover, with lenders implementing rules slated to take effect at Fannie Mae in 2009 that mandate 15-percent down payments, more borrowers will face a cash hurdle to secure financing.

Source: Los Angeles Times, Scott Reckard (09/11/08)

Tuesday, September 2, 2008

End in Sight for Seller-Funded Down Payments

Daily Real Estate News | September 2, 2008


Prospective homeowners have until Oct. 1, 2008, to use down payment assistance from a seller to purchase a house.

The Housing and Economic Recovery Act of 2008 signed into law in July bars such seller-funded aid on Federal Housing Administration-backed mortgages.

Lawmakers added the provision to the housing relief package because about 40 percent of FHA borrowers who went into foreclosure in the past year received down payment assistance from a seller.

However, some industry professionals are worried that the rule change will keep some buyers out of th market.

Scott Syphax, president of The Nehemiah Corp., which runs a privately funded down payment assistance program, cites a report by housing research firm Zelman & Associates.

The report found that 10 to 25 percent of potential home buyers will have no way of securing home ownership without seller-funded down payment assistance, and stated that the rule change will have far-reaching implications for the real estate industry at large.

Source: Augusta Chronicle (GA), Tim Rausch (09/02/08)

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