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
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.
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)
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)
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)
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)
Wednesday, September 10, 2008
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)
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)
Subscribe to:
Posts (Atom)
AddThis
