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FHA Loan without Mortgage Insurance – Yes! It’s Possible.

Yes it is possible to get a California FHA Loan without paying for the annual Mortgage Insurance (MI). While you will still pay the Upfront Mortgage Insurance Premium of 1.75%, the annual Mortgage Insurance Premium can be completely waived in one scenario. **This is changing starting June 3, 2013. Get the details on this blog post published on February 23, 2013.** FHA recently issued a Mortgagee Letter that confirms that the Annual Mortgage Insurance Premium will not be charged if a loan meets these 2 criteria: The Loan is a 15 Year Fixed…continue reading →

Bye Bye $729,750! Welcome Back $625,500 (Sigh!)

Bay Area Conforming and FHA Loan Limit goes down These loan amounts over $417,000 are known by several names like - Loan Limits for High Cost Areas, Super Conforming Loans, High Balance Loans or Conforming Jumbo loans. They are going down from the current $729,750 to $625,500. For the current loan limit of $729,750 the loan has to be closed by September 30, 2011 so no lender is accepting new applications anymore with that limit. The table below shows new loan limits for Conforming loans by both Fannie Mae and Freddie Mac. For…continue reading →

Carbon Monoxide Detector Requirements for California Residents

REQUIREMENT OF CARBON MONOXIDE DETECTOR IN HOMES In May of 2010, the State of California enacted a law requiring home owners to install carbon monoxide detectors in their homes. Although the bill was signed into law in 2010, California residents must have carbon monoxide detectors in their homes as of July 1, 2011 this timeline applies only to all residential units (SFR, Condo, PUD, Manuf., 2-4 Units) that have appliances that burn fossil fuels or homes that have attached garages or fireplaces. According to the Senate bill, the detector must sound an audible…continue reading →

San Jose Mortgage Rates Hit The Lowest Levels in 50 Years

San Jose Mortgage Rates - 30 Year Fixed, 15 Year Fixed and 5 Year ARM hit the Lowest Levels Freddie Mac today released the results of its Primary Mortgage Market Survey┬« (PMMS), showing San Jose mortgage rates, fixed and adjustable, reaching all-time record lows. This providing further incentive for those homeowners looking to refinance or to those renters looking to buy in the Bay Area and rest of California. The 30-year fixed averaged 4.15 percent, breaking the previous record low of 4.17 percent set November 11, 2010. Last week 30-year fixed-rate mortgage (FRM)…continue reading →

Santa Clara County Real Estate Market Report – July 2011

Should I buy a home now? It funny, back in 2006 and 2007 almost no one was asking that question. Instead, they were asking, How much home can I buy?Wrong question at the wrong time. Fast forward to today and buyers should be asking how much home can I buy and not should I buy a home now. Yes, I know, a real estate agent will always say yes when asked if its a good time to buy a home.But, today market offers an unprecedented opportunity. Let me explain. First, take Santa Clara…continue reading →

Bay Area Conforming and FHA Jumbo Loan Limits are Going Down

Bay Area Conforming and FHA Mortgage Jumbo Loan Limits are Going Down in less than 4 weeks. Watch the Video below that talks about the FHA and Conforming Jumbo Loan Amounts going down to $625,000 and how will that impact Mortgage Financing for Home Purchase/refinance and Real Estate Prices in the area. Be sure to contact me at 408.615.0655 should you need more information.continue reading →

National Home Values – What the Media won’t tell you

The real estate market still faces many challenges. High unemployment, foreclosures and other distress sales are keeping negative pressure on prices. This of course is good news if you are looking to buy as low rates and lower prices have brought affordability to record levels. How Affordable? - Since 1963, it has cost an average of approximately 43% of 'per capita' or individual income to finance the cost of a median priced home (20% down payment and prevailing 30 year fixed rate mortgage). Right now, it's only about half of that cost at…continue reading →

Arcus Lending and Shashank Shekhar get featured on Yahoo! News

Arcus Lending and Shashank Shekhar were both featured on Yahoo! News on Friday June 3, 2011 on an article about low Mortgage Rates in California. The article mentioned that Arcus Lending consistently quotes its clients Mortgage Rates lower than Freddie Mac reported rates. It also refers to a post written by Shashank which explains the reason behind falling mortgage rates. The same article was also carried by SF Gate.com an online version of San Francisco Chronicle. Here is the full post from Yahoo! News.continue reading →

3.50% HomePath Financing bonus coming to end in June

Fannie Mae HomePath Financing for California homes come with added bonus in June - 3.5% towards closing cost assistance. Thats right, Fannie Mae is paying 3.5% towards your closing cost if you close your transaction by June 30, 2011. HomePath financing is available for houses that are currently owned by Fannie Mae. To get a full list of properties that qualify for HomePath financing go to the official HomePath website. Benefits of HomePath financing: Only 3% down payment required for Primary Residence (this can come as a gift) Available to Investors too with…continue reading →

San Jose, CA Real Estate Market – Home Sales and Median Price up

Both the Median Price and Home Sales for Single Family houses were up in San Jose, CA real estate market in April, 2011 compared to previous month. However, on a year over year comparison both the values were slightly down. See the full report below. San Jose Condominium Market Report: The Condo market took a hit both on Number of sales and Median Price compared to March, 2011. However, compared to a year ago the sales was up 10.4%. Get the full report in the chart below. Note that the Real Estate is…continue reading →