HARP Expanded Obama Refinance Program – Big Banks Sign Up

The expanded HARP (Home Affordable Refinance Program), also called Obama's Refinance Program is moving along. Bank of America, Chase, Wells Fargo and Citigroup all released statements last week in support of HARP 2.0. Get a HARP Rate Quote Now The Federal Housing Finance Agency had earlier announced the framework for the expanded HARP. Some of the guidelines include: The loan should currently be owned or serviced by Fannie Mae or Freddie Mac The loan should have closed before June 2009 No double dipping - so if you have already availed of a HARP…continue reading →

San Jose Real Estate Market Report – October 2011

San Jose Real Estate Single Family Market Report Both Median and Average Price went up for San Jose Single Family Market in October 2011 compared to September. But still remained lower compared to last year. However, number of sales was much higher than same month last year. The table below has more statistics: San Jose Real Estate Condominium Market Report Median Price for San Jose Condominiums remained almost the same compared to last month and also from the same month last year. Number of Condominium sales was up from last month and also…continue reading →

Just in – Expanded HARP Refinance program for California Underwater Mortgages

Federal Housing Finance Agency (FHFA) just announced that it is expanding it's HARP Refinance program for California and rest of the country for borrowers who are underwater on their mortgages. The plan, targeted at borrowers who hold loans backed by Fannie Mae and Freddie Mac, is the latest government effort to deal with a problem at the center of the economy's weak recovery -- a crippled housing market. Here are the highlights of the program: More than 125% LTV allowed. So if you owe more than 125% of the current house value, you…continue reading →

Breaking News : $729,750 Loan Amount for Conforming and FHA is Coming Back

Rejoice California Homebuyers and Home Owners - The $729,750 Loan Amount Limit for Conforming and FHA Loans could be coming back. These loan amounts were rolled back to $625,500 few weeks back. Bloomberg reported - The U.S. Senate adopted a measure that would raise the maximum size of a home loan backed by mortgage companies Fannie Mae, Freddie Mac and the Federal Housing Administration to $729,750. Senator Robert Menendez, a New Jersey Democrat, offered the increase as an amendment to a spending bill today. The measure was approved less than a month after…continue reading →

After a Free Fall, California Mortgage Rates Rise for 6 Consecutive Days

After falling below 4% for a 30 Year Fixed (the lowest on record), California Mortgage rates have started to climb up. For 6 days in a row Mortgage Backed Securities have gone down in value, thus increasing the Mortgage Rates. Last week Freddie Mac released it's weekly survey quoting the 30 Year Fixed National Average rate at 3.94% with 0.8 points and usual closing costs. However, in the latest Mortgage Bankers Association Data released this morning, the 30 Year Fixed loans for Conforming Mortgages (loan amounts under $417k) is being quoted at 4.25%…continue reading →

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 →