In this post you will find the snapshot of the Santa Clara County Real Estate Market including Median Price, Homes for Sale and Inventory for February, 2011. Home Sales in Santa Clara County were up in February: Sales of single-family, re-sale homes continued to gain ground last month, rising 3.3% year-over-year. The 633 sales were the largest number of sales in February since 2007. The median price for single-family, re-sales homes in Santa Clara County was off 3.6% from last February. This is the fourth month in a row the median price has…
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San Mateo County Real Estate Market Report for February 2011
In this post you will find the Real Estate Market Report for San Mateo County. The report includes Sales, Median Price, Available Homes for Sale for Single Family and Condos. San Mateo County Home Sales were up in February 2011 compared to one year ago. Sales of single-family, re-sale homes rose for the third month in a row in February. Home sales were up 1.5% compared to February 2010. The median price for single-family, re-sales homes in San Mateo County fell, year-over-year, for the fifth month in a row. The median price was…
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California FHA Mortgage Insurance Premium goes up – AGAIN!
FHA recently announced an increase to the Annual Mortgage Insurance Premium on standard California FHA loan programs. This is a second increase in less than 6 months. FHA earlier increased Annual Mortgage Insurance Premium in October 2010. **The information to this post has been updated. Read our complete guide for FHA mortgage insurance premium for the latest information. Click here to go to that post.** Here are the 6 things you need to know about these changes: These changes are effective April 18th, 2011. The Annual Insurance Premium will increase .25% for standard…
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Changes to California FHA Streamline Refinance Loan Programs
FHA announced changes to California Streamline refinance transactions. The FHA issued Mortgagee Letter provides guidance on the changes as well as clarification on existing streamline refinance guidelines. *** To Read the Complete Guide on California, Washington and Oregon FHA Streamline Refinance and to request a mortgage rate quote go to my new blog post - https://www.mortgageblog.com/fha-loans-streamline-refinance-and-mortgage-rates-a-complete-guide/**** Here are the 6 things you need to know about these clarifications and changes: Borrower must be current on their mortgage for the month of closing AND the month prior to closing (The payment due the month…
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Mortgage Rates at the highest levels in 10 months – Over 5% Now
30 Year Fixed, 15 Year Fixed and 5/1 ARM California Mortgage Interest Rates continue to rise.According to Freddie Mac Primary Mortgage Market Survey® both long- and short-term mortgage rates rose last week too. 30-year fixed-rate mortgage (FRM) averaged 5.05 percent with an average 0.7 point for the week ending February 10, 2011, up from last week when it averaged 4.81 percent.15-year FRM this week averaged 4.29 percent with an average 0.7 point, up from last week when it averaged 4.08 percent.5-year adjustable-rate mortgage (ARM) averaged 3.92 percent this week, with an average 0.6…
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CalHFA helps California First Time Home Buyers to buy with 1% Down Payment
CalHFA 1st mortgage + CHDAP 2nd mortgage = 99% LTV or 1% downpayment loan for California First Time Home Buyers. Here's how it works: CalHFA (California Housing Finance agency) FHA loan offers financing up to 96.5%. California Homebuyer's down payment assistance program (CHDAP) provides a deferred payment junior loan (2nd mortgage) up to 3% of the purchase price; 2.5% of which can be used towards downpayment and the rest .5% can be used towards closing cost. See below: How to qualify for CalHFA FHA loan and the Downpayment Assistance Program: You have to…
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FHA extends 90 day flip rule for California Mortgages
FHA today extended the 90 day flip rule for California FHA Mortgage Loans. In an effort to continue stabilizing home values and improve conditions in communities experiencing high foreclosure activity, Federal Housing Administration (FHA) today extended FHA's temporary waiver of the agency's 'anti-flipping rule.' The extension announced today is intended to accelerate the resale of foreclosed upon homes in neighborhoods struggling to overcome possible property abandonment and blight. With certain exceptions, FHA regulations prohibit insuring a mortgage on a California home owned by the seller for less than 90 days. Early last year,…
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Will a good Rental Payment history improve your Credit Score?
Very soon a good Rental Payment History will help you improve your credit score. Experian recently announced, it is now incorporating positive rental data from its RentBureau Division into the traditional credit file, opening a new avenue for the estimated 50 million underbanked consumers which can include everyone from college students and recent graduates to immigrants to build credit with continuous on-time rental payments. Brannan Johnston, vice president and managing director, Experian RentBureau said Given that one-third of the U.S. population rents, we felt it was imperative to reflect the true creditworthiness of…
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How to calculate Debt-to-Income (DTI) Ratio For My California Mortgage?
Debt-to-Income (DTI) Ratio is one of the many new mortgage related terms many First-Time Home Buyers in California will get used to hearing. DTI is a component of the mortgage approval process that measures a borrower's Gross Monthly Income compared to their credit payments and other monthly liabilities. Debt-to-Income Ratios are designed to give guidance on acceptable levels of debt allowed by particular lenders or programs. There are actually two different Debt-to-Income Ratios that underwriters will review in order to determine if a borrower's monthly income is sufficient to cover the responsibility of…
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Is Mortgage Insurance (MI) Tax Deductible and other FAQs about MI
Is Mortgage Insurance (MI, also called Private Mortgage Insurance PMI) tax deductible in California? We will address this question and some other FAQs about Mortgage insurance in this post? Q. What is mortgage insurance (MI) tax deductibility and how does it work? A. The law provides for an itemized deduction on federal tax returns for the cost of private mortgage insurance paid by eligible borrowers. Prior to 2007, borrowers could not deduct the cost of their mortgage insurance payments. Now the law has been extended through 2011. (Update - Jan 2nd, 2013 -…
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