Government announces principal reduction plans for underwater borrowers

The Government said last week it would offer principal reductions for borrowers who are underwater (owe more than their homes are worth.) The FHA plan is targeted at investors who currently own these underwater mortgages (see Negative Equity Share Chart below – source American Core Logic). Under the plan, the 1st mortgage holders would write […]

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San Jose Mortgage Rates & Economy Weekly Update

Mortgage Rates update for San Jose and rest of California. The week that was: A bad one for the rate markets. Mortgage rates increased 12 basis points while the 10 yr note jumped 16 basis points. The chart below would tell you how volatile the mortgage rates were on Thursday and Friday. After weeks of […]

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It’s official – CA $10,000 Home Buyer Tax Credit has been extended

On March 25, 2010 Governor Schwarzenegger signed Assembly Bill 183 which provides $200 million for home buyer tax credits. The $200 million will be divided between first-time homebuyers and “move up homebuyers. The following a summary of the legislation: The Tax Credit: Eligible purchasers may qualify for a credit against their state income taxes in […]

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How to claim your $8000 First Time Home Buyer Tax Credit

Here’s how you can claim your $8000 First Time Home Buyer Credit. The video that I created also talks about how a repeat buyer can claim the $6500 Home Buyer Credit. If you have any questions about Home Buyer Tax Credit watch this Video blog or contact me at shashank@arcuslending.com.

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$10,000 California First Time Home Buyer Tax Credit may be extended

As reported in my blog posted on Jan 14th the California governor is considering to extend the $10,000 First-Time Home buyer Tax Credit that expired last year. Here is the link to that blog post that gives you all the details – CA Proposes extension of $10,000 First-Time Home Buyer Tax Credit Download our FREE […]

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Stimulus Deadlines Threaten Rates and Affordability; Act NOW!

The great author and speaker Og Mandino once said, “I will act now. I will act now. I will act now.” This is great advice for prospective homebuyers over the next 45 days, as two key government programs that have kept home ownership more affordable than ever wind down to their completion. First, the Federal […]

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Overview of the Appraisal Process On A California Mortgage

One of the most critical parts of getting a California mortgage is Appraisal. The purpose of an appraisal is to confirm the sales price for the lender. What is an Appraisal? An appraisal is a professional estimate of the value of the property that you are planning to purchase. The person who does the appraisal […]

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9 Benefits of Home-Ownership

Home ownership is the greatest American Dream, is it not? Even in this era of record foreclosures, the percentage of U.S. households that now own, rather than rent, is an all time high. It’s not a surprise given several benefits of homeownership. Rent vs. Buy No Matter what you are currently paying for rent, your […]

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Fixed Rate vs Adjustable Rate Mortgage (ARM)

Whether you are buying a new home or planning to refinance, you may be asking the question – ARM vs Fixed mortgage rate – which one is better? When you are trying to make a decision on whether to take an Adjustable Rate Mortgage or a Fixed, you should consider two factors: How long you […]

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Documents needed for San Jose First-Time Home Buyer Mortgage Pre-Approval

As a San Jose First-Time Home Buyer you should get a mortgage pre-approval done before you start looking for a house. Pre-approval helps you in 3 ways: It lets you know how much mortgage you can qualify for. This will help you search for homes in the same price range It gives you an estimate […]

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