CalHFA Allocates $700 Million to Assist Homeowners

The California Housing Finance Agency (CalHFA) today announced that it will develop innovative initiatives to use nearly $700 million in new federal funding to help California’s neediest homeowners struggling with mortgages payments remain in their homes. In addition to California, the funds will support efforts in Arizona, Florida, Michigan and Nevada. All five states have […]

Read More

San Jose Real Estate & Mortgage Rates Report 2/21/10

Your weekly dose of San Jose Mortgage Rates, Real Estate Trends and top Economy news. The week that was: Freddie Mac in its Primary Mortgage Market Survey reported that the 30-year fixed-rate mortgage (FRM) averaged 4.93 percent with an average 0.7 point for the week ending February 18, 2010. The 5-year adjustable-rate mortgage (ARM) averaged […]

Read More

San Jose Mortgages Rates & Market Commentary 02/08/10

Your weekly dose of San Jose Mortgage Rates and Market Commentary. The Week That Was: Freddie Mac in its Primary Mortgage Market Survey reported that the 30-year fixed-rate mortgage averaged 5.01 percent with an average 0.7 point for the week ending February 4, 2010, up from last week when it averaged 4.98 percent. The 5-year […]

Read More

Bay Area mortgage rates for 5 Year ARM sinks below 4%

The Mortgage Rates for a 5 Year adjustable rate mortgage (ARM) sank to 4% (and lower in some cases)* yesterday for Bay Area homes. Freddie Mac average rates released on yesterday reported 5 Year ARM at 4.27% at 0.6 points. But the rate improvements later in the day has opened up great opportunities for home […]

Read More

New FHA Loan guidelines for San Jose Condominiums

Some major changes went into effect today for FHA loans on San Jose & rest of the Bay Area Condominiums. I. Elimination of Spot LoanĀ Approval Process If a condo project was not approved by FHA, a “spot approval” was allowed just for financing one unit. This process has been eliminated as of today. Now […]

Read More

San Jose Mortgage Rate & Market Commentary 02/01/10

Your weekly dose of San Jose Mortgage Rates and Market commentary. The Week that was: Freddie Mac reported in its Primary Mortgage Market Survey that 30-year fixed-rate mortgage (FRM) averaged 4.98 percent with an average 0.6 point for the week ending January 28, 2010, down slightly from last week when it averaged 4.99 percent. The […]

Read More

Bay Area Mortgage Rates set to go up because of Fed actions

The Fed’s statement today does not augur well for Bay Area Mortgage Rates. The Fed’s policy-setting committee stuck to a plan to end its purchases of mortgage securities by the end of March. Background – The program to purchase agency mortgage-backed securities (agency MBS) was announced by the Federal Reserve on November 25, 2008. On […]

Read More

San Jose Mortgage Rates & Market Commentary 1/24/10

Your weekly dose of San Jose Mortgage Rates and Market commentary. The week that was: Freddie Mac reported in its Primary Mortgage Market Survey that 30-year fixed-rate mortgage averaged 4.99 percent with an average 0.7 point for the week ending January 21, 2010, down from last week when it averaged 5.06 percent. The 5-year adjustable-rate […]

Read More

Changes to FHA Down Payment, Credit Score and Seller Contribution requirements

FHA announced a series of changes to their Down Payment, Credit Score, Seller Contribution and Mortgage Insurance guidelines. Credit Score/DownPayment Guideline Change : New borrowers will now be required to have a minimum FICO score of 580 to qualify for FHA’s 3.5% down payment program. New borrowers with less than a 580 FICO score will […]

Read More

Increase in FHA Mortgage Insurance for Bay Area Home Loans

FHA today increased it’s upfront mortgage insurance premium requirements for Bay Area FHA Home Loans. Upfront Mortgage Insurance is the money that FHA collects at the time of closing a mortgage to insure the loan against default. Currently, this premium is 1.75% for most purchase and refinance transactions. However, effective April 5, 2010, FHA will […]

Read More

Grab our complimentary eBooks

Download eBook

Download Ebook

Download eBook

Download eBook