95% LTV in Bay Area Now Available on Conventional Loans

Borrowers in San Jose and rest of California may now get 95% Loan on Conventional Mortgages. The increased Loan to Value Ratio (LTV) is available on following programs: Freddie’s Home Possible (Fixed Rate only) FNMA MyCommunity (Fixed Rate, 5 yr ARM and 7 yr ARM) The Loan must meet the following criteria: Must be a […]

Read More

San Jose Weekly Mortgage Market Commentary 11/01/2009

The week that was: A good week for the interest rate markets. Mortgage interest rates declined about 10 basis points. Treasury once again successfully sold $123B of notes in four auctions. Consumer confidence measured by The Conference Board declined more than expected, implying consumers may not be as convinced of a recovery as the equity […]

Read More

Fannie Mae HomePath for Bay Area – No Appraisal or MI Required

Homepath was created to facilitate the purchase of the bulk of REO properties currently serviced/guaranteed by FNMA (Fannie Mae). Highlights: As little as 3% down allowed for owner occupied! As little as 10% down for non owner occupied and 2nd Homes! No Mortgage Insurance! No Appraisal Needed – Value determined by Sales Price You may […]

Read More

Senate close to extending First Time Home Buyer Credit

There has been a lot of buzz in the media over last couple of days about extension of First Time Buyer Credit. National Association of Mortgage Brokers (NAMB), National Association of Home Builders (NAHB) and National Association of Realtors (NAR), have been working with the Government for sometime now to extend the credit. Without the […]

Read More

Delay in FHA Condominium changes for Bay Area

On 10/21 FHA via it’s mortgagee letter announced delay in FHA condominium changes. This is what the letter mentioned: Implementation of FHA new policy guidance for condominium project approval and condo unit financing will be delayed until December 7th 2009.  The new guidance, to be issued within the next two weeks, will:  1) offer additional […]

Read More

San Jose Weekly Mortgage Market Commentary 10/25/2009

The week that was: Existing-home sales bounced back strongly in September with first-time buyers driving much of the activity, marking five gains in the past six months, according to the National Association of Realtors®. Existing-home sales including single-family, townhomes, condominiums and co-ops jumped 9.4 percent to a seasonally adjusted annual rate (SAAR) of 5.57 million […]

Read More

San Jose Weekly Mortgage Market Commentary 10/18/2009

The week that was: By the end of the week mortgage rates and treasury rates were basically unchanged. Now looking for mortgage rates to hold between 5.00% and 5.37% for the near term, that said, the technicals are now slightly bearish. Estimates for Loan Volume for 2010 & 2011 – The MBA is out with […]

Read More

FHA is changing guidelines for Condo in Bay Area

If you are planning to buy a Condo in San Jose or other parts of the Bay Area and planning to get an FHA loan keep reading. FHA has made some major changes to their condo guidelines and they go into effect as of Nov 2nd, 2009. Some of the highlights: Currently lots of condominium […]

Read More

San Jose Weekly Mortgage Market Commentary 10/11/2009

The week that was: Everything was ticking along fine in the bond and mortgage markets until Thursday afternoon when the 30 yr bond auction results saw much less demand than was expected. The first time in a few weeks the markets were slapped down on the belief there was no end in sight for demand […]

Read More

New changes to Conforming Loans for San Jose

Fannie Mae will change underwriting guidelines for conforming loans for San Jose and rest of the Bay Area. They are doing this to reduce their overall risk. Some of the changes announced recently and going into effect on the weekend of December 12, 2009 further tightens some of the guidelines. Here are the highlights: Credit […]

Read More

Grab our complimentary eBooks

Download eBook

Download Ebook

Download eBook

Download eBook