Holiday decorating 9-1-1

How to create a Chic, Easy, and Cheap holiday table setting in no time! So the big holiday countdown is on! It’s nine days before Christmas.  No matter what holiday you celebrate, chances are you will be hosting or attending some type of seasonal gathering. For those of you brave enough to be hosting the […]

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San Jose Weekly Mortgage Market Commentary 12/13/2009

The Week that was: The bond and mortgage markets were choppy, swinging on weak Treasury auctions (the 10 yr and 30 yr). Not much in the way of economic measurements but what there was were better than what had been expected. Retails in Nov were better than markets were looking for, the U. of Michigan […]

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Seller Rent Back on a Bay Area Purchase

In home purchase transactions in San Jose and rest of the Bay Area, there are many times when the buyer and the seller are simply unable to agree upon a specified closing date. The Real Estate Agent involved can negotiate a ‘rent back’ period that is agreeable to both parties. This means the transaction technically […]

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San Jose Weekly Mortgage Commentary 12/6/09

The week that was Oct existing and new home sales were much better than economists thought, the manufacturing sector better than thought, and auto sales stronger. The Nov employment report on Friday really shook things up; job losses only 11K with the unemployment rate lower, to 10.0% frm 10.2% in Oct and Sept. Interest rates […]

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2010 FHA Loan Limits for San Jose & Bay Area

Federal Housing Administration (FHA) today announced single-family loan limits for San Jose. These loan limits are effective for loans with credit approval issued on or after January 1, 2010 through December 31, 2010. One-Unit $ 729,750 Two-Unit $ 934,200 Three-Unit $ 1,129,250 Four-Unit $ 1,403,400 These loan limits are also available for the counties of […]

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San Jose Weekly Mortgage Market Commentary 11/29/2009

The week that was: The minutes from the 11/4 FOMC meeting were released. Fed’s minutes reiterated the Fed isn’t anywhere close to increasing interest rates. Fed governors and regional bank presidents predicted the jobless rate will range from 9.3% to 9.7% in next year fourth quarter. Oct personal income increased 0.2% and spending was up […]

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Affordability Index Dropping in Santa Clara – Why is that a bad news for First-Time Buyers

Affordability Index has been dropping in Santa Clara county. California Association of Realtors (C.A.R.) measures First-time Buyer Housing Affordability Index (FTB-HAI) on a quarterly basis. This measures the percentage of households that can afford to purchase an entry-level home in California. The higher the index, more affordable it is for a first time buyer to […]

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FHA waives 2nd appraisal requirement for Bay Area

Effective immediately, FHA has rescinded the second appraisal requirements for properties located in San Jose and rest of the Bay Area (Considered declining markets). For Bay area borrowers where loan amounts can generally exceed $417,000 2nd appraisal requirement was a problem on 2 counts: Increased fees towards appraisal (2 appraisals hence double the fees) Danger […]

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First Look by Fannie Mae – Great News for First Time Home Buyers in Bay Area

Fannie Mae announced a program called “First Look” which will help First Time Home Buyers compete with investors for foreclosed homes in San Jose and rest of the Bay Area. Under the program, dubbed First Look, Fannie plans to consider offers only from potential owner-occupants and certain public-housing entities during the first 15 days in […]

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Existing Home Sales Jumps 10.1%

Home sales jumped in October, rising far more than expected as First Time Home Buyer Tax Credit offset fears about joblessness. Sales of existing homes increased by 10.1% to a 6.10 million annual rate from 5.54 million in September, the National Association of Realtors (NAR) said Monday. Total housing inventory at the end of October […]

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