San Jose Weekly Mortgage Market Commentary 07/26/2009

The week that was Mortgage Loan Limits Extended: The House Appropriations Committee has approved an extension of the $729,750 loan limits for Fannie Mae, Freddie Mac and the Federal Housing Administration (FHA) through September 2010. The committee also increased the lending and guarantee authority of FHA and Ginnie Mae, as requested by the Obama Administration. […]

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Buying a Condo in Bay Area – It won’t be easy getting a mortgage!

A lot of surge in current real estate market in San Jose & rest of San Francisco Bay Area is being driven by First Time HomeBuyers. Some sources estimate that they now account for 50% of the market. A lot of First Time HomeBuyers end up buying condominiums since it fits into their budget. In […]

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June 09 Home Sales Trend in Bay Area

Starting this month I will be writing about the monthly Home Sales/Real Estate trends in Bay Area. Look out for this update between 15th and 20th of every month. The update will be for month before. Data Quick reported that Home Sales in the Bay Area jumped to their highest levels in 3 years. The […]

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San Jose Weekly Mortgage Market Commentary 7/19/2009

Starting today, I will be writing a weekly mortgage market commentary to take a quick look back on what happened last week and a preview of the coming week. Look out for this post every Sunday or Monday. The week that was: Freddie Mac released it’s results of weekly Mortgage market survey on July 16th. […]

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FHA Loan Requirements in San Jose & Bay Area

If you are a First Time HomeBuyer in San Jose or the rest of San Francisco Bay Area, you would have most likely heard of FHA loans. But like most of the other potential First Time HomeBuyer I meet and advise, you may not be sure whether you qualify for FHA mortgage or not. Below […]

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6 Myths of FHA Loans – What’s True What’s Not!

Though FHA Loans now represent more than 30% of mortgages, there are still a lot of misconceptions that both real estate agents and the borrowers have about this program. All the myths that I have listed below have been raised to me numerous times. I finally decided to post a blog on this so that […]

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FHA Vs. Conventional Loans – Which one is better?

FHA Loan vs Conventional Loan – which one is better? I was speaking at an FHA seminar for real estate agents in Fremont, CA recently. The topic was “How FHA loans are playing a big part in qualifying more First Time Home Buyers”. At the end of the presentation, I was asked this question – […]

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CA $10,000 Tax Credit for San Jose First Time Buyers is almost over

This is not a good news for first time home buyers in San Francisco Bay Area and rest of the state. CA state tax credit of $10,000 for First Time Home Buyers has reached the $100 million limit. Background – In April this year California government made the $10,000 tax credit (or 5% of the […]

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Stated Income Jumbo Loans now available for Contra Costa, San Mateo & San Francisco counties

Great news for homeowners and buyers in Contra Costa, San Mateo and San Francisco counties. Stated Income loans are now available for borrowers in these counties. This type of loan could specially be very useful for Self-Employed borrowers who find it difficult to document their “real” income via Tax Returns. Also, commissioned employees who have […]

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Low mortgage rates gone already for Bay Area?

And why you should rush to buy Low mortgage rates are Going..Going…Gone for Bay Area!! FNMA-30 4.5% coupon went down again today – by a whopping 100 bips. Over last couple of weeks mortgage backed securities have been in a free fall, pushing the mortgage rates up – substantially. According to Freddie Mac 30-year fixed-rate […]

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