Tag: San Jose

San Jose Housing Market Recovering As Spring Market Heats Up

Spring 2012 Housing market for San Jose and Santa Clara County appears to be off to a strong start according to real time market data and Realtors anecdotal reports. The median price for a single-family home in San Jose, CA is $477,000, up from $463,000 in February of 2009. The median home price for Santa Clara County in January was $648,238. Back in February 2007, the median price in San Jose was $715,000, according to historical statistical data from the Santa Clara County Association of REALTORS. According to a recent Rismedia report, housing…
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How will Fed’s Quantitative Easing impact San Jose Mortgage Rates

How will Fed's Quantitative Easing impact San Jose Mortgage Rates for Refinance and Home Purchase? But before we get into how will this impact home loan rates for San Jose and SF Bay Area home owners, lets find out what does Quantitative Easing means! Wikipedia defines Quantitative Easing as - "Quantitative easing (QE) is a monetary policy used by some central banks to increase the supply of money by increasing the excess reserves of the banking system, generally through buying of the central government's own bonds to stabilize or raise their prices and thereby lower long-term interest rates. This policy is usually invoked when the normal methods to control the money supply have failed, i.e the bank interest rate, discount rate and/or interbank interest rate are either at, or close to, zero. It has been termed the electronic equivalent of simply printing legal tender." (more…)
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What’s ahead for Interest Rate for San Jose Mortgages

What lies ahead for Mortgage Rates for San Jose Refinance and Home Purchase? And the dangers of following Media when it comes to Mortgage Rates for your Home Loan. Last week on 10/14 after Freddie Mac released its weekly survey of Fixed and ARM mortgage rates, media was abuzz with the news that interest rates have fallen to a level not seen since 1951. The very next day however, Mortgage Bonds went down 43 basis points causing the rates to worsen multiple times in a single day. That's the risk of following the…
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Lets get the San Jose FHA Loan Pre-Approval done again

If you are pre-approved for a San Jose FHA loan, I have news for you. That pre-approval is not good anymore. I will tell you why! Starting today, FHA is making changes to the mortgage insurance premium. If you do not know it already, FHA has both Upfront and Monthly mortgage insurance for (almost) all loans. For loans originated till Oct 1st, it was 2.25% for upfront mortgage insurance premium and .55% for most 30 year fixed loans with 3.5% down payment. For FHA loans originated starting today, the good news is upfront…
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It’s the season of Great Home Loan Rates for San Jose Homeowners

For San Jose homeowners, this summer has brought some of the best home loan rates on record. If you've been wondering whether you could benefit from today's low rate environment, read on. There are two programs that may help you. What about My Home's Value? Not only were San Jose home loan rates at their lowest in August, we also learned last month that home prices continued to climb nationally since reaching a bottom in the first quarter of 2009. According to the S&P/Case-Schiller Index, home prices in both their 10 and 20…
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Can I purchase a new home if my spouse does a Short Sale?

Short sales, in most cases, are one of the most economical solutions for all parties involved when a borrower can no longer afford their home. The bank typically incurs a smaller financial loss than would result from an ultimate foreclosure or continued delinquency on the mortgage payments. Borrowers may be able to soften the overall damage to their credit, and potentially settle future deficiency judgments. The big question on hand is.......What is life like after a short sale?? If you're married and your spouse has recently had a short sale, you may still…
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Resources for FHA Approval Process for San Jose Condominiums

FHA recently announced additional resources for condominium approval process for San Jose and rest of the country condos. All condominium inquiries, telephone and email, must be submitted to the FHA Resource Center at:(800) 225-5342 or by email at: [email protected] The FHA Resource Center will provide responses to general inquiries received from consumers and industry partners. Before contacting the FHA Resource Center, it is recommended that you use the following resources to search for answer(s) to your question(s). 1.Check to see if your question is already included in the Condo FAQs currently posted on…
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FHA 203K Rehab loans for San Jose Homes

Have you found that almost perfect San Jose home in the right location that is selling at a reduced price because it needs a little rehab work? Unfortunately, most mortgage loan programs require homes "in need of work" to be complete before the financing can be secured for the purchase transaction. Whether the property needs a little or a lot of work, most First-Time Home Buyers simply don't have the up-front cash to invest in a property prior to actually securing the financing. However, the FHA 203(k) Rehab Loan may be your answer…
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What’s keeping San Jose Mortgage Rates REALLY low?

Last week mortgage rates for San Jose homes eased back to the lowest level of the year. According to Freddie Mac's Primary Mortgage Market Survey 30-year fixed-rate mortgage (FRM) averaged 4.84 percent with an average 0.7 point for the week ending May 20, 2010, down from last week when it averaged 4.93 percent. The 5-year adjustable-rate mortgage (ARM) for San Jose home loans averaged 3.91 percent this week, with an average 0.6 point, down from last week when it averaged 3.95 percent. This breaks last week's record and, again, the 5-year ARM has…
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