Fannie, Freddie bailout: What it means for you.

September 9, 2008 · Dean Rizzi · 1 Comment

On Sunday morning the US government took over the ailing mortgage giants. Below are what I believe are the Pros and Cons to this historic event.

Pros:

Interest rates immediately took a positive outlook to the news. The benefit to consumers is clear. Cheaper money makes homes more affordable and refinancing into a 30 year fixed a better option for those who qualify. Read more

What do you get when you cross an FHA Loan with a Short Sale?

August 30, 2008 · Jean Joh · 8 Comments

In my case, a roller coaster ride of emotions ending with a happy client in his new home. Last week, the escrow was closed successfully on my client’s short sale purchase of a home with an FHA loan. When the process started, I knew that it might not be easy. Read more

10 Reasons you should NOT buy a house in 2008!

August 25, 2008 · Karin Cunningham · Comment here

1. You don’t feel like taking advantage of GREAT opportunities while prices have stabilized.

2. You enjoy renting over owning your own home.

3. You believe in buying HIGH and selling LOW rather than what experts suggest which is buy low and sell high. Duh!

4. Your accountant told you that you have enough tax write offs.

5. You don’t believe you can build equity if you buy at the bottom of the market. Read more

10 Reasons to use a Mortgage Broker

August 18, 2008 · Dean Rizzi · Comment here

1. Simply put, Mortgage Brokers will save you TIME and MONEY!

2. Brokers are driven to find you the best rate, your bank’s goal is to provide another service to you.

3. You can tell brokers everything, and they’ll present your information to the lender in the most favorable light; once you tell your bank something that’s not in your favor, it’s too late to take it back Read more

Housing Stimulus Package! I don’t think so!!!

August 17, 2008 · Lee Ginsburg · 2 Comments

Credit/Loan Does it Stimulate the Housing Market? I don’t think so!!!

AS promised in my last blog I have continued my thoughts on the most recent Housing Stimulus Package. I will continue in next week’s blog.

Part of the recent Housing Stimulus package is a much publicized First Time Home Buyer Credit! It is not a credit. It is 15 year Interest FREE loan. Gotta take anything For Free. This applies to any home purchased between April 8, 2008 and July 1, 2009. How and why they picked those dates; Read more

Is This New Stimulus Package Going To Help The Bay Area???

August 4, 2008 · Lee Ginsburg · Comment here

YES! YES! YES! It may not be as immediate as we would like but it will. The two major provisions that I see as beneficial to specifically the Bay Area Are:

The increase in the conforming loan limit to $625,500 permanently and the ability of Freddie Mac and Fannie Mae to borrow if necessary from the U.S. Treasury.

The increase in conforming loan limits has no immediate effect since the emergency stimulus package temporarily increased the limit to $729,750. That terminates Dec. 31 of this year so the new permanent increase is a major long term bonus. Bay Area Realtors Read more

Calling all Potential Home Buyers…

July 29, 2008 · Nicole Machado · 1 Comment

“Obstacles are those frightful things you see when you take your eyes off the goal.” ~Henry Ford

Don’t let the turmoil of the subprime crisis get in the way of your dream of becoming a homeowner. With all the negativity buzzing around, everyone seems to be missing out on the opportunities out there. It’s time to get educated and surround yourself with a solid, knowlegeable team that can assist you in making informed decisions when purchasing Real Estate. Whether you are a first time home buyer or getting ready to upgrade, there are many loan products out there that can help you get the home of your dreams. Don’t let obstacles throw you off track. Ask questions and educate yourself on all of the loan products out there helping people who have little money down or not so good credit. Remember a closed mouth doesn’t get fed. If you keep your eye on the prize you will reap the benefits down the road. Check out these websites to learn about some loan programs that can assist you in purchasing a home. http://www.hud.gov/buying/loans.cfm or http://www.heartofsmc.org/

How does the San Mateo County MCC program help first time home buyers save money?

July 28, 2008 · Dean Rizzi · 3 Comments

First of all, what is MCC anyway? MCC stands for Mortgage Credit Certificate. The MCC is a federal tax credit for eligible first-time homebuyers. It helps first time buyers by giving them an additional tax benefit in addition to the normal tax benefit from owning a home to begin with.

Here is how it works. Read more