Mark Hasha

‘Tis the Season for Tax Breaks
February 6, 2012 · · 2 Comments

     With April 15 rapidly approaching many are working hard to complete their taxes. For those who have recently bought or sold a home, there are a number of tax deductions that that may be available to them.
    Real estate broker’s commissions, title insurance, legal fees, advertising costs, administrative costs, and inspection fees are all considered selling costs and may be used to reduce one’s taxable capital gain by the amount of the selling costs. That could result in a big savings depending on the final sale price.
    Interest that is paid on a mortgage is also tax-deductible, within limits. A married couple filing jointly can deduct all their interest payments on a maximum of $1 million in mortgage debt secured by a first or second home.
    Buyers may also be able to deduct some of the interest they paid on a home equity loan or similar line of credit.
    One deduction that many buyers often overlook is points. Points or origination fees on a home loan that were paid during the purchase of a home are generally tax-deductible in full for the year in which they were paid.
     Refinanced mortgage points are also deductible but only over the life of the loan – not all at once. Homeowners who refinance can immediately write off the balance of the old points and begin to amortize the new.         Read more

Jay Sondhi

FHA appraisals part 1 – Siding Inspection
October 13, 2011 · · 2 Comments

I am writing this post to help you understand what the FHA does and does not require in regard to the condition of a property being purchased using an FHA loan.  The guidelines have changed in this area as the FHA has loosened up on its property requirements.  While these guidelines dictate what the Federal Housing Authority will accept to insure a loan, lenders will generally have “overlays” above and beyond these requirements so it is best to check in with a qualified FHA mortgage specialist with questions about a specific property.

There is a common mis-conception that an inspection by a government inspector is required to close an FHA loan.  This is not the case.  To close an FHA  loan, the appraiser must be FHA certified, and the appraiser must make a some extra warranties on their report.  We spent some time with Bob Singer with TracAppraisals here in San Francisco to show us what he looks for when completing an appraisal for an FHA loan.

Here, Bob Singer from TRACAppraisals.com explains the FHA visual appraisal inspection of siding in the first of this series.

Jay Sondhi
Guarantee Mortgage
http://www.jaysondhi.com/

Bernadette Ramirez

What Do I Get When I Buy A House?
October 11, 2011 · · 3 Comments

Well that’s a pretty loaded question. I think it depends on why you are buying. Lets break it up into pieces.

Are you investing or is this home going to be your primary residence?

If you are looking at purchasing a home for investment purposes, it’s probably a good idea to make sure it has a good return on it. Also… you want to make sure with the rent you are not only able to pay the mortgage (be sure to check if your property taxes are included in your mortgage payments). You will also want to make sure that the amount of rent you charge is comparable to the area and to your mortgage payments. Ideally you would like enough rent to cover the mortgage, property taxes, and maintenance.  In the perfect world you would like your tenant to pay enough rent yet the rent be atractive enough to keep them as long term tenants to relieve as many out of pocket expenses for you. Inevitably there will be some sort of repairs or maintenance that will be your responsibility as the owner to remedy  some of which you can write off :)      Read more

Dean Rizzi

How do I Improve My Credit?
October 6, 2011 · · 2 Comments

If you have had credit problems, be prepared to discuss them honestly with a mortgage professional. Responsible mortgage professionals know there can be legitimate reasons for credit problems, such as unemployment, illness, or other financial difficulties. If you had a problem that’s been corrected and your payments have been on time for a year or more, your credit may be considered satisfactory.

If you are currently in excess debt, there are four ways to control it:

If your credit is not in terrible shape, you can reduce your other expenses, even if it means making hard choices or changing your lifestyle to fit your income. Consider selling a second car, taking equity out of your home, applying for a non secured signature loan, obtaining a loan from a relative, selling your home and paying off your debts with the proceeds and then renting, cashing out your 401K/retirement benefits, or selling family heirlooms, jewelry, etc.

If your credit is already damaged or one of the above isn’t an option,     Read more

PruCalVoices

Winter Is Approaching … Is your Home Ready?
October 5, 2011 · · 2 Comments

Autumn winds will blow a chilly reminder that winter is fast approaching. Perform the following maintenance tips each fall to protect your property’s value and prevent major repairs.

 Roof, Gutters and Downspouts

Rain, ice, and wind can all cause damage to your roof and gutters. Now’s the time to trim back all tree limbs and vegetation away from the roof. You also should remove debris, such as leaves and sticks from your gutters and downspouts. Clogged gutters don’t allow water to properly drain away from the home, which can cause seepage in your ceilings and walls. You can also invest in gutter guards, a screen that prevents debris from entering the gutter and directs the flow of water away from the house and into the ground.

Water Heater

You don’t want to find out that your water heater isn’t operating properly when you need it most. So use this time to perform an annual inspection, which includes having your tank’s pressure and temperature relief valve checked. In addition, remove sediment from the bottom of the tank by draining two gallons of water to improve heat transfer and the efficiency of your heater.   Read more

Dean Rizzi

90% Jumbo loans are back!
May 25, 2011 · · 3 Comments

Good news for home buyers looking to take advantage of current real estate prices. After a long hiatus, 90% jumbo loans are back in the game for higher-priced homes. Up until recently, a down payment of 20% was mandatory for jumbo loans over $729,750. We at Guarantee Mortgage have an exclusive contract with a small credit union that will lend up to $979,200 with a down payment of only 10%. That means you can purchase a house or condo up to $1,088,000 using a 5/1, 7/1 or 10/1 ARM. The program requires excellent credit and income and monthly mortgage insurance.

Dean Rizzi 
www.deanrizzi.com

Shokoofeh Nowbakht

A Prop 60 Case
April 23, 2011 · · 3 Comments

I have a client who wants to sell his house and buy a duplex and wanted to know if he can benefit from Prop 60. Prop 60 allows one to transfer his current property tax to his new residence.  This is a complicated matter and does not have one simple answer. It depends on many factors such as county of property, age of the property owner, market value of the duplex and more specifically the unit he would be occupying. According to County appraiser, my client may transfer his property tax if he is over 55 years of age, and the property he sells is less than or equal to the portion of the duplex he will occupy. Of course these properties have to be primary residence. If the duplex has 2 identical units, then it’s easy, the price of the new primary residence is half of the total appraised value. But, what if the units are different in size and value. It is up to the county Appraiser to individually appraise the units after the transfer of the property. One way to do that is to distribute the total value of the duplex by its square footage. Sometimes, the appraiser may look at the comparable properties in the neighborhood and evaluate the units individually that way.      Read more

How to Lower Your Property Tax?
April 1, 2009 · · 4 Comments

taxcut_proptaxThis is no April Fool’s Day joke!  When home values go south, one positive thing for current homeowners may be the chance to lower their property tax.  You might have seen advertisements that offer to lower your property tax for a fee anywhere from $100-$300…don’t be fooled!!!…Did you know that you can lower your property tax for FREE (or just a small amount for filing fee)?  And, it’s simple to do! 

First, download the property tax appeal application from your county’s tax assessor office (see links below). Print out the form and complete the information about your property.  You will be able to find all of the information needed on your property tax bill.  Some counties websites allow you to submit the form online.   Read more