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/

Lupita Terlau

Como Refinanciar Su Propiedad Cundo Poca o Nada de Plusvalía
June 21, 2011 · · 1 Comment

Recientemente, yo tome una aplicación de una veterana que quería refinanciar a sus dos préstamos en la casa que compraba hace dos años.  Ella se ahorraría $700 por mes con su nuevo préstamo fijo a 30 años con una  tasa de interés del  4.75%.

Esto me recordó que todavía hay mucha gente que no han aprovechado  las bajas tasas de interés  disponibles  porque  piensan que no tienen suficiente equidad/plusvalía  en su propiedad para refinanciar.

Simplemente, quiero compartir tres opciones a considerar si esta es su situación:

1.      Opción de Fannie Mae o Freddie Mac – Depende si Fannie o Freddie posee su hipoteca actualmente, se puede refinanciar aunque  se deba más del valor actual de su propiedad  

¿Has visto si Fannie o Freddie posee a su préstamo?  Si no, visite los siguientes enlaces:

  • Hace clic aquí para confirmer si Fannie Mae posee a su hipoteca
  • Hace clic aquí para confirmer si Freddie Mac posee a su hipoteca

 2.       FHA

FHA asegurará hipotecas hasta 97.75% del valor de la casa.  El monto máximo del préstamo es $729,750 en los condados de San Mateo y San Francisco.  Este límite del préstamo va a bajar al fin de 2011.

 3.       VA

 Si Ud. o su cónyuge es un veterano, se puede prestar hasta 100% al valor de su casa.  Esta es una muy buena opción para veteranos porque los préstamos de VA no requieren seguro de hipoteca.  El límite de préstamo actual en los condados de San Francisco y San Mateo es $1,000,000.
Jay Sondhi
http://www.jaysondhi.com/ 

 Translation:
Lupita Fernandez-Terlau
http://www.lterlau.prucal.com/
Greg Herman
http://www.gmwest.com

Kathy Wall

“Thriving” Neighborhoods – How do they Happen?
February 28, 2011 · · 4 Comments

This is the first of a series of articles that will highlight various neighborhoods in San Francisco and on the Peninsula.     In this article, I will talk about a couple of San Francisco neighborhoods….West Portal and Bernal Heights.     Both are thriving areas and that has caused me to wonder:  

Why are some neighborhoods so popular?   

West Portal, as an example, is busy every day and every night.   It has tons of restaurants….everything from Mediterranean (Bursa Kabob) to Peruvian (Fresca) and even a Polish restaurant (Old Krakow).    They have a lovely, old fashioned neighborhood movie theater that seems to do quite well and the most popular “boutique” Goodwill store around, as well as other more high end shops.   And, of course, there’s your requisite “Starbucks”.     People come to the neighborhood from all over for it’s charm and warmth.    Read more

Kathy Wall

Vacant Homes a Target for Homeless and Criminals
February 10, 2011 · · 2 Comments

I was scheduled to do an open house at one of my listings in a terrific San Francisco neighborhood today.  When I arrived at the property and unlocked the door, the first thing that I saw were 2 men’s socks and a bunch of dirt, along with something that looked like a dirt clot, but later turned out to be a rock.  

Since this house has always been immaculate, I knew that something was radically wrong, so instead of entering the house, I first called the owners.   When I was unable to reach them, I decided to call the police.    Although it turned out that the intruder had already left, I’m so glad that I did call them, because it turns out that they were able to get really good evidence of who had entered.

This home had previously been “staged” and furnished, but the owners had requested that the staging be removed due to cost concerns, so it is now completely vacant.    Although we kept the front drapes closed so that people would not notice that it was vacant, someone clearly noticed, broke a downstairs window and spent at least one night in the property, apparently ripping down one of the drapes and using it as a blanket.      Read more

I Do San Francisco As Well!
December 29, 2010 · · 2 Comments

I LOVE SAN FRANCISCO. Don’t get me wrong. I grew up in the peninsula in Daly City and South San Francisco and will always love and consider it home. But I LOVE “The City”. I guess you can say I’m a city-kind-of-guy who loves urban environment and living. I managed to find a home (complete with “Man Cave”) in SF for this lovely family just recently as a matter of fact. So that process was definitely a fun one for me since I drive to the city several times a week anyway.

I also love working with first-time home buyers! I enjoy guiding them, making the purchasing process as stress-free as can be. A lot of the time, their targeted type of home may be a condo. This article from my friend, Jay Sondhi (my office’s in-house lending team, Guarantee Mortgage) is only fitting to present. It’s an informative read and is beneficial for first-time condo buyers who are considering city life!

“I’m shocked to hear that there is still this notion out there that “condos are dead” as far as FHA financing goes. This is far far far from the truth. The rules regarding condo approvals for FHA insurance have changed, but they are far from impossible. Many of the new changes have actually had a positive impact on our local market.     Read more

Nicole Machado

San Mateo County Storm Watch
January 17, 2010 · · 3 Comments

Rain-Cloud-Clip-ArtI received this information from a friend and thought I would share. Although it pertains to information in regards to South San Francisco, there are some great tips on how to be prepared in case of emergency.

This is a hazardous winter weather alert. Beginning Sunday and continuing through the rest of the week…a series of strong storms are expected to roll across the San Francisco and Monterey Bay Regions. The first storm is forecast to bring substantial rain across the Bay Area Sunday into Monday. Additional storms are then expected for much of next week. During the next seven days 10 to 20 inches of rain are expected to fall in the coastal mountains and 8 to 15 inches in the inland valleys and foothills. Due to many days of rainfall local flooding could occur. In addition, the storms beginning Tuesday or Wednesday are likely to also produce strong gale force winds that could cause property damage and power outages. Depending upon the intensity and duration of the rainfall coupled with a high tide localized flooding could occur in the low lying areas of SSF (San Mateo Ave. Airport, etc.).

This is the strongest storm of its type that has hit SSF for several years IF the forecasters are correct in their assessments! Read more

Kathy Wall

To Send or Not to Send?
November 30, 2009 · · 10 Comments

I did a floor shift in the afternoon on the Wednesday before  Thanksgiving.    At some point during the shift I received a call from a woman who was very anxious to see a condo in South San Francisco.   I told her “no problem!” I’ll meet you at 3:30.     I still had a lot to do to get ready for the 14 guests coming to my house the next day, but sales are critical now, so I changed all of my plans and met her and her family at the condo.  

This particular condo wasn’t going to work for them, so I told them that I would send them information on other nicer complexes that I thought they might like.   On Friday, I did just that.   In response, I received the following email:

Dear Kathy,

Thank you for showing us the Mission Road place on Wednesday.   I need to let you know that since we spoke, I spoke with my Mother in law who is a realtor, and she is going to represent my parents.  

I really appreciate the time you took on our behalf and I apologize for any inconvenience we may have caused you.

Peace and Grace to you.

Sincerely,

(I’ll leave her name out)

Needless to say,  I’m really irritated.  I am contemplating sending her the following letter and want my reader’s opinions as to whether it is a waste of time.      Read more

Kathy Wall

Rent Control – Out of Control
December 31, 2008 · · 3 Comments

I have an elderly client who purchased a home in San Francisco’s Sunset District many years ago.   A few years after the purchase, he and his wife decided to move to Marin and rented the house out to a “friend.”  

It’s now about 30 years later and my client desperately needs to sell the home so that he can keep up with ongoing medical bills.   You see, his wife had a very bad stroke while on an airplane about 8 years ago and, a year later, ended up with kidney failure.   She’s been in a wheelchair and on dialysis ever since.  Sadly, they had no insurance at the time of his wife’s stroke and certainly can’t get any now, so he’s been borrowing on the San Francisco house in order to keep up with her numerous and never ending expenses.   Now, the payments are ballooning up to a point that he can no longer afford to pay them. Read more