Mortgage & Finance

Jan

FHA Appraisal Facts

Are you going to be obtaining an FHA loan to do your next home purchase? If so, read below. An FHA appraisal is simply a conventional appraisal but with more detail paid to, and more documentation of, the subject property’s characteristics, overall functionality, and condition (noting any deferred maintenance). An FHA appraiser will actually perform what amounts to a smaller, [...]

Dec

Fed Cuts Short-Term Rate to Nearly Zero

Posted In: Economy, First Time Home Buyers, For Buyers, General Real Estate News, Mortgage & Finance

Now that the world has admitted that we are in a recession the Fed thought they should step in and do their part. Yesterday, in an attempt to fight the recession and the downword pressure on consumer prices, the Fed cut the key rate to the bone. Huh? This is the rate which affects how much [...]

Dec

Rate Watch from Gwen & Rhoda

Posted In: For Buyers, Mortgage & Finance

Here is the latest and greatest from a pair of super cool mortgage brokers, Gwen Hoople & Rhoda Paul of Holmgren Mortgage in Oakland. “Mortgage rates increased last week despite news that the economy will be in an extended recession and a jobs report that was weaker than expected. Stocks surged Monday in a positive response to progress on [...]

Nov

New Conforming Loan Limits set for 2009

Posted In: First Time Home Buyers, For Buyers, Mortgage & Finance

Word on the street is that the new loan limits have arrived for 2009! (I know you just can’t contain yourselves!) For Alameda and Contra Costa Counties: 1 unit-$625,500 2 units-$800,775 3 units-$967,950 4 units-$1,202,925 Now go buy a house!

Oct

Berkeley Financing Update from Chet Gohd, RPM Mortgage

Posted In: Mortgage & Finance

I asked one of the mortgage brokers that I often work with to provide my readers with a market update from his perspective. Please read below to see what he has to say. (Click the image to read a larger version) Questions? Call Chet Gohd, Branch Owner, RPM Mortgage, (510)524-1526

Sep

Bailout of Freddie Mae & Mac

Posted In: Economy, General Real Estate News, Mortgage & Finance

Rates dropped today about a quarter point, and are the lowest we have seen in 4 months. But just because money is cheaper, it still isn’t easy to get a loan. This article best articulates what all of this means: http://www.nytimes.com/2008/09/08/business/08consumer.html?_r=1&ei=5070&emc=eta1&oref=slogin

Sep

Struggling homeowners worry about credit score

Posted In: Economy, First Time Home Buyers, Foreclosures & Short Sales, Mortgage & Finance

Aye aye aye. It’s a sign of the times. Over the last year and a half, the mortgage market has undergone more changes than in any comparable period since the Great Depression of the 1930s. The current housing market malaise has some homeowners up in arms. With the threat of losing their house on their shoulders, the idea of burning [...]

May

Important: New financial guidelines for investors

Posted In: For Buyers, Investing, Mortgage & Finance

Freddie Mac Cuts Maximum Number of Financed Properties Freddie Mac recently announced guideline changes that will greatly affect residential real estate investors. Beginning August 1st, 2008 the following changes will go into effect: A borrower may not have more than four financed 1-4 unit properties, including the subject property. For cash out refinances the borrower must own the property for [...]

Nov

Conforming loan limits remain the same- gee thanks

Posted In: General Real Estate News, Mortgage & Finance

The good ol‘ folks in DC announced today that the maximum 2008 conforming loan limit for single-family mortgages purchased by Fannie Mae and Freddie Mac (the all-mighty Enterprises) will remain at the 2007 level of $417,000 for one-unit properties for most of the U.S. Higher limits apply to Alaska, Hawaii, Guam and the U.S. Virgin Islands as well as to [...]

Feb

Ode to February

Posted In: Good ol' Fashion Humor, Local Market Statistics, Mortgage & Finance

Goodbye February, Hello Mayor! 1. Unbelievable. Did you know that some 14 percent of all Americans have more than 10 credit cards? This according to a recent study conducted by Experian Consumer Direct, a leading provider of online direct-to-consumer credit reports, scores and monitoring products. When will all of this crash the economy? 2. Phew! Mortgage rates eased back down [...]