FHA Loan Guidelines and Highlights

The Basics

$729,750 Loan Amounts in Santa Clara County
Only 3.5% down, which can be gift money
Up to 6% seller concessions
620 Minimum credit score
No reserve requirements
Non Occupant Co-Borrowers are accepted to help qualify
Rate Buy Down available

FHA Changes for 2010

No longer require a 90 day seasoning for “flipped” properties

Loan officers can no longer order the appraisal directly; it is now similar to how appraisals have to be ordered on Conventional loans.


Here are some of the proposed changes for the future…

Minimum Down Payment being raised to 5%
Insurance Premium may be raised to 3% of the loan from the current 1.75%
Annual Premium Insurance, now 0.55 could be rising
Lowering maximum seller concessions allowed

Questions? email me.

Tracy Pina

What I'm Seeing in the Market Right Now

Multiple offers and multiple interest in many price ranges - anything under $1MM is moving. Even just over, up to $1.3MM for the right property. Inventory is low on the Peninsula. Palo Alto, Los Altos, and Cupertino homes are selling well over ask, several are selling with zero contingencies (crazy but yes, it's like a few years back). If you are contemplating selling now is the time. Overall inventory is low and buyers are ready and qualified.

Here's a goodie I saw today, it'll go fast though so if you like it get busy. It's listed for $1,049,000 - 3/2 very charming in Los Gatos Schools.

Virtual Tour: www.tourfactory.com/440781 Listed by Jennifer & Kris, Alain Pinel Realtors

Questions or interest? email me.

Tracy Pina

The Homebuyer Tax Credit Has Been Extended

Good news for homebuyers. Not only has the $8,000 first-time homebuyers credit been extended to June 30, 2010, but a $6,500 credit for repeat buyers is now available.

Purchase contract must be in place by April 30, 2010 and transaction must close by June 30,2010.

For more details email me.

Tracy Pina

Home Sales Up, Prices Down Nationwide

Home sales in 25 metro areas increased 1.5 percent nationwide in November compared with the previous month, and 46.7 percent compared with November 2008, according to a report by Radar Logic Inc. Prices decreased 4.2 percent across all metro areas surveyed; however, eight areas experienced year-over-year price increases. Half of the areas with year-over-year price increases were in California, according to the report. Radar Logic’s Residential Property Index (RPX), which measures changes in the price per square foot of homes, shows that transactions increased in 9 of the 11 months ending in November.

"Affordability measures are at their highest levels in years and home sales are moving toward normal levels. Nationwide, foreclosure sales have declined from 29 percent of total sales in November 2008 to 23 percent of sales in November 2009," said Michael Feder, president and CEO of Radar Logic.

This article is from Radarlogic.com, to see the full article click here. More info

Tracy Pina