Happy Friday! Wednesday, November 29th, the Federal Housing Finance Agency (FHFA) announced updated county loan limits for 2018. Fannie Mae and Freddie Mac employ the FHFA established loan limits, and recognized the newly increased limits (applicable to both Conforming and High Balance loan amounts) as shown below: Conforming Loan Limit: 1-Unit: $453,100 2-Unit: … [Read more...] about County Loan Limits Increased for 2018!
Happy Saturday! YES, Why Buy Real Estate? When you talk with a client and attempt to encourage them to buy real estate, whether it is their first home or a second home or an investment property what can you say that is convincing? When talking to a clerk, your auto mechanic, hairstylist, acquaintance or friend, what can you say or do that will captivate their attention or … [Read more...] about Why Buy Real Estate?
Happy Friday! (this one may require a happy hour!) The California Senate passed Senate Bill No. 2 (“Building Houses and Jobs Act”) which the Governor signed into law. Commencing January 1, 2018, the bill will impose a fee, except as provided below, of $75.00 to be paid at the time of recording of every real estate instrument, paper, notice required or permitted by law to … [Read more...] about NEW California Real Estate Fees!
Happy Friday! One of those things that causes a big surprise to consumers is finding a collection on their credit report. Occasionally they are there because of simply ignoring a debt obligation. However more often than not, we see medical collections. These may show up due to ignoring a bill from the doctor's office or some related service that we are sure our insurance … [Read more...] about Paying off collections – Caution!
HANG ON TO THIS LIST! :) Veterans are one of the best types of buyers in the market place, with zero money down payment required up to 636,150, in OC and LA counties. However you can go above that loan amount with just a small down payment, usually less than 5% as well, and the rates are slightly better for VA loans and very few hits for lower FICO scores. Also, if the Veteran … [Read more...] about VA Allowable & Non-Allowable Fees
Happy Friday! FHA Property Flip Guidelines (Please note that agency/conventional loans do not necessarily have these rules, but many lenders have overlays that do have these restrictions...jumbos, some do some don't...always check with me first-our Fannie/Freddie Direct products/conventional, typically allow flipped properties) Once upon a time FHA didn’t have a … [Read more...] about FHA Property Flip Guidelines
Here are again some new enhancements to the FNMA Selling Guide, which are already effective as of July 29. I trust they will keep it coming! There is certainly more stuff to change! :) Alimony Income is Getting a Face Lift: Lenders will now have the option of reducing the borrower's monthly qualifying income by the amount of the monthly alimony payment in lieu of including … [Read more...] about New Enhancements to FNMA Selling Guide
Happy Friday! The OC Fair begins... Please see attached a great brochure to hand out to prospective clients related to buying a condo or townhome. If a first-time buyer, or someone downsizing, this brochure could say a lot about it for you. Attach your card and mail or just e-mail it. Click here to download a copy. Keep your eyes peeled for a big announcement in the near … [Read more...] about Condo Buyer’s Guide: What you need to know when buying a condo.
From real estate attorney Scout Souders. New Case Expands The Scope of Equitable Easements in California. In the case of Hinrichs v. Melton, 2017 DJDAR 4168 (May 3, 2017). The Court of Appeal fashioned an equitable easement despite no preexisting use of the servient owner’s property. This is the first time a preexisting use of the servient owner’s property has been … [Read more...] about REAL ESTATE LAW UPDATE: Equitable Easements
This article courtesy of real estate attorney Scout Souders. After Foreclosure Sale Trustee’s Deed Upon Sale Does Not Need To Be Recorded Prior To Serving Notice To Quit. In the case of Dr. Leevil, LLC vs. Westlake Healthcare Ctr.  9 Cal App 5th 450 the Appellate Court held that a notice to quit was not premature even though the new owner, who received title at a … [Read more...] about REAL ESTATE LAW UPATE: Trustee’s Sale