A very strange move after many years, related to 1st time buyer programs with the state of CA. Formerly, until a few days ago, the down payment and closing cost assistance programs with CalHFA were pretty restrictive regarding the maximum amount of income a family could make and still use the programs. On average, in OC that seemed to be in the $75,000 to $85,000 range … [Read more...] about 1st time buyers – new CalHFA income limits – wow!
(this has been around for awhile) Purchase transactions can be made difficult when the borrower retains or plans to sell their departing residence, but will not be rented or sold prior to closing. For this reason, Fannie Mae provides an opportunity to omit the liability from the vacated property, as outlined below: If the borrower's current principal residence is … [Read more...] about DID YOU KNOW? Fannie Mae Pending Sale Option
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! 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!