Adjustments Ease FHA Home Loan Requirements

Here’s a piece of good news for a segment of the real estate market! Many potential buyers in this area, especially first-time buyers, will benefit from these relaxed requirements.

This is great news for anyone looking to buy or sell a home. We have had a number of buyers contact us over the last few months that were just on the cusp of qualifying for an FHA mortgage, but because of the tighter mortgage regulations, were unable to qualify.

According to this article from Inman, FHA lenders Wells Fargo and Quicken Loans have confirmed that they will now lend to applicants with 580 FICOs and 3.5% down payments.

FICOs and FHA: 2 big lenders loosen up

If you're looking to take advantage of the fantastic mortgage qualificatons, give Team Patereau a call at 408-981-2799 and we'll help you get started and get a great deal on a home.

Realty Times - About That Real Estate Sales Tax

Realty Times - About That Real Estate Sales Tax

At my regular Gilroy Rotary meeting yesterday, I sat next to Bill, an avid real estate investor. He reminded me about the "Real Estate Sales Tax." While this does affect Bill and his investment property sales, it is not an across-the-board sales tax on real estate. Realty Times did a good job of explaining this when the Health Care Bill first passed. And, contrary to Bill's information, this tax does not go into effect untio 2013. Bill thought it went into effect on January 1st of this year. It's worth another look to get all the details, especially if you, like Bill, think this is a "Real Estate Sales Tax."

Clearing Your Credit History - It's a Long Road

 

Should You Move or Remodel?

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  Should You Move or Remodel?

  When your house no longer suits you, you can move or remodel. Find out which big change is the right investment of your housing dollars. Read

Visit houselogic.com for more articles like this.

Copyright 2011 NATIONAL ASSOCIATION OF REALTORS®

Keep Your Home California introduces new program for unemployed

Picked up this announcement from my CALIFORNIA ASSOCIATION OF REALTORS®  newsletter:

Unemployed California homeowners now can apply for up to $3,000 a month in mortgage assistance to tide them over for up to six months while looking for work.

The Unemployed Mortgage Assistance Program (UMA) is the first of four programs the state is scheduled to roll out as part of an initiative called “Keep Your Home California.” The programs are supported by $2 billion in federal dollars provided through the Hardest Hit Fund.

Eligible homeowners who are struggling to make their mortgage payments after suffering a job loss may qualify for assistance.

HouseLogic is producing some video tips about buying and selling real estate. Here's a sample, this one about getting ready to buy a home. Let us know how you like it. If there's enough interest we'll post more.

APARTMENT FOR RENT IN GILROY

'Tis the Season for Home Buyers

By Gino Blefari President & CEO
Intero Real Estate Services, Inc

It may be the best time of year for traditional retailers who find their bottom lines moving from red to black, but in the housing industry, sales tend to slow down when the yuletide rolls in. Nobody likes to move during the holidays, but if you're in the market to buy and don't mind the timing, you may actually have the best timing of all.

While a recent Fannie Mae survey shows more consumers are more negative now about buying a home, there are still plenty of folks looking for a house to own. And the great news is that deals abound!

Here are three things that home buyers have going for them this holiday season:
Inventory galore: The inventory of homes for sale of course depends on your market, but markets across the nation generally are experiencing high inventory levels. This is not exactly a great thing for the overall health and sustainability of the market and economy, but it is a good thing for those buyers who are ready to make a move.

Historically low interest rates: I can't really stress this enough – the low rates we're seeing on long-term mortgages are incredible! Forget about missing out on the home buyer tax credit earlier this year – these low rates will save you even more cash in the long run than any government incentive so far.

Relaxed competition: With high inventory comes less competition. Again, this isn't great for home sellers or for sustaining values, but as a buyer you'll find that you have more negotiating power. Use it wisely.

Here's what this season's buyers will need to watch out for:

Stellar credit gets the best deal: Sure, rates are incredibly low but you'll need a solid credit score to get the best terms. You'll also need a ton of documentation so it's best to prepare that stuff ahead of time.

Cash needed: This is true now and pretty much always – more cash will enable you to get a better loan and make for an all-around better closing experience.

Local market conditions: Is your market still on the decline? That's no reason to wait to buy, but it's something you should take into account when making your offer.

Bargains abound at all the top stores across the nation. And this year, the "real estate" store is not much different. Buyers indeed have the upper hand in many neighborhoods. Don't let the holidays derail your home hunt entirely – you may just miss the sale of the century! Talk to Team Patereau today about what's available near you.

Pre-Thanksgiving Plumbing Tips

Retail stores aren't the only ones busy on Black Friday
by: Mark Huffman, ConsumerAffairs.com - November 17, 2010

You're probably aware that the day after Thanksgiving Day is the busiest time of the year for the nation's retailers. But did you know that it's also one of the busiest days of the year for the nation's plumbers?

The reason? Big holiday meal preparation and cleanup can lead to a lot of unwanted waste in the kitchen drain and garbage disposal. Also, a house full of holiday guests who require additional clothes washing, showers and toilet flushes puts a strain on household plumbing.

According to residential plumbing repair chain Roto-Rooter, "Black Friday" is, in fact, the day when no one takes a break.

"Often, the case is that a house already has partially clogged drains that go unnoticed, until holiday guests arrive and overwhelm the system," Paul Abrams, a Roto-Rooter representative said. And it's not just Black Friday. Hectic houses full of people and frantic hosts quickly and easily lead to plumbing problems throughout the holiday season. "Even more problematic is that virtually every traditional Thanksgiving dish is a supreme drain clog culprit," Abrams said.

Incoming calls to Roto-Rooter, for kitchen jobs alone, will jump 50 percent above the average Friday. The four-day Thanksgiving weekend averages a 21 percent increase over any other Thursday through Sunday period during the year. Roto-Rooter said it beefs up with additional staff to address the increase in calls and jobs.

The company says Thanksgiving hosts can avoid a visit from their plumber over the holiday weekend by following these clog-preventing tips:

• Never pour fats or cooking oils down drains. They solidify in pipes. Instead, wipe grease from pots with paper towels and throw in trash.
• Avoid putting stringy, fibrous or starchy waste in the garbage disposal. Poultry skins, celery, fruit & potato peels, for example, cannot be sufficiently broken down.
• Make sure the disposal is running when you put food into it. Don't wait until it's full to turn it on.
• For homes hosting weekend guests, it's a good idea to wait ten minutes between showers so slow drains have time to do their job.
• Never flush cotton balls, swabs, hair or facial scrub pads down a toilet. They don't dissolve and will cause clogs.
• Try to address any plumbing problems before the holiday and before guests arrive. However, in holiday emergencies, don't hesitate to ask up front about extra holiday service fees.

As always, know your limits. Often, minor plumbing problems turn into plumbing catastrophes if not handled properly.

Happy Thanksgiving to you and your family!

Non-Judicial Foreclosure Process

from: ForeclosureRadar.com

Contrary to popular belief, banks can't just take back a property when an owner stops making payments. In non-judicial foreclosure states, the right to foreclose and sell the property actually lies with a 3rd party, known as the trustee; who has a fiduciary responsibility to both the lender and the borrower. Read the full story...