Cliff's Notes…on Real Estate

The Federal Housing Administration (FHA) is considering three policy changes to boost its capital reserves. Under the changes, new borrowers seeking FHA-insured loans will need a minimum FICO score of 580 to qualify for FHA’s 3.5% downpayment program. New borrowers with credit scores between 500 and 580 will be required to provide a 10% downpayment, and borrowers with credit scores below 500 will no longer qualify. The US Department of Housing and Urban Development (HUD) published a notice today seeking public comment on the measures, which are designed to reduce financial risk and preserve affordable mortgage finance. HUD will accept public comment for the next 30 days on the proposed changes. “These are the latest in a series of changes to allow the FHA to manage its risk better while continuing to support the nation’s housing recovery,” said FHA commissioner David Stevens in a press release.

Tags: fha, guidelines, lenders, loans, Real Estate

Foreclosures are down by over 2% for the month of June. This could be a good sign if it continues.

With these new developments now may be a great time to get off the fence and buy your new home.

Once the banks see stabilization in the housing market you are going to see upward movement on interest rates.

Last week interest rates went up .25%. That may not seem like a lot but over a 30 year period it is a lot!

If you want to know; how to find bargain properties at rock bottom prices click this link.

If you already own a home and want to know; 7 ways to increase your homes value for under $100.00 click this link.

If you are facing a foreclosure and want to know; the 5 fastest ways to stop foreclosure in 48 hours or less click this link.

Enjoy the weekend and the heat. What a wonderful summer day.

Tags: banking, buy a home, Buyers Tips, Foreclosure, homes for sale, Real Estate Market Trends, Redwood City, san mateo county, US economy

Has it been 6 months since you started looking for your new home?

Why have you not purchased your home yet? Are you a Lookie Lou?

Interest rates are at an all time low!
The selection of affordable homes to choose from is substancial!
This “buyer’s market” where sellers, give many concessions to buyers, is not going to stay around forever!

If you have been looking for six months, or longer, for your home and you haven’t purchased a home you should fire your real estate agent, fire your lender and fire yourself from the home buying process. You really don’t want to have the American Dream of homeownership. The perfect storm for home buying is right now.

Either stop kidding yourself that you want to buy a home or call me today and together let’s find that special home you have been seeking. You can call be right now by clicking the “Call Me” button on the left.

I am currently seeing a shift in the market towards a “seller’s market“. Interest rate have gone up .25% in the past week…that’s a lot however, still very much affordable! The government has started a program to infuse money into banks to help buyers buy their home. Sellers are starting to price their homes where multiple buyers want the same certain homes again. This points to something is a brewing out in the real estate world like multiple offers on the same home buy several buyers.

If you are looking in Redwood City I have a couple of new homes coming on the market within the next 30 days or so. Contact me and I may be able to get you into them before they hit the open market. Here is a link to a home in San Mateo under $650,000.

Stop being a Lookie Lou, you are wasting your time and efforts on something that will only bring you disappointment and despair.

Tags: buy a home, buyers, Buyers Tips, fyi, home for sale, Lookie Lou, perfect storm, Real Estate, Real Estate Market Trends, san mateo county

I just made myself the best tuna salad I have ever had!

Directions: In a bowl add a can of your favorite tuna, I prefer tuna in water, to that add, 1 tbs country mustard, 1 tbs sweet pickle relish or chop up dill pickles if you prefer not so sweet a taste, a couple of splashes of Worcestershire sauce, sprinkle garlic powder over content, black pepper to taste, 1 tbs chopped onion, 1 tbs chopped celery, 1/2 tsp chopped fresh cilantro from the garden and mayonnaise. Mix all together with a fork and taste…ummmm. Take tuna and place over a bed of lettuce chopped up that you have picked from your garden. Prepare to enjoy a salad and eat.

Ingredients:
One can of tuna in water
1 tbs country style mustard
1 tbs of sweet or dill pickle relish (your preference)
2-3 splashes of Worcestershire sauce
Garlic powder
Black pepper
1 tbs chopped onion, (your preference)
1 tbs chopped celery
1/2 tbs of chopped fresh cilantro
Mayonnaise to combined
Fresh lettuce from the garden

Tags: celery, cilantro, country mustard, garden, garlic, lettuce, mayonnaise, onion, pepper, pickle relish, tuna, worcestershire sauce

House passes bill to extend tax credit deadline

The U.S. House of Representatives passed a stand-alone bill yesterday extending the closing deadline for the federal home buyer tax credit to Sept. 30, 2010. Backers of the House measure said the 90-day extension would permit tens of thousands of home buyers whose paperwork didn’t clear by June 30 to still receive the credit. Estimates from NAR show as many as 17,700 home buyers in California may not receive the tax credit if the deadline is not extended. The bill now must pass the Senate.

If you have not already enter into an escrow on your home before April 30, 2010 you still will not be allowed you to use this federal home buyer tax credit. I hope you were able to take advantage of this opportunity. This really helps home buyers who purchased a REO or Short Sale home purchase and the banks didn’t have approval to the home buyers by the April deadline date.

Tags: buyer, credit, escrow, extended, federal home buyer tax credit, home, House, savings, Senate, tax