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  Are you looking for a show/play?   Here's one that I think everyone would enjoy.

Jake's Women is a play by Neil Simon. It centers on Jake, a writer with a struggling marriage. Jake talks to many of the women he knows, both in real life and in his imagination, as he works to save his marriage. Jake, suffering with psychosis and seeing representations of his daughter at age 12, his late wife Julie and recently divorced wife Maggie, is dealing with the inability to write productively and must resolve these issues before he does so.

This fantastic show will be held at St. Ignatius College Prep High School located in the Sunset District of San Francisco.  Tickets are $10 at the door or online at 

http://www.siprep.org/performingarts/fallPlay/FallPlay1.cfm

Come out and support the High School and enjoy a wonderful show.   Showtime is 7 pm Oct 27th through Oct 30.  Don' t miss out!

Stop by a say hello. I'll be running the concession stand.

Have a great day!

Jim Light

In today's market people are looking for the "good deal".  I have to say everything is a good deal today. Let's think about that for a moment.  1. Have prices rolled back 10, 20 30 or maybe even 40%? 2.  Are interest rates at a historical low?  3.  What about property tax?

Let's take a closer look at each question:

•1.        Have prices rolled back 10, 20 30 or maybe even 40%?   I think it is safe to say that just about every property has rolled back on the price in the Bay Area, California and probably throughout the US.  If I were to say: " you can buy this house for 500K when it was listed for 700K" would you buy it?   That is somewhat what we have today. Prices have rolled back to somewhere depending on the neighborhood to prices of 2004, 2005, 2006  prices.  Mortgage example 500K loan approximately $2700 per month for a 5% 30 year note.  A 700K loan $3700 per month for a 5% 30 year note.  $1000 savings per month

•2.       Are interest rates at a historical low?  Today as a write to blog, rates are around 5% for a 30 year fixed loan.   As this year closes out we will see the average rates for the calendar year 2009.  Using the sample above a 500K loan at 5% cost you around $2700/month. A 6% loan would be around $3000/month. $300 savings per month

•3.       What about property tax?    This is a great one to think about for budget planning.   For budget purposes I always use 1.25%.  This does vary from city to city but if you take your property tax and add the city, county and state "extra fee's "  , its a good number to use for planning.   Going back to the example of buying the home at 500K instead of 700k, the property tax bill would be $6,250 vs. $8750 per year respectively.  That's $2500 saving annually.  $200 savings per month.

Just these three issues bring back the question, Are you looking for a good deal?

Pricing has stabilized in the Bay Area throughout the summer months and in some areas has actually gone up from prices earlier in the year.  With prices favorable, interest rates low, and tax base cost lower than passed years, it a great time to think about buying.  If you would like to comment on this article or would like to set up a appointment to review your strategy and plans for purchasing a new home please contact me    www.interorealestate.com/agents/jameslight  

Looking forward to hearing from you.

Have a great day!

Jim Light

Are you looking for a jumbo loan in San Mateo, CA? I can help you. As a mortgage broker in Burlingame (right next door to San Mateo), I am able to match you with the best jumbo loan for your needs because we are partners with many of the best jumbo lenders in the country.

As a mortgage broker, I save you money, time, and hassle in obtaining a jumbo loan.

I save you money because I offer a smorgasbord of jumbo loan programs.

If you call a bank they will offer you only the programs they have. Their jumbo loan programs may or may not be competitive. Their underwriting guidelines may not meet your needs. The benefits I offer is that I know who offers the most competitive jumbo loan rates. In addition, I know what the underwriting guidelines are of each of the lenders. With this knowledge I am able to save you money on your jumbo loan request.

I can save you time with your jumbo loan request.

Your time is valuable; you could spend a lot of it calling on the phone and searching the Internet for the best jumbo loan terms, or you can make one call to me because I have access to most of the jumbo loan programs. 

Another way I can save time is I can say no to you. If you call a jumbo loan lender that is limited in programs available, they may try to push your file through their underwriter in hopes of getting it approved. Since I have so many jumbo loan programs available, I can say no, that will not work, here is an alternative that will.

Nobody likes the hassle of applying for a jumbo loan.

I minimize the hassle for you. After taking your jumbo loan application, I will send you a checklist of documents needed. Most loan agents provide this, however, my checklist is different. It is very specific to your situation. If your jumbo loan application requires two years of tax returns, I will ask for two years of tax returns - if it is not required I will not. I minimize your hassle by being very specific about your jumbo loan documentation requirements. Also, I try to get as much of your information upfront so that you are not getting nagging phone calls asking for more jumbo loan documentation.

San Mateo, CA has some very expensive homes. It's not unusual to see homes listed for sale for more than $2,000,000. If you need a jumbo loan of more than $1,000,000 do not be surprised if the lender requires two appraisals. The lender will usually use the appraisal with the lower value when underwriting your package.

If you are thinking about refinancing and obtaining a jumbo loan with cash out, don't be surprised if the lender limits the amount of cash out to $200,000. There are exceptions to this general rule - this is one area in which I can really help you because I know which jumbo loan lenders allow more than this amount.

Now in August, 2009, obtaining a jumbo loan is more difficult than ever. Make sure you contact a seasoned loan professional that you are confident than can help you navigate through this process!

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Are you looking for a San Francisco mortgage? Congratulations, San Francisco is a beautiful city. I am a mortgage broker just south of San Francisco, in Burlingame, and can help most people with their San Francisco mortgage needs.

The conforming loan limit for a San Francisco mortgage is $417,000 for one unit, $533,850 for two units, $645,300 for three units, and $801,950 for four units. A homeowner or home buyer can borrow up to 90% of the property value for a primary residence. An investor can borrow up to 80% for a San Francisco mortgage on a rental property. Hopefully your loan amount falls in the conforming category because the rates are generally the best and qualifying is easier than for jumbos.

A conforming loan means that the loan is eligible to be purchased by Freddie Mac or Fannie Mae. However, Freddie Mac and Fannie Mae now offer what are called "agency jumbo" loans. Listed below are the agency jumbo limits for a San Francisco mortgage.

The limits for an agency jumbo loan for a San Francisco mortgage are $729,750 for one unit, $934,200 for two units, $1,129,250 for three units, and $1,403,400 for four units.  There are several benefits of agency jumbo loans over jumbo loans.

First, you can borrow up to 90% of the value for a single family primary residence. Second, automated underwriting is allowed, which sometimes requires less documentation for a San Francisco mortgage. Finally, debt-to-income ratios can generally go higher than for a jumbo loan.

If you need to borrow more than $729,750 for a San Francisco mortgage, than you are in the jumbo category. We offer jumbo loans up to $10 million (more by exception). Here in August, 2009, there are more lenders entering (or re-entering) the jumbo loan market. Generally speaking, the down payment requirement will be at least 20%. Debt-to-income ratios generally can not be more than 45%. 

Some of our jumbo lenders have some unique niches for a San Francisco mortgage. One of them does not require any asset verification. A small bank we have a relationship with is extremely fast because they only accept business from a small number of brokers - RMC Real Estate Loans being one of them.

I am here to help you with your next San Francisco mortgage.

How Can I Help You?

Phil Caulfield
Office (650) 401-3239
Cell    (650) 222-0386

Getting a jumbo loan in Hillsborough, CA has become more difficult in 2009. According to this website, there are currently 83 homes for sale on July 30, 2009. This number is higher than normal, and does not include homes that are not on the multiple listing service. There ary many sales in Hillsborough that never are recorded on the MLS. One of the reasons that so many homes are on the market is because of the lack of jumbo financing in recent months.

There have been some developments recently that make getting a jumbo loan in Hillsborough, CA easier than it has been in a while.

Some lenders have come back into the jumbo loan market. For example, one lender is offering jumbo loans for up to $5 million. The price range of homes currently on the market is between $1,350,000 to $18 million. Having loan amounts up to $5 million won't help everyone, but it should help most.

Another development is the ability to fix the rate on an adjustable loan without refinancing and without having to provide income documentation. If you have an adjustable jumbo loan in Hillsborough, CA, you should read this article about how it works.

The super jumbo loan market, which has been frozen, is thawing. I expect more lenders to get back in the market for higher-end loans, which should make obtaining a jumbo loan in Hillsborough, CA easier than it has been for a long time.

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Getting a jumbo loan for homes in San Francisco has been difficult this year. Many of the lenders have either gone out of business, or have dropped their programs.

Finally, some lenders are offering a jumbo loan program, which should help San Francisco home buyers buy homes in this expensive city.

Now in July, 2009, we are offering a jumbo loan up to $1,500,000 as long as the loan-to-value percentage is less than 70% for San Francisco homes. A 10% second mortgage is allowed. So, for a home purchase of $2,000,000, a home buyer could put as little as 20% down. A 720 credit score is required. The debt-to-income ratio can be no more than 40%.

This jumbo loan program is available for single family residences, as well as properties up to three units (there are a lot of multi-family properties in San Francisco). It is also available for condominiums. Second homes and investment properties are not eligible for this program.

Many lenders require two appraisals on loan amounts above $1 million. This jumbo loan program only requires one appraisal in San Francisco, which saves the client money!

Several types of mortgages are offered: 30 year fixed, 5/1 LIBOR, and 10/1 LIBOR. The LIBOR loans also offer an interest-only payment option.

With more jumbo loan products coming on the market, San Francisco real estate will hopefully thrive!

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