Get Your Mortgage Phil

Did you call your lender to see if your client's property qualifies for special financing?

Mon, 09 Apr 2012 10:31:05 -0700

If you are a real estate agent, I would imagine you would want to have as much information as possible about the property your client wants to either sell or buy. One bit of information you should know is the number of the census tract the property is located in. This number can be found on the Geocoding Website published by the Federal Financial Institutions Examination Council.

Why is the census tract number of the property important? Well I am glad you asked! Some lenders will offer special financing programs for properties in specific census tracts. These special financing programs are usually offered to comply with the Community Reinvestment Act , or CRA as it is more commonly known.

For example, I am able to offer a loan program that only requires a 5% down payment and does not require mortgage insurance, as long as the property is in a targeted census tract! This program has become more attractive because of the recent rise in both the upfront and monthly FHA insurance premiums.

How do you use this information? As a listing agent, you might want to add this information to your property description. For example, "5% down with no mortgage insurance available for this home - contact (insert your lender's name) for details".

As a selling agent, you might show your clients property in a targeted census tract if the special financing available will help them qualify.

Another possibility is to show your clients a single family home instead of a condominium. For example, if 5% down was available with no mortgage insurance, and the client did not have to pay homeowner association fees, then the client would be able to borrow more because these expenses would not be added to their debt-to-income ratio.

It is very important to work closely with your lender with this type of financing because the program can change. The list of approved census tracts can change. The qualifications for the program can change. The terms of the program can change. Just because you had a transaction close recently with this type of financing does not mean it will be available for your next transaction. Get on the phone, call your lender, and make sure the property is in a targeted census tract!

Having the census tract information can help you add more value to your client! Adding more value will make your client happier, and happier clients means more business!

Do you need help structuring a loan, or getting a rate quote? Call me at (650) 222-0386, or e-mail me.

Jumbo Lender

This is not an offer for extension of credit or a commitment to lend. All loans must satisfy company underwriting guidelines. Information and pricing are subject to change without notice. This is not an offer to enter into a rate lock agreement under any state law.

Seven questions to ask to get the best jumbo mortgage rate quote in San Mateo County

Wed, 21 Mar 2012 13:40:42 -0700

If you live in San Mateo County and own or want to buy a home, there is a good chance that you will need a jumbo mortgage rate quote when shopping for a loan. There are many variables that go into a jumbo mortgage rate quote. knowing what these variables are can help you ask the right questions to get the most attractive jumbo mortgage rate for your needs.

Here are seven questions to ask to get the best jumbo mortgage rate quote in San Mateo County:

1. Does it make a difference in the rate if I am purchasing or refinancing? Some lenders differentiate their jumbo mortgage rates based on the type of transaction. For example, some lenders prefer purchase transactions and will discount the rate for this type.

2. Are the rates differentiated based on the loan-to-value (LTV) percentage? Lenders love it when borrowers have equity! They will often discount their jumbo mortgage rates based on the equity percentage. As a borrower, you may want to choose to borrow less to take advantage of the lower rate! These discounts are usually based on 5% increments in the loan-to-value percentage. For example, a lender may offer a lower jumbo mortgage rate for a 65% LTV than a 70% LTV.

3. Are your jumbo mortgage rates based on the credit score? Lenders also love high credit scores! They often reward borrowers with high credit scores with a lower jumbo mortgage rate. It is also important to ask which credit score is used to determine the rate. Some lenders will use the lowest middle score of all the borrowers (most credit reports have three credit scores). Other lenders will use the middle score of the primary wage earner (the borrower who makes the most money).

4. Does the amount of money I would like to borrow have an impact on the rate? The answer to this question widely varies from lender. Some lenders will offer better jumbo mortgage rates for lower loan amounts. Others will offer better rates for higher loan amounts. It's important to ask where the cut-offs are, meaning at what loan amount does the rate change? Finding out this information will help you structure how much of a loan to apply for?

5. Do you offer a discount for an impound account? An impound account is an account with the lender, funded by the borrower, that pays the property taxes and homeowners insurance when they become due. Some lenders will offer a lower jumbo mortgage rate to borrowers that agree to an impound account.

6. Do you offer a discount to the rate if I accept a pre-payment penalty? A pre-payment penalty is a percentage of the loan amount that must be paid to the lender if the loan is paid off before the pre-payment penalty period expires. Some lenders will offer a discount to their jumbo mortgage rate if the borrower accepts a pre-payment penalty. It is very important to note that all pre-payment penalties are not alike. They can differ in the length of the pre-payment penalty period. The dollar amount of the penalty can differ. The penalty can differ based on how the loan is paid off. For example, the pre-payment penalty may be waived if the house is sold, but enforced if the loan is refinanced. Make sure to understand all the varaibles of a pre-payment penalty!

7. Does the rate differ based on where the property is located? For example, does the rate change based on being in San Mateo County? This is a very important question to ask!

Having the knowledge to ask these questions will help you get the most attractive jumbo mortgage rate from a jumbo mortgage lender!

Home Renovation Financing

Do you need help structuring a loan, or getting a rate quote? Call me at (650) 222-0386, or e-mail me.

Jumbo Lender

Mortgage Financing For 250 Pelican Court Foster City

Sun, 02 May 2010 10:39:39 -0700

There are many alternatives for mortgage financing of 250 Pelican Court Foster City. This home is currently listed for sale at a price of $830,888. Foster City real estate agent Steve Droz is representing the seller.

You can purchase 250 Pelican Court with less than 20% down! FHA financing requires only a 3.5% down payment up to a loan amount of $729,750. Obviously with this home you would have to make a larger down payment than 3.5%, but at this price the down payment would be slightly more than 12%.

There are a couple of reasons why you may want to use an FHA loan to purchase 250 Pelican Court. First, the credit score required with an FHA loan is less than that of a conventional loan.

Second, if you cannot qualify on your own, FHA allows a co-signer to help you qualify that is not required to live in the property.

Here are some ideas on how to use conventional financing to purchase 250 Pelican Court.

As stated above, you could obtain one mortgage for up to $729,750. With less than 20% down, mortgage insurance is required.

To avoid mortgage insurance, you could obtain an 80% first mortgage and a 5% second mortgage. The second mortgage could be either an equity line of credit (which has an adjustable rate), or a fixed rate second mortgage.

One of the smartest actions a potential homebuyer can take for 250 Pelican Court , or for any other home, is to get pre-approved. Having a pre-approval letter when presenting an offer makes your offer stronger because it shows the seller that you are a serious buyer because you have lined up your financing prior to making your offer!

San Mateo County Short Sales

Do you need help structuring a loan, or getting a rate quote? Call me at (650) 222-0386, or e-mail me.

Jumbo Lender

The Case for Neg Am Loans

Wed, 26 Mar 2008 12:48:18 -0700

Negative Amortization adjustable mortgages are looked at as if they are inherently evil in the current economic situation we find ourselves in. However, if you look beyond the surface, a case can be made that this type of mortgage will be a good bet for the foreseeable future.

Lenders that offer this type of loan often base the rate on the Twelve Month Treasury Average index. This index is a rolling average of the monthly average of the One Year Treaasury Bill. As each month goes by, the rate for the oldest month in the average drops out, and the rate for the newest month is added.

Currently, the Twelve Month Treasury Average is at 4.076%. The current yield on the One Year Treasury Bill is 1.33%. What does this mean?

You are right - the Twelve Month Treasury Average Index rate is going down. If you can get a low margin, you are going to have a pretty good rate compared to what else is being offered in the mortgage marketplace.

Of course, discipline is required for this type of loan. I recommend either making the interest-only payment, or saving the difference between the minimum payment and the interest-only payment in a safe side account with a compounding return that outpaces the negative amortization accrued.

Before you make your next jumbo loan choice, ask your mortgage advisor about a negative amortization loan!

How To Increase Your Credit Score

Do you need help structuring a loan, or getting a rate quote? Call me at (650) 222-0386, or e-mail me.

Jumbo Lender

The story of how an agent helped his client buy a fixer-upper rental property with home renovation financing

Fri, 02 Mar 2012 13:35:53 -0800

Abe the Agent had a great eye for value. One day while on tour he spotted a home that obviously needed work.

The home was in a good neighborhood. Interest rates were low, and rents were increasing.

After he was done with his tour, he decided to call his old client, Ivana the Investor. Abe had helped her buy rental property in the past.

"Hi Ivana, it's Abe. I know we haven't spoken for a while, but I spotted a home on tour today that I think you should take a look at."

Ivana, always interested in a good deal, hopped in her car and met Abe at the property.

"Abe, this is horrible, why are you wasting my time?"

"Hold on Ivana, let's go through the property first and let me explain what I see and why this home is a good investment."

Abe took Ivana through the property. Ivana really liked the layout. Abe pointed out, however, many items that needed upgrading. The kitchens and bathrooms were old and needed to be updated. The interior and exterior needed to be painted. And, most importantly, the roof needed to be replaced.

"Abe, I love the location and the layout, but I don't want to deplete my savings to fix this place up."

"Ivana, I had a feeling you would say that. How would you like to buy this home and finance the upgrades?"

"Abe, I am familiar with the FHA 203K loan - that will not work. I am not going to live here The FHA 203K requires owner-occupancy."

Abe replied, "Ivana, I have done my homework - have you heard of the Fannie Mae Homestyle loan?"

"No I have not, does it apply to someone like me, an investor?"

"Yes it does Ivana. This loan will allow an investor to add the costs of upgrades into the loan amount, using the after-improved value!"

"OK Abe, what's the catch?" "There is no catch. Instead of making a 25% down payment and paying for 100% of the renovation costs out-of-pocket, you borrow 75% of the after-improved value to finance the upgrades!"

"For example, suppose there was a property that cost $400,000 that needed $100,000 of improvements. The cash-out of pocket would be $100,000 for the down payment and $100,000 for the upgrades, totaling $200,00."

"With the Fannie May Homestyle renovation loan, 25% of the after-improved value is $125,000, so you would have to come up with $75,000 less!"

"Sounds pretty good so far. The yards need landscaping and the fences are broken. Can I use the money to fix these up?" "Sure, as a matter-of-fact, you could even finance building a pool. As long as the repairs are permanently affixed to the property and add value, the Fannie Mae Homestyle loan will allow you do it!"

"Abe, this all sounds great, I am 99% there, anything else I should know about the Fannie Mae Homestyle loan?"

"What if I told you that the seller is allowed to credit 2% of the purchase price toward your closing costs?"

"I would say Abe, thank you, let's write the offer!"

FHA Streamline San Mateo

Do you need help structuring a loan, or getting a rate quote? Call me at (650) 222-0386, or e-mail me.

Jumbo Lender

How does a stock loan work?

Tue, 05 Oct 2010 11:44:01 -0700

A client asked me the other day, "How does a stock loan work?" A stock loan works differently than a mortgage loan, but can serve the same purpose of financing real estate.

Instead of real estate as collateral for the loan, the stock portfolio (bonds and other marketable securities can work also) serves as the collateral. Generally speaking, the amount you can borrow depends on the quality of the portfolio.

For example, a portfolio of highly liquid stocks, such as those listed on the S&P 500, will allow for a higher loan-to-value percentage, than a portfolio of thinly traded penny stocks. Loan-to-value percentages can be as high as 80%.

One of the most important details of how a stock loan works is that the lender will usually require that you move the portfolio of stock that you are borrowing against to their institution. You don't have to move your entire portfolio - just the portion of the portfolio you are using as collateral.

Now that you know how a stock loan works, you may be wondering why someone would get a stock loan instead of a mortgage loan. Stock loans have many benefits.

Qualifying for a stock loan is based solely on the value and quality of the portfolio. Income, credit history, and property value play no role!

Is a stock loan an alternative to a stated income loan? Yes!

Is a stock loan an alternative to the old sub-prime loans? Yes!

Is a stock loan an alternative for someone who can't refinance their mortgage because of a lack of equity? Yes!

Another benefit of how a stock loan works is speed. If you pretend that a stock loan and a mortgage loan were horses, you would bet on the stock loan winning the race 99 times out of 100! The reasons the stock loan horse wins is because there is no property appraisal and no credit underwriting of the borrower.

Another benefit of a stock loan is its flexibility. There are no loan amount limits. It can be used to finance any type of real estate, so it can be used for residential and commercial loans. It can be used to finance those properties that mortgage lenders won't touch with a ten foot pole!

A huge benefit of how stock loans work is that they can be written as non-recourse. Non-recourse means that if the borrower stops making payments, the lender cannot recover other assets from the borrower if they fail to make the payments. They keep the securities, but that is it!

The payments on a stock loan are generally interest-only. An interest-only payment makes the payment lower than if it is amortized to be paid off in a certain amount of time.

Another benefit is that you are able to keep your portfolio the same. You may have been contemplating liquidating part or all of your portfolio to buy a piece of real estate. If you use a stock loan instead, you are able to continue to participate in the gains and losses, and you do not incur a capital gains tax that you may have to pay if you liquidate your stocks and/or bonds for the purchase.

Now that you know how a stock loan works, do you see any scenarios where it might work for you or your clients?

A Script For Your Clients

Do you need help structuring a loan, or getting a rate quote? Call me at (650) 222-0386, or e-mail me.

Jumbo Lender

FINALLY - GREAT NEWS IF YOU WANT A FHA STREAMLINE REFINANCE IN SAN MATEO COUNTY!

Thu, 01 Mar 2012 08:58:24 -0800

If you obtained a FHA loan in San Mateo County prior to May 31,2009, you may be able to benefit from the news announced yesterday. FHA streamline loans may become more affordable.

FHA mortgage insurance premiums have increased in the last several years. These increased premiums have made it less attractive to apply for a FHA streamline refinance. Although interest rates have decreased, the decrease in rates have been offset by the increased insurance premiums.

Stay tuned: the FHA streamline refinance may get real attractive shortly for homeowners in San Mateo County!

Jumbo Loan For First-time Buyer

Via Larry Bettag - Cherry Creek Mortgage:

At a Senate hearing yesterday on the state of housing market, Secretary Donovan indicated that FHA would be reducing premiums for FHA loans endorsed on or before May 31, 2009. The Secretary said:

Basically, this is the first positive move that they are doing for the consumer. Probably lowering premiums to the prior rates so that those who have had FHA mortgages can refinance and lower their payments.

THIS IS HUGE!!!

"In addition to taking steps to make these refinance loans more widely available, FHA is working on adjusting the premium structure for all Streamline Refinance transactions that are refinancing FHA loans endorsed on or before May 31, 2009, to further incentivize refinance activity. These changes will ensure that borrowers benefit from a net reduction in their overall mortgage payment while still ensuring FHA has the resources to pay any necessary claims."

We expect that changes to the streamline refinance program (lowering both the upfront and the annual premium) should be announced in the next week or two.

If you choose, you can find me here:





                                          NMLS ID#158606               An Illinois Residential Mortgage Licensee

Do you need help structuring a loan, or getting a rate quote? Call me at (650) 222-0386, or e-mail me.

Jumbo Lender

Can A First-Time Buyer Get A Jumbo Loan?

Tue, 28 Feb 2012 17:48:37 -0800

Can a first-time buyer can get a jumbo loan? Yes, however, lenders often scrutinize this type of transaction with more requirements to qualify than they have for a move-up buyer.

One concern they have with a first-time buyer is payment shock. Payment shock is defined as the amount exceeding the current housing expense. For example, the lender may have a guideline stating that they will fund a jumbo loan for a first-time buyer only if the payment shock is less than 200% of the current rent.

A lender will want to verify the rental payment history of a first-time buyer. Be prepared to provide at least 12 months of cancelled checks (some lenders ask for 24 months). Hopefully all of the rental payments have been made on time.

What if you live at home with your parents? You might be out of luck! The lack of a rental history can be the cause of a turn-down for a jumbo loan application.

Courtesy of GWhalin

Your credit score as a first-time buyer is extremely important when you apply for a jumbo loan. Be prepared to have a score of 720 or more!

You have met of all the above requirements - is there anything else you need to be concerned with as a first-time buyer? Yes. There may be a loan amount limit. For example, you may be limited to a $1 million jumbo loan amount.

It is important that you know that first-time buyer guidelines for a jumbo loan vary from lender to lender. For example, a lender may not have a guideline concerning payment shock, but may have a maximum loan limit for a first-time buyer.

With this knowledge of what lenders are concerned with, you can protect yourself by volunteering this information when applying. Ask your lender what there requirements are for a first-time buyer. In addition ask your real estate agent for a referral to a jumbo lender that has lots of experience closing jumbo loans.

How A Stock Loan Works

Do you need help structuring a loan, or getting a rate quote? Call me at (650) 222-0386, or e-mail me.

Jumbo Lender

FHA Approved Condos in Burlingame

Fri, 13 Aug 2010 16:21:14 -0700

There are two FHA approved condos in Burlingame. If you want to use FHA financing to purchase a condo, it must be an FHA approved condo.

Parc Newlands is located at 107 El Camino Real. It is on the southwest corner of Newlands Avenue and El Camino Real. There are 17 units in this complex.

Pershing Park is located just west of this complex. It's a nice park for little kids.

Downtown Burlingame is nearby. Burlingame Avenue has many shops and restaurants that are enjoyed by mant residents and visitors.

The FHA maximum loan amount in San Mateo County is $729,750. The FHA down payment requirement is 3.5%

Before you make an offer on an FHA approved condo, have your Burlingame loan officer double-check to make sure that the condo is still FHA approved. The approval status can change.

The other FHA approved condo complex in Burlingame is located at 777 Morrell Avenue. The cross street is Rollins Road. There are 28 units in this condominium complex. Burlingame High School is very close by.

Broadway Avenue, the other "main" street of Burlingame, is another street that draws many from the local neighborhoods for shopping and dining.

Broadway Avenue is a good walk from 777 Morrell Avenue.

Social Media Help For San Mateo Real Estate Agents

Do you need help structuring a loan, or getting a rate quote? Call me at (650) 222-0386, or e-mail me.

Jumbo Lender

The Elements Of An Awesome Loan Package! Part 1 - The Application

Tue, 22 Jun 2010 20:34:11 -0700

In my opinion, the number one way to make a loan transaction fly through the process is by submitting an Awesome Loan Package! An Awesome Loan Package is actually very easy to put together. All it takes is a little attention to detail.

Let's start with the loan application. The key idea I want you to remember is to be accurate and complete. Some items are extremely important to be accurate with. Others are very important to be complete.

You want to be extremely accurate with:

The number of units
Occupancy (is it your primary residence, vacation home, or investment property)
Length of time at address (if any less than 2 years supply the former address(es) for a complete 2 year history
Time on job (any less than 2 years supply former employer(s) with accurate dates of employment. If you have any gaps in employment, prepare a letter explaining the reasons for the gap
Checking the Self Employed box if you owned 25% or more of a company

It is extremely important to be accurate with this information on the application because YOUR LENDER WILL FIND OUT IF IT IS NOT ACCURATE! They have extremely good quality control systems these days. If you are not accurate with this information, you will have some explaining to do! Explanations take time, and time is your enemy, especially on purchase transactions.

You want to be extremely complete with:

Sources of your down payment and/or settlement charges
All addresses where you have resided in the last two years
All employment in the last two years
All sources of income
Listing all of your accounts that hold liquid assets (don't forget about the cash value of life insurance)
List all real estate owned, even if there is no mortgage on a property

Being complete with these parts of the loan application is important not only because it speeds the process, but also because it can make the difference in qualifying for the loan. For example, your lender wants to know that your cash reserves are enough to make the payments if times get tough for you income-wise. Listing all of your liquid assets is a simple step to take that answers this question.

Once again, accuracy and completeness are the two key ideas to remember when completing your application. Part 2 of the Awesome Loan Package will focus on income documentation - stay tuned!

How To Use Twitter For Marketing

Do you need help structuring a loan, or getting a rate quote? Call me at (650) 222-0386, or e-mail me.

Jumbo Lender

FREE entrance day to our National Parks

Mon, 08 Nov 2010 11:53:25 -0800

Everyone likes free, right? And we're in luck. This Thursday, November 11, 2010, entrance fees are being waived at our country's national parks. That's right, you can visit your favorite national park at no charge on Veterans' Day.

Some of the parks here in California include Yosemite National Park, Sequoia-Kings Canyon National Park and Joshua Tree National Park.

Closer to San Mateo County and the Silicon Valley are Muir Woods National Monument and Pinnacles National Monument.

This is a great opportunity to enjoy a day exploring some of nature's grandeur, and save on entrance fees to boot.

For more information, go to the National Park Service's web site.

--- Just another benefit of living here!

Lottie Kendall, Realtor

Today | Sotheby's International Realty

San Carlos, California, 94070

DRE#01215160; 650-465-4547;

Lottie@LottieKendall.com;

www.LottieKendall.com

Peninsula Living: San Mateo County and Silicon Valley Real Estate

Home Maintenance Reminders for Homeowners

Thu, 21 Oct 2010 11:17:34 -0700

Home Maintenance Reminders for Homeowners

Whether you've just bought that first house, or have been a homeowner for many years, there are some household tasks that shouldn't be overlooked just because they aren't urgent.

We've seen squirrels actively preparing for winter, and now that we've had our first chilly days here in San Mateo County and the Silicon Valley, it's time for us to do to same.

Here's a list of some important tasks that shouldn't be overlooked:

change batteries in all smoke detectors
put fresh batteries in your flashlights
change/wash all filters -- aerators on faucets, kitchen fan filters,
furnace filters (check furnace filters monthly during heating season)
inspect your household emergency kit (you do have one, right?) and refresh the supplies -- don't forget pet and baby supplies, too, as well as medicine)
inspect your garage door -- tighten nuts that might have worked loose, make certain the automatic sensors are positioned and work properly
clear leaves and debris from gutters
check downspouts to be certain they aren't clogged, and water can flow freely away from the house
inspect your fireplace and have your chimney cleaned if you use a wood-burning stove
check for needed touch ups to caulking on exterior siding and around bathtubs inside
have your furnace checked and serviced
walk around your home, checking for and removing overgrown shrubs, tree limbs touching the roof, etc.

After attending to tasks like these, you can sit back and enjoy the chilly evenings and our occasional rain storm, knowing your home is, indeed, a haven.

--- Just another benefit of living here!

Lottie Kendall, Realtor

Today | Sotheby's International Realty

San Carlos, California, 94070

DRE#01215160; 650-465-4547;

Lottie@LottieKendall.com;

www.LottieKendall.com

Peninsula Living: San Mateo County and Silicon Valley Real Estate

FHA changes effective October 4, 2010 in San Mateo County

Tue, 07 Sep 2010 14:11:28 -0700

FHA loans are becoming more important in San Mateo County. The maximum loan amount is $729,750. There are many homes that can be marketed with FHA financing being available, or purchased utilizing FHA financing.

There are some changes being implemented for FHA loans beginning in October. This article is an excellent summary of the changes and what the impact will be on transactions utilizing FHA financing in San Mateo County.

Via Ken Cook, 678-439-8683:

Effective for FHA loans for which the case number is assigned on or after October 4, 2010 the Upfront Mortgage Insurance will decrease from 2.25 to 1.00 (100 basis points) on all FHA insured loans except Home Equity Conversion (HECM - "reverse mortgage"). Chances are you have heard this or some version of it but until yesterday, September 1, 2010, it was not in writing in the official form from HUD.

When are FHA case numbers assigned?

Case numbers must be assigned prior to ordering third party services such as the appraisal. Appraisals are not ordered until there is a fully executed sales agreement in the lender's possession. The lender orders the FHA case number and assigns it to the loan application where it becomes permanent record.

Monthly Mortgage Insurance also changing.

With UFMIP going down MMIP is heading up. Much more dangerous to the industry because it impacts monthly payment and thus debt-to-income ration (DTI). Currently on loans of over 95% the MIP is .55% annually and from 95% and lower it is .50% annually. Effective October 4, 2010 those numbers will be .85% and .90% which results in an increased monthly payment.

Contrary to some reports there has been no notification of change in the amount of closing contributions by the seller which can be contributed to cover closing costs which is 6% and has not (yet) changed. The buyer must contribute 3.5% of their own money but it can be a gift.

This information applies to 203b and 203k loans.

Examples - top row is now, second row is after 10/4 and the $43.39 is the monthly payment increase:

Sales Price Down Loan Amt UFMIP Total Loan P&I Pmt MIP P&I&MIP 200,000 7,000 193,000 4,342.50 197,342.50 1,054.98 88.46 1,143.44 200,000 7,000 193,000 1,930.00 194,930.00 1,042.08 144.75 1,186.83 43.39

Questions? Don't hesitate, ever, to contact me.

COMMENTS ARE GOLDEN - this is about you so sound off ...

Ken Cook - Community Outreach Leader Southeast Region (I make friends, that's my job :) - FHA, USDA, VA and Conventional Home Loans (678) 439-8683 NMLS ID 208452

My employer: AmericaHomeKey, Inc., 2300 Windy Ridge Parkway, 8th Floor North Tower - 840N, Atlanta, GA 30339. NMLS ID 102930. Georgia residential mortgage licensee 23191. Equal housing lender.

Do you need help structuring a loan, or getting a rate quote? Call me at (650) 222-0386, or e-mail me.

Jumbo Lender

FHA Approved Condo For Sale in Burlingame

Wed, 01 Sep 2010 17:26:01 -0700

Are you looking at condos for sale in Burlingame that are FHA approved? There is a condo for sale that is FHA approved located at 107 El Camino Real Unit 103.

FHA financing offers many benefits:

The down payment can be as low as 3.5%
The entire down payment can be a gift
Co-signers that do not occupy the property are allowed
The maximum loan amount in San Mateo County is $729,750
Fixed rates are available
Adjustable rates are available that have an initial fixed rate term
Credit history requirements are typically more flexible than what is required with a conventional loan

Burlingame real estate agent Dave Tapper describes this condo for sale - "It is in a great location, just two blocks from Burlingame Avenue." People love being this close to downtown!"

"This one level unit has three bedrooms and three baths. In addition, it has two master bedroom suites, a marble entry way, and gorgeous hardwood floors."

"There is a fireplace, and a washer and dryer in the unit. There is two car parking in this secured building with tons of extra storage."

"This condo is one of only a few that offer earthquake insurance. This is an upscale, classy building that is 10 years young."

In order to use FHA financing for a condo, the complex must be FHA approved. In Burlingame, there are only two condo complexes that are FHA approved as of the date of this post.

If you plan on using FHA financing to purchase a condo for sale, it's probably a good idea to contact an FHA lender to find out what complexes are FHA approved in the area that you are interested in. And it also makes sense to get pre-approved prior to making an offer. It will make your offer look stronger!

FHA Approved Condos in Burlingame

Do you need help structuring a loan, or getting a rate quote? Call me at (650) 222-0386, or e-mail me.

Jumbo Lender

What's going on in the real estate market today in San Carlos, CA 94070?

Thu, 26 Aug 2010 13:11:57 -0700

What's going on in the real estate market today in San Carlos, CA 94070?

While gathering information today for a potential seller, I included what's going on in the real estate market in San Carlos, California.

Today, in the single-family home market, there are:

62 Active listings
28 Pending sales
11 Transactions that have closed in the last 6 weeks

Looking at the condo/townhouse market, we see:

34 Active listings
10 Pending sales
1 Transaction that has closed in the last 6 weeks

These are simply the bare statistics. You might like to know the trends we're seeing, what types of properties are selling, which are receiving multiple offers, and which are examples of what not to do when listing a home today.

If you'd like information about your particular neighborhood or type of property, I'm happy to provide it -- just shoot me an email or give me a call.

--- Just another benefit of living here!

Lottie Kendall, Realtor

Today | Sotheby's International Realty

San Carlos, California, 94070

DRE#01215160; 650-465-4547;

Lottie@LottieKendall.com;

www.LottieKendall.com

Peninsula Living: San Mateo County and Silicon Valley Real Estate