Jumbo Mortgage Loan

FHA Approved Condo For Sale in Burlingame

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. 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."

Dining Room

"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!

 

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

 


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0 comments • Phil Caulfield Jumbo and FHA Mortgage Loans California • September 01 2010 05:26PM

A completely new proposal to save the San Mateo County real estate market. It's not as crazy as you might think!

 

Richard Weisser wrote this interesting article about a new idea on how to fix the real estate market. I wrote an article in November, 2007, that had similar ideas.

I don't necessarily agree with incentive tax policy, but I do think making the down payment tax deductible serves two purposes. First, it will result in larger down payments. Larger down payments means lower payments and more equity, which will reduce foreclosures.

Second, a down payment tax deduction will stimulate sales. More sales means more money circulation throughout the economy.

What effect do you think this proposal would have on San Mateo County real estate?

 

Via Richard Weisser Coweta Fayette Real Estate ERA United Realty:

Taking a new path in the A lot of real estate agents are speaking as if the door on real estate sales will be slammed shut if the federal tax credit for first-time homebuyers is not extended. And while this opportunity to collect cash has had a very positive effect on sales in the lower price ranges, it really hasn't meant much to sellers with homes valued in excess of $200,000.

My preference is to let this credit just go away. The expiration of the credit could actually lead us back to a true fair market, where buyers buy because they need a house rather than just trying snag a great deal with future profit potential.

I would like to propose an alternative remedy to help sale in all price ranges. My proposal would really create interest in buyers that could really stimulate the market, and it is the only remedy that I have even seen proposed that would actually correct the mistakes of the past.

The solution I am proposing is to make all down payment monies for a personal residence up to and including a cash sale an income tax deduction. Not a refundable credit, just a deduction against income.

This also would encourage buyers with both cash and significant incomes to get back into the market. It would lead us back to the days when more down payment was better, and smaller mortgages would prevent the short position debacle that we are experiencing today.

The higher end market would see an extensive boost in sales, and prices would stabilize. And once again, homeowners will be encouraged to have equity in their homes to cushion them against negative market forces.

So what do you think? A dollar for dollar tax deduction for down payments on a house sounds like a good idea to me!

All content, including text, original art, photographs and images, is the exclusive property of Coweta Fayette Real Estate, Inc., and may not be used without the expressed written permission of Coweta Fayette Real Estate of ERA United Realty Newnan Georgia. All information is believed to be accurate but is not warranted, Copyright 2003-2009. Richard Weisser REOS, E-Pro. licensed Auctioneer. 770-827-6225.
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 Do you need help structuring a loan, or getting a rate quote? Call me at (650) 222-0386, or e-mail me                                                                                                           

 


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6 comments • Phil Caulfield Jumbo and FHA Mortgage Loans California • October 23 2009 01:36PM