http://jumboloanblog.com/ Jumbo, super jumbo, loan, mortgage, real estate, refinance, Burlingame, Hillsborough, San Mateo, Millbrae, San Francisco, Ross, Tiburon, Belvedere, San Rafael, California, CA, Pebble Beach, Monterey, Carmel, Santa Cruz, Aptos, Atherton, Menlo Park, Palo Alto, Woodside, en-us http://jumboloanblog.com/post/1842916/fha-changes-effective-october-4-2010-in-san-mateo-county <p> <p><strong>FHA</strong> loans are becoming more important in <strong>San Mateo County</strong>. The maximum loan amount is $729,750. There are many homes that can be marketed with <strong>FHA</strong> financing being available, or purchased utilizing <strong>FHA</strong> financing.</p> <p>There are some changes being implemented for <strong>FHA</strong> loans beginning in October. This article is an excellent summary of the changes and what the impact will be on transactions utilizing <strong>FHA</strong> financing in <strong>San Mateo County</strong>.</p> </p> <div>Via <b><a href="http://activerain.com/blogsview/1835213/fha-changes-effective-october-4-2010">Ken Cook, 678-439-8683</a></b>:<br /><blockquote><p>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.</p> <p><strong>When are FHA case numbers assigned?</strong></p> <p>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. </p> <p><strong>Monthly Mortgage Insurance also changing.</strong></p> <p>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.</p> <p>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.</p> <p>This information applies to 203b and 203k loans.</p> <p>Examples - top row is now, second row is after 10/4 and the $43.39 is the monthly payment increase:</p> <p> 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  </p> <p>Questions? Don't hesitate, ever, to contact me.</p> <p>COMMENTS ARE GOLDEN - this is about you so sound off ...</p> <p> </p> <p> </p><div class="agent_signature"><p> </p> <a href="http://sociallist.org/submit.php?type=1&amp;lang=en&amp;url=refpage&amp;title=refpage&amp;tag=refpage&amp;text=refpage" title="Bookmark this Website"><img src="http://sociallist.org/buttons/en160x24.gif" height="24" alt="Bookmark" width="160" /></a> <p><strong>Ken Cook</strong> - 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</p> <p>My employer: AmericaHomeKey, Inc.,&nbsp;2300 Windy Ridge Parkway,&nbsp;8th Floor North Tower - 840N,&nbsp;Atlanta, GA 30339.&nbsp;NMLS ID 102930. Georgia residential mortgage licensee 23191. Equal housing lender.</p> <p> </p></div></blockquote></div><div class="agent_signature"><p>&nbsp;</p> <p><span><strong><span><span><strong>&nbsp;Do you need help structuring a loan, or getting a rate quote? Call me at (650) 222-0386, or <a href="mailto:phil.caulfield@firstpenmtg.com">e-mail</a> me</strong></span></span>&nbsp;&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp;</strong></span></p> <p>&nbsp;</p> <div><span><span><strong><br /></strong></span></span></div> <p><span><span><a href="http://jumboloanblog.com" title="Jumbo Loan Information">Jumbo Loans</a></span></span></p> <p>&nbsp;</p> <p><a href="http://localism.com/neighbor/dad394" title="Mortgage And Real Estate Information">Local Real Estate And Mortgage Information</a></p> <p>&nbsp;</p> <p>&nbsp;</p> <p>&nbsp;</p> <p>&nbsp;</p> <p><a href="http://twitter.com/philcaul" title="Follow Phil On Twitter"><img src="http://activerain.comhttp://activerain.com/image_store/uploads/2/7/4/5/7/ar125872342175472.png" height="83" alt="" width="60" /></a>&nbsp;&nbsp;<a href="http://www.youtube.com/user/dad39456" title="My Incredible Videos!"><img src="http://activerain.comhttp://activerain.com/image_store/uploads/8/9/7/0/1/ar125872421210798.png" height="83" alt="" width="60" /></a>&nbsp;&nbsp;<a href="http://www.linkedin.com/in/philcaulfield" title="Link Up With Me On LinkedIn"><img src="http://activerain.comhttp://activerain.com/image_store/uploads/3/8/9/0/1/ar125915513010983.png" height="83" alt="" width="60" /></a>&nbsp;&nbsp;<a href="http://www.facebook.com/pages/manage/#!/pages/Mortgage-And-Marketing-Help-For-Real-Estate-Agents/104832172892694" title="Become A Fan On Facebook!"><img src="http://activerain.comhttp://activerain.com/image_store/uploads/9/9/0/7/4/ar125872358647099.png" height="83" alt="" width="60" /></a></p></div> Phil Caulfield Jumbo and FHA Mortgage Loans California (Pre-Approval, First Time Buyer, Fixed Rates) Tue, 07 Sep 2010 14:11:28 -0400 http://jumboloanblog.com/post/1842916/fha-changes-effective-october-4-2010-in-san-mateo-county http://jumboloanblog.com/post/1830919/fha-approved-condo-for-sale-in-burlingame <p>Are you looking at <strong>condos for sale in Burlingame</strong> that are <strong>FHA approved</strong>? There is a <strong>condo for sale</strong> that is <strong>FHA approved</strong> located at 107 El Camino Real Unit 103. <img title="FHA Approved Condo For Sale in Burlingame" src="http://activerain.com/image_store/uploads/3/2/3/9/2/ar128330365629323.jpg" height="150" alt="107 El Camino Real Unit 103" width="200" /></p> <p>FHA financing offers many benefits:</p> <ul> <li>The down payment can be as low as 3.5%</li> <li>The entire down payment can be a gift</li> <li>Co-signers that do not occupy the property are allowed</li> <li>The maximum loan amount in San Mateo County is $729,750</li> <li>Fixed rates are available</li> <li>Adjustable rates are available that have an initial fixed rate term</li> <li>Credit&nbsp;history requirements are typically more flexible than what is required with a conventional loan&nbsp;</li> </ul> <p><a href="http://davidtapper.com" title="Burlingame Real Estate Agent">Burlingame real estate agent</a> Dave Tapper describes this <strong>condo for sale</strong> - "It is in a great location, just&nbsp;two blocks from <strong>Burlingame</strong> Avenue." People love being this close to downtown!"</p> <p>"This one level&nbsp;unit has&nbsp;three bedrooms and three baths. In addition, it has two master bedroom suites, a marble entry way, and gorgeous hardwood floors."</p> <p><img title="FHA Approved Condo For Sale In Burlingame" src="http://activerain.com/image_store/uploads/2/3/3/1/5/ar128337287351332.jpg" height="150" alt="Dining Room" width="200" /></p> <p>"There is a fireplace, and a washer and dryer in the&nbsp;unit. There is&nbsp;&nbsp;two car parking in&nbsp;this secured building with tons of extra storage."</p> <p>"This condo is one of only a few that offer earthquake insurance. This is an upscale, classy building that is 10 years young."</p> <p>In order to use FHA financing for a condo, the complex must be <strong>FHA approved</strong>. In Burlingame, there are only <a href="http://activerain.com/blogsview/1797973/fha-approved-condos-in-burlingame" title="FHA Approved Condos in Burlingame">two condo complexes that are <strong>FHA approved</strong> </a>as of the date of this post.</p> <p>If you plan on using FHA financing to purchase a <strong>condo for sale</strong>, it's probably a good idea to contact an FHA lender to find out what complexes are <strong>FHA approved</strong> 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!</p><div class="agent_signature"><p>&nbsp;</p> <p><span><strong><span><span><strong>&nbsp;Do you need help structuring a loan, or getting a rate quote? Call me at (650) 222-0386, or <a href="mailto:phil.caulfield@firstpenmtg.com">e-mail</a> me</strong></span></span>&nbsp;&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp;</strong></span></p> <p>&nbsp;</p> <div><span><span><strong><br /></strong></span></span></div> <p><span><span><a href="http://jumboloanblog.com" title="Jumbo Loan Information">Jumbo Loans</a></span></span></p> <p>&nbsp;</p> <p><a href="http://localism.com/neighbor/dad394" title="Mortgage And Real Estate Information">Local Real Estate And Mortgage Information</a></p> <p>&nbsp;</p> <p>&nbsp;</p> <p>&nbsp;</p> <p>&nbsp;</p> <p><a href="http://twitter.com/philcaul" title="Follow Phil On Twitter"><img src="http://activerain.comhttp://activerain.com/image_store/uploads/2/7/4/5/7/ar125872342175472.png" height="83" alt="" width="60" /></a>&nbsp;&nbsp;<a href="http://www.youtube.com/user/dad39456" title="My Incredible Videos!"><img src="http://activerain.comhttp://activerain.com/image_store/uploads/8/9/7/0/1/ar125872421210798.png" height="83" alt="" width="60" /></a>&nbsp;&nbsp;<a href="http://www.linkedin.com/in/philcaulfield" title="Link Up With Me On LinkedIn"><img src="http://activerain.comhttp://activerain.com/image_store/uploads/3/8/9/0/1/ar125915513010983.png" height="83" alt="" width="60" /></a>&nbsp;&nbsp;<a href="http://www.facebook.com/pages/manage/#!/pages/Mortgage-And-Marketing-Help-For-Real-Estate-Agents/104832172892694" title="Become A Fan On Facebook!"><img src="http://activerain.comhttp://activerain.com/image_store/uploads/9/9/0/7/4/ar125872358647099.png" height="83" alt="" width="60" /></a></p></div> Phil Caulfield Jumbo and FHA Mortgage Loans California (Pre-Approval, First Time Buyer, Fixed Rates) Wed, 01 Sep 2010 17:26:01 -0400 http://jumboloanblog.com/post/1830919/fha-approved-condo-for-sale-in-burlingame http://jumboloanblog.com/post/1797973/fha-approved-condos-in-burlingame <p>There are two <strong>FHA approved condos</strong> in <strong>Burlingame</strong>. If you want to use FHA financing to purchase a condo, it must be an <strong>FHA approved condo</strong>.</p> <p>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. <img title="FHA Approved Condos" src="http://activerain.com/image_store/uploads/7/3/7/2/6/ar128172448862737.jpg" height="344" alt="107 Parc Newlands Burlingame" width="469" /></p> <p>Pershing Park is located just west of this complex. It's a nice park for little kids.</p> <p>Downtown Burlingame is&nbsp;nearby. Burlingame Avenue has many shops and restaurants that are enjoyed by mant residents and&nbsp;visitors.&nbsp;&nbsp;</p> <p>The FHA maximum loan amount in San Mateo County is $729,750. The FHA down payment requirement is 3.5%</p> <p>Before you make an offer on an <strong>FHA approved condo</strong>, have your <a href="http://getyourmortgagephil.com" title="Burlingame Loan Officer">Burlingame loan officer</a> double-check to make sure that the condo is still FHA approved. The approval status can change.</p> <p>The other <strong>FHA approved condo</strong> complex in <strong>Burlingame</strong> is located at 777 Morrell Avenue. The cross street is Rollins Road. There are 28 units in this condominium complex. <img title="FHA approved condos" src="http://activerain.com/image_store/uploads/3/8/4/7/9/ar128172600597483.jpg" height="461" alt="777 Morrell Avenue Burlingame" width="467" />Burlingame High School is very close by.</p> <p>Broadway Avenue, the other "main" street of Burlingame, is another street that draws many from the local neighborhoods for shopping and dining.</p> <p>Broadway Avenue is a good walk from 777 Morrell Avenue.</p><div class="agent_signature"><p>&nbsp;</p> <p><span><strong><span><span><strong>&nbsp;Do you need help structuring a loan, or getting a rate quote? Call me at (650) 222-0386, or <a href="mailto:phil.caulfield@firstpenmtg.com">e-mail</a> me</strong></span></span>&nbsp;&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp;</strong></span></p> <p>&nbsp;</p> <div><span><span><strong><br /></strong></span></span></div> <p><span><span><a href="http://jumboloanblog.com" title="Jumbo Loan Information">Jumbo Loans</a></span></span></p> <p>&nbsp;</p> <p><a href="http://localism.com/neighbor/dad394" title="Mortgage And Real Estate Information">Local Real Estate And Mortgage Information</a></p> <p>&nbsp;</p> <p>&nbsp;</p> <p>&nbsp;</p> <p>&nbsp;</p> <p><a href="http://twitter.com/philcaul" title="Follow Phil On Twitter"><img src="http://activerain.comhttp://activerain.com/image_store/uploads/2/7/4/5/7/ar125872342175472.png" height="83" alt="" width="60" /></a>&nbsp;&nbsp;<a href="http://www.youtube.com/user/dad39456" title="My Incredible Videos!"><img src="http://activerain.comhttp://activerain.com/image_store/uploads/8/9/7/0/1/ar125872421210798.png" height="83" alt="" width="60" /></a>&nbsp;&nbsp;<a href="http://www.linkedin.com/in/philcaulfield" title="Link Up With Me On LinkedIn"><img src="http://activerain.comhttp://activerain.com/image_store/uploads/3/8/9/0/1/ar125915513010983.png" height="83" alt="" width="60" /></a>&nbsp;&nbsp;<a href="http://www.facebook.com/pages/manage/#!/pages/Mortgage-And-Marketing-Help-For-Real-Estate-Agents/104832172892694" title="Become A Fan On Facebook!"><img src="http://activerain.comhttp://activerain.com/image_store/uploads/9/9/0/7/4/ar125872358647099.png" height="83" alt="" width="60" /></a></p></div> Phil Caulfield Jumbo and FHA Mortgage Loans California (Pre-Approval, First Time Buyer, Fixed Rates) Fri, 13 Aug 2010 16:21:14 -0400 http://jumboloanblog.com/post/1797973/fha-approved-condos-in-burlingame http://jumboloanblog.com/post/1641467/do-your-neighbors-help-or-hurt-the-sale-of-your-home-what-would-mr-rogers-say- <p><p>Burlingame help or hurt the sale of your home?</p></p><div>Via <b><a href="http://activerain.com/blogsview/1639560/do-your-neighbors-help-or-hurt-the-sale-of-your-home-what-would-mr-rogers-say-">Fort Wayne Realtors THE CHRISTIANSEN TEAM (RE/Max Home Connection Fort Wayne)</a></b>:<br /><blockquote><p><a href="http://fortwaynerealestate.files.wordpress.com/2010/05/mr-rogers2.jpg"><img class="aligncenter size-full wp-image-753" title="Mr rogers" src="http://fortwaynerealestate.files.wordpress.com/2010/05/mr-rogers2.jpg?w=127&amp;h=125" height="125" alt="" width="127" /></a><span><em><strong></strong></em></span></p> <p><span><em><strong>It&rsquo;s a beautiful day in the neighborhood</strong></em></span></p> <p><span><em><strong>A beautiful day for a neighbor</strong></em></span></p> <p><span><em><strong>Would you be mine?</strong></em></span></p> <p><span><em><strong>Could you be mine?</strong></em></span></p> <p><span><em><strong>Please won&rsquo;t you be my neighbor?</strong></em></span></p> <p><span><strong><span> </span><span>In Mr. Roger&rsquo;s neighborhood all the neighbors are good right?&nbsp; Not so much with some of the neighbors we have encountered with our listings and homes we have shown to our buyers.</span></strong></span></p> <p><span><strong><span>I wonder what Mr. Rogers would think about being neighbors with:</span></strong></span></p> <p><span><strong><span><a href="http://fortwaynerealestate.files.wordpress.com/2010/05/crappy-back-yard.jpg"><img class="aligncenter size-medium wp-image-754" title="Crappy back yard" src="http://fortwaynerealestate.files.wordpress.com/2010/05/crappy-back-yard.jpg?w=300&amp;h=225" height="225" alt="" width="300" /></a></span></strong></span></p> <p><span><strong><span>Crappy back yard guy.&nbsp; You know, the guy that never mows his back yard, and when he finally does it takes him all afternoon and his mower keeps dying because the grass is too long?<br /> </span></strong></span></p> <p><span><strong><span><a href="http://fortwaynerealestate.files.wordpress.com/2010/05/cluttered-back-yard.jpg"><img class="aligncenter size-medium wp-image-755" title="Cluttered back yard" src="http://fortwaynerealestate.files.wordpress.com/2010/05/cluttered-back-yard.jpg?w=300&amp;h=178" height="178" alt="" width="300" /></a></span></strong></span></p> <p><span><strong><span>Cluttered back yard guy.&nbsp; You know, the guy that has so much crap and junk in his backyard that it looks like a tornado blew through?</span></strong></span></p> <p><span><strong><span><a href="http://fortwaynerealestate.files.wordpress.com/2010/05/drunk-party.jpg"><img class="aligncenter size-medium wp-image-756" title="Drunk party" src="http://fortwaynerealestate.files.wordpress.com/2010/05/drunk-party.jpg?w=300&amp;h=213" height="213" alt="" width="300" /></a></span></strong></span></p> <p><span><strong><span>Party every weekend guy.&nbsp; You know, the guy that has crazy loud drunk parties every weekend?</span></strong></span></p> <p><span><strong><span><a href="http://fortwaynerealestate.files.wordpress.com/2010/05/crazy-paint-job.jpg"><img class="aligncenter size-medium wp-image-757" title="Crazy paint job" src="http://fortwaynerealestate.files.wordpress.com/2010/05/crazy-paint-job.jpg?w=300&amp;h=159" height="159" alt="" width="300" /></a></span></strong></span></p> <p><span><strong><span>Crazy paint job guy.&nbsp; You know, the guy that painted his house in with colors so bright that you can see it from space??</span></strong></span></p> <p><span><strong><span>There have been many times that we have found a wonderful home for a buyer and guess what?&nbsp; Mr. Friggin Rogers wasn&rsquo;t their neighbor, it was one of those guys mentioned above.&nbsp; Before you buy a home MAKE SURE to look around first.&nbsp; A friendly tip from <span>The Christiansen Team</span>.&nbsp; <img class="wp-smiley" src="http://s.wordpress.com/wp-includes/images/smilies/icon_smile.gif" alt=":)" /> </span></strong></span></p> <p><strong>If you would like to buy or sell a home&nbsp;<em><strong> </strong></em>in </strong><strong>Fort Wayne, Indiana</strong><strong> or in the surrounding communities, please call </strong><strong>Jared, Amanda, or Deb of <span>The Christiansen Team</span> at </strong><strong>260-704-0842, email us at </strong><strong><span>ChristiansenTeam@gmail.com</span>, or you may want to visit our <a href="http://www.fortwaynehomes4sale.com/">website</a></strong> <strong>for more specific information on the communities we service.</strong></p> <p><strong>Relocating to Fort Wayne?</strong> <strong>Are you moving to work at the Fort Wayne GM Plant? Contact us to see how we can help!</strong></p> <p><strong>Want to know a little more about us?&nbsp; Check out our Facebook fan page</strong> <a href="http://www.facebook.com/home.php?filter=pp#/pages/Fort-Wayne-IN/Fort-Wayne-Realtors-Jared-and-Amanda-Christiansen/117790584700?ref=nf"><strong>HERE</strong></a> or <a href="http://lmgtfy.com/?q=Fort%20Wayne%20Realtors%20Jared%20and%20Amanda"><strong>GOOGLE US!!</strong></a></p> <p><a href="http://www.fortwaynehomes4sale.com/"><strong>FORT WAYNE HOMES FOR SALE</strong></a></p> <p><strong>The Christiansen Team</strong></p> <p><strong>WE work, YOU win!!</strong></p></blockquote></div><div class="agent_signature"><p>&nbsp;</p> <p><span><strong><span><span><strong>&nbsp;Do you need help structuring a loan, or getting a rate quote? Call me at (650) 222-0386, or <a href="mailto:phil.caulfield@firstpenmtg.com">e-mail</a> me</strong></span></span>&nbsp;&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp;</strong></span></p> <p>&nbsp;</p> <div><span><span><strong><br /></strong></span></span></div> <p><span><span><a href="http://jumboloanblog.com" title="Jumbo Loan Information">Jumbo Loans</a></span></span></p> <p>&nbsp;</p> <p><a href="http://localism.com/neighbor/dad394" title="Mortgage And Real Estate Information">Local Real Estate And Mortgage Information</a></p> <p>&nbsp;</p> <p>&nbsp;</p> <p>&nbsp;</p> <p>&nbsp;</p> <p><a href="http://twitter.com/philcaul" title="Follow Phil On Twitter"><img src="http://activerain.comhttp://activerain.com/image_store/uploads/2/7/4/5/7/ar125872342175472.png" height="83" alt="" width="60" /></a>&nbsp;&nbsp;<a href="http://www.youtube.com/user/dad39456" title="My Incredible Videos!"><img src="http://activerain.comhttp://activerain.com/image_store/uploads/8/9/7/0/1/ar125872421210798.png" height="83" alt="" width="60" /></a>&nbsp;&nbsp;<a href="http://www.linkedin.com/in/philcaulfield" title="Link Up With Me On LinkedIn"><img src="http://activerain.comhttp://activerain.com/image_store/uploads/3/8/9/0/1/ar125915513010983.png" height="83" alt="" width="60" /></a>&nbsp;&nbsp;<a href="http://www.facebook.com/pages/manage/#!/pages/Mortgage-And-Marketing-Help-For-Real-Estate-Agents/104832172892694" title="Become A Fan On Facebook!"><img src="http://activerain.comhttp://activerain.com/image_store/uploads/9/9/0/7/4/ar125872358647099.png" height="83" alt="" width="60" /></a></p></div> Phil Caulfield Jumbo and FHA Mortgage Loans California (Pre-Approval, First Time Buyer, Fixed Rates) Wed, 12 May 2010 15:20:23 -0400 http://jumboloanblog.com/post/1641467/do-your-neighbors-help-or-hurt-the-sale-of-your-home-what-would-mr-rogers-say- http://jumboloanblog.com/post/1623376/mortgage-financing-for-250-pelican-court-foster-city <p>There are many alternatives for mortgage financing of&nbsp;<strong>250 Pelican Court Foster City</strong>. This home is currently listed for sale at a price of $830,888. <a href="http://foryouisell.com" title="Foster City Real Estate Agent">Foster City real estate agent</a> Steve Droz is representing the seller. <img title="Foster City Real Estate Agent" src="http://activerain.com/image_store/uploads/4/5/9/3/5/ar127280957653954.jpg" height="139" alt="Steve Droz" width="145" /></p> <p>You can purchase <strong>250 Pelican Court</strong> 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&nbsp;slightly more than 12%.</p> <p>There are a couple of&nbsp;reasons why you may want to use an FHA loan to purchase <strong>250 Pelican Court</strong>. First, the credit score required with an FHA loan is less than that of a conventional loan.</p> <p>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.</p> <p>Here are some ideas on how to use conventional financing to purchase <strong>250 Pelican Court. </strong></p> <p>As stated above, you could obtain one mortgage for up to $729,750. With less than 20% down, mortgage insurance is required.</p> <p>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.</p> <p>One of the smartest actions a potential homebuyer can take for <strong>250 Pelican Court <img title="http://250pelicanct.com" src="http://activerain.com/image_store/uploads/7/4/3/7/6/ar127281060267347.jpg" height="138" alt="250 Pelican Court Foster City" width="210" /></strong>, 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!</p> <p>&nbsp;</p><div class="agent_signature"><p>&nbsp;</p> <p><span><strong><span><span><strong>&nbsp;Do you need help structuring a loan, or getting a rate quote? Call me at (650) 222-0386, or <a href="mailto:phil.caulfield@firstpenmtg.com">e-mail</a> me</strong></span></span>&nbsp;&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp;</strong></span></p> <p>&nbsp;</p> <div><span><span><strong><br /></strong></span></span></div> <p><span><span><a href="http://jumboloanblog.com" title="Jumbo Loan Information">Jumbo Loans</a></span></span></p> <p>&nbsp;</p> <p><a href="http://localism.com/neighbor/dad394" title="Mortgage And Real Estate Information">Local Real Estate And Mortgage Information</a></p> <p>&nbsp;</p> <p>&nbsp;</p> <p>&nbsp;</p> <p>&nbsp;</p> <p><a href="http://twitter.com/philcaul" title="Follow Phil On Twitter"><img src="http://activerain.comhttp://activerain.com/image_store/uploads/2/7/4/5/7/ar125872342175472.png" height="83" alt="" width="60" /></a>&nbsp;&nbsp;<a href="http://www.youtube.com/user/dad39456" title="My Incredible Videos!"><img src="http://activerain.comhttp://activerain.com/image_store/uploads/8/9/7/0/1/ar125872421210798.png" height="83" alt="" width="60" /></a>&nbsp;&nbsp;<a href="http://www.linkedin.com/in/philcaulfield" title="Link Up With Me On LinkedIn"><img src="http://activerain.comhttp://activerain.com/image_store/uploads/3/8/9/0/1/ar125915513010983.png" height="83" alt="" width="60" /></a>&nbsp;&nbsp;<a href="http://www.facebook.com/pages/manage/#!/pages/Mortgage-And-Marketing-Help-For-Real-Estate-Agents/104832172892694" title="Become A Fan On Facebook!"><img src="http://activerain.comhttp://activerain.com/image_store/uploads/9/9/0/7/4/ar125872358647099.png" height="83" alt="" width="60" /></a></p></div> Phil Caulfield Jumbo and FHA Mortgage Loans California (Pre-Approval, First Time Buyer, Fixed Rates) Sun, 02 May 2010 10:39:39 -0400 http://jumboloanblog.com/post/1623376/mortgage-financing-for-250-pelican-court-foster-city http://jumboloanblog.com/post/1615268/short-sales-in-san-mateo-county <p> <p>Are you working on a <strong>short sale</strong> in <strong>San Mateo County</strong>? A <strong>short sale</strong> has its own set of challenges. This article (the first in a series about <strong>short sales</strong>) talks about these challenges.</p> <p><strong>San Mateo County</strong> has not seen many short sales until recently. It is now becoming more common. Having knowledge about these challenges will make your San Mateo County <strong>short sale</strong> transaction go much smoother.</p> </p> <div>Via <b><a href="http://activerain.com/blogsview/1614614/short-sale-legal-issues-affecting-real-estate-agents-part-1">Drew Sygit (The Lending Edge) Real Estate Financing Expert (The Lending Edge)</a></b>:<br /><blockquote><p><strong><span>Short Sale Legal Issues Affecting Real Estate Agents - Part #1<img src="http://activerain.com/image_store/uploads/5/7/6/7/5/ar127203945157675.jpg" height="176" alt="" width="266" /></span></strong></p> <p>This series of posts is meant to assist real estate agents in recognizing: </p> <ol> <li><em>Legal & Tax Issues</em> their clients are exposed to through a <em>short sale</em>.</li> <li>The legal liabilities agents may expose themselves to when representing <em>short sale</em> sellers.</li> </ol> <p>How did I come up with this series idea? </p> <p>I do a lot of networking which leads me to meet quite a few attorneys.  Many of them seem to be getting into loan modifications and <em>short sales</em> and approach me for referrals.  Besides direct referrals to homeowners, they all want introductions to real estate agents.  When I ask why, almost all tell me how agents doing short sales are practicing law without a license.  Since I'm very inquisitive, I've been asking these attorneys to give me specific examples.  A surprising percentage of attorneys can't come up with specifics.  Those that do, only have a small frame of reference.  So, I started compiling a list and doing my own research - both by tracking down local legal experts and online.  </p> <p>This led me to create a whitepaper on <em>Short Sale Legal Issues Affecting Real Estate Agents</em> to distribute to my real estate partners.  I got such great feedback that I decided to post it.  Rather than just post it once as a blog and hope everyone on ActiveRain sees it, I came up with the idea of making it a series to increase the odds of more members getting exposed to it. </p> <p>So, please read on and if you like it share it with others that you know.  Also, definitely share your thoughts and experiences with constructive comments for the benefit of all! </p> <p> </p> <p>Many real estate agents recognize the market is changing and <em>short sales</em> are becoming too numerous to ignore.  Agents are jumping into the short sale market in a big way and several have really focused their business models on short sales. </p> <p>Short sales will continue to increase due to the Obama administration's stated goal, through its <span><a href="https://www.hmpadmin.com/portal/programs/foreclosure_alternatives.html">HAFA Program</a></span>, of increasing short sales to decrease foreclosures.  So, agents will be dealing with them whether they want to or not. </p> <p>To set the stage, so to speak, for the <em>legal & tax challenges</em> agents face on short sales, let's cover some general challenges. </p> <p><strong>General Short Sale Challenges</strong></p> <p>Working with short sales presents many challenges to real estate agents that they don't deal with on normal listings. </p> <ul> <li><span>Sellers may be more interested in staying in the property as long as possible without making payments</span>.  This will affect their motivation in getting you what you need to get the property sold.  To make sure sellers are serious about selling, many agents are charging sellers a nonrefundable, upfront fee.  Make sure to get your broker's approval though, if you choose to do this.<br /> </li> <li><span>Getting all the proper paperwork together can be time consuming</span>.  There is so much to putting together a short sale package and it all takes time.  Time is money and if an agent's not careful, they can spend too much time on a single short sale listing to the detriment of the rest of their business.<br /> </li> <li><span>Lenders on the property seem to misplace paperwork at an alarming rate</span>.  Often this is probably used as an excuse due to personnel being overwhelmed with volume.  An agent isn't going to win against the lenders with this.  A better strategy might be to scan the entire package and use a fax server type of program that allows the sending of a PDF via computer.<br /> </li> <li><span>Agents are often pushed to list a property at a price to cover what's owed versus a realistic market price</span>.  The standard position of many lenders is that a property should be initially listed at a price equal to the mortgage balance.  This can put an agent in a legal quandary as they have a fiduciary responsibility to their client seller not the lender.  If a high starting list price leads to the property going to foreclosure sale before a buyer can be found, an agent could potentially be held liable if they didn't take proper measures to protect themselves.  An agent should check with an attorney about a waiver to use to address this situation.<br /> </li> <li><span>Getting price reductions approved can be tedious</span>.  Again if the seller is not serious or getting bad advice from their lender, the listing can turn into a waste of time.  Agents may be able to have a seller sign a pre-agreed upon price reduction timeline to avoid this.  An agent should check with their broker or an attorney to be sure this is legal in their state.<br /> </li> <li><span>Once an agent secures an offer from a buyer, it can take months for the lender(s) to approve it</span>.  See number 3 above about "lost" faxes.  It also seems to take lenders quite some time to get Broker Price Opinions scheduled and to run their Net Present Value analysis.<br /></li> </ul><p><li><span>Second mortgages usually complicate matters greatly</span>.  The two (or more) lenders compete for the dollars available through a short sale.  Even though the junior lienholders are aware they'll probably recover nothing if the property goes to foreclosure, they're also aware that the first lender will receive less in a foreclosure.  They use this to leverage what they can recover on a short sale.  The HAFA Program addresses this issue and it's hoped it will reduce the frequency of this delay.<br /></li></p> <p><li><span>Agents have to work with title companies to prepare mock HUD-1 settlement statements to accompany every offer submitted to the lender(s)</span>.  This task is best left to a title company as they have the software to execute this and account for transfer taxes, pro-rated taxes and the like.</li></p> </ul> <p>Need I go on? </p> <p>Can you see how a short sale can take up a significant amount of an agent's time? </p> <p>Please comment on other issues that you've encountered that are NOT legal or tax issues. </p> <p>By the way, here's a teaser or cliff hanger, for the next post of the series: </p> <p>                      •-  What are the tax ramifications of 1099's for forgiven debt?<br /> </p> <p>SHORTCUT NOTE: if you're the impatient type and don't want to wait to read the series as it's published, I'll send you the complete whitepaper for the series when you do all of the following: </p> <ol> <li>Post a constructive comment on one of the posts in the series</li> <li>Reblog one of the posts in the series</li> <li>Make me an associate of yours on ActiveRain: <a href="http://www.ActiveRain.com/dsygit">www.ActiveRain.com/dsygit</a></li> <li>Join my Facebook Fanpage @ <a href="http://www.facebook.com/TheLendingEdge">www.facebook.com/TheLendingEdge</a> and send me a message requesting the whitepaper. </li> </ol> <p>If you're a Michigan agent, I'd also very much appreciate you joining a new AR group specifically for Michigan real estate professionals willing to share marketing and social media ideas with each other. </p> <p><a href="http://activerain.com/groups/michiganmarketingideas">http://activerain.com/groups/michiganmarketingideas</a></p> <p>Thanks for reading and I hope you'll spread the word.</p><div class="agent_signature"><p>&nbsp;<strong><em>_______________________________________________________________</em></strong></p> <p><strong>If you enjoyed my blog post,<br />I invite you to connect with me on the social networks below &amp; subscribe to my blog!&nbsp;</strong></p> <p><strong></strong></p> <p><a href="http://www.facebook.com/TheLendingEdge"><img src="http://netprofitmarketing.com/images/facebook-48.gif" alt="facebook" /></a> &nbsp; <a href="http://www.linkedin.com/in/thelendingedge"><img src="http://netprofitmarketing.com/images/linkedin-48.png" alt="linkedin" /></a> &nbsp; <a href="http://twitter.com/Loan_Survivor"><img src="http://netprofitmarketing.com/images/twitter-48.jpg" alt="twitter" /></a> &nbsp; <a href="http://www.drewsygit.com/?cat=74&amp;feed=rss2"><img src="http://netprofitmarketing.com/images/rss-48.png" alt="rss" /></a></p> <p><strong><em>"Referrals are Sending Someone You Care about, to Someone You Trust!"</em></strong><br /><strong>So, forward this blog post to someone that'll appreciate it!</strong></p> <p><strong><em>_______________________________________________________________</em></strong></p> <p><strong><em><strong>Drew Sygit</strong></em><strong>:</strong></strong> CMPS, CMC, CRMS, CMLO, CALO, MBA, NAMB/MAMP Instructor &amp; Speaker<br />The most <em><strong>Certified Mortgage Expert</strong></em> in the Midwest</p> <p>Contact him for <strong><em>The Lending Edge<em></em></em></strong><br />P: 248-356-3739 &bull; F: 866-215-3755 &bull; <a href="mailto:dsygit@TheLendingEdge.com">dsygit@TheLendingEdge.com</a> &bull; <a href="http://www.thelendingedge.com/">www.TheLendingEdge.com</a></p></div></blockquote></div><div class="agent_signature"><p>&nbsp;</p> <p><span><strong><span><span><strong>&nbsp;Do you need help structuring a loan, or getting a rate quote? Call me at (650) 222-0386, or <a href="mailto:phil.caulfield@firstpenmtg.com">e-mail</a> me</strong></span></span>&nbsp;&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp;</strong></span></p> <p>&nbsp;</p> <div><span><span><strong><br /></strong></span></span></div> <p><span><span><a href="http://jumboloanblog.com" title="Jumbo Loan Information">Jumbo Loans</a></span></span></p> <p>&nbsp;</p> <p><a href="http://localism.com/neighbor/dad394" title="Mortgage And Real Estate Information">Local Real Estate And Mortgage Information</a></p> <p>&nbsp;</p> <p>&nbsp;</p> <p>&nbsp;</p> <p>&nbsp;</p> <p><a href="http://twitter.com/philcaul" title="Follow Phil On Twitter"><img src="http://activerain.comhttp://activerain.com/image_store/uploads/2/7/4/5/7/ar125872342175472.png" height="83" alt="" width="60" /></a>&nbsp;&nbsp;<a href="http://www.youtube.com/user/dad39456" title="My Incredible Videos!"><img src="http://activerain.comhttp://activerain.com/image_store/uploads/8/9/7/0/1/ar125872421210798.png" height="83" alt="" width="60" /></a>&nbsp;&nbsp;<a href="http://www.linkedin.com/in/philcaulfield" title="Link Up With Me On LinkedIn"><img src="http://activerain.comhttp://activerain.com/image_store/uploads/3/8/9/0/1/ar125915513010983.png" height="83" alt="" width="60" /></a>&nbsp;&nbsp;<a href="http://www.facebook.com/pages/manage/#!/pages/Mortgage-And-Marketing-Help-For-Real-Estate-Agents/104832172892694" title="Become A Fan On Facebook!"><img src="http://activerain.comhttp://activerain.com/image_store/uploads/9/9/0/7/4/ar125872358647099.png" height="83" alt="" width="60" /></a></p></div> Phil Caulfield Jumbo and FHA Mortgage Loans California (Pre-Approval, First Time Buyer, Fixed Rates) Fri, 23 Apr 2010 17:10:25 -0400 http://jumboloanblog.com/post/1615268/short-sales-in-san-mateo-county http://jumboloanblog.com/post/1569887/10-questions-you-should-ask-about-condos-for-sale-in-burlingame <p>&nbsp;</p> <p>Here is an excellent article that you should read if you are interested in <strong>condos for sale</strong> in <strong>Burlingame</strong>. The answers to these questions can help you narrow down your list of the <strong>condos for sale</strong> that you will probably be interested in purchasing.</p> <p>&nbsp;</p> <div>Via <b><a href="http://activerain.com/blogsview/1569195/10-questions-you-and-your-buyers-must-ask-before-purchasing-a-condominium-unit">Richard Vetstein (Vetstein Law Group, P.C., TitleHub Closing Services LLC)</a></b>:<br /><blockquote><p>Buying a condominium unit can be more involved than buying a single family home. T<img src="http://activerain.com/image_store/uploads/6/1/1/5/2/ar126972522525116.jpg" height="212" alt="buying a Massachusetts condominium unit" width="319" />his is because you have to worry about both the unit itself and the condominium project as a whole.</p> <p><strong>10 Questions You Must Ask Before Purchasing A Condominium Unit</strong></p> <p>To borrow from a famous phrase, not all condominiums are created equally. Some condominiums are very well run; some are quite poorly run and underfunded. Buyers interested in purchasing a condominium unit must do their homework:&nbsp; not only about the condition of the individual unit they are interested in purchasing, but on the financial health and governance of the condominium as a whole. Remember, you are buying into the entire project as much as you are the unit, and your decision will impact your daily living and your ability to re-sell.</p> <p>Here are the 10 questions buyers should ask when deciding to purchase a condominium unit:</p> <ol> <li><span>What is the monthly condominium fee and what does it pay for? </span>The monthly condominium fee can range quite dramatically from condominium to condominium. The fee is a by-product of the number of units, the annual expenses to maintain the common area, whether the condo is professionally managed or self-managed, the age and condition of the project, and other variables such as litigation. For budgeting and financing you need to know the monthly fee and exactly what you are getting for it.</li> <li><span>What are the condominium rules &amp; regulations?</span> Condominium rules can prohibit pets, your ability to rent out the unit, and perform renovations. Make sure you carefully review the rules and regulations before buying.&nbsp; Needless to say, the buyer's attorney should review and approval all condominium documents, including the master deed, declaration of trust/by-laws, covenants, unit deed and floor plans to ensure compliance with state condominium laws as well as Fannie Mae and FHA guidelines, as necessary.<br /></li> <li><span>How much money is in the capital reserve account and how much is funded annually?</span> The capital reserve fund is like an insurance policy for the inevitable capital repairs every building requires. As a general rule, the fund should contain at least 10% of the annual revenue budget, and in the case of older projects, even more. If the capital reserve account is poorly funded, there is a higher risk of a special assessment.&nbsp; Get a copy of the last 2 years budget, the current reserve account funding level and any capital reserve study.<br /></li> <li><span>Are there any contemplated or pending special assessments?</span> Special assessments are one time fees for capital improvements payable by every unit owner. Some special assessments can run in the thousands, others like the <a href="http://www.bostonmagazine.com/articles/the_harbor_towers_towering_contradictions/">Boston Harbor Towers</a> $75 Million renovation project, in the millions. You need to be aware if you are buying a special assessment along with your unit.&nbsp; It's a good idea to ask for the last 2 years of condominium meeting minutes to check what's been going on with the condomininium.<br /></li> <li><span>Is there a professional management company or is the association self-managed?</span> A professional management company, while an added cost, can add great value to a condominium with well run governance and management of common areas.</li> <li><span>Is the condominium involved in any pending legal actions?</span> Legal disputes between owners, with developers or with the association can signal trouble and a poorly run organization. Legal action equals attorneys&rsquo; fees which are payable out of the condominium budget and could result in a special assessment.&nbsp; In most states, you can run a search of the condominium association in the court database to check if they've been involved in recent lawsuits.<br /></li> <li><span>How many units are owner occupied?</span> A large percentage of renters can create unwanted noise and neighbor issues. It can also raise re-sale and financing&nbsp; issues with the new <a href="http://massrealestatelawblog.com/category/condominium">Fannie Mae and FHA condominium regulations</a> which limit owner-occupancy rates.<br /></li> <li><span>What is the condominium fee delinquency rate?</span> Again, a signal of financial trouble, and Fannie Mae and FHA want to see the rate at 15% or less.</li> <li><span>Do unit owners have exclusive easements or right to use certain common areas such as porches, decks, storage spaces and parking spaces? </span>Condominiums differ as to how they structure the &ldquo;ownership&rdquo; of certain amenities such as roof decks, porches, storage spaces and parking spaces. Sometimes, they are truly &ldquo;deeded&rdquo; with the unit, so the unit owner has sole responsibility for maintenance and repairs. Sometimes, they are common areas in which the unit owner has the exclusive right to use, but the maintenance and repair is left with the association.&nbsp; Review the Master Deed and Unit Deed on this one.<br /></li> <li><span>What Does The Master Insurance Policy Cover?</span> The condominium should have up to $1M or more in coverage under their master condominium policy. For buyer's own protection, they should always buy an individual HO-6 policy covering the interior and contents of the unit, because the master policy and condo by-laws may not cover all damage to their personal possessions and interior damage in case of a roof leak, water pipe burst or other problem arising from a common area element. Ask for a copy of the master insurance policy and don't forget to check the fine print of the by-laws.&nbsp; Sometimes, there's language that would hurt a unit owner in case of a common area casualty.&nbsp; Condominiums over 20 units should also have fidelity insurance to protect against embezzlement. <br /></li> </ol> <p>Often a standard condominium questionarre will answer all or most of these questions. If not, be prepared to generate this list and incorporate it into your Offer to Purchase or Purchase and Sale Agreement, as the case may be in your home state.&nbsp; Do not have your buyer put earnest money down until satisfactory answers are received.&nbsp; Good luck and happy condo hunting to you and your buyers!</p><div class="agent_signature"><p>&nbsp;</p> <p>&nbsp;</p></div></blockquote></div><div class="agent_signature"><p>&nbsp;</p> <p><span><strong><span><span><strong>&nbsp;Do you need help structuring a loan, or getting a rate quote? Call me at (650) 222-0386, or <a href="mailto:phil.caulfield@firstpenmtg.com">e-mail</a> me</strong></span></span>&nbsp;&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp;</strong></span></p> <p>&nbsp;</p> <div><span><span><strong><br /></strong></span></span></div> <p><span><span><a href="http://jumboloanblog.com" title="Jumbo Loan Information">Jumbo Loans</a></span></span></p> <p>&nbsp;</p> <p><a href="http://localism.com/neighbor/dad394" title="Mortgage And Real Estate Information">Local Real Estate And Mortgage Information</a></p> <p>&nbsp;</p> <p>&nbsp;</p> <p>&nbsp;</p> <p>&nbsp;</p> <p><a href="http://twitter.com/philcaul" title="Follow Phil On Twitter"><img src="http://activerain.comhttp://activerain.com/image_store/uploads/2/7/4/5/7/ar125872342175472.png" height="83" alt="" width="60" /></a>&nbsp;&nbsp;<a href="http://www.youtube.com/user/dad39456" title="My Incredible Videos!"><img src="http://activerain.comhttp://activerain.com/image_store/uploads/8/9/7/0/1/ar125872421210798.png" height="83" alt="" width="60" /></a>&nbsp;&nbsp;<a href="http://www.linkedin.com/in/philcaulfield" title="Link Up With Me On LinkedIn"><img src="http://activerain.comhttp://activerain.com/image_store/uploads/3/8/9/0/1/ar125915513010983.png" height="83" alt="" width="60" /></a>&nbsp;&nbsp;<a href="http://www.facebook.com/pages/manage/#!/pages/Mortgage-And-Marketing-Help-For-Real-Estate-Agents/104832172892694" title="Become A Fan On Facebook!"><img src="http://activerain.comhttp://activerain.com/image_store/uploads/9/9/0/7/4/ar125872358647099.png" height="83" alt="" width="60" /></a></p></div> Phil Caulfield Jumbo and FHA Mortgage Loans California (Pre-Approval, First Time Buyer, Fixed Rates) Sun, 28 Mar 2010 08:47:58 -0400 http://jumboloanblog.com/post/1569887/10-questions-you-should-ask-about-condos-for-sale-in-burlingame http://jumboloanblog.com/post/1510466/a-financial-strategy-to-help-sell-your-jumbo-loan-sized-home-or-listing <p>&nbsp;&nbsp;Are you aware how difficult it is to get a jumbo loan these days? If you are selling your jumbo loan sized home or listing one, what are you doing to make it easier for a long line of qualified buyers able to buy your home?&nbsp;<img title="http://www.flickr.com/photos/midnightcomm" src="http://farm2.static.flickr.com/1133/701623074_11c7537102.jpg" height="153" alt="Line of Buyers" width="230" /></p> <p>One strategy you may want to consider is a <strong>seller carryback</strong>. A <strong>seller carryback</strong> is financing by the seller, usually in the form of a second mortgage.&nbsp;</p> <p>The easiest way to understand how a <strong>seller carryback</strong> works is to look at an example. Suppose you own a home worth $1 million. You owe $300,000. You plan to buy a new home for $1,500,000, and make a 25% down payment of $375,000.&nbsp;</p> <p>Assuming a sale price of $1 million minus 7% selling costs, you net $930,000. If you pay off your $300,000 loan, you can net $630,000. You only need $375,000 for the down payment, plus $25,000 for closing costs, moving expenses, and a little vacation after all this stress! Now you have $230,000 left over. What are you going to do with these funds?&nbsp;</p> <p>Suppose you offer a $230,000 <strong>seller carryback</strong> second mortgage. How does that benefit a buyer:</p> <p>&nbsp;</p> <ul> <li>A smaller down payment may be needed</li> <li>It takes the financing out of the jumbo category and puts it in the conforming category, which is easier to obtain</li> <li>It gets rid of the need for private mortgage insurance, which is an additional monthly cost to the buyer</li> <li>The buyer does not have to qualify for private mortgage insurance, which is very difficult these days</li> </ul> <div>OK, you say, that is great for the buyer, but how does a <strong>seller carryback</strong> benefit me? Here's how:</div> <div><br /></div> <div> <ul> <li>You get a higher yield than if you put the $230,000 in a low yielding account</li> <li>You have opened the door to a larger pool of qualified buyers to purchase your home, therefore</li> <li>You may be able to sell your home for a higher price because you have reduced the toughest barrier to purchase a home today, financing</li> </ul> <div>Now that we have the benefits of a <strong>seller carryback</strong>, let's talk about implementation. First, let's talk about what the first mortgage lenders usually require with a <strong>seller carryback:</strong></div> <div><br /></div> <div><ol> <li>The term must be at least for 5 years</li> <li>There must be monthly payments (no deferral of payments)</li> <li>The payments must at least cover the interest</li> <li>The interest rate charged must be a "market" rate (I interpret this to mean not way lower or way higher than the current market rates)</li> </ol> <div>How do I make myself comfortable, you ask, that this buyer can make the payments? Well, the first mortgage lender will only approve the buyer if they are comfortable with the borrower's ability to pay. There is comfort in knowing that, especially today when almost all of the loans being approved are with full documentation.</div> <div><br /></div> <div>To make yourself more comfortable, you can write into your contract that you reserve the right to have a mortgage originator of your choice review the buyer's loan application and package. Be specific - ask to review current paystubs, two years of tax returns and w-2s, the most recent two months of bank statements, and a credit report.&nbsp;</div> </div> <div><br /></div> <div>Staging your home, marketing it with massive exposure, and making it accessible are all important factors in getting your home sold.<img title="http://www.flickr.com/photos/tinfoilraccoon/215916973" src="http://farm1.static.flickr.com/97/215916973_1b3d57d5b3.jpg" height="173" alt="Sold Home" width="230" />&nbsp;Equally as important, and I think even more important in these days of difficult to obtain mortgage financing, is to have a financing strategy in place to make it easier to buy for a larger number of people. The <strong>seller carryback </strong>is one tool, the <a href="http://activerain.com/blogsview/1497449/i-want-to-buy-this-house-how-can-i-afford-it-" title="Another financing tool to sell your home or listing">seller buydown</a> is another.</div> <div><br /></div> <div>Implement these strategies and sell your home fast for top dollar!</div> </div> <p>&nbsp;</p><div class="agent_signature"><p>&nbsp;</p> <p><span><strong><span><span><strong>&nbsp;Do you need help structuring a loan, or getting a rate quote? Call me at (650) 222-0386, or <a href="mailto:phil.caulfield@firstpenmtg.com">e-mail</a> me</strong></span></span>&nbsp;&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp;</strong></span></p> <p>&nbsp;</p> <div><span><span><strong><br /></strong></span></span></div> <p><span><span><a href="http://jumboloanblog.com" title="Jumbo Loan Information">Jumbo Loans</a></span></span></p> <p>&nbsp;</p> <p><a href="http://localism.com/neighbor/dad394" title="Mortgage And Real Estate Information">Local Real Estate And Mortgage Information</a></p> <p>&nbsp;</p> <p>&nbsp;</p> <p>&nbsp;</p> <p>&nbsp;</p> <p><a href="http://twitter.com/philcaul" title="Follow Phil On Twitter"><img src="http://activerain.comhttp://activerain.com/image_store/uploads/2/7/4/5/7/ar125872342175472.png" height="83" alt="" width="60" /></a>&nbsp;&nbsp;<a href="http://www.youtube.com/user/dad39456" title="My Incredible Videos!"><img src="http://activerain.comhttp://activerain.com/image_store/uploads/8/9/7/0/1/ar125872421210798.png" height="83" alt="" width="60" /></a>&nbsp;&nbsp;<a href="http://www.linkedin.com/in/philcaulfield" title="Link Up With Me On LinkedIn"><img src="http://activerain.comhttp://activerain.com/image_store/uploads/3/8/9/0/1/ar125915513010983.png" height="83" alt="" width="60" /></a>&nbsp;&nbsp;<a href="http://www.facebook.com/pages/manage/#!/pages/Mortgage-And-Marketing-Help-For-Real-Estate-Agents/104832172892694" title="Become A Fan On Facebook!"><img src="http://activerain.comhttp://activerain.com/image_store/uploads/9/9/0/7/4/ar125872358647099.png" height="83" alt="" width="60" /></a></p></div> Phil Caulfield Jumbo and FHA Mortgage Loans California (Pre-Approval, First Time Buyer, Fixed Rates) Wed, 24 Feb 2010 19:49:55 -0500 http://jumboloanblog.com/post/1510466/a-financial-strategy-to-help-sell-your-jumbo-loan-sized-home-or-listing http://jumboloanblog.com/post/1497449/i-want-to-buy-this-house-how-can-i-afford-it- <p>You tell your real estate agent "I want to <strong>buy</strong> this <strong>house</strong>, how can I <strong>afford</strong> it?" It's the house of your dreams - the right number of bedrooms, a great kitchen, and a nice back yard. The problem: it's slightly out of your price range. What are your options?</p> <p>One option you could choose that can help you <strong>afford</strong> to <strong>buy</strong> this particular <strong>house</strong> is to use the buy-down strategy.</p> <p>The buy-down strategy is made up of two components. The first component is lowering the interest rate by paying points. One point is equal to 1% of the loan amount. Each lender usually has a matrix of rates and points charged. For example, the matrix might look like this:</p> <ul> <li>8% 0 point</li> <li>7.5% 1 point</li> <li>7% 2 points</li> <li>6.5% 3 points</li> <li>6% 4 points</li> </ul> <div>(<strong>rates presented are for illustration purposes only and are not a solicitation</strong>)</div> <div><br /></div> <div>Paying more points up-front at the close of escrow means that you get a lower interest rate!</div> <div><br /></div> <div>To implement part one of the buy-down strategy, the buyer would choose the lowest rate so that he would be able to <strong>afford </strong>to <strong>buy</strong> this <strong>house</strong>.</div> <div><br /></div> <div>Part two of the buy-down strategy is to put language into the contract that requires the seller to pay these points as a credit toward non-recurring closing costs. Non-recurring closing costs are the fees that you pay only once at the closing table, and that do not get charged throughout the life of the loan. An example of a non-recurring closing cost is points!</div> <div><br /></div> <div><strong>Here is icing on the cake for the buyer: even though the seller credits for the points paid, the buyer may be allowed to deduct these points as prepaid interest (see </strong><a href="http://www.irs.gov/taxtopics/tc504.html"><strong>Topic 504 from the IRS</strong></a><strong>, and check with your professional tax preparer) in the year that the house was purchased! This could be a huge tax deduction for the buyer!</strong></div> <div><br /></div> <div>I have prepared a video example for you to see how this works. As you will see from this video, the buy-down strategy is a win-win for the seller and buyer. The seller opens the door to a larger pool of qualified buyers. The buyer is able to <strong>afford</strong> to <strong>buy</strong> the <strong>house</strong> he wants!</div> <div><br /></div> <p> </p> <p> </p> <p> </p><div class="agent_signature"><p>&nbsp;</p> <p><span><strong><span><span><strong>&nbsp;Do you need help structuring a loan, or getting a rate quote? Call me at (650) 222-0386, or <a href="mailto:phil.caulfield@firstpenmtg.com">e-mail</a> me</strong></span></span>&nbsp;&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp;</strong></span></p> <p>&nbsp;</p> <div><span><span><strong><br /></strong></span></span></div> <p><span><span><a href="http://jumboloanblog.com" title="Jumbo Loan Information">Jumbo Loans</a></span></span></p> <p>&nbsp;</p> <p><a href="http://localism.com/neighbor/dad394" title="Mortgage And Real Estate Information">Local Real Estate And Mortgage Information</a></p> <p>&nbsp;</p> <p>&nbsp;</p> <p>&nbsp;</p> <p>&nbsp;</p> <p><a href="http://twitter.com/philcaul" title="Follow Phil On Twitter"><img src="http://activerain.comhttp://activerain.com/image_store/uploads/2/7/4/5/7/ar125872342175472.png" height="83" alt="" width="60" /></a>&nbsp;&nbsp;<a href="http://www.youtube.com/user/dad39456" title="My Incredible Videos!"><img src="http://activerain.comhttp://activerain.com/image_store/uploads/8/9/7/0/1/ar125872421210798.png" height="83" alt="" width="60" /></a>&nbsp;&nbsp;<a href="http://www.linkedin.com/in/philcaulfield" title="Link Up With Me On LinkedIn"><img src="http://activerain.comhttp://activerain.com/image_store/uploads/3/8/9/0/1/ar125915513010983.png" height="83" alt="" width="60" /></a>&nbsp;&nbsp;<a href="http://www.facebook.com/pages/manage/#!/pages/Mortgage-And-Marketing-Help-For-Real-Estate-Agents/104832172892694" title="Become A Fan On Facebook!"><img src="http://activerain.comhttp://activerain.com/image_store/uploads/9/9/0/7/4/ar125872358647099.png" height="83" alt="" width="60" /></a></p></div> Phil Caulfield Jumbo and FHA Mortgage Loans California (Pre-Approval, First Time Buyer, Fixed Rates) Fri, 19 Feb 2010 15:03:47 -0500 http://jumboloanblog.com/post/1497449/i-want-to-buy-this-house-how-can-i-afford-it- http://jumboloanblog.com/post/1506509/mortgage-in-hillsborough-ca <p>Are you looking for a <strong>mortgage</strong> for a property in <strong>Hillsborough CA</strong>? I can help you. I work at RMC Real Estate Loans, located &nbsp;conveniently to <strong>Hillsborough</strong> on Burlingame Avenue in downtown Burlingame. Our company is a <strong>mortgage</strong> brokerage that has been existence since 1976.<img title="http://jumboloanblog.com" src="http://activerain.com/image_store/uploads/9/8/7/3/6/ar12668558063789.jpg" height="165" alt="Welcome To Hillsborough" width="220" /></p> <p>A <strong>mortgage</strong> brokerage is a company that helps people that want to borrow money find the best terms for their needs. Our <strong>mortgage</strong> brokerage has partnerships with many of the largest lenders in the country, as well as others that are not as well known. Why would you call me to get your next <strong>mortgage</strong>? I will save you money, time, and hassle.</p> <p>I will save you money in several ways. First, you will have access to the programs of many <strong>mortgage</strong> lenders. I can submit your application to the lender with the lowest rates for your needs. If you go directly to a bank, you will only be exposed to their particular&nbsp;<strong>mortgage</strong> programs. Their rates may not be competitive.</p> <p>Another way I can save you money is by utilizing my ratewatch service to help you decide when to lock in your <strong>mortgage</strong> rate. This ratewatch service notifies me when their is a significant turn in the <strong>mortgage</strong> rate market. It makes no sense to let the rate float if rates are moving up. Conversely, it may not make sense to lock in your rate if rates are going down. By staying on top of the <strong>mortgage</strong> market, I can help you save money by making an informed decision about the best time to lock in your rate.<img title="Golf Course In Hillsborough" src="http://activerain.com/image_store/uploads/2/4/8/6/2/ar126685599626842.jpg" height="165" alt="http://jumboloanblog.com" width="220" /></p> <p>I can also save you money after you obtain your<strong> mortgage</strong>. I keep your <strong>mortgage</strong> information in my database. When the opportunity to save money with a refinance presents itself, I will let you know ASAP!</p> <p>Time is money. You could spend your time calling a bunch of different <strong>mortgage</strong> lenders. How many should you call to get the best rate? Well, by the time you determine the right number of calls to make, guess what? The rates have probably changed any way! You're time is probably better spent delegating this task to your <strong>mortgage</strong> broker, whether it's me or someone else that you trust.</p> <p>Getting a <strong>mortgage</strong> can be a real hassle. Now, more than ever, there is a lot of paperwork required - there is no avoiding it. What can be avoided is limiting the amount of phone calls to you asking for more and more documentation. I minimize these phone calls to you by asking for all of the documentation upfront that I know will be required to obtain your <strong>mortgage</strong>.</p> <p>Although I can help you with all types of real estate loans, I specialize in <a href="http://jumboloanblog.com" title="Jumbo Mortgages">jumbo <strong>mortgages</strong></a>. If you live in <strong>Hillsborough</strong>, you most likely need a jumbo <strong>mortgage</strong>. A jumbo <strong>mortgage</strong> is any loan amount above $417,000. Between a loan amount of $417,000 and $729,750, these loan amounts are called agency jumbo <strong>mortgages</strong>. Loan amounts above $729,750 are <a href="http://jumboloanblog.com" title="Jumbo Loans">jumbo <strong>mortgages</strong></a>. Our lending partners offer competitive rates in all three categories.</p><div class="agent_signature"><p>&nbsp;</p> <p><span><strong><span><span><strong>&nbsp;Do you need help structuring a loan, or getting a rate quote? Call me at (650) 222-0386, or <a href="mailto:phil.caulfield@firstpenmtg.com">e-mail</a> me</strong></span></span>&nbsp;&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp;</strong></span></p> <p>&nbsp;</p> <div><span><span><strong><br /></strong></span></span></div> <p><span><span><a href="http://jumboloanblog.com" title="Jumbo Loan Information">Jumbo Loans</a></span></span></p> <p>&nbsp;</p> <p><a href="http://localism.com/neighbor/dad394" title="Mortgage And Real Estate Information">Local Real Estate And Mortgage Information</a></p> <p>&nbsp;</p> <p>&nbsp;</p> <p>&nbsp;</p> <p>&nbsp;</p> <p><a href="http://twitter.com/philcaul" title="Follow Phil On Twitter"><img src="http://activerain.comhttp://activerain.com/image_store/uploads/2/7/4/5/7/ar125872342175472.png" height="83" alt="" width="60" /></a>&nbsp;&nbsp;<a href="http://www.youtube.com/user/dad39456" title="My Incredible Videos!"><img src="http://activerain.comhttp://activerain.com/image_store/uploads/8/9/7/0/1/ar125872421210798.png" height="83" alt="" width="60" /></a>&nbsp;&nbsp;<a href="http://www.linkedin.com/in/philcaulfield" title="Link Up With Me On LinkedIn"><img src="http://activerain.comhttp://activerain.com/image_store/uploads/3/8/9/0/1/ar125915513010983.png" height="83" alt="" width="60" /></a>&nbsp;&nbsp;<a href="http://www.facebook.com/pages/manage/#!/pages/Mortgage-And-Marketing-Help-For-Real-Estate-Agents/104832172892694" title="Become A Fan On Facebook!"><img src="http://activerain.comhttp://activerain.com/image_store/uploads/9/9/0/7/4/ar125872358647099.png" height="83" alt="" width="60" /></a></p></div> Phil Caulfield Jumbo and FHA Mortgage Loans California (Pre-Approval, First Time Buyer, Fixed Rates) Mon, 22 Feb 2010 10:33:55 -0500 http://jumboloanblog.com/post/1506509/mortgage-in-hillsborough-ca http://jumboloanblog.com/post/1488460/commercial-loan-success-in-south-san-francisco- <p>If you think you can't get a <strong>commercial loan</strong> in today's market, think again! Today, we closed escrow on a self-storage facility in <strong>South San Francisco</strong>. I am going to describe the terms of this <strong>commercial loan</strong> for you so that you can get an idea of the appetite for these type of loans, and what was required by the lender to get it approved and funded.</p> <p>This <strong>commercial loan</strong> was for $3,500,000. My client refinanced his building in order to consolidate the three outstanding loans on the property, and to get cash-out. He used the funds obtained to pay down outstanding consumer debt.&nbsp;<img title="http://www.flickr.com/photos/434pics" src="http://activerain.com/image_store/uploads/5/4/9/1/0/ar126602018601945.jpg" height="150" alt="cutting up credit cards" width="200" />In today's lending environment, obtaining cash-out with a <strong>commercial loan</strong> is not easy.&nbsp;</p> <p>Here are the terms of this <strong>commercial loan</strong>:</p> <ul> <li>6.25% fixed for five years</li> <li>25 year amortization</li> <li>10 year term</li> <li>1 point origination fee</li> </ul> <div>The property appraised for $8,000,000. Prior to receipt of the appraisal, the bank issued a letter of interest stating that they would lend up to 65% of the value of the property.&nbsp;</div> <div><br /></div> <div>The bank required that my client move his business accounts to their bank. He was perfectly willing to do this in order to receive these very favorable <strong>commercial loan</strong> terms!</div> <div><br /></div> <div>One of the biggest fees to obtain a <strong>commercial loan</strong> is the appraisal. The appraisal for this particular transaction had a cost of $2850, which my client had to pay for upfront.</div> <p>The bank also wanted an environmental report. This report cost approximately $1800, which my client had to pay for upfront also.<img title="http://www.flickr.com/photos/helloturkeytoe" src="http://farm4.static.flickr.com/3061/3074405219_55fb05ec8b.jpg" height="200" alt="writing a check" width="200" /></p> <p>Qualifying for a <strong>commercial loan</strong> is different than qualifying for a residential loan. The lender's main concerns are the type of property, and the cash-flow of the property.&nbsp;</p> <p>The type of property is important because certain types of commercial property are easier to sell, in case of default, than others. For example, an office building with many different businesses leasing space has more potential buyers than that of a single use facilty, such as a gas station.</p> <p>The cash-flow of a property is important because a lender wants to be able to generate income from the property in case of default. My client has very good cash-flow because he has done a great job keeping a large percentage of the units in this <strong>South San Francisco</strong> self-storage facility rented. I am convinced this high-occupancy percentage and the amount of equity are the main reasons he had his <strong>commercial loan</strong> approved.</p> <p>Helping building owners and buyers obtain a <strong>commercial loan</strong> is one of the services I provide. If you need this service, click <a href="mailto:phil@rmcreloans.com">here</a> and describe your needs. I will do my best to find the best terms for you!</p> <p>&nbsp;</p> <p>&nbsp;</p><div class="agent_signature"><p>&nbsp;</p> <p><span><strong><span><span><strong>&nbsp;Do you need help structuring a loan, or getting a rate quote? Call me at (650) 222-0386, or <a href="mailto:phil.caulfield@firstpenmtg.com">e-mail</a> me</strong></span></span>&nbsp;&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp;</strong></span></p> <p>&nbsp;</p> <div><span><span><strong><br /></strong></span></span></div> <p><span><span><a href="http://jumboloanblog.com" title="Jumbo Loan Information">Jumbo Loans</a></span></span></p> <p>&nbsp;</p> <p><a href="http://localism.com/neighbor/dad394" title="Mortgage And Real Estate Information">Local Real Estate And Mortgage Information</a></p> <p>&nbsp;</p> <p>&nbsp;</p> <p>&nbsp;</p> <p>&nbsp;</p> <p><a href="http://twitter.com/philcaul" title="Follow Phil On Twitter"><img src="http://activerain.comhttp://activerain.com/image_store/uploads/2/7/4/5/7/ar125872342175472.png" height="83" alt="" width="60" /></a>&nbsp;&nbsp;<a href="http://www.youtube.com/user/dad39456" title="My Incredible Videos!"><img src="http://activerain.comhttp://activerain.com/image_store/uploads/8/9/7/0/1/ar125872421210798.png" height="83" alt="" width="60" /></a>&nbsp;&nbsp;<a href="http://www.linkedin.com/in/philcaulfield" title="Link Up With Me On LinkedIn"><img src="http://activerain.comhttp://activerain.com/image_store/uploads/3/8/9/0/1/ar125915513010983.png" height="83" alt="" width="60" /></a>&nbsp;&nbsp;<a href="http://www.facebook.com/pages/manage/#!/pages/Mortgage-And-Marketing-Help-For-Real-Estate-Agents/104832172892694" title="Become A Fan On Facebook!"><img src="http://activerain.comhttp://activerain.com/image_store/uploads/9/9/0/7/4/ar125872358647099.png" height="83" alt="" width="60" /></a></p></div> Phil Caulfield Jumbo and FHA Mortgage Loans California (Pre-Approval, First Time Buyer, Fixed Rates) Fri, 12 Feb 2010 18:28:27 -0500 http://jumboloanblog.com/post/1488460/commercial-loan-success-in-south-san-francisco- http://jumboloanblog.com/post/1478342/a-loan-to-complete-construction-in-california <p>Do you need a <strong>loan to complete construction </strong>in<strong> California</strong>? I may be able to help you. I have access to private money that will&nbsp;<strong>loan to complete construction</strong>&nbsp;on a wholesale basis, as well as working directly with borrowers.</p> <p>There are several reasons why you may need a <strong>loan to complete construction</strong>. First, perhaps you were funding construction out of your own savings, and have run out of funds that you want to commit to the project.</p> <p><img title="Loan to complete construction" src="http://activerain.com/image_store/uploads/3/3/1/7/6/ar126555969867133.JPG" height="188" alt="loan to complete construction" width="250" /></p> <p>Second, the project may have become more expensive due to upgrades or unforeseen circumstances.</p> <p>Third, you may have a loan, but your <strong>construction</strong> lender may have gone out of business! Ouch!</p> <p>No matter what the circumstances, if this happens, you need a <strong>loan to complete construction</strong>. Here are some of the parameters that my private money source in <strong>California</strong> requires:</p> <p>First, the loan amount must be between $1 million and $5 million dollars. This source for a <strong>loan to complete construction</strong> likes the high-rent districts!</p> <p>Second, the maximum loan-to-value percentage is 65% of the future completed value.</p> <p>Third, the maximum term is three years. However, most of the time, a<strong> loan to complete construction</strong> will be one year.</p> <p><img title="Loan to complete construction" src="http://activerain.com/image_store/uploads/1/2/2/5/8/ar126555981885221.JPG" height="188" alt="loan to complete construction" width="250" /></p> <p>Fourth, the minimum credit score must be at least 640. The credit score used is the middle score of three credit scores supplied by the three credit bureaus.</p> <p>To apply for a <strong>loan to complete construction</strong>, there are three parts of the approval process.</p> <p>The first part of the approval process is qualifying the borrower. This part of the qualification process is similar to applying for a loan to finance a completed home. A loan application, income documentation, and asset documentation must be provided.</p> <p>The second part of the approval process is qualifying the contractor. The contractor must provide adequate insurance and a resume of completed projects to demonstrate his ability to complete the job in a workmanlike manner.</p> <p>The third part of qualifying for a <strong>loan to complete construction</strong> is providing project documentation. This documentation consists of plans, permits, a construction contract, cancelled checks and receipts for work completed, and a list of building materials.</p> <p>Trying to get a <strong>loan to complete construction</strong> can be stressful! My best advice is to be organized as best you can with your documentation, starting with the first receipt you have from the beginning of the project. Organization will help&nbsp;minimize your stress level.</p> <p>&nbsp;</p><div class="agent_signature"><p>&nbsp;</p> <p><span><strong><span><span><strong>&nbsp;Do you need help structuring a loan, or getting a rate quote? Call me at (650) 222-0386, or <a href="mailto:phil.caulfield@firstpenmtg.com">e-mail</a> me</strong></span></span>&nbsp;&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp;</strong></span></p> <p>&nbsp;</p> <div><span><span><strong><br /></strong></span></span></div> <p><span><span><a href="http://jumboloanblog.com" title="Jumbo Loan Information">Jumbo Loans</a></span></span></p> <p>&nbsp;</p> <p><a href="http://localism.com/neighbor/dad394" title="Mortgage And Real Estate Information">Local Real Estate And Mortgage Information</a></p> <p>&nbsp;</p> <p>&nbsp;</p> <p>&nbsp;</p> <p>&nbsp;</p> <p><a href="http://twitter.com/philcaul" title="Follow Phil On Twitter"><img src="http://activerain.comhttp://activerain.com/image_store/uploads/2/7/4/5/7/ar125872342175472.png" height="83" alt="" width="60" /></a>&nbsp;&nbsp;<a href="http://www.youtube.com/user/dad39456" title="My Incredible Videos!"><img src="http://activerain.comhttp://activerain.com/image_store/uploads/8/9/7/0/1/ar125872421210798.png" height="83" alt="" width="60" /></a>&nbsp;&nbsp;<a href="http://www.linkedin.com/in/philcaulfield" title="Link Up With Me On LinkedIn"><img src="http://activerain.comhttp://activerain.com/image_store/uploads/3/8/9/0/1/ar125915513010983.png" height="83" alt="" width="60" /></a>&nbsp;&nbsp;<a href="http://www.facebook.com/pages/manage/#!/pages/Mortgage-And-Marketing-Help-For-Real-Estate-Agents/104832172892694" title="Become A Fan On Facebook!"><img src="http://activerain.comhttp://activerain.com/image_store/uploads/9/9/0/7/4/ar125872358647099.png" height="83" alt="" width="60" /></a></p></div> Phil Caulfield Jumbo and FHA Mortgage Loans California (Pre-Approval, First Time Buyer, Fixed Rates) Sun, 07 Feb 2010 10:39:28 -0500 http://jumboloanblog.com/post/1478342/a-loan-to-complete-construction-in-california http://jumboloanblog.com/post/1474316/owners-of-homes-in-burlingame-be-aware- <p>&nbsp;</p> <p>If you own one of the <strong>homes</strong> in <strong>Burlingame</strong>, you may want to read this article about details in the proposed budget. The mortgage interest deduction is on the chopping block! Owners of&nbsp;<strong>Homes</strong> in <strong>Burlingame</strong> would be effected because many of the homeowners' income exceeds the level that would be effected by this proposal.</p> <p>&nbsp;</p> <div>Via <b><a href="http://activerain.com/blogsview/1467577/i-hate-to-say-i-told-you-so-but-obama-to-limit-mortgage-interest-deduction-">Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate</a></b>:<br /><blockquote><p><strong>LIMITS ON MORTGAGE INTEREST DEDUCTION was once a "sacred cow" of tax law.&nbsp; No more.</strong></p> <p><strong>The American home owner is square in the sights of the budget released today.</strong>&nbsp;</p> <p>On&nbsp;<a href="http://activerain.com/blogsview/757948/WILL-THE-HOME-MORTGAGE-INTEREST-DEDUCTION-SURVIVE-THE-GOVERNMENTS-NEED-FOR" title="mortgage interest">October 25, 2008,</a> a bolt of lightening struck me and I realized that there is no income protection safe from the government's zeal to play chess with the American tax payer's assets.</p> <p>An article published by the <a href="http://activerain.com/blogsview/757948/WILL-THE-HOME-MORTGAGE-INTEREST-DEDUCTION-SURVIVE-THE-GOVERNMENTS-NEED-FOR" title="Mortgage interest deduction">Wall Street Journal, back in Oct. 2008,</a>&nbsp;discussed the government's need for cash to fund programs that were being discussed by members of&nbsp;Congress.</p> <p>These days, the Wall Street Journal&nbsp;discussed the Obama budget's plan to limit ALL deductions for tax payers earning $250,000 or more.&nbsp;</p> <p><em><strong>"But as in last year's budget, Mr. Obama proposed Monday to go further by limiting the value of those benefits, which include deductions for mortgage interest and some charitable contributions. The highest-income earners under current law can lower their taxes by up to 39.6% of those deductions; under Monday's proposal, that would be reduced to 28%". . . .</strong></em> .<a href="http://online.wsj.com/article/SB10001424052748704107204575039132987274858.html" title="Mortgage Interest Deduction">More.</a></p> <p>However, unless I'm missing something, the mortgage interest deduction is the primary interest deduction for home owners.&nbsp; Credit card interest, auto loan interest deductions have been gone for years.&nbsp; What's left??&nbsp;</p> <ul> <li><strong>Today, $250,000.&nbsp; </strong></li> <li><strong>Tomorrow, $100,000.</strong>&nbsp; </li> <li><strong>2 years from now?&nbsp; Who knows?</strong></li> </ul> <p><strong>GOING. . . . GOING . . . . GONE!!!</strong></p> <p><strong>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <img title="MORTGAGE INTEREST" src="http://activerain.com/image_store/uploads/6/7/4/9/8/ar126505432389476.gif" height="172" alt="MORTGAGE INTEREST" width="300" /></strong></p> <p><strong>"SORRY, MR. AND MRS. TAX PAYER, THERE IS NO LONGER A DEDUCTION FOR THE INTEREST YOU'RE PAYING FOR YOUR HOME MORTGAGE."</strong></p></blockquote></div><div class="agent_signature"><p>&nbsp;</p> <p><span><strong><span><span><strong>&nbsp;Do you need help structuring a loan, or getting a rate quote? Call me at (650) 222-0386, or <a href="mailto:phil.caulfield@firstpenmtg.com">e-mail</a> me</strong></span></span>&nbsp;&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp;</strong></span></p> <p>&nbsp;</p> <div><span><span><strong><br /></strong></span></span></div> <p><span><span><a href="http://jumboloanblog.com" title="Jumbo Loan Information">Jumbo Loans</a></span></span></p> <p>&nbsp;</p> <p><a href="http://localism.com/neighbor/dad394" title="Mortgage And Real Estate Information">Local Real Estate And Mortgage Information</a></p> <p>&nbsp;</p> <p>&nbsp;</p> <p>&nbsp;</p> <p>&nbsp;</p> <p><a href="http://twitter.com/philcaul" title="Follow Phil On Twitter"><img src="http://activerain.comhttp://activerain.com/image_store/uploads/2/7/4/5/7/ar125872342175472.png" height="83" alt="" width="60" /></a>&nbsp;&nbsp;<a href="http://www.youtube.com/user/dad39456" title="My Incredible Videos!"><img src="http://activerain.comhttp://activerain.com/image_store/uploads/8/9/7/0/1/ar125872421210798.png" height="83" alt="" width="60" /></a>&nbsp;&nbsp;<a href="http://www.linkedin.com/in/philcaulfield" title="Link Up With Me On LinkedIn"><img src="http://activerain.comhttp://activerain.com/image_store/uploads/3/8/9/0/1/ar125915513010983.png" height="83" alt="" width="60" /></a>&nbsp;&nbsp;<a href="http://www.facebook.com/pages/manage/#!/pages/Mortgage-And-Marketing-Help-For-Real-Estate-Agents/104832172892694" title="Become A Fan On Facebook!"><img src="http://activerain.comhttp://activerain.com/image_store/uploads/9/9/0/7/4/ar125872358647099.png" height="83" alt="" width="60" /></a></p></div> Phil Caulfield Jumbo and FHA Mortgage Loans California (Pre-Approval, First Time Buyer, Fixed Rates) Thu, 04 Feb 2010 15:36:36 -0500 http://jumboloanblog.com/post/1474316/owners-of-homes-in-burlingame-be-aware- http://jumboloanblog.com/post/1474315/i-hate-to-say-i-told-you-so-but-obama-to-limit-mortgage-interest-deduction- <p><p>If you own one of the <strong>homes</strong> in <strong>Burlingame</strong>, you may want to read this article about details in the proposed budget. The mortgage interest deduction is on the chopping block! Owners of&nbsp;<strong>Homes</strong> in <strong>Burlingame</strong> would be effected because many of the homeowners' income exceeds the level that would be effected by this proposal.</p></p><div>Via <b><a href="http://activerain.com/blogsview/1467577/i-hate-to-say-i-told-you-so-but-obama-to-limit-mortgage-interest-deduction-">Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate</a></b>:<br /><blockquote><p><strong>LIMITS ON MORTGAGE INTEREST DEDUCTION was once a "sacred cow" of tax law.&nbsp; No more.</strong></p> <p><strong>The American home owner is square in the sights of the budget released today.</strong>&nbsp;</p> <p>On&nbsp;<a href="http://activerain.com/blogsview/757948/WILL-THE-HOME-MORTGAGE-INTEREST-DEDUCTION-SURVIVE-THE-GOVERNMENTS-NEED-FOR" title="mortgage interest">October 25, 2008,</a> a bolt of lightening struck me and I realized that there is no income protection safe from the government's zeal to play chess with the American tax payer's assets.</p> <p>An article published by the <a href="http://activerain.com/blogsview/757948/WILL-THE-HOME-MORTGAGE-INTEREST-DEDUCTION-SURVIVE-THE-GOVERNMENTS-NEED-FOR" title="Mortgage interest deduction">Wall Street Journal, back in Oct. 2008,</a>&nbsp;discussed the government's need for cash to fund programs that were being discussed by members of&nbsp;Congress.</p> <p>These days, the Wall Street Journal&nbsp;discussed the Obama budget's plan to limit ALL deductions for tax payers earning $250,000 or more.&nbsp;</p> <p><em><strong>"But as in last year's budget, Mr. Obama proposed Monday to go further by limiting the value of those benefits, which include deductions for mortgage interest and some charitable contributions. The highest-income earners under current law can lower their taxes by up to 39.6% of those deductions; under Monday's proposal, that would be reduced to 28%". . . .</strong></em> .<a href="http://online.wsj.com/article/SB10001424052748704107204575039132987274858.html" title="Mortgage Interest Deduction">More.</a></p> <p>However, unless I'm missing something, the mortgage interest deduction is the primary interest deduction for home owners.&nbsp; Credit card interest, auto loan interest deductions have been gone for years.&nbsp; What's left??&nbsp;</p> <ul> <li><strong>Today, $250,000.&nbsp; </strong></li> <li><strong>Tomorrow, $100,000.</strong>&nbsp; </li> <li><strong>2 years from now?&nbsp; Who knows?</strong></li> </ul> <p><strong>GOING. . . . GOING . . . . GONE!!!</strong></p> <p><strong>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <img title="MORTGAGE INTEREST" src="http://activerain.com/image_store/uploads/6/7/4/9/8/ar126505432389476.gif" height="172" alt="MORTGAGE INTEREST" width="300" /></strong></p> <p><strong>"SORRY, MR. AND MRS. TAX PAYER, THERE IS NO LONGER A DEDUCTION FOR THE INTEREST YOU'RE PAYING FOR YOUR HOME MORTGAGE."</strong></p></blockquote></div><div class="agent_signature"><p>&nbsp;</p> <p><span><strong><span><span><strong>&nbsp;Do you need help structuring a loan, or getting a rate quote? Call me at (650) 222-0386, or <a href="mailto:phil.caulfield@firstpenmtg.com">e-mail</a> me</strong></span></span>&nbsp;&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp;</strong></span></p> <p>&nbsp;</p> <div><span><span><strong><br /></strong></span></span></div> <p><span><span><a href="http://jumboloanblog.com" title="Jumbo Loan Information">Jumbo Loans</a></span></span></p> <p>&nbsp;</p> <p><a href="http://localism.com/neighbor/dad394" title="Mortgage And Real Estate Information">Local Real Estate And Mortgage Information</a></p> <p>&nbsp;</p> <p>&nbsp;</p> <p>&nbsp;</p> <p>&nbsp;</p> <p><a href="http://twitter.com/philcaul" title="Follow Phil On Twitter"><img src="http://activerain.comhttp://activerain.com/image_store/uploads/2/7/4/5/7/ar125872342175472.png" height="83" alt="" width="60" /></a>&nbsp;&nbsp;<a href="http://www.youtube.com/user/dad39456" title="My Incredible Videos!"><img src="http://activerain.comhttp://activerain.com/image_store/uploads/8/9/7/0/1/ar125872421210798.png" height="83" alt="" width="60" /></a>&nbsp;&nbsp;<a href="http://www.linkedin.com/in/philcaulfield" title="Link Up With Me On LinkedIn"><img src="http://activerain.comhttp://activerain.com/image_store/uploads/3/8/9/0/1/ar125915513010983.png" height="83" alt="" width="60" /></a>&nbsp;&nbsp;<a href="http://www.facebook.com/pages/manage/#!/pages/Mortgage-And-Marketing-Help-For-Real-Estate-Agents/104832172892694" title="Become A Fan On Facebook!"><img src="http://activerain.comhttp://activerain.com/image_store/uploads/9/9/0/7/4/ar125872358647099.png" height="83" alt="" width="60" /></a></p></div> Phil Caulfield Jumbo and FHA Mortgage Loans California (Pre-Approval, First Time Buyer, Fixed Rates) Thu, 04 Feb 2010 14:46:19 -0500 http://jumboloanblog.com/post/1474315/i-hate-to-say-i-told-you-so-but-obama-to-limit-mortgage-interest-deduction- http://jumboloanblog.com/post/1406121/trade-up-home-buying-nine-points-about-financing-every-real-estate-agent-and-buyer-must-know <p>Trade-up home buying has a different set of issues to conquer than the first-time home buying process. The first-time home buying process is about education. The first-time home buyer is figuratively diving into the water for the first time. Whether they make a beautiful swan dive or belly flop depends a lot on how well they were educated before they entered escrow by their real estate agent and mortgage originator.</p> <p><img title="http://www.flickr.com/photos/jaredhawkins/123717943/" src="http://farm1.static.flickr.com/1/123717943_c1d7ba296c.jpg" height="280" alt="belly flop" width="210" /></p> <p>The trade-up home buying process has an element of education, but it is more about <em><strong><span><span>coordination.</span></span><span><span><span>&nbsp;</span><span><span><span>How does the trade-up buyer coordinate the sale of their existing home with the purchase of their new home? Here are nine points that the trade-up buyer and their real estate agent &nbsp;need to know about in terms of financing to successfully coordinate the disposition of their current home along with the purchase of the new hom</span><span><span><span>e:</span></span></span></span></span></span></span></strong></em></p> <p>&nbsp;</p> <ol> <li><strong>Loan approval does not necessarily mean that you should release loan contingency</strong>. A loan approval always has conditions. If you are selling your current home, one condition lenders usually have is a copy of the closing statement from the sale of the current home. <strong>What happens if your buyer backs out?</strong> How comfortable are you with the ability of your buyer to buy your house? You need to find out all of the conditions from your lender so that you know exactly what has to happen in order to get your loan. Do not release loan contingency until you are aware of the conditions and are confident that you can satisfy these conditions.<br /><br /></li> <li><strong>Your mortgage originator needs your tax returns, even if the loan approval does not require it</strong>. Here is why: some of us try to minimize the amount of income tax we pay. Some of us use form 2106, which allows us to report unreimbursed business expenses on schedule A of our tax return. Lenders deduct this amount from your income for qualifying. Sometimes the lenders will not ask for tax returns, but they almost always ask for form 4506-T. Form 4506-T is a summary of the tax return you have filed with the IRS. <strong>If you have unreimbursed business expenses claimed, the lender most likely will re-underwrite the file and may even deny the file because your income is not as much as originally presented!</strong>&nbsp;Give your tax returns to your mortgage originator to prevent this problem upfront!<br /><br /></li> <li><strong>If you plan on renting your current home, you may not be allowed to use the rental income to qualify.</strong> I recently wrote a post about this subject - <a href="http://activerain.com/blogsview/1380787/before-you-advise-your-clients-rent-their-current-home-and-buy-another-one-you-need-to-know-this-" title="You Need To Know This!">Before You Advise Your Client Rent Their Current Home And Buy Another, You Need To Know This!</a>.<br /><br /></li> <li><strong>If you plan to sell stocks, bonds, and/or mutual funds for the down payment, you are best served selling prior to having your file underwritten. </strong>Here is why: If you do not provide proof of liquidation, many lenders will value the worth of your holdings at <strong>70%</strong> of the verified amount. Without proof of liquidation, the lender my determine that you are short on cash to close escrow, even if in reality you are not. Prove it now to save headaches later!<br /><br /></li> <li><strong>Are you trading-up because of a job transfer?</strong> Here is what you need: an employment offer letter, clear of any conditions (drug test is an example), and an affidavit signed by you stating that you will provide a paystub within 30 days of closing.<br /><br /></li> <li><strong>Try your best to nail down your loan amount and your interest rate up front</strong>! Here is why: If you increase your loan amount and/or change your interest rate after your lender has sent their initial disclosures, <strong>they may require re-disclosure and a new seven day waiting period before they can close escrow! </strong>Set it and forget it!<br /><br /></li> <li><strong>Take care of your credit score before you write an offer</strong>. Most lenders use the middle score of three credit repositories. In addition, the qualifying score most use is the middle score from the borrower with the lowest score among all the borrowers involved in the purchase. Credit scores can be changed if there are errors on the report. Work with your mortgage originator to make these changes now rather than while you are in escrow.&nbsp;<br /><br /></li> <li><strong>If you want an impound account, set it up after the close of escrow.</strong> Here is why: cash to close is one of the issues that often causes a headache at closing. Impound accounts require more cash to close. Why complicate an already stressful situation? Close escrow, call your lender, and then set up the escrow account when there's not as many hoops to jump through!<br /><br /></li> <li><strong>Don't count on 1</strong><strong>00%</strong><strong> of your retirement funds as cash reserves. </strong>Most lenders are now only counting 60% of the value of retirement funds as cash reserves. For example, if you have $20,000 in retirement funds, the lender will only value these funds as $12,000. &nbsp;</li> </ol> <div>Knowing these points will help the trade-up home buyer and real estate agent coordinate a multi-faceted transaction.</div> <div><img title="http://www.flickr.com/photos/nclee1955/247826054/" src="http://farm1.static.flickr.com/96/247826054_2144f0f209.jpg" height="285" alt="coordination" width="200" /></div> <div><br /></div> <div><strong>I originally had the idea of giving ten points - anybody have a tenth for the trade-up buyer?</strong></div> <div><br /></div> <div><a href="http://jumboloanblog.com" title="Jumbo Loan Blog">Jumbo Loan Blog</a></div> <div><br /></div> <div><a href="mailto:phil@rmcreloans.com">Contact Me</a></div> <p>&nbsp;</p><div class="agent_signature"><p>&nbsp;</p> <p><span><strong><span><span><strong>&nbsp;Do you need help structuring a loan, or getting a rate quote? Call me at (650) 222-0386, or <a href="mailto:phil.caulfield@firstpenmtg.com">e-mail</a> me</strong></span></span>&nbsp;&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp;</strong></span></p> <p>&nbsp;</p> <div><span><span><strong><br /></strong></span></span></div> <p><span><span><a href="http://jumboloanblog.com" title="Jumbo Loan Information">Jumbo Loans</a></span></span></p> <p>&nbsp;</p> <p><a href="http://localism.com/neighbor/dad394" title="Mortgage And Real Estate Information">Local Real Estate And Mortgage Information</a></p> <p>&nbsp;</p> <p>&nbsp;</p> <p>&nbsp;</p> <p>&nbsp;</p> <p><a href="http://twitter.com/philcaul" title="Follow Phil On Twitter"><img src="http://activerain.comhttp://activerain.com/image_store/uploads/2/7/4/5/7/ar125872342175472.png" height="83" alt="" width="60" /></a>&nbsp;&nbsp;<a href="http://www.youtube.com/user/dad39456" title="My Incredible Videos!"><img src="http://activerain.comhttp://activerain.com/image_store/uploads/8/9/7/0/1/ar125872421210798.png" height="83" alt="" width="60" /></a>&nbsp;&nbsp;<a href="http://www.linkedin.com/in/philcaulfield" title="Link Up With Me On LinkedIn"><img src="http://activerain.comhttp://activerain.com/image_store/uploads/3/8/9/0/1/ar125915513010983.png" height="83" alt="" width="60" /></a>&nbsp;&nbsp;<a href="http://www.facebook.com/pages/manage/#!/pages/Mortgage-And-Marketing-Help-For-Real-Estate-Agents/104832172892694" title="Become A Fan On Facebook!"><img src="http://activerain.comhttp://activerain.com/image_store/uploads/9/9/0/7/4/ar125872358647099.png" height="83" alt="" width="60" /></a></p></div> Phil Caulfield Jumbo and FHA Mortgage Loans California (Pre-Approval, First Time Buyer, Fixed Rates) Tue, 29 Dec 2009 18:22:55 -0500 http://jumboloanblog.com/post/1406121/trade-up-home-buying-nine-points-about-financing-every-real-estate-agent-and-buyer-must-know