California ups home buyer tax credit

News from the Cyberhomes blog that could impact you if buying a home or assisting your client in a purchase.
California’s real estate market may again become golden for some home buyers now that Gov. Arnold Schwarzenegger has proposed up to a $10,000 tax credit for those who purchase new or existing homes in the state.
Program [...]

2010 FHA policy change. What you need to know for the benefit of your client post short sale-

As we leave 2009 and charge into 2010 HUD has introduced new guidelines for FHA in regards to financing after a Short Sale. Short sales are defined as the lender is accepting less than the total amount due on the property financed.
Borrowers are NOT eligible for a new FHA mortgage if they pursued a short [...]

Is it time to use your VA loan to buy a home in the Bay Area?

Are you using your VA Loan Certificate?
There is no better time in the Bay Area to purchase a home. Combine the all time high affordability of housing and  100% financing that VA offers you’ll be in a home before you know it.

You’d be surprised how many folks who are eligible for a VA loan that [...]

Bay Area Weekly Mortgage, Interest Rate and Real Estate News

This weeks trend,
Rise in mortgage rates:
Freddie Mac has announced that the mortgage rate (30-year fixed rate) for the week ending May 7 rose to 4.84%, from 4.78% for the earlier week. Incidentally, 4.78% was an all-time low. The rise in rate is significant more from a directional perspective than from the point of view of [...]

Making Home’s Affordable Update (H4H)- The Feds rolling the dice

In an effort to fill in some of the gaps exposed in the initial Making Home Affordable (MHA) program, Washington has stepped up its efforts to assist more distressed homeowners. In a press release on April 28th, the U.S. Treasury announced an update to the program designed to assist nearly 50% of those homeowners seeking [...]