UP to $125,000. to Purchase your First Home?

Yes! There are programs to assist First Time Buyers to purchase a home.  These programs are available to homebuyers that have not owned/held interest in a principal residence in the past three years.

These  Programs provide First time buyers a differed 30 years second mortgage loan that vary from $40,000. and up to $125,000. depending on what  city you’re applying and  availability of funds. Funds are available until used up…First come First served!

For these  homeownership programs, applicants must complete a pre-purchase homebuyer counseling program.

All applicants must be pre-qualified with the pre-qualification lender assigned to the property if they are interested in purchasing. However their first mortgage can be from any lender as long as the loan meets program requirements.

This First Time Homebuyer Program is being funded by the U.S. Department of Housing & Urban Development HOME Program. GREAT time and BEST opportunity!

 

 

 

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Real Estate, Is it for Real?

HELOCs the next thing home credit product? Home prices, including distressed sales, rose year-over-year by 5.9% in March, according to data released Tuesday by CoreLogic.

The CoreLogic Home Price Index report found that March was the 37th consecutive month to feature year-over-year increases in home prices across the country. Month-to-month, home prices also rose by 2%, including distressed sales.

CoreLogic’s HPI Forecast estimated that prices will continue to increase month-to-month in April by 0.8% when including distressed sales and 0.7% without these properties

Luxury Homes!

Luxury Homes!

Luxury is a symbol of a particular lifestyle. It is a representation of a higher standard of living.  This is reflected and is often noted by the number and size of the rooms, specific décor, and other customizable features chosen by Luxury-Home-Interior-929the homeowner.

Luxury homes also boast interesting features not found in other homes. Some of these are customized to fit the wants and needs of the homeowner.

Examples of such features include: granite counter tops, crown molding, stainless steel appliances, and media rooms.

Most of these houses may include a formal dining room perfect for hosting large dinner parties and entertaining guests. They come in different shapes, sizes, and styles, so finding the right home for your money is extremely important. Everyone dreams of having a perfect home!   As always, a Realtor will  be able to take the time and search for the home  of your dreams!

U.S. construction spending rebounds strongly

U.S. construction spending rebounds strongly

construction-spending-misses-expectations-falls-06U.S. construction spending rebounded strongly to hit its highest level in more than 5½ years in July.

Construction spending increased 1.8 percent to an annual rate of $981.31 billion, the highest level since December 2008, said the Commerce Department on Tuesday.

The housing market recovery is back on track after stagnating from the second half of 2013 in the wake of a spike in mortgage rates and higher home prices amid a stock shortage.

Labor Day Weekend’s exclusive happenings!

This Labor Day weekend travelers can take advantage of The Maritime Museum’s Sailing In San Diegoannual Festival of Sail, Julian Fall Apple Harvest, U.S. Sand Sculpting Challenge and 3-D Art Expo on San Diego Bay, featuring live entertainment and food as well as take part in the start of the San Diego Chargers football season kick-off.

Festival of Sail is hosted by the Maritime Museum of San Diego along the  North Embarcadero, San Diego Bay and will host over twenty fascinating ships from around the world during August 29, 2014 – September 1, 2014.  Julian Fall Apple Harvest going on, emulating the 1870’s gold rush, this charming festival allows travelers to shop, sample famous apple pies, picnic and hike throughout the refreshing oak trees, and even take part in a horse-drawn carriage-ride down Main Street.

In addition to this Labor Day Weekend’s exclusive happenings, other enjoyable excursions and activities include attractions and tours like SeaWorld, the San Diego Zoo, Balboa Park, boating and brewery tours, hiking, horseback riding, sailing, Segway excursions, whale watching and wine tasting.   http://www.sdmaritime.org/festival-of-sail/

Have a safe and enjoyable Labor Day Weekend!

 

US pending home sales rebound to their highest levels in nearly a year

A report of the latest housing market showed a rebound on pePrices-going-up-graphic-2nding home sales – their highest levels in nearly a year- according to the National Association of Realtors.

The NAR’s pending home sales index surged 3.3 percent in July to 105.9, its highest level since August 2013.

Pending home sales have climbed in four of the past five months. The June decline in pending home sales was steeper than first thought, with the drop revised to 1.3 percent from 1.1 percent.

 

Do you really need Earthquake insurance?

Do you really need Earthquake insurance?

While earthquakes are more prevalent in the state of California, they can occur in any state. The truth is that an earthquake can occur and cause damage to your property in almost any state.

Earthquake insurance will cover damage to your dwelling and its contents caused by damage from and earthquake such as walls that collapse or valuables that are destroyed inside your home.

CALIFORNIA EARTHQUAKEYour regular homeowner’s policy does not cover damage caused by earthquakes. You must either purchase an earthquake coverage endorsement or purchase a separate policy for earthquake insurance.

Don’t make the mistake of thinking that you will rely on government disaster assistance to help you recover losses from an earthquake.  Government disaster programs, such as FEMA, are designed to take care of immediate needs such as food, clothing, medical assistance and temporary shelter.

If you live in an earthquake prone area, the only way your property and contents will be covered is through Earthquake Insurance.

Do You really need Earthquake Insurance?  Only you can make this determination. Many people, especially people who do not live in earthquake prone areas choose not to get this coverage. Earthquake Insurance policies can be quite expensive. Just know that if you do not have earthquake insurance, rebuilding your home and replacing all of your valuables will come out of your own pocket.

The state of California offers earthquake insurance through the California Earthquake Authority (CEA). Individual insurance companies in the state can elect to participate in the CEA.  By law, if an insurance company offers homeowner’s insurance in the state of California, it must also offer earthquake insurance.

Mini-policies are also available which only cover your dwelling, excluding items such as patios, pools or other detached structures. This was introduced in 1996 by the California legislature in an effort to keep earthquake premiums affordable for homeowners.

Before you start looking for a home!

Get pre-qualified!

Banks, credit unions and mortgage bankers make home loans; mortgage brokers process them. The lender will take an application, process the loan documents, and see the loan through to the funding stage.

If you have less than perfect credit, talk to your lender.

A lender should be able to advise you on whether your credit history will prevent you from qualifying for a home loan.

You will need a down payment. blog21

Down payment requirements vary depending on the type of loan. However, down payment assistance programs are available for First time buyers. These programs may loan or grant you the funds necessary for the down payment.

Funds for closing costs.

Closing costs are charges for services related to the closing of your real estate transaction. They include, but are not limited to:

  • Escrow fees charged by the company handling the transaction
  • Title policy issuance fees charged by the title insurance company
  • Mortgage insurance fees
  • Fire and homeowners insurance
  • County Recorder fees for recording your deed
  • Loan origination fees

Some loans have “points” and some do not.

A point is a loan origination fee equivalent to 1% of the loan amount. Together with the interest rate they constitute the yield on your loan for the lender. Some lenders charge a higher interest rate to compensate for charging no points. It is important to comparison shop lenders to make sure your loan is at a competitive yield.

  Be aware of the two main types of loan categories:

  • Conventional Loans. Conventional mortgage loans are available with fixed or adjustable interest rates. Some loans may require mortgage insurance.
  • Government Loans. These include Federal Housing Administration (FHA) fixed and adjustable rate mortgage loans, and Veterans Administration (VA) fixed rate mortgage loan, USDA (United State Department of Agriculture).

Always keep in mind that buying a house is the best deal investment you can make!