REALTOR® Magazine-Daily News-5 Predictions for 2011

5 Predictions for 2011
Freddie Mac analysts point to five features that they believe will likely characterize the 2011 housing and mortgage markets:

1. Low mortgage rates. With Fed observers expecting the central bank to keep the federal funds rate at its current target range of 0 percent to 0.25 percent for most (or all) of 2011, relatively low mortgage rates will be a feature of the 2011 mortgage market. Thirty-year fixed-rate loans are likely to remain below 5 percent throughout the year, and initial rates of 5/1 hybrid adjustable-rate mortgages will likely remain below 4 percent in 2011.

2. Prices have hit bottom. House prices are likely to begin a gradual, but sustained recovery in the second half of 2011.

3. Housing will remain affordable. With affordability high, many first-time buyers will be attracted to the housing market in the New Year, likely translating into more home sales in 2011 than in 2010.

4. Refinances will dwindle. Many eligible borrowers have already refinanced and the federal Making Home Affordable refinance program is expiring on June 30. While fixed-rate loans are likely to remain low, they will move up gradually, making it even less likely that refinances will be attractive to most home owners.

5. Delinquency rates will decline. Based on the last several business cycles, the share of loans that are 90 or more days delinquent or in foreclosure proceedings — known as the "seriously delinquent rate" — generally crests within a year of the start of the recovery in payroll employment, and this economic recovery appears to fit within that pattern. Payrolls began to rise last January, and by the spring the seriously delinquent rate had begun to fall.

Source: Freddie Mac (12/09/2010)REALTOR® Magazine-Daily News-5 Predictions for 2011

October is FREE to Kids at Local Zoo's in San Diego

October is Free month for Kids age 11 and younger at the San Diego Zoo and the Wild Animal Park.  This has been designed to help kids who are less fortunate to be able to allow them to explore the world of animals.

New Low Down Loan Program Just Released

The good news just keeps coming. Just released today; a new down payment assistance program by the National Homebuyers Fund to be used in connection with FHA and VA purchases. Unlike some programs, this is a GRANT, read NO repayment required. The grant is 3% of the total loan amount. There are generous income limits based on the location or county the property is located. Here are some of the details;
1.  Must be used with FHA, VA or Rural financing programs. NO Jumbo limits.
2.  GRANT amount; 3% of total loan amount (NO REPAYMENT EVER)
3.  Buyers must qualify using conforming program guidelines
   . County            Income limitations.      Max FHA loan Limits
    a) San Diego…  $90,600                          $417,000                   
     b) Riverside…    $85,200                          $417,000
    c) Los Angeles.  $85,200                         .$417,000
    d) Orange …… $104,640                         $417,000
    e) Kern………     $85,200                         $417,000    
Although the limits may be higher for your area, the maximum loan is the base FHA loan amount.
4. Property must be Primary residence
5. NO 1^st time buyer requirements
6. Single family, Condo/PUD OK; NO MFG housing, second or vacation homes
7. Gift funds are allowed
8. Seller concession (FHA) 6% allowed.
9. GRANT can be used for down payment or closing costs.
10. Current FHA interest rates with this program is 4.875%
Buyers will be required to come up with .5% down payment, that’s ½% should seller pay for buyers costs......
All traditional FHA/VA guidelines apply, NO special education requirements or additional forms..
How simple does it get? I’m told there are funds available without end. We all know that some day this will come to an end but for now,
call me if your ready to become a homeowner!

Good News! FHA Cal-HFA program at 4.000% interest rate!!

Today, California Housing Finance Authority (Cal HFA) announced they’ve decided to get back in the home financing business. That’s right folk’s, they’re offering an FHA Cal-HFA program at 4.000% interest rate. That’s not a misprint, 4% fixed, 30 year. It get’s better; in conjunction they’re offering a CHDAP 3% silent second that can be used for closing costs or down payment. The buyer must have 1% minimum of their own money in the deal.
The catch is income and loan limits based on the county the property is located. Properties are limited to single family; condos and PUD’s must be FHA approved developments.
NOT allowed are manufactured housing, properties sold at auction by builder, properties owned less than 90 days in which the sales price is greater than a 20% increase over the sellers cost of acquisition are NOT permitted. A word to the wise; be very cautious about FLIP properties because of extensive verification of improvement costs. Non-occupant co-borrower NOT allowed.
FHA mortgage insurance is in affect, maximum seller concession is 3% towards buyers CC. Primary residence purchase transactions ONLY. There’s a first time home buyers education program requirement prior to close.

2010 Five Star Agent

I am happy to announce that I was nominated again for the 5 Star Agent program in San Diego 2010. This will be my 3rd year in a row! Please pick up a copy of the San Diego Magazine if you are out and about in November and happen to see it. Visit the following link to see the information:

http://www.sandiegomagazine.com/media/San-Diego-Magazine/March-2010/FIVE-STAR-Real-Estate-Agents/