In a surprise decision, FHA waived the 90 day rule for FHA loan customers to be able to buy a flipped home.  Prior to this decision, FHA buyers were left out of the market for homes that have been rehabbed and put on the market.
Best to you,
Mark and Kari Shea
Real Estate Experts Serving San Diego […]

There is a lot of buzz about Loan Modifications and what people can expect.  Here are the basics:
1. Expect them to take 60 to 90 days to receive a Yes or No answer.
2. It is generally better to work directly with your lender than a fee based service.
3. Know that only 5% to 10% of […]

The national average interest rate on the 30-year, fixed-rate loan (used as the benchmark) averaged 4.78% in the week ending Thursday, setting a new record low dating back to 1971 for the second consecutive week.  That rate is down from last week’s  30-year, fixed-rate of 4.85% and a year ago of 5.88%.
Best regards,
Mark and […]

People think the government will regulate mortgage rates to keep them low forever.  In reality, inflation will start to catch up with government economic spending.  Once that happens, all of the current rules go out the window and the Frd will have to raise rates.  In our opinion, we have approximately 1 year before the […]

The stats from Q4 2008 are in from the Mortgage Bankers Association, and the news is record setting.  In Q4 of 2008:

7.88 percent of all mortgages on one to four unit residential properties were at least one payment late
3.3 percent of all loans were in foreclosure
That’s a record setting 11.18 percent combined rate

If you look […]

One thing is for certain, it is getting more difficult for buyers to obtain a home loan to purchase real estate.  What are the key ingredients in being able to close a home loan today:

 Good to excellent credit scores - that means 625 plus with BK or other issues
Cash for down payment - FHA Loan […]

As prices and interest rates fall, the Affordability Index goes up.  The Affordability Index = The percent of households that can afford to buy an entry level home.
Right now 59% of California households can afford an entry level home.  This is up from 33% a year ago according to the California Association of Realtor statistics.  […]

So much about the stimulus package and tax credits.  Here is the final scoop on the tax credit available to home buyers:
With President Obama signing the stimulus package yesterday, there is a brand new version of the tax credit for home buyers.   Here are some highlights:

You no longer have to pay back […]

So you too want to get into the hunt to buy a foreclosure property?  Seems easy enough as there are many on the market, right?!?!
Not so easy, the “good” foreclosure properties typically go into escrow within 7 days. The properties that sit are in serious need of something.  Why do they sell quickly?  Because prices […]

One of the better kept secrets in real estate investment is Student Housing in college areas.  The great thing about most markets around the US is there is a college, or colleges, that is part of the culture in the city or town.  San Diego is mo stranger to college housing needs.  We have San […]