Fewer than three of five short sales close in California according to the California Assoc. Of Realtors (C.A.R.) 94% of the Realtors in the survey participated in a short sale transaction during 2010 They cited lenders and servicers unresponsiveness, onerous procedures, and long processing delay
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03/10/2011
First-Time Homebuyers in California can purchase homes, with county-specific income restrictions, up to 99.5% LTV. The minimal down payment can be ALL GIFT. The first mortgage is an FHA 30 year fixed up to 96.5% LTV with a fixed rate 2nd loan of 3% of sales price. It is an incredible program. The
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03/09/2011
FHA loans constituted only about 10%-15% of the mortgages originated nationwide before the housing crisis They represent 30% of new mortgages now First-time homebuyers depend on FHA purchases for their low 3.5% down payment requirements Borrowers with NO CREDIT SCORES can obtain an FHA if they c
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03/09/2011
Underwater mortgages edged up in the fourth quarter Falling prices continued to erode the value of their properties CoreLogic said 11.1 million homes, or 23.1% of all residential properties with a mortgage, had negative equity at the end of the fourth quarter This was up from 10.8 million, or 22
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03/08/2011
Jumbo loans represent about 11% of the housing market (more than $45 billion in the 3rd quarter of 2010) This is up from a low of 7% in 2008 They average about 12% all mortgage historically Fannie Mae, Freddie Mac and FHA secure more than 50% of Jumbo Mortgages Homebuyers wanting Jumbo Loans nee
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03/08/2011
This 3-Bedroom Moreno Valley, CA home is available through the HUD "Good Neighbor Next Door" program for as little as $55,000 (a 50% discount) and a $100 down payment when FHA or FHA 203k renovation financing is used. Buyer must be an eligible teacher, police officer, fire fighter or EMT. CALL 80
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03/08/2011
FHA-insured about 56% of mortgages for home purchases in 2009 This was up from 6% in 2007 according to a report from the George Washington University School of Business First-time buyers are a major beneficiary of FHA loans because of the low 3.5% down payment requirement The FHA currently can
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03/07/2011
Rent is the single largest monthly expenditure for approximately one-third of the U.S. population It has been omitted from credit bureau files As of December 2010, Experian is including positive rental payment data as part of a consumer's credit file This alternative data asset consists of renta
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03/07/2011
Industry Renovation expert Skip Schenker will present a DRE Approved Seminar "Sell More Homes With Renovation Loans" at the REOMAC mortgage industry dinner meeting on March 10, 2011. REOMAC is a national non-profit trade association for the mortgage default industry that is uniquely dedicated to
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03/05/2011
Mortgage rates ended the week basically unchanged There was high daily volatility caused by events in the Middle East Economic data during the week was stronger than expected hinting that economy is growing The Chicago PMI manufacturing index rose to the highest level since July 1988 The ISM Ser
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03/05/2011