San Jose, Bay Area and California Mortgage Blog

Mortgage and Lending - Arcus Lending - NMLS 8176
  Your weekly dose of San Jose Mortgage Rates and Real Estate Market commentary. The week that was: Wall Street Journal reported that California's inventory of unsold, previously owned homes shrank to a five-year low in December, in another sign that the state may be coming out of its worst housi...
FHA announced a series of changes to their Down Payment, Credit Score, Seller Contribution and Mortgage Insurance guidelines for California FHA Loans . Credit Score/DownPayment Guideline Change : New borrowers will now be required to have a minimum FICO score of 580 to qualify for FHA's 3.5% dow...
FHA today increased it's upfront mortgage insurance premium requirements for California Home Loans. Upfront Mortgage Insurance is the money that FHA collects at the time of closing a mortgage to insure the loan against default. Currently, this premium is 1.75% for most purchase and refinance tra...
Weekly dose of economy and mortgage market news that affects mortgage rates for San Jose Home buyers and Home owners. The Week that was:   Freddie Mac weekly Primary Mortgage Market Survey® reported  30-year fixed-rate mortgage (FRM) averaged 5.06 percent with an average 0.7 point for the week e...
Great news for San Jose First Time Home Buyers - FHA is eliminating the 90 day flipping rule for mortgages on San Jose & rest of California homes. With certain exceptions, FHA currently prohibits insuring a mortgage on a home owned by the seller for less than 90 days. Currently such homes are mos...
In the final state of the state address of his gubernatorial career, California Gov. Arnold Schwarzenegger proposed a second round of $10,000 first time home buyer tax credit. The previous tax credit depleted eight months before the deadline after benefiting almost 10,700 California home buyers....
  HUD implemented the new Good Faith Estimate (GFE) for San Jose and rest of the country Mortgage Loans. This Good Faith Estimate form (GFE) is applicable for both Refinance & Purchase transactions for both FHA & Convetional loans. After more than 4 years of discussions with various trade and con...
  FHA's Energy Efficient Mortgage program (EEM) helps Sunnyvale, CA  homebuyers or homeowners save money on utility bills. This is done by enabling them to finance the cost of adding energy efficiency features to their house as part of their FHA insured loan. EEMs recognize that reduced utility e...
Your weekly dose of economy and mortgage market news that affects mortgage rates for San Jose Home buyers and Home owners. The Week that was: Another bad week for the bond and mortgage markets. The 10 yr treasury note and mortgage rates have now increased 60 basis points in the past three weeks....
In last 3 weeks, 30 year fixed mortgage rates have gone up 34 basis points for Sunnyvale, CA homes. In the latest results of its Primary Mortgage Market Survey® Freddie Mac reported 30-year fixed-rate mortgageaveraged 5.05 percent with an average 0.7 point for the week ending December 24, 2009. ...

Shashank Shekhar

San Jose, CA Mortgage Broker/Lender
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