First Priority Financial - Content Pages - California Home Loans - California FHA 203k Refinance: "California FHA 203k Refinance loans is by far the most incredible program out there. FHA will allow you to refinance your California Home and make improvements all in one loan. The value of your home will be based on the 'As completed' value - meaning once the work is done your house will be worth more and with this knowledge FHA allows you to borrow against that would be value.
Take a look at some of the items you can do to improve your home:
Roofs, gutters and downspouts
HVAC systems (heating, venting and air conditioning)
Plumbing and electrical
Minor kitchen and bath remodels
Flooring: carpet, tile, wood, etc.
Interior and exterior painting
New windows and doors
Weather stripping & insulation
Improvements for persons with disabilities
Energy efficient improvements
Stabilizing or removing lead-based paint
Decks, patios, porches
Basement completion and waterproofing
Septic or well systems
Purchase of new kitchen appliances or washer / dryer
Installing Solar Panels!!!!!
Check out this video on how to use the California Renovation Loan to your advantage."
Wednesday, September 29, 2010
Friday, September 24, 2010
Rates Drop to New Lows
Magazine-Daily News-Mortgage Rates Drop to New Lows: "Mortgage Rates Drop to New Lows
Fixed mortgage rates have maintained recent lows or set new ones for more than two months now, sinking to 4.42 percent on 30-year loans for the week ended Aug. 19. The rate is down from 4.44 percent last week and is the lowest ever recorded since Freddie Mac launched its survey almost 40 years ago.
The fixed 15-year average also hit a new low, at 3.9 percent; while five- and one-year adjustable-rate mortgages remained flat at 3.56 percent and 3.53 percent, respectively.
Source: The Wall Street Journal, Amy Hoak (08/20/10)"
Fixed mortgage rates have maintained recent lows or set new ones for more than two months now, sinking to 4.42 percent on 30-year loans for the week ended Aug. 19. The rate is down from 4.44 percent last week and is the lowest ever recorded since Freddie Mac launched its survey almost 40 years ago.
The fixed 15-year average also hit a new low, at 3.9 percent; while five- and one-year adjustable-rate mortgages remained flat at 3.56 percent and 3.53 percent, respectively.
Source: The Wall Street Journal, Amy Hoak (08/20/10)"
Multifamily Property Market Is on the Mend
"Multifamily Property Market Is on the Mend
Sales of multifamily housing is picking up nationwide, commercial practitioners say.
Buyers believe the sector is a sound bet because current prices are below construction costs in many cases and rental business is improving. Plus, there has been little additional development in the past couple of years and some industry analysts believe that shortly there will be a shortage in some markets."
Sales of multifamily housing is picking up nationwide, commercial practitioners say.
Buyers believe the sector is a sound bet because current prices are below construction costs in many cases and rental business is improving. Plus, there has been little additional development in the past couple of years and some industry analysts believe that shortly there will be a shortage in some markets."
Mortgage cramdowns: Debate might give new life to mortgage cramdown legislation - latimes.com
Mortgage cramdowns: Debate might give new life to mortgage cramdown legislation - latimes.com: "Debate might give new life to mortgage cramdown legislation"
Wednesday, September 22, 2010
Foreclosure Activity Increases 4 Percent in August
Foreclosure Activity Increases 4 Percent in August: "Foreclosure Activity Increases 4 Percent in August"
Monday, September 20, 2010
Thursday, September 16, 2010
Foreclosures Rise; Bank Repos at New High - TheStreet
Foreclosures Rise; Bank Repos at New High - TheStreet: "Foreclosures rose at an elevated rate for the second month in a row, according to RealtyTrac, with one in every 381 U.S. homes receiving a foreclosure filing."
Monday, September 6, 2010
REOMAC - About
REOMAC - About: "About REOMAC
REOMAC, founded in 1985 in California, began as a forum for lenders with REO assets to share best practices with their peers. As time went on and the association grew, it became important to include related industry professionals and expand our membership categories. Today, REOMAC is the premier non-profit trade association serving the mortgage default servicing industry nationwide. We are dedicated to providing our members with unparalleled educational and networking opportunities. We are also committed to delivering timely information that our members can put to practical use to mitigate losses on defaulted mortgage loans; provide ancillary services to lenders and servicers; or help manage, market, maintain, sell and ultimately dispose of non-performing real estate assets."
REOMAC, founded in 1985 in California, began as a forum for lenders with REO assets to share best practices with their peers. As time went on and the association grew, it became important to include related industry professionals and expand our membership categories. Today, REOMAC is the premier non-profit trade association serving the mortgage default servicing industry nationwide. We are dedicated to providing our members with unparalleled educational and networking opportunities. We are also committed to delivering timely information that our members can put to practical use to mitigate losses on defaulted mortgage loans; provide ancillary services to lenders and servicers; or help manage, market, maintain, sell and ultimately dispose of non-performing real estate assets."
Sunday, September 5, 2010
Bank REO Homes & Properties for Sale
Bank REO Homes & Properties for Sale: "California has the highest inventory of reo properties in the entire country. The staggering number of California reo homes and properties offered for sale at banks and lenders are primarily due to the extraordinary loss of home equity due to property price falls and job losses resulting from the financial crisis. Since California is the most populous state in US with about 40 million people and most developed, it has suffered the most due to the real estate bubble burst during the past two years. Home owners and investors in california real estate of all types: commercial, residential, apartments, multi-family have suffered equity loss due to the declining home prices. So the number of California REO homes is at historical highs.
REO Homes in California CA"
REO Homes in California CA"
2010 Tax Credit for New Home / First-Time Buyer
2010 Tax Credit for New Home / First-Time Buyer: "Reservation Requests: We will accept reservation requests for the New Home Credit by fax only beginning May 1, 2010. If you are applying for the First-Time Buyer Credit, you will not be able to request a reservation before escrow closes. Reservation requests received before May 1, 2010, or after escrow closes will be denied.
If a buyer wishes to request a reservation, before the close of escrow:
The seller must complete Parts I, II, & III of Form 3549-RR, Reservation Request for New Home Credit.
The buyer completes Parts IV & V.
Fax the completed Form 3549-RR and the required pages of the purchase agreement to FTB at 916.855.5577. If escrow has opened, it is best for the escrow person, on behalf of the buyer and seller, to fax the completed Form 3549-RR and the required pages of the purchase agreement to FTB and provide a copy to the buyer. If escrow has not opened, the buyer may fax it to FTB. (The buyer retains ultimate responsibility to ensure the completed reservation request and the required pages of the purchase agreement are submitted timely to the FTB.)
Do not fax the entire purchase agreement. Only fax the pages which show:
Property address
Buyer's name
Seller's name
Purchase price
Deposit amount
Buyer's signature
Seller's signature"
If a buyer wishes to request a reservation, before the close of escrow:
The seller must complete Parts I, II, & III of Form 3549-RR, Reservation Request for New Home Credit.
The buyer completes Parts IV & V.
Fax the completed Form 3549-RR and the required pages of the purchase agreement to FTB at 916.855.5577. If escrow has opened, it is best for the escrow person, on behalf of the buyer and seller, to fax the completed Form 3549-RR and the required pages of the purchase agreement to FTB and provide a copy to the buyer. If escrow has not opened, the buyer may fax it to FTB. (The buyer retains ultimate responsibility to ensure the completed reservation request and the required pages of the purchase agreement are submitted timely to the FTB.)
Do not fax the entire purchase agreement. Only fax the pages which show:
Property address
Buyer's name
Seller's name
Purchase price
Deposit amount
Buyer's signature
Seller's signature"
2010 Tax Credit for New Home / First-Time Buyer
2010 Tax Credit for New Home / First-Time Buyer: "How to apply
Applications: We will accept applications by fax only beginning May 1, 2010. Do not use the 2009 application. Applications received before May 1, 2010, or before escrow closes will be denied. We are currently only accepting applications for the New Home Credit. Any applications received after August 15, 2010 for the First-Time Buyer Credit will be denied. (Updated 08/19/10)
Within two weeks (14 calendar days) after the close of escrow:
The seller must complete Parts II, III, and also Part IV (if the home has never been occupied) of Form 3549-A, Application for New Home / First-Time Buyer Credit, and provide a copy to the buyer or escrow person.
The buyer will complete Parts I, V & VI of Form 3549-A.
Fax the completed Form 3549-A and the final settlement statement (generally the buyer's HUD-1 statement) to FTB at 916.855.5577. It is best that the escrow company, on behalf of the buyer, fax the completed application and settlement statement to FTB and provide a copy to the buyer. (The buyer retains ultimate responsibility to ensure the completed application and settlement statement are submitted timely to the FTB.)"
Applications: We will accept applications by fax only beginning May 1, 2010. Do not use the 2009 application. Applications received before May 1, 2010, or before escrow closes will be denied. We are currently only accepting applications for the New Home Credit. Any applications received after August 15, 2010 for the First-Time Buyer Credit will be denied. (Updated 08/19/10)
Within two weeks (14 calendar days) after the close of escrow:
The seller must complete Parts II, III, and also Part IV (if the home has never been occupied) of Form 3549-A, Application for New Home / First-Time Buyer Credit, and provide a copy to the buyer or escrow person.
The buyer will complete Parts I, V & VI of Form 3549-A.
Fax the completed Form 3549-A and the final settlement statement (generally the buyer's HUD-1 statement) to FTB at 916.855.5577. It is best that the escrow company, on behalf of the buyer, fax the completed application and settlement statement to FTB and provide a copy to the buyer. (The buyer retains ultimate responsibility to ensure the completed application and settlement statement are submitted timely to the FTB.)"
2010 Tax Credit for New Home / First-Time Buyer
2010 Tax Credit for New Home / First-Time Buyer: "Important Update (08/16/10): FTB only accepting New Home Credit Applications.
FTB has stopped accepting First-Time Buyer applications as of midnight Sunday, August 15, 2010. We have received more than enough to fully allocation the $100 million. We needed to accept additional First-Time Buyer applications since we have received so many duplicate, revised, and late applications. However, we will only issue approved certificates of allocation until the $100 million is exhausted. All First-Time Buyer applications received after August 15, 2010 will be denied. We will continue to accept New Home reservation requests and applications until further notice. (Updated 08/19/10)"
FTB has stopped accepting First-Time Buyer applications as of midnight Sunday, August 15, 2010. We have received more than enough to fully allocation the $100 million. We needed to accept additional First-Time Buyer applications since we have received so many duplicate, revised, and late applications. However, we will only issue approved certificates of allocation until the $100 million is exhausted. All First-Time Buyer applications received after August 15, 2010 will be denied. We will continue to accept New Home reservation requests and applications until further notice. (Updated 08/19/10)"
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