FHA Toughens Down Payment Rules
The Federal Housing Administration will raise the minimum down payment for its least credit-worthy borrowers, the agency announced Tuesday.
The change is among a number of major changes the FHA is making to ensure its long-term financial soundness.
Borrowers with credit-rating scores below 580 will be required to put down at least 10 percent. Those with a credit score above 580 will be able to continue to put down only 3.5 percent. The changes are intended to shore up the agency's finances.
The FHA also will increase its upfront mortgage insurance premium from 1.75 percent to 2.25 percent. The agency is expected to seek congressional approval to raise annual mortgage insurance premiums, paid by borrowers over the life of the loan, above the current 0.55 percent maximum. The amount it will seek has yet to be announced.
Monday, January 25, 2010
Tuesday, January 12, 2010
I need Your Listings!
I need Your Listings!
My inventory is down and the buyers are out there.
Contact me now for a FREE evaluation of your condo.
Looking forward to a great 2010...
Jason M. Gokei
Studios to Luxury Town Homes
from the Valley to the Sea
#1 In Service #1 in Sales
Proudly serving So california since 1989
(951)818-9601
sold@ThecaliforniaCondoKing.com
www.TheCaliforniaCondoKing.com
www.facebook.com/ThcaliforniaCondoKing
www.twitter.com/CalifCondoKing
http://thecaliforniacondoking.blogspot.com
My inventory is down and the buyers are out there.
Contact me now for a FREE evaluation of your condo.
Looking forward to a great 2010...
Jason M. Gokei
Studios to Luxury Town Homes
from the Valley to the Sea
#1 In Service #1 in Sales
Proudly serving So california since 1989
(951)818-9601
sold@ThecaliforniaCondoKing.com
www.TheCaliforniaCondoKing.com
www.facebook.com/ThcaliforniaCondoKing
www.twitter.com/CalifCondoKing
http://thecaliforniacondoking.blogspot.com
Monday, November 16, 2009
New Home Loan News
The Federal Housing Finance Agency (FHFA) announced that the maximum conforming loan limits will remain unchanged from the maximum levels currently available for 2009. Also FHA has choose to keep the current 2009 loan limts in place thru the end of 2010.
he California Condo King
Jason M. Gokei
Studios to Luxury Town Homes
from the Valley to the Sea
#1 In Service #1 in Sales
Proudly serving So california since 1989
(951)818-9601
sold@ThecaliforniaCondoKing.com
www.TheCaliforniaCondoKing.com
www.facebook.com/ThcaliforniaCondoKing
www.twitter.com/CalifCondoKing
http://thecaliforniacondoking.blogspot.com
he California Condo King
Jason M. Gokei
Studios to Luxury Town Homes
from the Valley to the Sea
#1 In Service #1 in Sales
Proudly serving So california since 1989
(951)818-9601
sold@ThecaliforniaCondoKing.com
www.TheCaliforniaCondoKing.com
www.facebook.com/ThcaliforniaCondoKing
www.twitter.com/CalifCondoKing
http://thecaliforniacondoking.blogspot.com
Thursday, November 5, 2009
Home Buyer Tax Credit Extended, Expanded
More good news for consumers,
Following the Senate’s favorable vote yesterday, the U.S. House of Representatives just voted 403 to 12 to extend the home buyer tax credit, expanding the parameters to include existing homeowners and not just first-time buyers. As you may know, C.A.R. and our partners at NAR have worked for months urging Congress and the Senate to extend and expand this crucial piece of legislation. We expect President Obama to sign the legislation in short order.
As it now stands, the federal tax credit will be extended through April 30, 2010, with a 60-day extension if a binding contract is in place prior to the deadline. First-time home buyers will continue to be eligible for a tax credit of up to $8,000, while existing homeowners will be eligible for a reduced credit of up to $6,500. To qualify for the $6,500 credit, existing homeowners must have lived in their current residences for at least five years. The bill also increases the qualifying income limits from $75,000 for single tax filers and $150,000 for joint filers to $125,000 and $225,000, respectively. The purchase price of the home is capped at $800,000 in both instances.
Under additional provisions included in the bill, taxpayers can claim the credit on purchases completed in 2010 on their 2009 income tax returns. The legislation maintains the provision that home buyers do not have to repay the credit provided the home remains their primary residence for 36 months after purchase, and waives this requirement for active duty military personnel who move due to a military order.
Let`s get you in Your New Condo!
The California Condo King
Jason M. Gokei
Studios to Luxury Town Homes
from the Valley to the Sea
#1 In Service #1 in Sales
Proudly serving So california since 1989
(951)818-9601
sold@ThecaliforniaCondoKing.com
www.TheCaliforniaCondoKing.com
www.facebook.com/ThcaliforniaCondoKing
www.twitter.com/CalifCondoKing
http://thecaliforniacondoking.blogspot.com
Following the Senate’s favorable vote yesterday, the U.S. House of Representatives just voted 403 to 12 to extend the home buyer tax credit, expanding the parameters to include existing homeowners and not just first-time buyers. As you may know, C.A.R. and our partners at NAR have worked for months urging Congress and the Senate to extend and expand this crucial piece of legislation. We expect President Obama to sign the legislation in short order.
As it now stands, the federal tax credit will be extended through April 30, 2010, with a 60-day extension if a binding contract is in place prior to the deadline. First-time home buyers will continue to be eligible for a tax credit of up to $8,000, while existing homeowners will be eligible for a reduced credit of up to $6,500. To qualify for the $6,500 credit, existing homeowners must have lived in their current residences for at least five years. The bill also increases the qualifying income limits from $75,000 for single tax filers and $150,000 for joint filers to $125,000 and $225,000, respectively. The purchase price of the home is capped at $800,000 in both instances.
Under additional provisions included in the bill, taxpayers can claim the credit on purchases completed in 2010 on their 2009 income tax returns. The legislation maintains the provision that home buyers do not have to repay the credit provided the home remains their primary residence for 36 months after purchase, and waives this requirement for active duty military personnel who move due to a military order.
Let`s get you in Your New Condo!
The California Condo King
Jason M. Gokei
Studios to Luxury Town Homes
from the Valley to the Sea
#1 In Service #1 in Sales
Proudly serving So california since 1989
(951)818-9601
sold@ThecaliforniaCondoKing.com
www.TheCaliforniaCondoKing.com
www.facebook.com/ThcaliforniaCondoKing
www.twitter.com/CalifCondoKing
http://thecaliforniacondoking.blogspot.com
Friday, October 30, 2009
Government Loan Limits
Good news to report: President Obama is expected to sign a resolution passed late yesterday by Congress extending the current limits for Fannie Mae, Freddie Mac, and FHA loans through 2010. The limits were set to expire at the end of this year. This is especially critical for California, where more than 80 percent of all loans are financed by Fannie Mae, Freddie Mac, or FHA, and will help maintain the positive signs we are now seeing in California’s mortgage market. President Obama is expected to sign the resolution today or tomorrow as part of a broader piece of budgetary legislation that will prevent a government shutdown.
While home prices in California have declined, the demand for housing has not. The market has been dominated by first-time home buyers who have faced a shortage of financing opportunities. The loan limits are set at 125 percent of local median home sales prices, up to a maximum of $729,750 in high-cost areas, including many regions in California. Sales in move-up and high-end markets have been constrained this year; the loan limits extension will help qualified home buyers in these markets to move forward with their purchases.
Although loan limits are safe through 2010, there is still work to be done. Congress has yet to act to extend the First Time Home Buyer Tax Credit past its current Nov. 30 expiration date. Yet the impact of the home buyer tax credit is clear: A C.A.R. survey of first-time home buyers shows that 40 percent would not have purchased a home without the tax credit.
While home prices in California have declined, the demand for housing has not. The market has been dominated by first-time home buyers who have faced a shortage of financing opportunities. The loan limits are set at 125 percent of local median home sales prices, up to a maximum of $729,750 in high-cost areas, including many regions in California. Sales in move-up and high-end markets have been constrained this year; the loan limits extension will help qualified home buyers in these markets to move forward with their purchases.
Although loan limits are safe through 2010, there is still work to be done. Congress has yet to act to extend the First Time Home Buyer Tax Credit past its current Nov. 30 expiration date. Yet the impact of the home buyer tax credit is clear: A C.A.R. survey of first-time home buyers shows that 40 percent would not have purchased a home without the tax credit.
Sunday, October 25, 2009
Now The Law - California
Governor Schwarzenegger has signed into law, Senate bill 94..
California law now prohibits Advance fee demand on all/any Loan modifications or loan forbearance service from 1 to 4 unit residential.
This law does not affect agreements entered before October 11, 2009.
The California Condo King
Jason M. Gokei
Studios to Luxury Town Homes
from the Valley to the Sea
#1 In Service #1 in Sales
Proudly serving So california since 1989
(951)818-9601
sold@ThecaliforniaCondoKing.com
www.TheCaliforniaCondoKing.com
www.facebook.com/ThcaliforniaCondoKing
www.twitter.com/CalifCondoKing
http://thecaliforniacondoking.blogspot.com
California law now prohibits Advance fee demand on all/any Loan modifications or loan forbearance service from 1 to 4 unit residential.
This law does not affect agreements entered before October 11, 2009.
The California Condo King
Jason M. Gokei
Studios to Luxury Town Homes
from the Valley to the Sea
#1 In Service #1 in Sales
Proudly serving So california since 1989
(951)818-9601
sold@ThecaliforniaCondoKing.com
www.TheCaliforniaCondoKing.com
www.facebook.com/ThcaliforniaCondoKing
www.twitter.com/CalifCondoKing
http://thecaliforniacondoking.blogspot.com
California Condo Home Owner Associations
California Condo Home Owner Associations
Do You feel the monthly dues you pay are justified according the amenities services you complex offers? and if not why?
let me know your feedback.
The California Condo King
Jason M. Gokei
Studios to Luxury Town Homes
from the Valley to the Sea
#1 In Service #1 in Sales
Proudly serving So California since 1989
(951)818-9601
sold@ThecaliforniaCondoKing.com
www.TheCaliforniaCondoKing.com
www.facebook.com/ThcaliforniaCondoKing
www.twitter.com/CalifCondoKing
http://thecaliforniacondoking.blogspot.com
Do You feel the monthly dues you pay are justified according the amenities services you complex offers? and if not why?
let me know your feedback.
The California Condo King
Jason M. Gokei
Studios to Luxury Town Homes
from the Valley to the Sea
#1 In Service #1 in Sales
Proudly serving So California since 1989
(951)818-9601
sold@ThecaliforniaCondoKing.com
www.TheCaliforniaCondoKing.com
www.facebook.com/ThcaliforniaCondoKing
www.twitter.com/CalifCondoKing
http://thecaliforniacondoking.blogspot.com
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