Property Information

Address:

304 Sunnyside Avenue
San Diego, CA, 92114
San Diego County

Appraisal Date:
02/22/2013

Bed/Bath:
4/2.00

Total Rooms:
7

Square Feet:
1449

Year:
1954

Property Design:
Ranch

Parking:
Garage

HOA Fees:
$0.00

Listing Information

List Date:
03/28/2013

Listing Period:
Exclusive

Period Deadline:
4/26/2013 11:59:59 PM  CT

List Price:
$225,000.00

As-Is Value:
$225,000.00

FHA Financing:
IE (Insured Escrow)

203K Eligible:
Yes

Repair Escrow:
$1,925.00

Review PCR for Repair Escrow Items

Buyer selects Closing Agent/Firm.

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Property Information

Address:

1183 Naranca Avenue
El Cajon, CA, 92021
San Diego County

Appraisal Date:
03/04/2013

Bed/Bath:
4/1.50

Total Rooms:
6

Square Feet:
1334

Year:
1957

Property Design:
Ranch

Parking:
Garage

HOA Fees:
$0.00

Listing Information

List Date:
03/14/2013

Exclusive

Period Deadline:
4/12/2013 11:59:59 PM  CT

List Price:
$230,000.00

As-Is Value:
$230,000.00

FHA Financing:
IE (Insured Escrow)

203K Eligible:
Yes

Repair Escrow:
$4,015.00

 

 

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San Diego home prices are up again, fueling optimism that the real estate market continues to rebound, said the S&P/Case-Shiller Home Price Index released Tuesday.

Local prices rose 0.9 percent in November from October and are up 8 percent from a year ago, based on the monthly report, which has a two-month lag. November marked the 10th straight month of home-price gains for the San Diego region, one of 20 major metro areas tracked by Case-Shiller. It also marked the fifth straight month of year-over-year increases.
Nine other major cities enjoyed price gains, when comparing prices from October to November.

On a year-ago basis, only New York saw a drop in home values, at 1.2 percent. Nationally, Phoenix, one of the hardest-hit areas during the downturn, showed the most year-over-year progress. Prices there increased 22.8 percent when comparing November to the same month a year ago.

“Regional patterns are shifting as well,” Tuesday’s report said. “The Southwest — Las Vegas and Phoenix — are staging a strong comeback with the Southeast — Miami and Tampa — close behind. The Sunbelt, which bore the brunt of the housing collapse, is back in a leadership position. California is also doing well, while the northeast and industrial Midwest is lagging somewhat.”

When looking at all 20 areas tracked, prices were basically flat, at 0.1 percent, from October to November. But they’re up 5.5 percent when comparing November to the same month a year ago.

Case-Shiller analysts say San Diego’s current home prices have returned to fall 2003 levels, about two years before the market peaked.

“Housing is clearly recovering,” the housing report said. “Prices are rising as are both new- and existing-home sales. Existing-home sales in November were 5.0 million, highest since November 2009. New-home sales at 398,000 were the highest since June 2010. These figures confirm that housing is contributing to economic growth.”
Written by,
Lily Leung

 

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SAN DIEGO, CA, Dec 16, 2012—For many first-time buyers, the process of finding and purchasing a home can seem exhausting. One of the most important things buyers can do to make the entire experience easier is getting preapproved for a mortgage. Below, David Romero, President/CEO of CENTURY 21 Award will tell us how to get preapproved for a mortgage, and why it’s so important.
“In short, getting preapproved for a mortgage, and obtaining a letter of preapproval, means that a mortgage lender has verified that you’re eligible for a mortgage of a certain amount during a certain period of time,” Romero says. This helps you, the buyer, in two ways. The first is that it provides you with parameters in which to start your house hunt. When you know how much you can borrow, you know how much home you can afford. The second reason is that it bolsters your credibility, and makes both your agent and the seller take you seriously.
“Today, most agents and sellers won't want to work with buyers who aren’t pre-approved for a mortgage,” Romero notes. “And in a market where a buyer may need to act fast, this is critical. If two buyers put in an offer, and only one is pre-approved, then they are going to land the property.”
So how do you get pre-approved? All it takes is a little preparation.
1. Prepare your financial biography
In order to gain mortgage preapproval, you need to lay all your money matters out on the table. A lender needs to review your income, credit and assets so they know you can make your monthly payments. While different lenders often require different specificities, you will most likely need to gather the following documents:

• W2 statements (or 1099 income statements) for the last two years
• Federal tax returns for the last two years
• Bank statements for the last two to three months
• Pay stubs from the past two to three months
• Gift letters, if you received a financial gift to help with the down payment
• Your credit score

2. Shop.
Shopping around—and shopping around early—is smart when you’re looking for preapproval. Talk to a few different mortgage lenders to find the best mortgage deal. “Sometimes you will have to pay a fee, but often the lender waives it in hopes of reeling you in,” Romero explains. Talk to two or three lenders, and to make sure the lender is credible, feel free to visit the Better Business Bureau's web site to find out what kind of reputation they have.
Most mortgage companies have an online pre-approval form available on their website. Although you will need to follow up with a lender, beginning the process online is an easy way to get things moving.
“Once you have been preapproved, you will be given a preapproval letter, which is good for 60 to 90 days, depending on the lender,” Romero explains. Be prepared to show this letter to sellers when making an offer, and if your home search looks like it may continue beyond your letter’s expiration date, contact your lender for an extension.

 

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Hey Gen Y, It's Time to Buy

SAN DIEGO, CA, Dec 16, 2012—Generation Y—also known as the Millennials—are now of the age where they may be thinking about home buying. And as the market picks up, we will start to see many renters in their mid 20s to early 30s jumping on the home-buying bandwagon. To help educate those considering becoming a first time homeowner, David Romero, President/CEO of CENTURY 21 Award highlights the top 6 benefits to owning your own home.

1. Appreciation
“Real estate is the best financial investment you can make,” says Romero. And despite the fact that the market moves in cycles, in general, real estate continues to appreciate. “Putting your money into a home is financially smarter than letting it sit in the bank, or sinking it into stocks,” says Romero. “You are literally living in your investment.”
2. Property Tax Deductions
Real estate property taxes paid for a first home are fully deductible. “For Gen Y, or anyone unfamiliar with property tax deductions, it’s a good idea to take a look at the tax information on IRS Publication 530” Romero suggests.
3. Mortgage Interest Deductions
There has been some talk recently of doing away with mortgage interest deductions, but for now, they hold strong. “Interest is a large component of your mortgage payment,” says Romero, “so being able to deduct it on your tax return is huge.”
4. Capital Gains Exclusion
Whenever you’re ready to sell, you can make the most of the capital gains exclusion, Romero notes, which enables you to pocket a large chunk of the money-250,000 for an individual or $500,000 for a married couple--you make from a home-sale without being taxed. “This makes real estate an even smarter investment,” says Romero.
5. Equity Loans
“Being a homeowner makes you eligible for home equity loans,” Romero notes. “These are smart because the interest is both low and tax deductible.” This is smarter than carrying a high credit card balance, which has a higher interest and is not deductible. “While most think home equity loans can only be used for home improvement, they can also be used to pay for college, medical bills, or to start up a business,” Romero explains.
6. Pride of Ownership
“This may be the number one reason to own a home,” says Romero. “Owning a home is not only a financial investment, but an investment in your future, something your family can benefit from, and something that will provide you with a sense of security and stability that is hard to find elsewhere.”

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SAN DIEGO, CA, Dec 16, 2012—Closing on a home is an exciting time. You’re making big life changes, whether it’s your first home, second home to make room for that baby on the way, or that vacation spot you’ve always dreamed of. It’s such an exciting time, you may as well go out and make other life changes—like buying that new car or that $12,000 leather couch, right? Wrong.

“Making large purchases, switching careers, or in any way altering your financial resume before closing, or when your house is in escrow, is one of the largest mistakes a buyer can make,” says David Romero, President/CEO of CENTURY 21 Award. Even minor changes to your credit ratios could cause your loan to be dropped or denied. In addition to losing the home you have your heart set on, you could even lose your deposit.

“Have you been dreaming of leaving your desk job to start your own business? That’s fantastic—but don’t do it right before you close. Doing so could cost you your loan,” says Romero. If you’re switching careers and your new position will have guaranteed comparable or improved salary, then as long as you notify your lender, it should not negatively affect your loan. However, if you’re switching to a job with an uncertain payout—your own boutique decorating firm, or a gluten-free catering company—than you should hold off or risk losing your financing.

As a general rule, once you have completed your loan application, don’t buy anything on credit, Romero recommends. While your new home may need new furnishings, and that brand new washer/dryer combo is calling to you, wait until you’ve settled to make any big purchase.

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Understanding VA Loan Qualifications after foreclosure of a previous mortgage involves a combination of VA guidelines and individual lender underwriting requirements.

The VA Home Loan Guaranty Program’s qualifying guidelines are very clear when it comes to a borrower with foreclosure history.  Since repayment practices on past debts are the best indicators for willingness to pay future debts, a prior foreclosure can prevent someone from qualifying for a veterans’ mortgage. However, a foreclosure does not make it impossible to qualify.  

The U.S. Department of Veterans Affairs provides for a two-year recovery period from the date of foreclosure during which the veteran is not eligible.  VA-approved lenders have the flexibility to require a longer waiting period.  Thereafter, it is possible to qualify, however a borrower with a foreclosure in their past may have to answer more questions on the mortgage application when it comes time to borrow again.  VA-approved lenders have authority to establish higher standards for approval.

In short, when a non-VA mortgage is foreclosed or a deed is given in lieu of foreclosure, then the veteran would not be eligible for a VA-backed mortgage for at least two years, maybe more if the lender requires. A borrower can use the waiting period to reestablish credit and show willingness and ability to pay future obligations.

VA mortgage foreclosure requires 2-year wait and repayment of government loss

If the foreclosure involved a VA loan, then not only must the borrower wait two years and repair credit before reapplying, but entitlement is affected as well.  In order for a VA borrower to have full entitlement restored after foreclosure, he or she must repay the loss (the guarantied amount) suffered by the VA as a result of the foreclosure before being considered for another VA mortgage.  If the entire amount of the loss is repaid, then the VA borrower may have full entitlement restored.  

After the two-year period following foreclosure, a VA borrower may apply for a VA loan. However, if the loss from the previous VA loan foreclosure has not been repaid, then there may not be enough entitlement remaining to reap all the benefits the Program has to offer.  In this situation the remaining entitlement may or may not be sufficient for a VA loan with zero money down.  The following example shows how a foreclosure on a VA loan and failure by the defaulting veteran to repay the loss can hurt a veteran’s entitlement for a future purchase using the VA Loan Guaranty Program:

VA home loan entitlement cannot be restored until loss is repaid

A veteran has used $36,000 of his basic entitlement on a VA home loan that was foreclosed. The loss was not repaid.  It’s been two years since foreclosure and the borrower would like to purchase another home using the Program.  The loan amount will be $340,000 where the county limit is $417,000.

$417,000 x 25% = $104,250 maximum guaranty with full entitlement

$104,250 - $36,000 (not restored) = $68,250 entitlement available

$68,250/ $340,000 = 20.07% is all the VA Guaranty could be on this loan

Since VA’s Guaranty will be less than 25%, a down payment will likely be required to meet lender requirements.

A foreclosure in and of itself does not disqualify someone from the VA Home Loan Program, but it can make the application process longer.  A borrower may have some entitlement not restored due to VA loan foreclosure, yet still have partial entitlement remaining for another loan.  In this case, a VA loan following foreclosure using partial entitlement is possible.  VA-approved lenders may establish their own requirements in addition to the VA program requirements.  Of course, a borrower would have to meet lender income and credit qualifying requirements.

Lenders will typically require borrowers with foreclosures in their histories to explain their foreclosure pasts.  In addition to credit and income qualifications, the applicant with a foreclosure history may be asked to provide information on the circumstances surrounding the foreclosure.  Lenders may consider some circumstances more extenuating than others.  Circumstance beyond a borrower’s control might include:

• loss of income due to unemployment
• prolonged strikes
• medical bills that are not covered by insurance

Things lenders typically do not consider beyond someone’s control might include:

• Divorce
• Bankruptcy due to failed business of a self-employed applicant

Of course, VA-approved lenders consider each borrower’s circumstances unique.  To learn more about qualifying for a VA loan after foreclosure, please contact a VA loan specialist from a VA-approved lender.

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Since 1944, VA loan programs have been offered to our nation’s military members. The loans are made only by VA-approved lenders and are backed by the Federal Government. Most veterans, active duty military personnel, surviving spouses and others may be eligible for VA home loan benefits. VA purchase loans, regular refinance loans (including cash-out), Streamline refinancing and mortgage assumption are available with competitive interest rates and flexible terms to meet almost every budget.

VA mortgages are known for their attractive features such as no cash down on purchases, no private mortgage insurance and quick and affordable Streamline refinancing. VA loan interest rates are competitive with national mortgage rates which can change daily depending on the market.  Lock in your

low rate today Because the U.S. Department of Veterans Affairs guarantees every loan and with, approved lenders. Loans such as 100% loan-to-value, no monthly mortgage insurance premiums and relaxed qualifying.

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FHA Guidelines 2013 Down Payment

FHA guidelines starting in April 2012 FHA has changed it's collection account guidelines. Going forward all collection accounts within the last two years must be paid off. All collection accounts totaling over $1,000.00 must be paid off. Collection accounts that total less than $1,000.00 and are over two years old may not have to be paid off.

New FHA Guidelines

FHA guidelines allows a borrower with a credit score of 580 to buy a home with only a 3.5% down payment. FHA guidelines allows a borrower with a minimum credit score of 580 to buy a home using their own funds for a down payment or the down payment funds can be a gift from a family member.

FHA guidelines allows a home buyer with a minimum credit score of 580 up to a 6% seller's concession. The seller's concession must be written into the sales contract.

2012 FHA guidelines requires a minimum credit score of 530 for all loans.

Home buyers with a credit score below 580 are required to make a 10% down payment. FHA guidelines allows a borrower with a credit score below 580 to buy a home using their own funds for a down payment or the down payment funds can be a gift from a family member.

FHA guidelines allows a home buyer with a credit score below 580 up to a 6% seller's concession. The seller's concession must be written into the sales contract.

What documentation will I need?

• Personal tax returns for the past 2 years
• Current pay stubs for the past month
• Bank statements for last 2 months (all pages)
• Latest retirement statement for each active account (all pages)
• Sales contract (purchase)
• Clear copy of Driver’s License (front and back)
• Clear copy of SS card (front and back)
• Addresses and loan information of other real estate owned (if any)

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Today's News and Features

Mortgage Rates Ease Slightly, Remain Near Record Lows

Friday, December 14, 2012

Freddie Mac released the results of its Primary Mortgage Market Survey® (PMMS®), showing fixed mortgage rates easing slightly and remaining near record lows to keep homebuyer affordability high and attractive to those looking to refinance.
News Facts
• 30-year fixed-rate mortgage (FRM) averaged 3.32 percent with an average 0.7 point for the week ending December 13, 2012, down from last week when it averaged 3.34 percent. Last year at this time, the 30-year FRM averaged 3.94 percent.
• 15-year FRM this week averaged 2.66 percent with an average 0.6 point, down from last week when it averaged 2.67 percent. A year ago at this time, the 15-year FRM averaged 3.21 percent.
• 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.70 percent this week with an average 0.6 point, up from last week when it averaged 2.69 percent. A year ago, the 5-year ARM averaged 2.86 percent.
• 1-year Treasury-indexed ARM averaged 2.53 percent this week with an average 0.5 point, down from last week when it averaged 2.55. At this time last year, the 1-year ARM averaged 2.81 percent.
"Mortgage rates held relatively steady following the November employment report," says Frank Nothaft, vice president and chief economist, Freddie Mac. "Although 146,000 jobs were created, above the market consensus forecast of 85,000, revisions subtracted 49,000 workers over the September and October period. The unemployment rate fell from 7.9 to 7.7 percent. However, in its December 12 monetary policy statement, the Federal Reserve (Fed) noted that this rate remains elevated and modified the statement to tie any increases to its target rate to the unemployment rate falling below 6.5 percent. The latest Fed central-tendency forecast is for unemployment to be between 7.4 and 7.7 percent in the fourth quarter of 2013 and between 6.8 and 7.3 percent by late 2014."
Source: Freddie Mac

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