Posts Tagged ‘Mortgage INfo’

Good Deals

January 29, 2009

The market is full of good deals out there right now.  I have seen three nice 2 bed 2 bath condos in Orangevale for under 82,000.  Tow of them are under 70,000.  My only hold back is that I am not sure if they can do FHA loans, because I do not know what their level of home owners vs investors is to the ownership in the HOA.  But now would certainly be the time to look at buying something like this.  The mortgage payment including the HOA taxes and insurance would be less than 900 on any of them.  I have told several of my friends about these opportunities and many have shown interest.  I am looking for myself also however my wife is not excited about living in a condo.  Still I can’t help but think this is a great time to buy something and hold on to it for a few years until the market returns.  There has never been a 10 year down cycle in real estate in California, and we are in year 3 of the decline.  things would have to start picking up in the next few years in order for home values to exceed what they were in 2006 by the year 2016.  Just a little food for thought.  If you have any questions about buying an investment or first home, or next home, please feel freed to email me at



October 27, 2008

Recently I went through the process of getting certified to do CALPERS loans.  CALPERS loans are only for members of the CALPERS system and allow CALPERS members the opportunity to use there contributions to the CALPERS system as a portion of their down payment on a home.  By taking a personal loan against their retirement the member can bring in the remained of what financing they need to get into a home with nothing down.  In this difficult market this is a huge benefit to CALPERS members.  By taking a first mortgage of up to 90% and then using other programs such as the Access Program as a second of up to 8% and the personal loan against their retirement a member can reach 100% financing.  These loans are full doc and carry Mortgage insurance if they LTV is over 80%.  The other nice benefit is that CALPERS buys the loans, so the interest paid on the loans help to solidify the CALPERS system.  There are hundreds of thousands of CALPERS members, both active employees of the state and retired members.  This program provides many Californians with the opportunity to get financing and help solidify their retirement system.  If you are a CALPERS member and are interested in buying a home please let me know.  I can show you how you can reach your goals of home ownership.

Missing Golf

October 24, 2008

I have not had the chance the last few weeks to go golfing.  Some of this has to do with the lack of business in the mortgage industry for me.  While things in the real estate business have been pretty good for our Realtors over the past few months.  loans have all but disappeared.  With most clients only qualifying for FHA loans and our company being unable to do FHA loans, there has been a steady decrease in business.  The banks have also contributed to this with the lack of loan programs and the over titening of products that are available.  This may cause me to change the company I do loans for.  I would never leave Avalar entirely but I may need to go to an FHA broker so I can get into the act.  FHA loans are often more difficult and less rewarding than other loans, however when the market dictates it you have little choice.  For now if any of you out there reading this blog know of anyone looking for help with financing please drop me a line.  I can be reached on my email at

What Recession?

October 7, 2008

A recession is defined by the economic origin that the word came from.  A recession can only be defined by this as the term was created to define this instance only.  The definition of a recession is two consecutive negative growth quarters of the GDP. (GDP-Gross Domestic Product) Therefore while I lessen to the media rant and rave that we are in a depression t, the economic term for 4 consecutive quarters of a loss in the GDP, I am amazed.  We are yet to have one declining quarter in the GDP much less four.  The part that bothers me the most is that people believe it and rather than continuing on with their daily live they fear the worst and hold back on spending.  In a sense creating the possibility of a recession.  The mortgage industry and banking in general has for the most part washed away the evils that defined this market.  Now on the other hand they are tightening even harder in order to create further lending problems and lack of capital for all businesses and people.  The pendulum will swing back to sanity again and probably a lot sooner than you think but do me a favor.  Realize the economy is strong enough to survive this too, and will recover stronger again.  Go out and spend a few dollars.  By that new watch or TV you have been thinking about.  I know I will. 

Computer Issues

August 27, 2008

I have been lacking on my blog the past few weeks.  Mostly because work has picked up so much.  Every loan these days is tough even the easy ones.  The underwriters and guidelines writers have plugged the wholes but they still keep screwing in the bolts.  If they aren’t careful they will strip the screw.  My computer has also been a major problem of late.  Right now I sent it to the doctor because it is having emotional issues, and needs Prozac.  I am typically very good at solving computer problems but this one got me.  I think I have a Windows issue but it could be worse.  My anti virus software did not find anything but I don’t know if that is correct so I had to take it in to the local computer pros.  OH well, hopefully it will be fixed today.

Open House August 9th in Elk Grove

August 8, 2008

$349900 Bank Owned OPEN HOUSE SUNDAY AUGUST 10th (Elk Grove)

Come meet our team, Nick, Kim, and Sue, as we hold this great oppertunity for move up and even first time home buyers open this Sunday August the 9th at 11am to 4 pm. Find out about the real estate market and check out links to search all homes in the area on my blog at

5300 Lotus Pond Elk Grove CA 95757

Only 3 yr old Turn Key 5 Bd 3 bath. Corian kitchen counters, NEW stainless steel appliances. New tile floor in kitchen, Laundry room, hallway, down stairs bath. NEW interior paint and front/rear yard landsciping. One block Walk to Walk/bike trail. VERY CLEAN.Bedroom and full bath downstairs.

Directions to Property I-5 to Elk Grove blvd go south on Franklin, left on Whitelock right on Mclean to Lotus Pond. Or Hwy 99 to Elk Grove left on Bruceville, R on Whitelock, L on Franklin High, R on Mclean to Lotus pond.
This home is listed by Thompson & Brown Realty not us and we are holding it open with permission from the listing agent.

Sacramento County Statisic for Homes

August 4, 2008

These are the active currently pending and sold date for all of Sacramento county and the portion of those that are REO listings (REO stands for Real Estate Owned or Bank Owned)


Total Units

Dank Owned Units

AVG Price Total

AVG Price Bank Owned






Pending Sale





Sold in July





Sold IN June





Sold In May






Open House Went Great

August 4, 2008

Kenberlynn and I had a great open house this weekend out in Elk Grove.  There are a lot of great deals out there.  The home we held open on 10126 Clairina was almost 3000 square feet and was listed for $314,000.  The home needed some work like new carpet and landscaping, but that is typical for an REO property.  We had several interested parties come through and met several interesting people.  Kenberlynn and I will be back out in Elk Grove next Sunday for another open house if you would like to swing by and see what great deals are out there then check back here later in the week for details.


July 31, 2008

Hello all,

I am holding a bank reppo open house this Saturday in Elk Grove with Kenberlynn one of my favorite agents with Avalar.  We will be at 10126 Clairina Drive in Elk Grove from 12 noon until 4pm.  Stpp on by.

We will be holding the home open for Zoritha Thompson a great REO agent with Gorse and Thompson Realty.

Directions  Bruceville to Franklin High to Clairina
Property Description  WOW!! What a steal for this 5bed/3bath home nearly 3000 sq.ft in good condition. This is a MUST SEE!!

I can pre-qualify you on the spot for this home and more.

Fannie Mae is at it again

July 9, 2008

Fannie Mae has announced a change in guidelines that will make it more difficult to qualify for a purchase for a new owner occupied property if you are converting you current owner occupied property to a rental or second home.  Fannie’s new guideline are directed at stopping buy and dump problems that have been accruing throughout the nation.  Many people in an attempt to get into a lower priced home in the down market have been buying a new property and then letting their over leveraged home go to foreclosure.  They buy while their credit is still good and then let their home that they bought at the top of the market that is no longer worth what they owe go to foreclosure.  This practice has been reported on by the media and is in my mind fraud.  Fannie has determined the best way to handle this is to change guideline so that someone in this situation who maybe calling their current home a rental property once they move into the new home will have to qualify with both mortgage payments, and have 6 months reserves for both the current mortgage and the proposed mortgage in the bank.  Fannie will not allow rental income to be used to off set the current mortgage unless the property has 30 % equity.  This will cause many problems for honest people trying to move up to a bigger home at a great price in this market.