After reading this ask yourself this question...
...if you're buying a home with the FHA option: "self....it's March 16th, if I don't locate a home, put in an offer and open escrow before April 5th how much more with that .5% affect my monthly payment option?"
...if you're selling a home or a condo within the FHA criteria: "self...why is this useful for me as a seller to know and understand?"
This nugget is provided to you today by Kevin Budde, and by the Letters "B" and (of) "A".
Housing and Urban Development (HUD) has announced that Upfront Mortgage Insurance Premiums are increasing for FHA loans. The new ruling takes effect April 5th, 2010 for all new loan applications. Any loans already in process will not be affected.
In order for a buyer to be able to purchase a home or condominium with as little as 3.5% down payment, the U.S. government, through the FHA program, insures the lender in the case of foreclosure. The cost of this insurance is passed along to the buyer in two ways. 1) Upfront Mortgage Insurance-the amount added to the initial loan amount and 2) Monthly Mortgage Insurance-an additional monthly payment in addition to the mortgage payment, taxes and insurance.
The current cost of the upfront premium is 1.75% of the loan amount. The new upfront amount will be 2.25% of the loan amount. If a borrower is applying for an FHA loan in the amount of $729,750 the current cost is $12,770. As of April 5th the new cost will be $16,419. On a $300,000 loan the cost currently is $5,250 but will soon be $6,750.
In the majority of cases the borrower finances the premium into the loan over the 30 year period. It may be paid at closing by either the buyer or the seller to avoid having to finance it into the loan. When the loan is paid off FHA will keep the balance of proceeds. The Monthly Mortgage Insurance is required to be paid for the greater of 5 years or until the loan to value reaches 78%.
The Monthly Mortgage Insurance cost to buyers currently will remain the same for now. There have been discussions about FHA increasing the down payment requirement from 3.5% or increasing the Monthly Mortgage Insurance payment but neither have been approved as of yet. The belief by HUD is the extra amount added to the loan upfront is less of an obstacle for the homebuyer as opposed to more money down or a higher monthly insurance payment. HUD recognizes the need to keep the housing industry productive while at the same time taking steps to offset the losses they are accumulating.
Please consult a member of the Kevin Budde Team for additional information. Call Kevin directly at 949.422.2075 and let him know that Eric said hi.
3/16/2010
3/05/2010
Loan Modification SCAMS
Let's face it, there is a lot going on in our local real estate market. REOs, shorts sales, loan modifications. Talk to some street investors and they'll tell you what moves markets is fear and greed. Even in down markets greed is alive and as ugly as ever. This time it's the greed preying on the fear.
I came across a website called Prevent Loan Scams.com and I wanted to put it on blast for those looking for legitimate help and who might be considering foreclosure or attempting to do a loan mod. This network is put on by Fannie Mae and Freddie Mac. Check it out and I hope it helps.
I came across a website called Prevent Loan Scams.com and I wanted to put it on blast for those looking for legitimate help and who might be considering foreclosure or attempting to do a loan mod. This network is put on by Fannie Mae and Freddie Mac. Check it out and I hope it helps.
Attention fellow Veterans... NO money down loans
No Down Payment Required- Yep. Seller Can Pay All Closing Costs- Yep. No Reserves or Credit Score Required- Yep. You can have a 2 Year Old Bankruptcy Allowed??? Yep. What gives? If you're a veteran your VA loan gives and it gives a maximum loan amount of $417,000 with no down. If you're a veteran in the Camp Pendleton area give me a call (877.479.3351) and we can chat. Meanwhile, here is a little more VA home loan info from a lender that I trust.
"The request for VA loans are increasing however most real estate agents and lenders are not experienced with helping veterans purchase a home and obtaining financing. The government is lenient when it comes to qualifying a veteran for a home loan, for good reason, so don’t let the opportunity to sell a veteran a home pass you by.
In Orange County the maximum loan amount is $593,750. Above $417,000 the veteran is required to put down 25% of the difference between the sales price and $417,000. In addition, the qualifying requirements tighten for loan amounts above $417,000. A credit score of 720 and 6 months PITI in reserves are required and no gift funds are allowed. $417,000 loan amounts and below the financing requirements to help veterans are greatly relaxed as witnessed by the headline above. The maximum debt to income ratio is 41% regardless of the loan amount.
A few noteworthy guidelines are 1) the property must be owner occupied 2) taxes and insurance are required to be impounded 3) only a veteran and his or her spouse may be on the loan 4) two veterans can buy together but both must occupy the property and 5) a veteran can still be in the service when buying but his or her spouse must move into the property if the veteran is overseas."- Kevin Budde, Bank Of America Home Loans, 949.422.2075 and let him know who sent you.
Semper Fi
"The request for VA loans are increasing however most real estate agents and lenders are not experienced with helping veterans purchase a home and obtaining financing. The government is lenient when it comes to qualifying a veteran for a home loan, for good reason, so don’t let the opportunity to sell a veteran a home pass you by.
In Orange County the maximum loan amount is $593,750. Above $417,000 the veteran is required to put down 25% of the difference between the sales price and $417,000. In addition, the qualifying requirements tighten for loan amounts above $417,000. A credit score of 720 and 6 months PITI in reserves are required and no gift funds are allowed. $417,000 loan amounts and below the financing requirements to help veterans are greatly relaxed as witnessed by the headline above. The maximum debt to income ratio is 41% regardless of the loan amount.
A few noteworthy guidelines are 1) the property must be owner occupied 2) taxes and insurance are required to be impounded 3) only a veteran and his or her spouse may be on the loan 4) two veterans can buy together but both must occupy the property and 5) a veteran can still be in the service when buying but his or her spouse must move into the property if the veteran is overseas."- Kevin Budde, Bank Of America Home Loans, 949.422.2075 and let him know who sent you.
Semper Fi
2/02/2010
133 Avenida Adobe in Presidential Heights Now In Escrow
Here is more on the market activity in Presidential Heights
Beach Destroyed at San Onofre State Beach
Ok, maybe not like an Armageddon four horseman of the apocalypse level destruction, but pretty bad none the less...
For about a week now, the far South end of the parking lot has been shut down, much to the chagrin of several surfers (myself included). So I took a little walk down the beach to check out the damages for you all, and to get the inside scoop from the workforce tasked with making San-O whole again.
Upon first inspection the first thought I had was "Holy cats, where did the beach go??" Where there used to be a nice sandy beach, now there is a three foot drop off. Rocks from the hillside have washed down and are blocking half of the road. The turn around is totally unstable. At least one of the telephone tire stops went MIA. And no one has a clue as to the whereabouts of Mr picnic table.... may he rest in peace.
So, I talked to the guys in the hardhats, and they assured me that it looks worse than it is. They are going to work to restore the turn around first. They will be bringing in materials to fill in the voids and are pretty confidant that the fix they have planned will take. They said the beach will come back, but it might take longer then we are used to. (plus they wanted me to remember that the whole rest of the parking lot is open, and there are plenty of waves). Oh, and good news they found the telephone pole, it had gotten all the way to trail one before it was apprehended by California's finest lifeguards.
This might be a good opportunity to bring the kids down to the beach and see a little of natures (or more to the point waters) destructive force. Bring the boards, a lunch... heck even throw Grandma into the car... sometimes it's just cool to see broken stuff with the ones you love.
*** these photos were taken by Tracey Ann Engelking and are the property of King of the Coast, not to be reprinted with out our permission, thanks ***
I have run out of things to write about, but if I don't write something, then this space will just be a big white box of nothing, that will ruin the flow and good looks of this post... so I am writting all this nothing to fill this space... I think this might be enough text now to fill the space... Bye! :)
For about a week now, the far South end of the parking lot has been shut down, much to the chagrin of several surfers (myself included). So I took a little walk down the beach to check out the damages for you all, and to get the inside scoop from the workforce tasked with making San-O whole again.
Upon first inspection the first thought I had was "Holy cats, where did the beach go??" Where there used to be a nice sandy beach, now there is a three foot drop off. Rocks from the hillside have washed down and are blocking half of the road. The turn around is totally unstable. At least one of the telephone tire stops went MIA. And no one has a clue as to the whereabouts of Mr picnic table.... may he rest in peace. 
So, I talked to the guys in the hardhats, and they assured me that it looks worse than it is. They are going to work to restore the turn around first. They will be bringing in materials to fill in the voids and are pretty confidant that the fix they have planned will take. They said the beach will come back, but it might take longer then we are used to. (plus they wanted me to remember that the whole rest of the parking lot is open, and there are plenty of waves). Oh, and good news they found the telephone pole, it had gotten all the way to trail one before it was apprehended by California's finest lifeguards. 
This might be a good opportunity to bring the kids down to the beach and see a little of natures (or more to the point waters) destructive force. Bring the boards, a lunch... heck even throw Grandma into the car... sometimes it's just cool to see broken stuff with the ones you love. *** these photos were taken by Tracey Ann Engelking and are the property of King of the Coast, not to be reprinted with out our permission, thanks ***
I have run out of things to write about, but if I don't write something, then this space will just be a big white box of nothing, that will ruin the flow and good looks of this post... so I am writting all this nothing to fill this space... I think this might be enough text now to fill the space... Bye! :)
1/29/2010
Presidential Heights San Clemente Pre-Weekend Report • Jan-29-2010
Happy Friday Presidential Heights home owners, sellers and buyers! Here is your market breakdown for this week.
| Status | List Price | Beds | Address | SpecialConditions | SalesPrice |
| Active | $309,900 | 2 | 137 Avenida Adobe | REO/Lender-Owned | |
| Active | $499,000 | 3 | 208 Avenida Adobe | Standard Sale/None | |
| Active | $519,900 | 2 | 155 Avenida Adobe | Standard Sale/None | |
| Active | $525,000 | 3 | 140 Avenida Baja | Standard Sale/None | |
| Active | $559,999 | 2 | 112 Avenida Baja | Standard Sale/None | |
| Closed Sale | $350,000 | 2 | 177 Avenida Baja | Standard Sale/None | $335,000 |
| Closed Sale | $356,500 | 2 | 343 Avenida Adobe | REO/Lender-Owned | $360,000 |
| Closed Sale | $407,000 | 2 | 541 Avenida Adobe | Short Sale | $440,000 |
| Closed Sale | $495,000 | 2 | 176 Avenida Baja | Standard Sale/None | $410,000 |
| Closed Sale | $559,000 | 2 | 521 Avenida Adobe | Standard Sale/None | $485,000 |
| Closed Sale | $569,000 | 2 | 170 Avenida Baja | Standard Sale/None | $530,000 |
| Pending | $399,000 | 2 | 133 AVENIDA ADOBE | Standard Sale/None | |
| Pending | $489,000 | 2 | 735 Calle Bahia | Standard Sale/None |
If you’re interested in buying or selling a home in home in Presidential Heights feel free to contact us.
Direct: 877.479.3351
Rentals and Leases in San Clemente, Capo Beach, Dana Point • Jan-29-2010
Here is a current list of homes available homes for lease in the beach cities of San Clemente, Capo Beach, and Dana Point. All pricing and status listed here is current as of today, Friday Jan. 29th 2010. Click to search for more homes available for rent. Have a great weekend.
| Status | Price | Bed | Bath | SqFt | Address | |
| Active | $1,950.00 | 2 | 1 | 854 | 105 Avenida Del Reposo C | San Clemente (SC) |
| Active | $2,000.00 | 3 | 3 | 1500 | 721 Calle Camisa | San Clemente (SC) |
| Active | $2,400.00 | 2 | 2 | 1202 | 326 Camino San Clemente | San Clemente (SC) |
| Active | $2,500.00 | 2 | 1 | 1000 | 181 W Avenida Cornelio | San Clemente (SC) |
| Active | $2,600.00 | 2 | 2 | 1500 | 915 BUENA Vis A | San Clemente (SC) |
| Active | $2,799.00 | 4 | 2 | 1850 | 33721 Oldbridge Rd | Dana Point (DP) |
| Active | $2,900.00 | 2 | 2 | 2440 | 3002 La Ventana | San Clemente (SC) |
| Active | $2,995.00 | 3 | 2 | 1680 | 1 San Raphael | Dana Point (DP) |
| Active | $3,100.00 | 4 | 3 | 1986 | 28 OPTIMA | San Clemente (SC) |
| Active | $3,295.00 | 4 | 3 | 2500 | 803 Futura | San Clemente (SC) |
| Active | $3,650.00 | 2 | 2 | 2074 | 34300 Lantern Bay Dr 112 | Dana Point (DP) |
| Active | $3,900.00 | 3 | 3 | 2484 | 158 Avenida Victoria | San Clemente (SC) |
| Active | $4,995.00 | 4 | 5 | 3684 | 34701 Calle Rosita | Dana Point (DP) |
| Active | $5,500.00 | 4 | 5 | 4230 | 27522 Via Saratoga | Dana Point (DP) |
| Backup | $3,100.00 | 3 | 3 | 2100 | 906 Via De Angeles | San Clemente (SC) |
| Leased | $2,350.00 | 3 | 3 | 1673 | 27105 Mill Pond | Dana Point (DP) |
| Leased | $2,750.00 | 3 | 3 | 1812 | 10 GEMA | San Clemente (SC) |
| Leased | $3,095.00 | 3 | 2 | 2000 | 26362 Via Canon | Dana Point (DP) |
| Leased | $6,500.00 | 4 | 5 | 4400 | 34722 Calle Ramona | Dana Point (DP) |
1/27/2010
Pictures of Faire Harbour in Marblehead San Clemente
I was driving through the Faire Harbour community this morning and thought I’d snap a couple picture to share. Faire Harbour is a condo community in the Marblehead area of San Clemente. It’s built in such a way, that some, if not most of the units have some kind of ocean views.
The New Mayor of Capistrano Beach • Eric Tremaine
If you’re into twitter you may have seen the app foursquare. For some weird reason it’s addicting, like most of this social networking can be. Anyways, today I became mayor of Capistrano Beach, at lease as foursquare is considered. I’d like to take this moment to thank all those who worked day and night endlessly on my campaign, you know who you are.
I’m also mayor of Keller Williams OC Coastal Realty (the King of the Coast version), the San Clemente Pier, and San Clemente Vista. I have know idea how long my term will be but I will enjoy all the make believe benefits as they roll in.
I’m also mayor of Keller Williams OC Coastal Realty (the King of the Coast version), the San Clemente Pier, and San Clemente Vista. I have know idea how long my term will be but I will enjoy all the make believe benefits as they roll in.
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