Latest Market Recap We knew changes in FHA-insured loans were coming. Now it appears they are almost here. Last week, the FHA said it would tighten loan requirements on loans it insures. Specifically, it would raise the MIP to 2.25% – effective this spring – and then seek permission to increase the percentage again.   The FHA also proposed requiring borrowers with credit scores below 580 to put up a 10% down payment. Those with higher credit scores would still qualify for...continue reading...

MARKET RECAP Is it better to get it right or get it fast? Most of us would prefer the former, though there are some who appear to prefer the latter. To wit, “Bad News for Housing: Prices Flattening” was the headline for a recent CNNMoney.com report, which went on to state that the S&P/Case Shiller Home Price index was “unchanged in October.” Problem is, that's not what happened: The S&P/Case Shiller index actually posted a fifth-consecutive gain in October, edging up 0.4%....continue reading...

The Department of Veteran's Affairs (VA) announced that the maximum zero-down VA loan limit for 2010 is being reduced from $593,750 to $437,500 for San Diego County. Remember that VA loan amounts exceeding $417,000 are considered VA Jumbo loans. Other areas, such as Los Angeles and Orange Counties, will have maximum zero-down loan limits as high as $593,750 whereas much of the San Francisco Bay Area can go up to $962,500. A veteran can purchase a home in Pitkin County Colorado...continue reading...

When you are preparing to list your property, having an agent who knows the available financing types for that property, especially condominiums, is extremely important. When you interview agents, make sure they know this information or you may have a more difficult time marketing and ultimately selling your property.  Here is the link to the section of the VA website that allows you as a homeowner to search for VA approved condo projects: Approved VA Condos On the left hand side,...continue reading...