Here is an FHA Update on Condo financing from friend of HotOnSanDiego and PRMI Mortgage's Kevin Kueneke.  For more information, please contact us directly. If you have gone to the FHA condo approval site this week, you would have seen that condo complexes that have approvals expiring on 12/07/2010 now have a notation below the date: nearing expiration.  I have attached the report for 92024 as an example.  This is of course a concern for anyone hoping to open escrow on such a...continue reading...

We've all heard the news, the Fed has officially bailed out Fannie Mae and Freddie Mac. Alright, now how does that affect me? If you are shopping for a new home loan or considering refinancing an existing loan, it could have a profound effect on your buying power! To better understand the Fed's announcement and figure out exactly what it means for the housing market, we went to the experts. Kevin Kueneke, a Senior Loan Consultant at CW Mortgage, breaks...continue reading...

A recent and very important change in lending guidelines regarding cash out refinances is starting to rear its ugly head.  Bottom line is that cash out refinances are now not allowed within the first six months of a purchase transaction for all occupancy types.  How does this affect potential buyers?  Properties that are priced to sell are receiving multiple offers, especially REO’s.  Many buyers, whether buying a property as an investment, second home, or even principal residence, are deciding to...continue reading...

I was reading an article by Laura Rowley on Yahoo Finance today regarding the importance of being prepared for potential natural disasters. It reminded me that many people that live in Southern California have some sort of emergency disaster kit stashed away in their garage. A typical kit may include drinking water, some can goods, flashlight, batteries, candles, medications, etc. As a homebuyer, you should prepare your loan paperwork the same way and have all items ready in...continue reading...