The Real Estate Difference!
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Direct: 951-255-3110
Office: 951-255-3110
Keller Williams
1385 Old Temescal Road
Corona, Ca.
951-255-3110
I was visiting with a lender today – and she mentioned interest rates were at 3.75%. That is just ridiculous! Interest rates haven’t been that low in over 60 years!! Why isn’t everyone out there trying to realize their part of the American Dream? In combination with low rates, there are loan programs with very little money down required. Watch the brief video below for more information and DON’T WASTE ANY MORE TIME!
Call me now to get you on the path to owning your new home.
Buyer be AWARE!!! Loan limits are changing!
If you are currently in the market to buy a house – you should know that there was legislation previously passed that will make the loan limits LOWER – and can affect your purchasing power.
This law was initiated in 2008 as part of the Housing and Economic Recovery Act of 2008 (HERA), but congress voted to extend the date of implementation. The date is now upon us – effective for any loans after Sept. 30, 2011. Unless Congress votes to extend the dates again – buyer’s should be aware as this will lower the amount of the loan they can finance or can change the price point they are shopping in. This can ultimately impact the amount of money the buyer has to contribute as part of their down payment.
Please click this link for the loan limit changes: Loan Limit Changes
Are you aware of the Mortgage Credit Certificate Program offered through the County of Riverside’s Economic Development Agency?
There is currently a program in place that offers qualified Homebuyer’s to reduce their federal tax equal to a portion of the interest paid on their mortgage loans. This effectively raises a buyer’s purchasing power by affording a higher monthly payment than they would otherwise afford due to the credit they could get back on their taxes. Lenders on the approved list take this into consideration when buyers apply for their loan.
The borrower can claim a tax credit of 15% of the interest paid during that year.
For more information, read the specifics here: Mortgage Credit Certificate Program.
Many people who make a first time home purchase question what Title Insurance is and the purpose it serves. Rightfully so, as a home purchase is one of the biggest investments a person will make in their lifetime. Since it shows up as an additional cost that is included with loan/processing fees and collected at closing, it is natural to question what it is and why it is necessary to have title insurance.
Title insurance insures a party to a transaction that their interest is protected in ownership from any future claims by other parties from any previous ownership. It is the most effective, yet least expensive way to protect your ownership rights.
Title insurance protects against:
Forgery
Invalid Court Proceeding
Undisclosed Heirs
Clerical Errors
Mistaken Legal Interpretation
Defective Deeds
Same name / Mistaken Identities
In short, it is the best protection to assure your ownership rights. At Ticor Title, our thorough preliminary title search, title examination and insurance policy can give you, the homeowner, excellent piece of mind that you deserve at this time of major investing.
Please call me for title insurance needs!
This chart below depicts the interest rates as reflected at www.freddiemac.com. The average indicated for 2010 is the average interest rate from January through December 2010. The chart easily explains why anyone in a purchasing position should take advantage of such an excellent opportunity in our housing market history – and buy now.
There are no guarantees that rates will continue to drop as they went down in October 2010 to 4.23% and up two months later to 4.71% in December 2010.
If you are considering making a home purchase – don’t hesitate any longer as early January is showing signs of interest rates creeping up already – as of today’s posting – rates are at 4.75%.
INTEREST RATES FOR THE PAST 20 YEARS
(shown as yearly average)
| 1990 | 8.05 |
| 1991 | 6.97 |
| 1992 | 6.54 |
| 1993 | 5.83 |
| 1994 | 5.84 |
| 1995 | 5.87 |
| 1996 | 6.41 |
| 1997 | 6.34 |
| 1998 | 6.03 |
| 1999 | 5.04 |
| 2000 | 8.05 |
| 2001 | 6.97 |
| 2002 | 6.54 |
| 2003 | 5.83 |
| 2004 | 5.84 |
| 2005 | 5.87 |
| 2006 | 6.41 |
| 2007 | 6.34 |
| 2008 | 6.03 |
| 2009 | 5.04 |
| 2010 | 4.69 |
2010 INTEREST RATES
(shown as monthly averages)
| Jan | 5.03 |
| Feb | 4.99 |
| Mar | 4.97 |
| Apr | 5.1 |
| May | 4.89 |
| June | 4.74 |
| July | 4.56 |
| Aug | 4.43 |
| Sept | 4.35 |
| Oct | 4.23 |
| Nov | 4.3 |
| Dec | 4.71 |
Yes…..that’s correct!
Although interest rates have been holding steady at historically low rates – more benefits are available for first time homebuyers in California.
The California Housing Financing Agency is offering a program for first time homebuyers that meet certain requirements to encourage homebuying through the CALHFA FHA program. This program is specific to FHA loans that buyer’s secure as a primary, occupied residence with loan limits of $417,000.
In addition, another benefit could come into play with a minimal buyer contribution of 1% of the sales price. The California Homebuyer’s Downpayment Assistance Program (CHDAP) is available for homebuyers who have not owned a property for the previous three years and meet moderate income requirements.
With such excellent benefits – homebuyer’s need to take advantage of these programs as well as the tax benefits of homeownership – and start shopping for a new home now!
Property for sale at 24083 Augusta Dr. in the Trilogy neighborhood currently listed for sale with Marianne Jones of Advantage Real Estate Services
Do you really want to own a home in Riverside County?
Congratulations - you may qualify for up to $58,000 in purchase price assistance!
The County of Riverside Economic Development Agency is currently offering a Neighborhood Stabilization Homeownership Program (NSHP). This program offers purchase price assistance of 20% for the purchase of foreclosed homes in targeted areas within Riverside County. The NSHP is designed to help address the issue of abandoned and foreclosed homes as well as aide homebuyers who have NOT owned a home in the last three years and who do NOT have an annual income greater than 120% of the area median income as published by HUD. See income chart below effective May 12, 2010:
| Household Size | Maximum Annual Income |
| 1 | $54,600 |
| 2 | $62,400 |
| 3 | $70,200 |
| 4 | $78,000 |
| 5 | $84,250 |
| 6 | $90,500 |
| 7 | $96,700 |
| 8 | $102,950 |
The program provides for a silent second loan in the amount of 20% of the purchase price of the home. This portion of the loan will be secured by a deed of trust and recorded in second position, while the first loan has to be a fully amortized 30 year fixed rate loan. The use of participating lenders and the attendance of an 8 hour homebuyer education class is required to apply for the program. However inconvenient this may be – the benefit of up to $58,000 in home loan assistance may be well worth the time and effort!
Homes such as the one featured above in the Trilogy community and many others qualify for the program. That particular home is currently listed for $224,900. Please contact me for more information on this program.
