Mortgage rates dropped last week to the lowest they have been since May of 2004.
Most 30 year fixed rate loans are less than 5%, while 1, 3, and 5, year fixed with adjustable rates have dropped below 4%.
A new wave of foreclosures is expected this summer due to the maturation of many of the 5 [...]
Financially strapped homeowners in San Diego looking to cut their mortgage payments through a loan modification …
… or principal reduction needn't destroy their credit scores in the process. Some of the most frequently used mortgage modification programs turn out to have minimal negative impact on homeowner's FICO scores.
As an example, people with excellent scores [...]
WINDOW OF OPPORTUNITY FOR CALIFORNIA BUYERS
Last week Gov. Schwartzenegger signed Assembly Bill 183, the Homebuyer's Tax Credit legislation, into law. This has created a brief window of opportunity for buyers in California to receive up to $18,000 in combined federal and state homebuyer tax credits!
Here are the basics:
A first-time homebuyer must enter into a valid [...]
New guidelines were issued this month by the IRS ….
…. for the two tax credit programs for first-time homebuyers and existing homeowners. When Congress revised the programs in November, the IRS was instructed to tighten its rules and monitoring to prevent widespread frauds that had occurred since early 2009.
Some of the abuses included fictitious home [...]
FHA TRYING TO GET RIGHT BALANCE WITH NEW RULES
FHA announced tightened lending requirements in late January. The changes are being implemented to increase FHA's capital reserves and help the agency do a better job with risk management.
The new rules will require a Buyer to either spend more to obtain a loan or to purchase at [...]
The Peter Toner Team
Prudential California Realty
1299 Prospect St #100
La Jolla, CA 92037
Toll free (800) 957-3935
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Peter Laine-Toner DBA Peter Toner - licensed by State of California Department of Real Estate #01224844
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