Potent combination of FHA Financing, Steep Home Price Declines & Low Mortgage Rates

According to DataQuick Bay Area home sales posted a year-over-year gain for the eighth consecutive month in April. Santa Clara county had 1606 sales in April 09 compared to 1440 in April 08 up 11.5%. Alameda county had 1457 sales in April 09 compared to 1240 in April 08, up 17.5%. The question is what […]

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Housing approaching a trough

In the summary of Fed’s late-April meeting released yesterday, there were some important pointers to the economy: Fed officials saw the economy contracting between 1.3% and 2% this year and the GDP was only expected to advance 2%-3% next year. The Unemployment rate is expected to end 2009 between 9.2% and 9.6%, higher than what […]

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Buying a foreclosed home in San Jose with an FHA Loan?

So are you planning to buy a foreclosed home in San Jose with an FHA Loan? Foreclosed properties can be sold by 2 entities: Directly by the Mortgagee (The bank that held the mortgage), or By entities that purchase foreclosed properties either singly or in bulk for resale FHA has a property flipping rule that […]

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4 Cs of Home Loans in Bay Area

If you are planning to get a Home Loan in Bay Area, you should be aware of the 4Cs of Lending. Capacity Lenders usually look for a minimum of 2 years of work history in the same line of work. Any employment gaps or extended time off must to be explained. If you had a […]

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Are Foreclosure Properties a Good Deal in Santa Clara?

DataQuick said 43 percent of all homes sold in Santa Clara County was in foreclosure upon sometime in the previous 12 months. The number for Alameda county is 46.2 percent. Evidently, most of the current sale is being driven by foreclosed properties; that also explains the falling median prices in these counties. But before jumping […]

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$10,000 California State HomeBuyer Credit

A recently passed law established a personal income tax credit for purchasers of a qualifying principal residence. The tax credit is capped at the lesser of $10,000 or 5 percent of the purchase price for the purchase of a principal residence that has never been occupied made between March 1, 2009 and March 1, 2010. […]

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Five Factors That Impact Your Credit Score

What are the factors that impact your credit score? 1. Payment History 35% Impact Paying debt on time and in full has the greatest positive impact on your credit score. Late payments, judgments and charge-offs all have a negative impact. Missing a high payment will have a more severe impact than missing a low payment, […]

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$8000 First Time Home Buyer Tax Credit for San Jose Purchase

First Time Home Buyer Tax Credit for San Jose and rest of the Bay Area Who is Eligible? The $8,000 tax credit is available for first-time home buyers only. The law defines first-time home buyer as a buyer who has not owned a principal residence during the three-year period prior to the purchase. All U.S. […]

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