Fremont Real Estate Blog

This just reported by C.A.R.   Rates on bigger mortgages finally should come down Fannie Mae and Freddie Mac recently issued loan underwriting criteria and will start buying loans of up to $729,750 from lenders on May 4, which some industry analysts believe will result in lower rates.   This week, Wells Fargo started offering conforming loans of up to $729,750, and Bank of America will begin offering them by mid-May   Historically, rates on loans higher than $417,000 – often referred to as jumbo conforming loans -- are one-fourth to one-third of a percentage point higher than rates on $417,000 or lower loans..  By Fannie Mae and Freddie Mac agreeing to guarantee loans of up to $729,750, rates on jumbo conforming loans likely will be comparable to the rates offered on loans of $417,000 and lower. To read the full story, please click here       Sunil   Home | Buyer Services | Seller Services | Investor Services | SMA Fina

You’ll find the Jumbo conforming limits for each County in California Below              Jumbo Conforming Loan Limits CALIFORNIA ALAMEDA, CA OAKLAND-FREMONT-HAYWARD, CA METROPOLITAN DIVISION  $       729,750 CALIFORNIA ALPINE, CA NON-METRO  $       547,500 CALIFORNIA AMADOR, CA NON-METRO  $       443,750 CALIFORNIA BUTTE, CA CHICO, CA (MSA)  $       417,000 CALIFORNIA CALAVERAS, CA NON-METRO

Akash was assume on his 2s and won math king today. Sent via BlackBerry by AT&T

Dear Buyers:   I’m calling it today. The bay area real estate recession is over. Buyers have entered the market en masse (because of low rates and low pricing) causing a spike in demand, contrary to what the media talks about, there’s a  lack of supply of homes for sale in the immediate bay area which is causing every property to get multiple offers today. If you’ve been waiting to buy, you need to become more aggressive in looking and in your offers. If you don’t most likely you’ll be paying more for that same home next year in both price and interest payments.   Sunil   Home | Buyer Services | Seller Services | Investor Services | SMA Financing | Contact Me Sunil Sethi Team,   Realtor, Mortgage Broker, Owner, MBA, CPA Helping Families find Homes Associated with Great Schools. We can help you Buy, Sell and Finance your next Home. Main (510) 793-8600     Fax (510) 431-9046

A Little Good News for you Option ARM Borrowers If you know me, you'll remember the slogan I had on my business card from 2003-2007 - "Friends Don't Let Friends Buy Option Arms". I never originated an Option ARM loan, and talked many out them. Anyway, if you unfortunately did end up getting an Option Arm from Wachovia (a.k.a. World Savings and Golden West Savings), most likely your home is under water and your payment has gone up. If you are facing a genuine hardship, than unlike other lenders (like Washington Mutual, Countrywide,…) Wachovia options ARM borrowers will find an easier way out of their burdensome loan. Currently 20% of Wachovia loan portfolio is in some stage of default, so you’re not alone. I attended a Short Sale Seminar sponsored by Mason-McDuffie Mortgage Corporation and presented by Wachovia Bank, yesterday. Wachovia has set up local group to help them expedite the approval process of completing a short sale. Based on the feedback I've gotten fr

I’ve had my water turned off since last October, but here’s some good advice for your trees.  From CAR.     C.A.R. Green Tip of the Week: Drought tips for trees Californians may face water rationing this summer. In response, the California Landscape Contractors Association has provided the following tip for use by homeowners and businesses: Water trees first. If trees are lost, it increases the surrounding temperature, making everything hotter. Trees also are expensive to replace.  Many surrounding plants depend on them, because trees offer shade and protection for some lawns and other plants that may not survive the hot sun without them. In addition, trees often are homes, shelter and/or food to birds and animals, which could possibly die if they perish. For more green real-estate-related tips and discussion, visit C.A.R.’s green blog ( http://blogs.car.org ) and C.A.R.’s Green Web site ( http://green.car.org ).

  In this plan, if your homes LTV is now greater than 80%.   You’ll be able to refinance if the property is owned by Fannie or Freddie upto 105% of the appraised value. The key benefit of this program is that you won’t be subject to MI on the new loan. However those currently paying MI, are not eligible.   Must be current on mortgage.   Owner Occuppied.   To find out if your loan is owned by Freddie or Fannie call your servicer/lender and Fannie Mae 1- 800-7Fannie  or www.fanniemae.com/homeaffordable Freddie mac  1-800-FREDDIE  or www.freddiemac.com/avoidflorclosure/   I’ll provide more detail later.         Best regards, Sunil  

Lender’s will soon be requiring   Converting primary residence to rental: AVM is no longer acceptable; value must be established by at least a 2055 exterior-only inspection, dated no more than 60 days prior to the Note Date (must verify 30% equity in order to use rental income)     Best regards, Sunil