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Did you know that Conventional Mortgage Insurance is back?

Home Buyers have more opportunity than they have had since January 2008!!!

With National Conforming Loan limits of $417,000 and below home buyers can once again put just 3% down if they have a 680 fico credit score! FHA currently still requires 3.5% down and a 96.5% loan to value.  Conventional mortgage loan pricing does have pricing hits associated with higher loan to value loans so FHA financing may have a lower interest rate.  FHA financing however, has both upfront and monthly mortgage insurance.  As a consumer, it’s important to go over both options very carefully with your mortgage professional.

On High Balance Loans now going to $625,500.00 from $729,750 in high cost counties like Alameda, Contra Costa, Santa Clara, and San Francisco, Conventional Financing has a minimum down payment of 10%.  A borrower must have a 620 fico however with a lower credit score there will be hits to both mortgage insurance and interest rate.  The maximum purchase price for conventional high balance loans in high cost areas is $695,000.

FHA also goes to $625,500.  FHA allows just 3.5% down on their high balance loans as well allowing a borrower to purchase upwards of $648,186 in high cost areas like Alameda, Contra Costa, Santa Clara, and San Francisco.

Loans above 625,500 are available and still very favorable, however because this is primarily portfolio money the most attractive terms are adjustable rate mortgages fixed for a maximum of 10 years. The good news is Mortgage Insurance is available for Jumbo Loan as well.  Currently a home buyer can purchase a home using jumbo financing and 10% down to borrower up to 2 Million!

 Related Videos:

FHA vs Conventional Financing:

The Top 5 Questions Home Buyers Have When Getting a Home Loan

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http://www.youtube.com/watch?v=RvHhBy8rbhY

In San Francisco, Oakland, and Alameda, we are getting more and more requests for 203K Financing which is very exciting.  This is the best product in the real estate finance industry hands down! It may not make you the most money, purchase prices can be on the low end.  It definitely isn’t the easiest loan out there but there is no such thing  as an easy loan anymore . And yes, there is more paperwork in a 203K.

That being said the 203K is the only loan that appreciates months after funding.  There are a lot of things put into place to cut values in recent years, expiring high balance loan limits, HVCC, risk based pricing by GSE’s the list goes on….

The 203K takes a property unfundable by conventional means and makes it appreciate within months!

For More information on 203K Financing:

4 Marketing Tips for 203K financing:

http://the-buzzz.com/2011/10/05/tips-for-real-estate-agents-to-market-themselves-for-203k-financing-in-san-francisco-alameda/

The Truth About 203K Financing

http://the-buzzz.com/2011/05/06/the-truth-about-the-203k-rehabilitation-loan-in-san-francisco/

203K Full vs Streamline

http://the-buzzz.com/2011/05/20/what%e2%80%99s-the-difference-between-a-full-203k-and-streamline-mortgage/

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You Tube Link to video

http://www.youtube.com/user/RealEstateBuzzz?feature=mhee#p/a/u/0/fWdak57zMwo

I was invited to Google Plus a few months ago by a friend in the mortgage business and completely forgot about the email for the most part.  Finally, after seeing a webinar on Google Plus put on by Trulia and I dug up the email and subscribed.

Know that in 2008 and 2009 I was addicted to Facebook, it was the first social media site I really invested time in.  Before that I really never wanted to connect on MySpace or Friendster and was not interested in tracking people down from high school, college etc. 

I was invited to Facebook by a Realtor and saw it as the new way to communicate for business initially. Then once on Facebook of course the world eventually finds you.  I think I was at a point in time of my life (mid 30’s) where it was great to hear from all these people from the past I may not have been interested in prior to that. I have done well generating business on Facebook as well; making connections with agents and helping old friends buy homes. I never really went out of my way to market my fan page…

That being said, lately isn’t it just too big?  – I think I am ready for Google Plus and believe it could be a nice change.  It allows us to be organized upfront.  A fresh start!  Check out the video above for more details but here are a few highlights of Goggle Plus…

Circles are Google Plus’ way of managing contacts. As a user of Google Plus, you’re able to group contacts together the same way you do in real life. For example, you can have Circles for your family, friends, clients, and business contacts, then choose what information is shared with which Circles each time you post. When using  Google Plus for real estate, circles makes it easy to keep your personal life and business life separate.

Huddles is basically a group messaging system. Instead of having to call, text message, or email multiple people about a single event or topic, you can start a Huddle, allowing everyone involved to contribute to the same conversation. Group messaging everyone involved in an upcoming meeting is a great way to use Huddles and Google Plus for real estate.

Hangouts are video chats in which multiple people are able to participate.

Right now Google Plus is still in its beta stage which means you need an invite to get on. Having said that the site received more users the first 20 days than Facebook or Twitter did in their first three years so it’s safe to say Google Plus will have a huge impact on the social media world.

If you are successful at marketing on Twitter and Facebook keep up the great work but don’t ignore Google Plus!

Trulia Mike Mueller Webinar:

http://the-buzzz.com/2011/10/06/trulia-google-plus-webinar-with-mike-mueller/

Having trouble viewing? Watch on You Tube!

http://youtu.be/tLW3_dfS_SI

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