CONDO SPOT APPROVALS:  New approval procedures effective February 1st!  HUD must approve all FHA condo financing by approving the financials of the Condo Project.  This process currently takes about 8 weeks; however, HUD anticipates a back log of 4-6 months in the next few months due to the overwhelming number of condo projects in need of approval.  (California alone has somewhere around 40,000!)

APPRAISAL ISSUES:  HVCC FOR FHA - Appraisals for FHA loans will have to be ordered through an HVCC appraisal source effective February 15th.  All appraisals completed after 1/1/10 will only be valid for 120 days, down from the previous rule of 180 days.

MORTGAGE INSURANCE PREMIUM:  The upfront mortgage insurance premium fee will increase to 2.25% from 1.75% effective April 5th. 

So if you’re looking to buy a home using an FHA loan, you better act fast.  Rules are changing constantly, making it more difficult or costly to get this type of financing.

Call me now at 510-435-9543 for more details!

The 7.0 earthquake in Haiti was a tragic event that has taken the lives of many, while thousands still remain missing.   It will take the efforts of everyone around the world to help the people of Haiti rebuild and save the thousands needing medical help, food, and clean water.

Please, give to any of the following charities.  Any amount you can donate will help.

www.realtor.org/relief

www.hopeforhaitinow.org

http://clintonbushhaitifund.org/

http://yele.org/

www.unicefusa.org

www.redcross.org

To donate with your cell phone, please text “Haiti” to 90999.  Your cell phone carrier will charge you $10 on your next bill.

Thank you for your help and prayers for the people of Haiti.

Great opportunity for investors and buyers!  Effective February 1, 2010, the 90 day “flip” rule will be temporarily placed on hold for a year.  This means that FHA buyers can now buy properties that have been purchased, rehabbed, and listed by investors without having to wait 90 days.  This is great news! 

I always wondered why that rule was ever put into place.  Bank-owned properties in California were and still are exempt from this rule, so why penalize investors for fixing up properties and selling them for profit?  Didn’t make any sense to me.  This prevented FHA buyers from making offers, unless the sellers were willing to wait for that one particular buyer, which actually happened to one of my buyer clients.  The seller waited the full 90 days in order for my client to obtain an FHA loan on the property.  It was a win-win situation for everyone!

So if you’re looking to buy a home, especially if you’re using an FHA loan, now is the time to do it!  Who knows when and if this hold will be rescinded?  Call me today at 510-435-9543 to discuss your home search!

How low are rates historically speaking?  Very low.  We received a table “Average Mortgage Rates” from North American Title yesterday showing average rates since 1972.  Year to date, the average mortgage rate has been just over 5.0%. In 1975, the average rate was 9.05%. In 1980, it was 13.74%. In 1981, it was 16.63%. 1985: 12.43%.  1990: 10.13%.   1995: 7.93%.   2000: 8.05%.  This is just one more reason why NOW is a great time to buy real estate.  A buyer with a $300,000 mortgage will save over $9,000 per year in interest by locking in a 4.75% rate today in lieu of the 8% rates offered in 2000.

The Golden Gate Men’s Chorus will proudly perform A Question of Love at St. Mark’s in San Francisco next weekend.  This will be the last concert performed with Director Joseph Jennings, who has brilliantly directed the chorus for over 13 years.  It is a sad occassion for us chorus members, but we will be singing our hearts out to celebrate 13 amazing years with Joe.  Come and join us for a fantastic time singing about the many facets of love with works ranging from Andrew Lloyd Weber to Cold Play!  Please visit www.ggmc.org for more information and ticket purchase.

Check out this new Single-family property that I just posted on my Web site. It is at 3018 Courtland Ave. in Oakland. Charming and cozy home renovated with a “green” touch! Bamboo floors, formal dining room, with small garden area perfect to relax in!.

Check out this new Lot property that I just posted on my Web site. It is at 5901 Zinn Dr. in Oakland. Build your dream home on this vacant lot so close to Montclair Village! All utilities on site. Survey completed.

A past client of mine has informed me of a Craigslist ad offering major discount prices for “slightly used” stainless steel gas stoves.  Price $200-$250.  If anyone is interested, my clients is even offering to pick and deliver since she is already going to be picking up at least one of the stoves for sale.

Give me a call if you or anyone you know is looking for a great deal on gas stoves!  My number is 510-435-9543.

Cheers!

The first time homebuyer tax credit of $8000 expires on November 30th! 

With the normal escrow process taking anywhere from 30 to 60 days, first time homebuyers are soon to run out of time.  If you’d like to take advantage of this fantastic opportunity, you’ll need to be in escrow on a property by the beginning of October to play it safe and give you enough time to close by the deadline.

Homebuyers are creating a flurry of activity to meet the deadline, triggering multiple offer situations.  And with still historic low interest rates available, the time to buy couldn’t be better!

If you’d like more information on the tax credit and to see how you may qualify, contact me now at 510-435-9543! 

Welcome to Angelo Raymundo’s Blog! This blog will provide you with valuable information, tips, and general insight into the real estate market in Oakland.