Marin Mortgage News 
The latest news on mortgages and green-lending practices in Marin County and the San Francisco Bay Area.
There are currently 70 blog entries related to this category.
Floating Home Financing
Thursday, June 6th, 2013 at 4:34pm. 126 Views, 0 Comments.
At Marin Modern we often receive inquiries from potential Houseboat homeowners. One of the most important elements of owning
a floating home is the financing. It is not the same as a regular home because a floating home is not "real property". (Though, you
are required to pay property taxes- at a reduced rate compared to similarly priced single family homes).
I called Heather Ziemer, Vice President of Financial Benefits Credit Union about Floating home financing.
(Their number is: (510) 433-9200. They are open 10 a.m. to 4 p.m. Monday through Friday.)
Here is what she had to say: Expect to pay a higher interest rate and you will need 20% down payment. Variable rates are
currently (June 6, 2013) at 5.25% for a thirty year term. It adjusts…
Stated Income, 30-Year Fixed Loans to $2 Million with Asset Depletion
Saturday, June 1st, 2013 at 11:33am. 205 Views, 0 Comments.
As most borrowers know, stated income loans were largely eradicated from lenders' offerings back in 2008. Since then, a few investors have offered "asset depletion" programs that derive a supporting monthly income figure by dividing a set schedule of monthly payments against a borrower's assets. The borrower is not required to cash in their assets as they're only used to demonstrate an ability to service the proposed mortgage and housing payments. Moreover, the borrower isn't required to show an employment history or to verify any source of income. In general, these asset depletion programs have been offered as adjustable rate mortgages (ARMs) with shorter, fixed rate terms.
Interestingly, Fannie Mae…
Mortgage Financing with Foreclosures, Short Sales, and Bankruptcies
Friday, April 26th, 2013 at 1:15pm. 372 Views, 0 Comments.
In the wake of the financial crisis and recent recession, millions of would-be homebuyers with foreclosures, short sales, or bankruptcies listed in their credit histories naturally wonder as to their prospects for new mortgage financing. Since lending requirements vary from product to product (such as conventional to FHA) and because investor guidelines are in constant flux, there is no easy answer as to which options a given borrower may have. Another complicating factor is "lender overlays." These are additional requirements that lenders routinely impose on the loans they underwrite in an effort to manage portfolio risk. Examples range from higher credit scores, limitations to loan sizes, increased assets, etc., and these will be adjusted…
Short Sale Relief for your Home
Tuesday, February 19th, 2013 at 9:54am. 197 Views, 0 Comments.
If you wondering about a short sale for your home, you’ll be happy to learn that the Mortgage Forgiveness Debt Relief Act of 2007 was extended through the end of 2013!
The Mortgage Forgiveness Debt Relief Act extends mortgage cancellation relief for home owners and sellers through preventing taxes on the portion of their mortgage debt forgiven by their lender.
Short sales have represented a large sector in the housing market - this extension is seen by many as good news for housing market. According to the U.S. Foreclosure & Short Sales Report™ complied by RealtyTrac, the last quarter of 2012, showed short sales as representing 19 percent of residential home sales in the United States. See the full report by clicking here.
According to RealtyTrac…
FHA Insurance Premium Costs Soon to Increase
Thursday, February 14th, 2013 at 10:01pm. 289 Views, 0 Comments.
FHA (Federal Housing Authority) loans are a great option for home buyers who would otherwise be precluded from financing due to compromising factors such as limited down payment funds, poor credit ratings, or insufficient income or assets. The FHA does not actually offer financing. Instead, it insures higher risk loans -and the cost of this insurance is paid for by every borrower who gets an FHA loan. Nonetheless, for those lacking other sources of funding, FHA loans have been a bargain, opening the door to home ownership for millions buyers with down payment funds of as little as 3.5% of the purchase price.
Over the past few years, the cost of FHA loans has steadily risen through increases to the one-time, Up-Front…
Marin County home prices continue up. Marin County Foreclosure rates continue down. San Rafael, Marin County, praised by NY Times.
Friday, February 1st, 2013 at 10:09am. 559 Views, 0 Comments.
The Marin market - and the whole Bay Area market is surging. The median price of Bay Area homes sold in December was up 32 percent compared with a year earlier. That is an impressive increase. Home values increased through most of 2012, and especially towards the end of the year.
But there are still question marks and some caution about how soon and how much the market will recover. However, the trend is very encouraging. Take a look at foreclosures (=bank owned homes) and short sales; they are dropping at a fast pace. Marin foreclosures declined by 41% year-to-year in the last quarter of 2012. And overall there has been a sharp decline with the number of home owners entering the formal foreclosure…
FHA Lender Credits are a Cost-Effective Bargain
Monday, January 21st, 2013 at 4:19pm. 382 Views, 0 Comments.
Federal Housing Authority (FHA) financing is a great option for many buyers, particularly those unable to meet the more stringent down payment and higher credit score requirements of conventional financing. FHA loans offer competitive, low 30-year fixed rates and allow for supporting income from a family member to qualify. But FHA loans carry significantly higher closing costs. One way to offset the increased costs is to take a lender credit in exchange for a slightly higher interest rate. While choosing a higher rate may seem counter intuitive, some borrowers may need help to cover closing costs and even those who don't may consider the exchange a bargain.
FHA loans fall into two categories: conforming loans up to $417,000,…
2013 VA Loan Limits for Marin and the Bay Area
Saturday, January 5th, 2013 at 12:12pm. 495 Views, 0 Comments.
Each year, the Department of Veterans Affairs (VA) releases a revised list of loan limits covered under its Loan Guaranty program. The Guaranty limits are based off of Federal Housing Authority estimates of median home values on a county-by county basis. Veterans who are eligible for full entitlement may borrow up to 100 percent (no down payment required) of a county's maximum limit with 25 percent of the loan guaranteed by the VA Loan Guaranty program.
VA loans fall into two categories: regular conforming VA Loans to $417,000, and Jumbo VA loans which support counties with higher maximum Guaranty limits. Newly adjusted Guaranty limits have been issued for all San Francisco Bay Area counties, with the exception of Solano County…
California Real Estate 2012 and Forecast for 2013
Friday, December 28th, 2012 at 3:54pm. 1110 Views, 1 Comments.
2012 SUMMARY
This year home prices are on track to register their first yearly gains since 2006 and the strongest year since the housing market fell off a cliff. The rise is due in part to stronger demand, a fall in inventories, and continued low home loan rates.
Pushed up by rising sales and a decline in supply, home prices climbed more than forecast in the last quarter of the year, indicating a rebounding real estate market will bolster the U.S. economy for the first time in seven years.
While the California housing market continued to show strong sales growth since early 2012, the lack of inventory remained an issue throughout the year.
With an imbalance between supply and…
Avoiding the Gift Money Tax Liability by Pledging Assets
Wednesday, December 12th, 2012 at 7:08am. 362 Views, 0 Comments.
When working on purchase transactions with gift money, I frequently see delayed regret from generous family members once they've had a chance to speak with their accountant and determine their gift tax liability. The moment of reckoning often arrives when they're asked to sign a letter (required by all lenders) verifying that the money they're offering represents a non-refundable gift. As gift taxes can add up to significant sums, the fact that the lender will not be sharing this information with the IRS provides limited comfort. (The gift-maker is the one who is responsible for reporting this information.) For those who are not willing or able to suffer the tax burden associated with gift funds, there may be a more palatable alternative in the…