Napa Solano Yolo real estate blog

Solano county Loan Limit changes in 2009- PMI- escrow-closing costs-ratios
January 20th, 2009 11:11 PM

 

As of January 1, 2009: FHA loan maximum limits have been reduced to $400,200 in Solano county, each county differs, so check with your lender.
The FHA minimum down payment has increased to 3.5%, up from 3%.
100% VA loans can still be obtained, there are some fees that are mandatory to request from the seller, so let your Realtor know this so the contract can be written to accomodate this fact. You may use your VA loan more than once, as long as the previous loan amount has been satisfied by a loan payoff. If your loan was assumed by another VA buyer, you must wait until that loan is freed up for your use.
Conforming loan maximum limits have reverted back to that of 2007: $417,000.
This means that if you need to borrow more than $417,000 you will be facing a Jumbo, non-conforming loan which my have higher down payment requirements, higher FICO score requirements, higher debt to income ratios and higher interest rates, OR a combination of aqny of these components.
If you need more than the loan amounts stated above, you may choose to put a higher down payment or ask for seller financing to span the difference.
If you put down less than a 20% down payment you will be paying PMI mortgage insurance which is factored into your ability to repay the loan, check with your tax preparer, all or part of this may now be tax deductible in certain cases, in the past it never was.
Once your equity exceeds a certain amount, PMI insurance can be removed from your loan package, after an appraisal and certain other conditions met, check with your lender before proceeding.
In 2009, your lender may require you to deposit a few PMI insurance payments into your escrow account at closing, which will increase your costs to close escrow.
Learn the terms and definitions so you can be aware of the process.

Barbara Adams, Realtor 
Kappel and Kappel Inc.
401D Davis Street
Vacaville, Ca 95688 
707-673-7500 Cell
707-471-4068 eFax  
Homes/Investment/Land/Ranches
Posted by Barbara Adams on January 20th, 2009 11:11 PMPost a Comment (0)

IN and OUT of escrow
January 29th, 2009 10:41 PM

New appraisal criteria enacted by the FHA for their new purchase appraisals starting Jan 1, 2009 will affect all appraisals via the "trickle down" effect due to most lenders adopting the most sensible of FHA rules.

One of the most drastic changes are the criteria for using comparables that are less than 60 days old. This will limit the number of acceptable comparables for your appraiser. If there hasn't been a recent comparable sale nearby a stalemate could occur. Previously this timeframe was up to 6 months prior.

 

 

Posted by Barbara Adams on January 29th, 2009 10:41 PMPost a Comment (0)

First time homebuyer tax credit from IRS
January 29th, 2009 10:34 PM

This one time $7,500 IRS tax credit was to last until the end of this year but had to be paid back over 15 years, making it much less of a credit and more of a temporary loan.

The current stimulus bill before congress (Jan 2009) would eliminate the "pay-back" part of the bill, but hurry, this will only apply to closings before July 1, 2009.

Posted by Barbara Adams on January 29th, 2009 10:34 PMPost a Comment (0)

Granite's out and so are fireplaces
January 29th, 2009 10:32 PM

    Dead Space Wastes energy

Therefore, simple basic room shapes with good air flow are in. Quartz, paper-based, concrete or glass countertops and built-in appliances with wood panelling that match the cabinetry are IN and stainless steel is OUT.

These are just some of the amenities being designed into the new home of tomorrow.

Clean, non-allergenic padded laminate flooring that looks like wood is IN, carpet is definitely OUT!

Big, walk-in stroll around showers are in, "soaking tubs" are OUT!

Solar roof tiles are IN!

 

Posted by Barbara Adams on January 29th, 2009 10:32 PMPost a Comment (0)

January 2008 Market Update
January 11th, 2009 1:06 PM

January 2008 -Vacaville market update

Latest November Sales stats n. Solano county mls

State of California Consumer Mortgage Help site

Solano County going Green

Will C. Wood has new math and science wing

SCIF opens new 750 employee office facility in Vacaville Nov 2008

New train station approved/funded in Vacaville Peabody/Vanden

Vacaville Heritage Council- Know where you came from

USDA home loans- small community loans Dixon Winters

Quick Stats – Averages January 11, 2008……… 342 Vacaville Active Listings

Listing $

SqFt

Listing Pr/SqFt

DOM/CDOM

Residential (342)

$350,412

1916

$178

121/139

The criteria for Feb 4, 2008 at 8:32 PM:
444 Vacaville ACTIVE Single Family Home listings
105 Days on market average
$446,868 Average List Price
$240/sf average asking price on current active market
1867sf average size of the average home on the market

The criteria for October 22, 2007 at 11:00 PM:
550 Vacaville ACTIVE Single Family Home Residence listings
99 Days on market average
$503,738 Average list price
$266/sf average asking price on the current active sfr market
1920sf Average size of the average home on the current Active market

The same criteria for 8/27/2006:
572 Vacaville ACTIVE SFR listings
72 Days on market average
$526,782 Average list price
$297/sf average asking price
1812sf Average size

Posted by Barbara Adams on January 11th, 2009 1:06 PMPost a Comment (0)
Recent Posts:
Archive:
My Favorite Blogs:
Sites That Link to This Blog:

 

Barbara Adams and Kappel and Kappel Inc are licensed by the California Department of Real Estate.

Barbara Adams, Realtor DRE license # 01355372

Kappel and Kappel Inc DRE license # 00527552

fair housing logoListings may not be those of this Realtor or Broker, and may be offered via IDX database sharing via the Bareis mls. Size, dimensions, condition of property, features, amenities, availability listed here must be verified or measured for satisfaction of potential buyer.

Email


Barbara Adams, REALTOR® Kappel and Kappel 401D Davis Street Vacaville, CA 95688
Cell: Fax:

Why an inspection? | Agent Profile | Contact Us | Free Home Valuation | Your FICO score | Search MLS | Vaca Blog | Weather | Vaca Photos | Seller's Advantage | Curb Makeover | Homes for sale | Foreclosure Lists | Commute Info | Privacy Policy | Dixon | Selling? | Newsletter | Napa | Short Sale Listing | Utility Switch | For Buyers | Our Homes | Selling Your Home | Featured Homes | Home | Applying for a Loan | The Kitchen | My Blog

Copyright © 2010 Barbara Adams, REALTOR® Kappel and Kappel
Portions Copyright © 2010 a la mode, inc.
Another XSite by a la mode, inc. | Terms of Use| Site Map
All rate, payment, and area information are estimates and approximations only.