San Diego Real Estate Cafe by Krista Lombardi

$1,000 Downpayment Assistance in California

CHDAP Reference Sheet

Program Summary	The California Homebuyer’s Down payment Assistance Program  is a deferred payment, simple interest, junior loan. Can be used for down payment and/or closing costs.
Target Market	First time home buyers anywhere in California
Purpose	Purchase only
Occupancy	Owner Occupied (non occupant co-borrowers not allowed)
Property Requirements	1 unit including condo or PUD
Income Limits Check out your county or Family member size over 4 at: www.calhfa.ca.gov/homeownership/limits/	County # of Family Members 1 2 3 4 San Diego $60,350 $68,950 $77,550 $86,200 Orange $67,850 $77,500 $87,200 $96,850 LA $51,550 $58,900 $66,250 $73,600 Riverside $50,350 $57,500 $64,700 $71,900
Program Sales Price Limits Check out your county or fina a targeted area at: www.calhfa.ca.gov/homeownership/limits/	County New Construction Resale Non Targeted Targeted Non Targeted Targeted San  Diego $635,696 $776,961 $635,696 $776,961 Orange $665,088 $812,885 $665,088 $812,885 LA $665,088 $812,885 $665,088 $812,885 Riverside $455,696 $556,961 $455,696 $556,961
LTV%	Maximum 3% of sales price or appraised value, whichever is less
Lien Position	Junior to acceptable first mortgage loan Does not require CalHFA first SPM allows on FHA T100 program only
Term	Term of the first mortgage
Credit Score	640 Deferred Student Loans require a payment to be included in DTI
DTI	31/43 FHA guidelines; can be exceeded with DU approval and compensating factors
Minimum Contribution by borrower	The contribution must be greater of 1% of the sales price or $1000
Allowable Borrower Fees	$250
Borrower Funds	Must be own funds, gifts cannot be used
Seller Contributions	3% toward all closing costs if 1st LTV>90%
Repayment of P&I	Required at the earliest of the following events: Transfer of Title Sale of the Property Payoff or refinance of the first loan NOD
Price	Page 2 of rate sheet – T100CD
Loan Originator / Processor to provide CalHFA CHDAP approval as a PTD condition.

Top 7 Things To Do In North County This Week

 I have decided to stick with love. Hate is too great a burden to bear.
~Martin Luther King

 

 

 1. Sunday, January 22- Art of the Green

ART ON THE GREEN Every weekend (weather permitting) COAL Gallery member artists display their paintings, glass work, photography, sculpture at Art on the Green Read the rest of this entry »

Top 7 Things To Do In San Diego This Week

 Patience and perseverance have a magical affect before which difficulties disappear and obstacles vanish.” John Quincy Adams

 

1. Sunday, January 22- Michael Jackson The Imortal Your by Cirque du Soleil

The Estate of Michael Jackson and Cirque du Soleil announced the official international launch of Michael Jackson THE IMMORTAL World Tour™ written and directed by Jamie King, the leading concert director in pop music today. Read the rest of this entry »

BIG Incentives to Sell Your San Diego Real Estate!

There are a lot of Short Sale Incentive programs out there these days!

Of course, there is everyone’s favorite—HAFA which gives the seller $3,000.00 at close of escrow. Then, there is also the Bank of America Cooperative Short Sale Program which we closed recently and got the sellers $2,000.0o, there’s TAP, and there are even short sale incentives offered by such banks as Citi, Wachovia, and Litton Loan Servicing. But, the biggest short sale incentive of all

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Tags: avoid foreclosure, best realtor in san diego, Krista Lombardi, Mission Hills real estate, San Diego real estate, short sales in San Diego

Top 7 Things To Do In San Diego This Week

In times like these it helps to recall that there have always been times like these. ~ Paul Harvey

 

 

 

1. Sunday, January 15- Dividing the Estate

Nominated for a 2009 Tony Award for Best Play, Dividing the Estate is Pulitzer Prize winner Horton Foote’s knowing comedy about family, money and greed. Living in present day Texas and ruled by octogenarian matriarch Stella, the family must confront their past as they prepare for an uncertain future when their family fortune begins to diminish.

7:00p
Old Globe Theatre,San Diego,CA

 

2. Monday, January 16- San Diego Restaurant Week 2012

Take a bite out of San Diego Restaurant Week! Read the rest of this entry »

Top 7 Things To Do In North County

 It is amazing what you can accomplish if you don’t care who gets the credit.  ~ Harry Truman

 

1. Sunday, January 15- Theatre: Spring Awakening

California Youth Conservatory presents Spring Awakening.
Produced and directed by Shaun T. Evans at the Welk Resorts Theatre in Escondido. Set against the backdrop of a repressive and provincial late 19th century Germany, SPRING AWAKENING tells the timeless story of teenage self-discovery and budding sexuality as seen through the eyes of three teenagers.

1:00p
Welk Resort Theatre,Escondido,CA

 

2. Monday, January 16- Whale Watching
 
Join Scripps naturalists and Flagship Cruises & Events for our 12th season of whale watching as we venture out for twice-daily cruises to locate gray whales on their round-trip migration from their Alaska feeding grounds to Baja California.
9:45 a.m.-1:15 p.m. and 1:30-5 p.m. daily

 

3. Tuesday, January 17- Calzone and Stromboli: the Stuffed Breads of Italy

Join Chef Joy and explore the world of Italy’s stuffed breads, the calzone and stromboli. Read the rest of this entry »

Your Get Out of Jail Free Card for Real Estate

If you miss a mortgage payment, the lender has a right to foreclose — to sell your property and recover the loan amount plus foreclosure costs. However, lenders sometimes prefer to work out matters so that foreclosures can be avoided because a typical foreclosure action results in a $40,000 loss to the loan owner. If you can make up the missing payment and otherwise satisfy the lender it may be possible to avoid foreclosure. Not foreclosing is an act of forbearance.

This post is about not being foreclosed on, especially if you lost your job.

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Tags: Krista Lombardi, San Diego real estate, unemployed homeowners

Top 7 Things To Do In San Diego This Week

All great achievements require time. – Maya Angelou

 

 

 

1. Sunday, January 8- Brunch: Hash House A Go Go

We are not trying to be dramatic when we tell you that the portions at Andy Beardslee’s funky restaurant are in fact monstrously big. Read the rest of this entry »

Top 7 Things To Do In North County This Week

“In a chronically leaking boat, energy devoted to changing vessels is more productive than energy devoted to patching leaks.” -Warren Buffett

 

 

 

1. Sunday, January 8- Rancho Santa Fe Farmer’s Market

Every Sunday the Rancho Santa Fe Farmers Market features a variety of local and sustainable vegetables, herbs, fruits, eggs, breads, flowers, honeys, jams, meats, pasta, cheeses, chocolate and more. Read the rest of this entry »

National Association of Realtors Versus New Housing Tax Legislation

The National Association of Realtors recently reported on legislation signed into law that will be taxing housing to pay for the extension of the payroll tax, and maintain Medicare payments and unemployment benefits.

Despite the Association’s strong opposition to diverting housing resources to pay for non-housing uses which will increase in fees on mortgages and charges for lower downpayment loans are being used to pay for the extensions.

What is unfortunate is that these increases will translate into additional costs for home buyers and sellers, people who already pay a hefty sum of money to buy and sell their homes.

They speculate that this will divert fees needed to minimize the loss of the government-sponsored enterprises and investors.

Tags: Krista Lombardi, national association of realtors, tax legislation