San Diego Real Estate Cafe by Krista Lombardi
Archive for the 'Buyer’s Brew' Category
Top 7 Things To Do In San Diego This Week
Everything in creation has its appointed painter or poet and remains in bondage like the princess in the fairy tale ’til its appropriate liberator comes to set it free. ~Ralph Waldo Emerson
Come see Northparks Art Festival
1. Sunday, May 20- Northpark Festival of The Arts
Come sing, dance and revel in the streets alongside 35,000 people in the historic North Park neighborhood at the 16th Annual North Park Festival of Arts on Sunday, May 20, 2012 from 10:00 AM to 6:00 PM along University Avenue! Read the rest of this entry »
Want to Lower Your Mortgage? Open Your Mail!
As part of a $25 billion settlement agreement between the government and five major banks for fraudulent foreclosures, Bank of America agreed to $11 billion in mortgage principal reductions. In a recent move likely to increase that sum substantially, BofA has announced that it will offer principal reductions to 200,000 homeowners who qualify. Certified letters will be sent to 6,500 BofA customers this week, with additional letters being sent each week until all targeted borrowers have been contacted.
Borrowers who qualify could reduce their principal up to $100,000, bringing their monthly payment to 25 percent of their income. The 200,000 homeowners who receive notification that they are eligible for a reduction in their mortgage principal have been screened for eligibility, but they must qualify under the terms of the offer.
• Borrowers must be 60 days late on their mortgage payments as of Jan. 31, 2012;
• Borrowers must be underwater on their mortgage, meaning that their home is worth less than they owe on their mortgage;
• The mortgage must be owned by Bank of America or serviced by one of its investors.
• Borrowers must respond to the letter, providing proof of sufficient income to be able to make the modified mortgage payment;
• The borrowers’ current payment (before modification) must be more than 25 percent of their gross income, and borrowers are required to prove they cannot afford their current payment. Unemployed homeowners and those with income would likely not be able to provide proof of sufficient income to qualify.
Similar mortgage principal reductions have been supported by the International Monetary Fund and are encouraged in the government’s Home Affordable Modification Program (HAMP), which provides monetary incentives to lenders for each dollar in principal reduced. That incentive has just been extended to Fannie Mae and Freddie Mac via modifications to HAMP; however, Fannie and Freddie have not yet committed to participating in principal reductions. Therefore, Bank of America mortgages which are serviced by Fannie Mae or Freddie Mac are not yet eligible for this round of principal reductions.
The targeted homeowners were chosen by determining their home’s present value and validating that a principal reduction would be less costly to the Bank of America and its investors than foreclosure. The mailings to those 200,000 borrowers will be staggered to enable staff to assist homeowners and process the necessary paperwork — in the meantime, Bank of America has stated that it will suspend all foreclosure actions against those 200,000 borrowers until they have had an opportunity to respond and determine if they qualify.
Bank of America borrowers who receive one of these letters are urged to reply, providing the information requested to determine if they qualify. Failure to respond within the designated timeframe will exempt borrowers from this offer and could result in reinstated foreclosure proceedings.
Bank of America is just one of several banks that have increased their support of reducing mortgage principal as a means of preventing foreclosures. In an another recent move, Bank of America launched a pilot program called Mortgage to Lease, offering select homeowners an opportunity to surrender ownership in a deed in lieu of foreclosure and rent their home back from the bank to prevent foreclosure.
Top 7 Things To Do in San Diego This Week
Don’t ask what the world needs. Ask what makes you come alive, and go do it. Because what the world needs is people who have come alive.
– Howard Thurman
1. Sunday, January 29- San Diego Chinese New Year Food and Cultural Fair
Come celebrate our 30th annual San Diego Chinese New Year Food and Cultural Fair. Read the rest of this entry »
$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 LimitsCheck out your county or Family member size over 4 at:www.calhfa.ca.gov/homeownership/limits/ |
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| Program Sales Price LimitsCheck out your county or fina a targeted area at:www.calhfa.ca.gov/homeownership/limits/ |
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| LTV% | Maximum 3% of sales price or appraised value, whichever is less | |||||||||||||||||||||||||||||||||||||||||
| Lien Position |
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| Term | Term of the first mortgage | |||||||||||||||||||||||||||||||||||||||||
| Credit Score | 640Deferred 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 |
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| 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
Another fresh New Year is here…
Another year to live
To banish worry, doubt, and fear,
To love and laugh and give! ~ William Arthur Ward
1. Sunday, January 1- New Years Day Chili Cook-Off
Spice up the New Year! Bring your best chili recipe to be judged during halftime of the Chargers vs. Raiders game. Read the rest of this entry »
Top 7 Things To Do In San Diego This Week
Your success and happiness lies in you. Resolve to keep happy, and your joy and you shall form an invincible host against difficulties. ~ Hellen Keller
1 Sunday, January 1- Fortune’s 2012 Resolution Party
The last four years our new years guests have experienced something very special with fortune as we have introduced a unique celebration that continued on into january 1st at fortune’s resolution day party. each year this has become more and more of a tradition for san diego’s industry friends and true electronic music fans so we are excited to bring our infamous event back to the ivy rooftop for you again this year!
12:00p
Ivy Rooftop, San Diego,CA
2. Monday, January 2- Movie: Shame
Successful and handsome New Yorker Brandon (Michael Fassbender) seems to live an ordinary life, but he hides a terrible secret behind his mask of normalcy. Read the rest of this entry »
Deal Alert! Mission Hills
We were out looking into some properties that have shown up as great deals in the 92103 Mission Hills area.
This property is not a short sale so you do not have to wait between 3 months to 1 year to hear back from a bank only to realize that they are not interested in your price or terms and ask for money.
Top 7 Things To Do In North County This Week
“There is only one success – to spend your life in your own way.”
- Christopher Morley
1. Sunday, December 18- Santa Clause vs the Martians
Santa Claus kidnapped by Martians! Will the children on Earth have no toys on Christmas day? This kitschy, tongue-in-cheek comedy is based on the cult-classic B film. (La Jolla) JT Premiere “It’s sillier than a series of boxes inside boxes where the smallest one is filled with outer-space killer-clowns.”
2. Monday, December 19- Holly Jolly Holidays
LEGOLAND® California kicks off Holly Jolly Holidays on Nov. 28 when a celebrity guest lights the world’s tallest LEGO® Christmas tree in the annual tree lighting ceremony and continues through Dec. 31 when the season concludes with Kids’ New Year’s Eve. Read the rest of this entry »
Are You Curious About The State Of Your Neighborhood’s Real Estate Maket?
Feds Warn Against Tax Scammers
The Internal Revenue Service is warning Californians about a ring of 
scammers who take advantage of people by posing as tax preparers.
The San Jose Mercury News says the scammers target mainly Asian groups at community centers and churches. They charge up to $200 and offer to help their victims get tax credits through a program that doesn’t exist.
IRS spokesman Jesse Walter says the agency has received hundreds of reports of the scam in recent weeks from San Jose, Oakland, Sacramento, Fresno and other cities.
No arrests have been made yet.
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- Top 7 Things To Do in San Diego This Week
- Top 7 Things To Do In North County This Week
- Want to Lower Your Mortgage? Open Your Mail!
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