I was recently asked by a client to help find a lender who could offer them a home loan. They are the perfect clients who: own two successful businesses, are willing to put $250K down on a $750K home and have excellent credit. I figured this would be a slam-dunk. The first lender I approached informed me: "Sorry, I can't write them a loan, they are self employed- no more stated income or signature loans." "They are not paying themselves enough salary. It would be easier for me to write a loan for one of their employees." Looking at it... Continue reading

As a buyer- how many times have you walked into a home that was perfect for you, but the carpet was old and you really wanted wood flooring. Or, you already own your home and love everything about it but those darn kitchen countertops. In the past, you would have to take out either a construction loan or a second mortgage to cover the costs. Two loans (possibly held by two different banks) at different interest rates. Whether you’re just buying a home or already own one, this can be a bit of a hassle. The FHA 203(K) Streamline renovation loan may be the solution for your dilemma. A single 30 year fixed rate loan with the home improvements included. Continue reading

The American Recovery and Reinvestment Act of 2009 provided for an $8,000 federal tax credit for first time home buyers (for purposes of this credit, a first time home buyer is defined as anyone who has not owned a home for the past three years). The home has to close escrow before the last day of November 2009. The actual tax credit is equal to 10% of the purchase price with a maximum of $8,000 (which means the home has to have a sell price greater than or equal to $80,000 in value to claim the full credit). There’s been... Continue reading

It's true that I am a buyer's agent and, as the title indicates, it is also true that I do not feel that the First Time Home buyers Tax credit should be extended past December 1st. Here's why. Laurence Yun, the Chief Economist for the National Association of Realtors (NAR), raised the following points (among others) yesterday in his Daily forecast. His comments are in defense of extending the First Time Home buyer Tax credit. Here's some of what he stated: "Home buyers will naturally become hesitant to buy if they view (rightly or wrongly) that home values will continue... Continue reading

I bought my first home long before it ever dawned on me to become a Realtor. At our first meeting, my first Realtor sat me down in a conference room and grilled me mercilessly for about an hour to determine my wants and desires in a home. She then brought in a copy of the “Book”. It contained information on all of the properties that were for sale in the general vicinity of her office. With great patience she guided me in reviewing all of the homes that fell within my limited budget. I recall that there were very few... Continue reading