Reno Tahoe Real Estate News

Digging yourself out of a mortgage mess

A good article for the Wall Street Journal. Digging yourself out of a mortgage mess.

Foreclosure vs REO

An REO (Real Estate Owned) is a property that goes back to the mortgage company after an unsuccessful foreclosure auction (also known as a Trustee’s Sale). Trustee Sales (often an auctions held on the courthouse steps) begin with a minimum bid that includes the loan balance, any accrued interest, plus attorney’s fees and any costs [...]

How Are Buyers Paying For Homes in Sparks?

Word on the street is that home mortgages are hard to get and that banks aren’t lending.  Certainly lending criteria has gotten more strict, but banks are lending. In Sparks/Spanish Springs since January 1, 2009 here is how buyers purchased their homes: Cash 17.04% Conventional Loans 34.92% FHA 41.99% VA 5.19% Miscellaneous .41% Owner Financing .41 As you can see the majority of buyers [...]

FHA Appraisals – What Buyers Should Know

Beginning April 1, 2009 FHA (Federal Housing Administration) has added to its appraisal guidelines.  With 67% of homes purchased in the Reno-Sparks area in the first quarter of 2009 utilizing FHA financing, there are some key things buyers should know about these changes. FHA appraisers are required to include a Market Conditions Addendum stating whether the [...]

‘Making Home Affordable” (MHA) – To Help 9 Million Refinance or Modify

The Making Home Affordable Plan is part of President Obama’s plan and is projected to help up to 9 million families restructure or refinance their mortgages to avoid foreclosure.  2 of the Key Components: Refinancing for up to 5 million families unable to refi because of falling home values. $75 billion in incentives to loan servicers to provide [...]

IN THE MONEY

What a great time to be in the mortgage business! Are you surprised? There has been a great deal of moaning and groaning by the media about mortgage companies closing, the liquidity crisis, credit standards tightening and property values falling. What does it all mean? How do you, as a seller [...]

In The Money

If you’ve served in the United States Armed Forces, you may qualify for a Veterans Administration Loan, commonly called a VA loan. It’s a fabulous way to finance a home, especially your first home, because you can still get 100% financing – no down payment is required! Although the VA does charge a [...]

In the Money…

Have you ever asked a lender if you can have more money than what the home you’d like to buy is worth?  Did the loan officer laugh?  Not any more – welcome to the FHA 203K Streamline Renovation Loan.  With a 3% down payment – which can be saved by you or gifted by a family [...]

In the Money…

Tumultuous and volatile have been two words that we’ve used a lot to describe the mortgage business and interest rate environment this year, but this past week was fairly calm in comparison, with interest rates varying only by about .25% during the week.  Interest rates are determined by the pricing of mortgage bonds (also called [...]