Santa Clarita Valley Real Estate

CalHFA offering 30-year, fixed rate first-time home buyer loans The California Housing Finance Agency (CalHFA) recently announced it is offering Cal30, a fixed rate, 30-year loan with up to 95 percent financing. This new loan program is available for eligible first-time home buyers. In addition to the Cal30 program, CalHFA also offers the California Homebuyer’s Downpayment Assistance Program, which can provide loans of up to 3 percent of a home’s value to assist with down payments and closing costs; the School Facility Fee Down Payment Assistance Program, which provides conditional grants to buyers of newly constructed homes for down payments, closing costs, upgrades, or other costs associated with the first mortgage loan; and the Affordable Housing Partnership Program, a joint effort between CalHFA and more than 300 cities, counties, redevelopment agencies, housing authorities and nonprofit housing organizations to assist with down payments and closing costs. More info

Down Market Offers Ideal Opportunity for Homeowners Looking to Move Up According to Jim Weichert, many current homeowners mistakenly think it's not a good time to buy because they are focused on what they might have sold their home for in the past. Once they realize how beneficial it can be to trade up now, both financially and personally, they often have a change of heart. Take for example, a homeowner who paid $300,000 for a home several years ago. If prices in their market declined by 25 percent, they would experience a $75,000 loss upon the sale of their home. However, if they are also buying a larger home that had cost $600,000, they would now benefit from a $150,000 savings on their purchase. This is a $75,000 gain in overall equity as a result of moving up. In addition, when prices begin to rise, this trade-up buyer will see greater appreciation in their new home than their previous one. With home affordability near record highs, those looking to move up can get more for the

Today I would like to try to save you and your friends some cash on your next property tax bill. If you currently don't own real estate please feel free to forward this email to your friends and family that may benefit from Prop 8. Proposition 8 – What is it? Will it save you money? In 1978, California voters passed Proposition 8, a constitutional amendment that allows a temporary reduction in assessed value when a property suffers a “decline-in-value.” A decline-in-value occurs when the current market value of your property is less than the current assessed value as of January 1. If you purchase d your home or investment property during or after 2003 your current assess ed value may qualify for a reduction. Spring is the time to utilize Prop 8 and start saving money on your property taxes! One client I counseled recently will save over $135.00 per month on their property taxes. You can save about 1.25% for each dollar of reduced assessment. For example if your property ass

Valuable information to for buyers and sellers. Homeownership has many advantages, including tax benefits and the ability to build equity. And now, current market conditions make purchasing a home an even more attractive option than ever before. In fact, a report earlier this week showed that the National Association of Realtors' Housing Affordability Index rose in April to the second highest monthly reading on record. That means homes are more affordable now than at almost any other time. What's more, the limited-time $8,000 first-time buyer tax credit makes purchasing a home an even better deal. Those considering a move from renter to homeowner should keep these factors in mind: Length of ownership : How long do you plan to own your new home? Because of the costs associated with a home purchase, buying now could be a great choice if you plan to own the home for at least five years. Cost: How much should you spend? Contact a mortgage professional to fi

First time home buyer is one who has not owned a home in three years or more... U.S. Dept. of Housing and Urban Development (HUD) Secretary Shaun Donovan recently announced that the Federal Housing Administration (FHA) will allow home buyers to apply the administration's new $8,000 first-time home buyer tax credit toward the purchase costs of a FHA-insured home. The American Recovery and Reinvestment Act of 2009 offers home buyers a tax credit of up to $8,000 for purchasing their first home. Families can only access this credit after filing their tax returns with the IRS. Home buyers using FHA-approved lenders can apply the tax credit to their down payment in excess of 3.5 percent of appraised value or their closing costs, which can help achieve a lower interest rate. Currently, borrowers applying for an FHA-insured mortgage are required to make a minimum 3.5 percent down payment on the purchase of their home. Current law does not permit approved lenders to monetize the

Don't Let This Opportunity Slip By! I've talked about this before, but I have now had the opportunity to participate in o ne. I am talking about the Making Home Affordable Program . This program is designed for borrowers who are upside down on their homes, have a higher interest rate than today's low rates or have an adjustable or intermediate ARM that will be adjusting soon. If your loan is owned by Fannie Mae or Freddie Mac, you've had no 30 day lates on your mortgage in the last 12 months, and your 1st mortgage is not greater than 105% of the current appraised value, you most likely will be eligible to par ticipate in this program. It typically doesn't require income or asset documentation if it is owned by Freddie Mac, but does if it is owned by Fannie Mae. The following lin ks will help you or someone you know determine if their loan is owned by Fannie or Freddie: Fannie: http://loanlookup.fanniemae.com/loanlookup/ Freddie: https:

Last month Pending US home sales skyrocketed to their highest number in 7 years, a sure sign that the bottom is forming and that bargain seekers have arrived. The National Association of Realtors reported that its seasonally adjusted index of sales contracts signed (the Pending Home Sales Index) jumped 6.7% to 90.3, well ahead of analysts' expectations. Lawrence Yun, NAR chief economist, said buyers have responded to favorable market conditions. "Housing affordability conditions have been at historic highs, but now the $8,000 first-time buyer tax credit is beginning to impact the market," he said. "Since first-time buyers must finalize their purchase by November 30 to get the credit, we expect greater activity in the months ahead, and that should spark more sales by repeat buyers." Santa Clarita Home Value Santa Clarita CA Real Estate Agent | Santa Clarita CA Homes for Sale Weichert, Realtors - Hoshaw & Associates David Hoshaw, Broker, CRS, GRI, e-P

$8,000 for first-time home buyers.(if you have not owned a home for three years or more) The first time buyer tax credit currently scheduled to end Dec 1, 2009 Home buyers could receive the tax credit from the Internal Revenue Service (IRS) only after the tax season or filing an amended return. To provide more incentives for first time home buyers, the Department of Housing and Urban Development has unveiled a policy change which will provide the tax credit up-front. According to the new policy, borrowers who avail mortgages from Federal Housing Administration (FHA) approved lenders can get advances from lenders in order to meet costs associated with home purchase. This will enable borrowers to receive the tax credit in advance, so they don't have to wait to get the money from the IRS. However, the advance from the lender cannot be used for the 3.5% down payment that borrowers have to make for FHA loans. A typical loan has $6,000 to $8,000 in closing costs, title insurance, and oth