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The market and the weather is HOT in San Diego - read more about why you should consider selling this summer and have a Happy 4th of July!

As the temperature rises, buyers are coming out ready to purchase their dream homes. The summer is a great time to list your home for sale. Read more HERE!

Luca

Do Homeowners Realize Their Equity Position Has Changed? Yesterday, we reported that according to CoreLogic’s latest Equity Report, nearly 268,000 homeowners regained equity and are no longer underwater on their mortgage in the first quarter. Homes with negative equity have decreased by 21.5% year-over-year.  Read More HERE!

Thinking of Selling? 5 Reasons You Shouldn’t FSBO

In today’s market, with home prices rising and a lack of inventory, some homeowners may consider trying to sell their home on their own, known in the industry as a For Sale by Owner (FSBO). There are several reasons why this might not be a good idea for the vast majority of sellers.  Read more HERE!

Looking to sell? Check out how our teams MEGA Open Houses separate us from the competition in getting your home SOLD!

 

With Interest rates STILL lingering below 4% what are you waiting for to purchase a home? With extremely low rates and prices having stabilized in San Diego this is the perfect storm for any buyer looking to make a move in 2015.


Let me give you a scenario why you should considering buying if you are currently renting;


Let's say you pay $2500- $3000 a month in rent, which is about the average monthly going rent in the San Diego area.
A $500,000 home with a conventional loan and 20% down payment of $100,000 at 4% interest rate = roughly $3600 a month for your mortgage payment, taxes and insurance
Have great credit, and a low debt to income ratio? Then you may even qualify for 5% or 10% down on your conventional loan.
Other loan options include FHA loans which enables you to put just 3.5% down and VA loans with ZERO down.

There are many options today and with low interest rates so there is no time like the present to find out if buying makes the most sense.

Getting pre-approved is fast and EASY and I can help guide you along with my trusted mortgage Broker Mike Lowary who can get you started HERE!

great-time-to-buy

Fannie Mae recently updated its policy related to the minimum waiting periods following a short sale or deed-in-lieu of foreclosure, making it easier for distressed borrowers to re-enter the housing market. Under the revised policy, all loans  with application dates on or after August 16, 2014 may be eligible for  new loan in as little as 4 years instead of the previous wait time of 7 years.

Fannie still requires borrowers to demonstrate that they have re-established credit following a significant derogatory credit event such as a foreclosure, bankruptcy, short sale, or deed-in-lieu of foreclosure.

Check out these San Diego Inventory statistics HERE for the past year -currently inventory is at almost its highest point for the past year - what does this mean for buyers? It means it is a BUYERS market - there are a lot of properties on the market and deals to be made. Interest rates remain extremely low which is also affording buyers more buying power. What are you waiting for?

shutterstock 63620839 LOW PRICES HIGH SALES SEESAW

The following are the estimated times that former home owners must wait to re-qualify for financing after a foreclosure, short sale, deed in lieu, or bankruptcy.

CONVENTIONAL MORTGAGE FROM FREDDIE MAC:

Short sale or deed-in-lieu: 4 years

Foreclosure: 7 years

CONVENTIONAL MORTGAGE FROM FANNIE MAE:

Short sale: 2 years with 20% down

Foreclosure: 7 years

FEDERAL HOUSING ADMINISTRATION ( FHA):

Short sale or foreclosure: 1 to 3 years

DEPARTMENT OF VETERANS AFFAIRS ( VA LOAN):

Short sale or foreclosure: 3 years

JUMBO MORTGAGE:

Short sale or deed -in-lieu: 5 years

Foreclosure: 7 years

Short sales and foreclosure page s