FHA Loan

Many people in California wonder how long they need to wait after a foreclosure, short sale, or bankruptcy before they can buy a home again. In this funny phone call parody with Nicolas Cage, he learns exactly what thewaiting periods are before you can buy a house again if you have had a bankruptcy, short sale or foreclosure, and what you should be doing to repair your credit while you are waiting to purchase a home again to make sure that you are ready to get your loan faster. If you’re thinking about owning a home again in San Jose, be sure to call your local San Jose mortgage broker, Rich Iacovetta with RMI Lending.

Want to know when’s the best time to buy a home in California? Here’s why 2012 is the best time to buy a house in San Jose or the bay area. Right before the new year, President Obama signed HR3630, the payroll reduction tax cut bill. The new law will ensure that millions of American’s won’t see a reduction in their paychecks, the jobless won’t see an interruption in their unemployment checks, and medicare doctors will continue to get paid….for the next 2 months. Hey 2012 is beginning to look better already, right? Wrong!
This is all being funded on the backs of the real estate industry. For the next 10 years, new mortgages through Fannie Mae and Freddie Mac will be effected by having an additional 10 “basis points” or the equivilent to an extra $17 per month on a $200k loan, added to them to fund our government’s overspending. Yes you heard right, the agencies that received over 150 billion in bailout money and are still in trouble, are being asked to collect money to pay off this 2 month band-aid. Higher interest rates are coming, so it might be wise to take advantage of these low interest rates you see on your screen. Cause we all know, for the economy to recover, real estate must recover, but the fed seems to keep building barriers to that recovery. Happy New Year from your good old Uncle Sam.

Actor Wesley Snipes already serving 3 years in the big house for tax evasion is now in trouble again. Snipes is being sued by American Express claiming he never paid his credit card bill. Apparently he owes $29k, or the equivilent of the gross of his 2005 movie The Marksman. Yeah, I know he knows karate, but he’s not going anywhere for another year and half. That’s plenty of time for me to move.

According to CNN Money, one in five baby boomer couples have helped their children buy their first home, and more than 68% surveyed expect to provide down payment assistance to their children or grandchildren in the future to help them buy their first home. FHA mortgages are perfect if you are a parent who wants to help their college student or young adult a small condo or their first home. Guidelines allow for the 3.5% downpayment to come in the form of a gift from parents, and with the ability for closing costs to be paid by the seller and or the bank, 2012 may be the best time to buy a first home. Who’s the next person that comes to mind right now that is ready to get their adult children out of their house and into their own? Please forward this video to them, and if you are checking us out for the first time, go ahead and hit the subscribe button and leave us a comment below.

I just read some shocking results of a homebuying survey, and I want to share with you what you should really know about buying a house in San Jose. Real Estate website Zillow just released results of a survey taken by first time homebuyers that revealed some shocking results of how knowledgeable they are about the house buying process. Now all you Realtors watching this, you may want to give your clients some home buying tips that can teach them what to know before buying a house. 47% believed that the home became theirs once everyone signed the purchase contract. and 42% believe that home values are guaranteed to appreciate by about 7% each year, when in reality, in a normal market it’s typically 2-5% each year, and we all know, we are NOT in a normal market right now. 41% of all new homebuyers believe they need to pay for private mortgage insurance, regardless of how much of a downpayment they’re making, when in reality, that’s typically true if you’re putting less than 20% down. And finally 37% of first time homebuyers believe buying homeowner’s insurance is optional. I’m here to tell you it’s not. That’s why every realtor, mortgage broker and insurance agent needs to take time to make sure our clients are aware of what to know when buying a home. If you want to take Zillow’s Buyer IQ test for free, you can click on this link. Buyer IQ test.

The richest man in India, who also is the 9th richest man in the world, had a 27 story, one billion dollar home built in Mumbai for him and 3 members of his family. The house of Mukesh Ambani is complete with 3 helipads and 6 floors of parking, but he’s afraid to move into it because it fails to conform to the architectual principles of vastu shastra (trying saying that 5 times fast), and he believes that moving in will bring bad luck to him and his family. Seriously dude? You’re the ninth richest man in the world, how much more good luck do you need? Superstition aside, he’s got every right to be afraid to occupy the house: it’s a billion-dollar eye-sore in the midst of a country and a city where most of the people are desperately poor. I say, Squatters, pack your bags and enjoy your new home.

The economy picked up during the third quarter as the gross domestic product came in with the largest increase in a year. While this is good news for stocks, it could have an affect on interest rates as money moves out of bonds and into stocks. So take advantage of these still low rates if you’re thinking about buying or refinancing your home. If you liked this video, please leave me a comment below, and click the subscribe button and share it with a friend. Remember to set your clocks back this weekend! I’ll see you next time.