Real Estate Tax Changes | A Look At New Tax Laws

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With all the confusion regarding real estate tax changes and new tax law ( The Tax Cuts and Jobs Act), I wanted to list some of the ways the new laws will affect us with regards to real estate tax changes. These individual provisions are generally effective after December 31, 2017 for the 2018 tax filing year and expire on December 31, 2025.*Not all are real estate tax changes but are worth noting for most taxpayers as they will affect your bottom line. REAL ESTATE TAX CHANGES CAPITAL GAINS With regards to exclusion of gain on the sale of a […]

New FHA Condo Rules

FHA Condo Rules Modified | More condos to be approved for FHA loans

Over the holidays FHA Condo rules were modified! Changes were made to condo policies making it easier for condos to be approved for FHA loans. The main FHA condo rules modified are: •Redefining “owner occupied,” streamlining the recertification process for Condo developments. Properties that aren’t strictly investor properties, such as second homes, will now be included in the percentage of units that are owner-occupied. FHA requires that 50 percent of the units in condo buildings be owner occupied in order to qualify for FHA certification. This means more complexes will qualify for FHA financing! •A streamlined recertification process internally for […]

Email Scams targeting wire transfers in Real Estate Transactions!

Beware of Email Scams targeting wire transfers in Real Estate Transactions Recent reports show that there is an uptick of email scams targeting wire transfers of real estate buyers. Sophisticated criminals are trying to steal money from unsuspecting buyers. Here is how it works: Criminals hack into email accounts of someone involved in your real estate transaction. The criminal then steals information relating to the transaction. The criminals then email unsuspecting buyers from an email that appears to be from an individual legitimately involved in the transaction. These emails inform the buyer there has been a last minute change in […]

Water Leak in your home? 7 Steps to Protect Your Home and Family

Water leak in your Roof? Here are 7 steps to protect your home and family. During the rainy season its important to protect your home from a water leak. As a real estate broker I have seen and experienced many leaks due to damaged roofing that only appears during a constant water source when raining. If you experience flooding here is what you should do. Place large buckets or trashcans to protect the flooring in your home. Dry up the existing water on the floor and place an additional plastic sheet to protect the flooring under your buckets. Poke a […]

CAR Market Forecast 2016

CAR Market Forecast | CAR is predicting a 3.2% market increase in 2016

CAR Market Forecast CAR is predicting a 3.2% market increase in 2016 citing a strong foundation and credit easing as leading factors. Read the whole story here. CAR Market forecast October 8, 2015 C.A.R. releases its 2016 California Housing Market Forecast California home sales to increase slightly, while prices post slowest gain in five years LOS ANGELES (Oct. 8) – California’s housing market will continue to improve into 2016, but a shortage of homes on the market and a crimp in housing affordability also will persist, according to the CALIFORNIA ASSOCIATION OF REALTORS®’ (C.A.R.) “2016 California Housing Market Forecast,” released […]

FHA to reduce Mortgage Insurance Premiums!

FHA has just announced that it will dramatically cut the cost of  mortgage insurance premiums.  Current mortgage insurance premiums are 1.25% of the loan’s value. This amount will be reduced to .85%. This will  result in a savings of about $900 a year for most typical buyers.  It is about a 37% reduction in your mortgage insurance premium. This is a huge savings for your average family but it appears it will only impact new loans. Read below- FHA to reduce mortgage insurance premiums and how this will impact the market in 2015:   From Marketwatch by Steve Goldstein  link […]

Fannie Mae announces 97% LTV Options!

Fannie Mae announces 97% LTV Options For First-Time Home Buyers and Limited Cash-Out Refinance of Fannie Mae Loans   Only 1 buyer needs to be a first time homebuyer. Release of the program is December 13, 2014.   According to consumer research conducted by Fannie Mae, the primary barrier to homeownership for first-time home buyers is saving money for the down payment and closing costs. In support of ongoing efforts to expand access to credit and support sustainable homeownership, Fannie Mae is offering 97% LTV /CLTV/HCLTV financing to help home buyers who would otherwise qualify for a mortgage but may not […]

3% Down Mortgages from Freddie Mac Announced!

3% Down Mortgages from Freddie Mac have been announced! From Freddie Mac Blog December 8, 2014 Today Freddie Mac launched Home Possible AdvantageSM, a new affordable mortgage with a down payment option as low as 3%. Here are the answers to your top questions: Who is this mortgage for? The Home Possible Advantage mortgage is for low and moderate-income borrowers with limited savings, including first-time homebuyers. What do I need to qualify for it? Generally, you need to meet minimum credit requirements, earn no more than 100% of your area median income and have the funds to meet the down payment […]

Home Thermostats Recall due to Fire Hazard!

Home Thermostats Recall due to Fire Hazard! Please check your thermostat to be sure yours is ok after this Home Thermostats Recall from White-Rodgers. From Consumer Product Safety Commission Consumers should check thermostats for battery icon on the left side of the blue lighted screen, if the battery icon is not shown, contact White-Rodgers to receive a free repair or a replacement thermostat. Affected products White-Rodgers 1F8x-04xx digital thermostats Product description This recall involves four models of White-Rodgers digital thermostats. The thermostats are white with blue lighted screens and have one of the following names printed on the front of […]