Help for mortgage seekers who don’t fit the mold

Help for Homebuyers who don’t conform to the current lending climate.

Due to the impact of federal rule changes, it can be difficult for potential homeowners to qualify for a
mortgage if they don’t conform to all the underwriting mandates on credit, income, debt-to-income ratio
and other criteria. To service these buyers, a new segment of the mortgage market has begun taking
shape: “non-Qualified Mortgage” or non-QM lending. Interest rates are typically higher.

Read the full story at:

http://www.latimes.com/business/realestate/la-fi-harney-20141005-story.html

Are You Pre Approved For Your Purchase Loan? Avoid These Mistakes.

6 things home buyers should avoid doing once they are preapproved for a mortgage
Source: Inman News

In order to keep your loan closing as smooth and hassle-free as possible, there are some simple steps to follow so there are no surprises while waiting for final approval. It’s important to remember that obtaining a home loan is a very interactive process, so avoid common pitfalls, like changing bank accounts or applying for new credit.

Read the full story

http://www.inman.com/next/the-dos-and-donts-of-the-home-loan-closing-process/

July Real Estate Market Update for the Bay Area

MLSListings Real Estate & Housing Update: July 2014

(Monterey, San Benito, San Mateo, Santa Clara, and Santa Cruz Counties)

Silicon Valley Sales, Median Price, Is It 2007? Deja Vu?

The year 2007 was pivotal for northern California real estate. It was the towering high before the slump. When reviewing the long-term trend for the number of single family sales and median price, our analysts noticed that the counties reported (Monterey, San Benito, San Mateo, Santa Clara and Santa Cruz) have virtually reached the same levels as 2007. In fact, every county reported has surpassed 2007 levels for numbers of single family sales. Median Price for all counties combined including condos and townhomes has almost reached the 2007 high.

The story is different when we compared July 2014 to July 2013. Sales in July 2014 remained flat in San Mateo and San Benito Counties, while they dropped 6% in Monterey County, 4% in Santa Cruz County, and were down 2% in Santa Clara County.

For the same time period single family median price levels remained positive in all reported counties. San Mateo County was up24%, Santa Cruz County increased 19%, followed by gains in Monterey County of 7%, San Benito County of 5%, and Santa Clara County grew 3% from one year ago.

For the charts showing all the statistics please click on the link below to see what the market is doing in your area.

For information visit www.MLSListings.com and click on the Media Center.