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Thursday, December 18, 2014

New options to buy a home with a small down payment



Guest Blogger: Today's post is written by Sacramento Mortgage Expert, Matt Gouge.  All of his contact info and more can be found at this website: www.mattthemortgageguy.com. Thank you Matt for providing this great info for potential buyers in our Sacramento Real Estate Market.


The 97% LTV Mortgage and why buying a house is not as hard as you may think…


            By MattTheMortgageGuy
Fannie Mae announced last week their new 3% down payment program, joining other government agencies that offer loans with little to no money down…

“Our goal is to help additional qualified borrowers gain access to mortgages,” said Andrew Bon Salle, Fannie Mae Executive Vice President for Single Family Underwriting, Pricing and Capital Markets. “This option alone will not solve all the challenges around access to credit. Our new 97 percent LTV offering is simply one way we are working to remove barriers for creditworthy borrowers to get a mortgage. We are confident that these loans can be good for business and lenders, safe and sound for Fannie Mae and an affordable, responsible option for qualified borrowers.”

There are quite a few misconceptions in mortgage and the one that I have encountered time and again with new buyers is the thought that the purchase of a home requires a large down payment. This is simply not the case and the truth of the matter is that a majority of the loans that are written these days require 5% down or less.

I’m not just talking about the clients who are able to finance with the VA and put 0% down. Nor am I only talking the ones who use FHA and are able to get Down Payment Assistance that pays all but .5% of the down payment.  Securing Conventional financing with a small down payment is an excellent option for many folks and one that is quite common with today’s buyers.

Another misconception is the sentiment that qualifying for a mortgage is impossible. This is simply not the case. Are guidelines stricter than the days of approving folks with no income and no assets for a mortgage they can’t afford?(2003-2006). Of course they are. Are guidelines unreasonably strict and is it hard to get approved for a mortgage? Absolutely not.

As is evidenced by this announcement of a 3% down Fannie product, loan guidelines are softening to adapt to a market where financial institutions see the need to expand their product lines to give opportunity to a wider market. The exciting part for professions like me in the lending industry is that we understand this trend will continue and we know loans will only continue to become more and more accessible in 2015 and 2016. FHA reform and other lending changes are already being discussed so it’s not a matter of if, but rather of when.

If you or someone you know is looking into buying and you want to know all of your options, (Many of which require very little down payment), I encourage you to reach out to a mortgage professional. You may be surprised to learn that you are ready to take that exciting leap of becoming a homeowner.

Connecting people and homes, one loan at a time…
#MattTheMortgageGuy
916-529-7600
NMLS # 1088993














Thanks again Matt for your guest blog post.

Connect with Doug Reynolds Real Estate via FacebookYouTube, and Follow his Blog.

clear skies,
Doug Reynolds
Realtor

916-494-8441


doug.reynolds@BHGhome.com 

         

Tuesday, December 16, 2014

Sacramento Real Estate Market - Tabulation Tuesday SnapShot - 12/16/2014

I'm a stats geek and love analyzing the Sacramento Real Estate market numbers, so...

Every Tuesday i provide a quick snapshot of what's going on with the market.  Call/Email/Text/or leave a comment below if you have any questions or opinions...




ACTIVE Inventory

2,628 available homes on the market
2,720 last week
2,840 two weeks ago
2,952 three weeks ago


PENDING inventory

1,655 homes currently in escrow
1,777 last week
1,781 two weeks ago
1,882 three weeks ago


Median Price of homes sold for the Month

December - Currently: $268,000
November - $265,000
October - $272,000
September - $275,000
August - $270,000



Closings for the month

December - Currently: 569
November - 1,081
October -     1,375
September - 1,396
August   -     1,428


Connect with Doug Reynolds Real Estate via FacebookYouTube, and Follow his Blog.

clear skies,
Doug Reynolds
Realtor

916-494-8441


doug.reynolds@BHGhome.com 

         

Monday, December 15, 2014

Sacramento Real Estate Market update - December 2014

Sacramento
Real Estate Update


December  2014



 ó In November 2014, the median price decreased from $272,000 to $265,000.  The median is 8.2% higher than one year ago.
ó The available housing inventory has been slowly increasing and is up to 2.8 months.  I expect that number to increase more as we continue through the winter.  A “normal” or “balanced market” has been redefined over the past decade and is now considered 3 months.
ó The homes that are priced right, show well and have a high quality marketing plan are still getting sold fairly quick.  However, the properties that are over priced are sitting with little activity until the list price is in line with the true market value.  The overpriced properties are having price reductions to try and get more attention.  The current market is the most “normal/balanced” market we have seen in the Sacramento area in over 10 years.
ó High Demand and Low Supply/Inventory had driven the market prices up in 2013.  The market is finally at a balance and seller’s power of the past 2 years is now equal with the buyers due to the increased inventory of homes for sale.



CONNECT WITH DOUG REYNOLDS REAL ESTATE VIA FACEBOOKYOUTUBE, AND FOLLOW HIS BLOG.



CLEAR SKIES,

DOUG REYNOLDS

REALTOR

916-494-8441



         


JUST SOLD - 2973 Dyer Way, Placerville, CA 95667 - www.SellWithDoug.com - Doug Reynolds Real Estate

Just SOLD!!! 12/12/2014.  Congratulations to my seller client.  She had owned this home and taken wonderful care of it for nearly 10 years.  So happy for her that was a smooth process for everyone involved and was completed in a short time frame.
.


Quiet living at its best, in the beautiful foothills.  This 3 bed, 2.5 bath home is tucked away in the fresh-air community of Swansboro Country.  Featuring a private airport and six lakes for fishing, hiking and swimming. Only a short drive to Lake Tahoe.  A 2.2 acre tree filled lot surrounds this house.  Inside presents an open floorplan with updated kitchen, vaulted ceiling, dual pane windows, ceiling fans and a private master suite.  The other bedrooms have a jack and jill bath.  A comfortable home inside and out with a large back deck and cozy front porch.  An oversized 2 car garage offers lots of storage space for all of your outdoor toys.

Connect with Doug Reynolds Real Estate via FacebookYouTube, and Follow his Blog.

clear skies,

Doug Reynolds

Realtor

916-494-8441



         

Tuesday, December 9, 2014

Sacramento Real Estate Market - Tabulation Tuesday SnapShot - 12/9/2014

I'm a stats geek and love analyzing the Sacramento Real Estate market numbers, so...

Every Tuesday i provide a quick snapshot of what's going on with the market.  Call/Email/Text/or leave a comment below if you have any questions or opinions...





ACTIVE Inventory

2,720 available homes on the market
2,840 last week
2,952 two weeks ago
3,136 three weeks ago


PENDING inventory

1,777 homes currently in escrow
1,781 last week
1,882 two weeks ago
1,830 three weeks ago


Median Price of homes sold for the Month

December - Currently: $275,000
November - $265,000
October - $272,000
September - $275,000
August - $270,000



Closings for the month

December - Currently: 259 
November - 1,087
October -     1,375
September - 1,396
August   -     1,428

Connect with Doug Reynolds Real Estate via FacebookYouTube, and Follow his Blog.

clear skies,
Doug Reynolds
Realtor

916-494-8441


doug.reynolds@BHGhome.com 

         

Tuesday, December 2, 2014

Sacramento Real Estate Market - Tabulation Tuesday SnapShot - 12/2/2014

I'm a stats geek and love analyzing the Sacramento Real Estate market numbers, so...

Every Tuesday i provide a quick snapshot of what's going on with the market.  Call/Email/Text/or leave a comment below if you have any questions or opinions...




ACTIVE Inventory

2,840 available homes on the market
2,952 last week
3,136 two weeks ago
3,210 three weeks ago


PENDING inventory

1,781 homes currently in escrow
1,882 last week
1,830 two weeks ago
1,819 three weeks ago


Median Price of homes sold for the Month

November - Currently at $265,000
October - $272,000
September - $275,000
August - $270,000



Closings for the month

November currently at - 1022
October - 1375
September - 1396
August - 1428

Connect with Doug Reynolds Real Estate via FacebookYouTube, and Follow his Blog.

clear skies,
Doug Reynolds
Realtor

916-494-8441


doug.reynolds@BHGhome.com 

         

Tuesday, November 25, 2014

Sacramento Real Estate Market - Tabulation Tuesday SnapShot - 11/25/2014

I'm a stats geek and love analyzing the Sacramento Real Estate market numbers, so...

Every Tuesday i provide a quick snapshot of what's going on with the market.  Call/Email/Text/or leave a comment below if you have any questions or opinions...



ACTIVE Inventory

2,952 available homes on the market
3,136 last week
3,210 two weeks ago
3,279 three weeks ago


PENDING inventory

1,882 homes currently in escrow
1,830 last week
1,819 two weeks ago
1,776 three weeks ago


Median Price of homes sold for the Month

November - Currently at $267,000
October - $272,000
September - $275,000
August - $270,000



Closings for the month

November currently at - 807
October - 1375
September - 1396
August - 1428





For Additional information:
www.BuyWithDoug.com
Doug Reynolds, Realtor
916.494.8441
doug.reynolds@bhghome.com




Connect with Doug Reynolds Real Estate via FacebookYouTube, and Follow his Blog.

clear skies,

Doug Reynolds

Realtor

916-494-8441