Market Update : Real Estate

It Is Getting Harder to Buy a House

Liane Thomas — Tue, 08 Dec 2009 15:59:00 GMT

FHA to toughen rules for borrowers

The Federal Housing Administration (FHA) is proposing raising minimum credit scores for borrowers who receive FHA-backed mortgages, increasing down payment requirements, and limiting the amount of money sellers can provide toward closing costs. The proposed changes are part of an effort to shore up the agency's finances, which have been hit with rising defaults to its mortgage insurance program.

So what does this mean to you?

Historically, the FHA has played a critical role in propping up the housing market by insuring lenders against default after the mortgage market failed. Currently, the agency guarantees approximately 30 percent of all home loans and 20 percent of refinancings. In the past, the FHA has resisted raising down payments or insurance premiums, fearing it would be shutting out qualified borrowers and stunting the housing market's recovery.

The FHA is hoping that the proposed changes, including requiring that borrowers bring more cash to the closing table, will ensure that borrowers are less likely to default on their loans. Officials at FHA have yet to determine how much cash will be required.

Up-front cash can include down payments as well as other payments. Currently, FHA borrowers can put down as little as 3.5 percent. One lawmaker has introduced legislation that would require FHA borrowers to put down a minimum of 5 percent. The agency also currently allows sellers to provide up to 6 percent of the home's value toward closing costs or down payments. Secretary of Housing and Urban Development (HUD) Shaun Donovan has said he wants the maximum permissible level to be lowered to 3 percent, in line with industry norms.

The FHA has decided "for the time being" to raise its minimum credit score requirements for new borrowers. The new requirements have yet to be determined. Presently, borrowers with credit scores as low as 500 may qualify for an FHA loan.

So if you are thinking about buying a home in 12-18 months, and you plan on using an FHA loan, you might want to consider moving that plan up and buying sooner rather than later. It may cost you a lot more next year.

Brought to you by:

Liane Thomas, REALTOR®
The Thomas Group, Keller Williams Realty
1860 Compton Avenue
Corona, Ca 92881
Serving Corona, Norco, Riverside, and Surrounding Communities
951.454.3805
www.AllCoronaHomes.com

Rent/Lease Reduced on 1 Torrigiani Aisle in Westpark, Irvine

Liane Thomas — Tue, 01 Dec 2009 20:17:00 GMT

Westpark, Irvine - Announcing a rent/lease reduction on 1 Torrigiani Aisle, a 1,320 sq. ft., 3 bath, 2 bdrm townhouse. Now $2,050 USD Monthly - Affordable Luxury! Available NOW! Call today to live in a resort like community central to everything Orange County has to offer!

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Standard Sale in Cypress, Ca! Big 2 BR Townhome with Den, Garage, and more!

Liane Thomas — Mon, 23 Nov 2009 19:14:00 GMT

We are please to announce the listing of this beautiful townhome in Cyrpress, Ca. Great location, and in the Los Alamitos School District, too. Features 2 bedrooms, plus a den, 1.5 baths, an oversized one car garage, a low tax rate, and low association fees.

Please view the tour and call to schedule your private showing!

Brought to you by:

Liane Thomas, REALTOR®, CDPE©

The Thomas Group, Keller Williams Realty

Serving Corona, Norco, Riverside, and surrounding communities

(951) 454-3805

www.AllCoronaHomes.com

www.FreeNorcoHomeSearch.com

www.FreeRiversideHomeSearch.com

Ca DRE #01704162

Open House in Cypress on Saturday

Liane Thomas — Fri, 13 Nov 2009 23:12:00 GMT

Cypress, Orange County - We invite everyone to visit our open house at 4008 Bryant Court on November 14 from 12:15 PM to 3:00 PM.

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Townhouse For Sale in Cypress

Liane Thomas — Fri, 13 Nov 2009 23:03:00 GMT

• 1,031 sq. ft., 2 bath, 2 bdrm townhouse - MLS® $290,000 - Standard Sale!

Cypress, Orange County - Cute townhome in Cypress, in the highly desirable Los Alamitos School District. Walking distance to schools and shopping. You'll love the large living room with newer wood floors. The kitchen has newer cabinets and countertops. The downstairs den (could easily be converted to a 3rd bedroom) has a private 1/2 bath and slider doors out to the private patio. The master bedroom features a private patio, too. Recently remodeled with newer carpet, steel front door, and dual paned windows and slider door. The full bath upstairs has tile floor and a newer vanity and sink. Nice community with greenbelts, tot lot, pool, and spa. One car garage and one parking space included! Plan your visit today!

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Townhouse For Rent/Lease in Westpark, Irvine Ca

Liane Thomas — Fri, 13 Nov 2009 22:56:00 GMT

• 1,320 sq. ft., 3 bath, 2 bdrm townhouse - $2,195 USD Monthly - Affordable Luxury!

Westpark, Irvine - Luxury Living in Irvine! Beautiful townhouse in gated community of Corte Bella. Close to freeways, airport, and shopping. 2 Bed/2.5 Bath. Second Bedrm is mini-master suite. Townhouse is extremely upgraded granite countertops thruout, S/S appl, Security system, wood shutters, indoor laundry, 2 car attached garage w/built in cabinets, upgraded flooring. Fireplace and Balcony off living room, perfect for outdoor dining. Refrigerator, washer, dryer included. Community offers pool, spa, and parks. Available 12/5/09.

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2 Story For Sale in Sierra del Oro

Liane Thomas — Sun, 08 Nov 2009 20:15:00 GMT

• 3,031 sq. ft., 3 bath, 5 bdrm 2 story - $550,000 - Priced To Sell Fast!

Sierra del Oro, Corona - Luxury Living Orange County Close! You must see this highly upgraded Sierra del Oro, Corona Pool Home! The elegance starts at the gated courtyard entrance, and continues to the 3 sided slate fireplace, the granite in the kitchen, and to the romantic master suite. Newer stainless steel appliances including a double oven, and 5 burner gas cook top. You will love the low maintenance landscaping, and the inviting rock pool and spa. This is a standard sale, no long waits for banks. You'll save money too, with low tax rate, and no HOA fees. Commuter close to Orange County, and close to great schools, shopping center, and so much more. Call to see this beauty today!

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Big 4 Bedroom Home For Sale in South Corona

Liane Thomas — Sun, 08 Nov 2009 19:56:00 GMT

• 3,486 sq. ft., 3 bath, 4 bdrm single story - $649,000 - Standard Sale!

South Corona, Corona - Visit me first. Stunning South Corona Pool Home! Standard sale, no long waits! This beautiful 4 bedroom, 3 bath home is on one of the largest lots in the tract! Granite in the kitchen, honey maple cabinets, city lights view, and a 4 car garage, too. Romantic master suite has private bath with separate oval tub and shower. Highly upgraded, including a whole house fan, and insulated, drive thru garage. Fenced yard, fully landscaped, with a sparkling rock pool. Commuter close to freeway and shopping. Plan your visit today.

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Open House ~ Executive Home in Mockingbird Canyon, Riverside, on Sunday

Liane Thomas — Wed, 04 Nov 2009 23:24:00 GMT

Riverside County, California - We invite everyone to visit our open house at 14957 Old Grove Road on November 8 from 10:00 AM to 1:00 PM.

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Welcome to Paradise! Executive Home for Sale in South Corona

Liane Thomas — Tue, 03 Nov 2009 23:29:00 GMT

Executive Home, Private Paradise!

• 5,941 sq. ft., 5 bath, 5 bdrm 2 story - $1,500,000 - Not A Short Sale!

South Corona, Corona - Welcome to Paradise! Private & Elegant Estate in Crown Ranch, The Premier Destination in Corona. Orange Country Close, You Will Live in Grandeur!. HIghly Upgraded Home, Seller Spent Over $700,000 in the Backyard Alone! Upon Entrance, You Will Be Greeted With Slate and Granite Flooring, Soaring Ceilings and a Romantic Wrought Iron Spiral Staircase That Will Take Your Breath Away. Cherry Cabinets and Granite Counters Await You In The Kitchen Along With Impressive Crown Molding Throughout. An Extensive Media Center With Surround Sound is Both Inside and Out, Ideal For Socializing. This Home Has Four Fireplaces To Create The Perfect Mood No Matter Where You Roam. For The Ultimate Luxury, Try a Massage From Your Own Personal Masseuse In Your Private Retreat Off the Master Suite. Impress Your Friends As You Entertain Them With Your Gorgeous Pool/Spa and Built In Bar-B-Que. And For The Sports Enthusiast, A Full Soccer Court Awaits You. Perfect Location, Private Cul de Sac. Motivated Seller Says Bring Your Offer Today!

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12843 Prairie Circle in Eastvale Corona is Sold!

Liane Thomas — Fri, 23 Oct 2009 19:47:00 GMT

Eastvale, Corona - The single story at 12843 Prairie Circle has been sold. If you have a house to sell, call the team that can get the job done! Short sales are welcome!

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Liane Thomas,
Keller Williams Realty, The Thomas Group
www.AllCoronaHomes.com
951 454-3805
dre #01704162

5155 Via Mariposa in Yorba Linda, (Travis Ranch) is Sold!

Liane Thomas — Fri, 23 Oct 2009 19:45:00 GMT

Travis Ranch, Yorba Linda - The pool home at 5155 Via Mariposa, Yorba Linda, has been sold. If you are thinking of selling your home, now is the time! Short Sales Welcome!

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Newer 3 Bedroom Home For Sale in Central Riverside ~ Gated Community

Liane Thomas — Mon, 28 Sep 2009 23:48:00 GMT

Short Sale

• 1,666 sq. ft., 3 bath, 3 bdrm 2 story - MLS® $150,000 - Nice Price!

Central Riverside, Riverside - Beautiful, nearly new KB home in gated community. Light and bright open floor plan with many upgrades. Large kitchen with granite counter tops, upgraded cabinets, and tile floor. Upstairs you'll find a grand master suite with a private bath including dual sinks, jetted tub and separate shower. Spacious secondary bedrooms. Upgraded carpet, ceramic tile, and window blinds. Well kept community has pool, spa, clubhouse, parks, BBQ area, and tot lot. Commuter close to the 60, 10, and 215 freeways. Also minutes from UCR. Plan your visit today!

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Open House in Riverside County on Sunday

Liane Thomas — Mon, 28 Sep 2009 22:42:00 GMT

Riverside County, California - We invite everyone to visit our open house at 14957 Old Grove Road on October 4 from 1:00 PM to 4:00 PM.

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8687 Chifney Lane in Riverside County is Sold!

Liane Thomas — Sat, 26 Sep 2009 15:57:00 GMT

Riverside County, California - Thomas Realty Group has sold the single story at 8687 Chifney Lane for 96% of asking price with a record breaking 12 day escrow. Congratulations to our happy seller and happy new homeowner. If you need to sell your home, we'd like to help you, too.Short sales welcome.

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