Corona California Homes and More!

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 ...

Starting July 30, 2009, if the APR on an initial Good Faith Estimate is no longer accurate (within a 0.125% range) at close of escrow, a lender must generally provide a residential borrower with a new disclosure and a three-day right to rescind before consummating the loan. REALTORS(R) are forewarned that, because of this new three-day waiting ...

CNN is searching for a bottom in the housing market With consumer confidence rising in May to its highest level in eight months, housing starts increasing more than 17 percent in May compared with the previous month, and sales of existing homes climbing 2.9 percent in April nationwide, it appears that the housing market may be stabilizing. So ...

Recent news headlines have caused confusion by mischaracterizing the new California Foreclosure Prevention Act as a 90-day moratorium and incorrectly stating that the lender must modify delinquent loans before it begins foreclosure. In reality, the foreclosure process for certain owner-occupied residential first trust deeds has been extended by 90 ...

Did you know the Obama administration, through the Making Home Affordable program, is giving lenders and loan providers an incentive of up to $1,000 for each completed short sale? This is in addition to $1,000 to share the cost of paying any second-mortgage lenders to release their claim on the property. These incentives offered by the ...

Pending US Home Sales Surge Pending US home sales skyrocketed to their highest number in 7 years, a sure sign that the bottom is forming and that bargain seekers have arrived.  The National Association of Realtors reported that its seasonally adjusted index of sales contracts signed (the Pending Home Sales Index) jumped 6.7% to 90.3, well ...

So we had the joy of sitting with a really great couple over the weekend. This husband and wife were reviewing an offer that came in over the weekend on the home we are selling for them. We got to the part about the buyers loan, and they were really surprised how easy it was for this first time home buyer to finance their home. The buyer is ...

CALIFORNIA HOMEOWNERS ARE BEING TARGETED BY CON ARTISTS OFFERING FORECLOSURE ASSISTANCE The U.S. Department of Housing and Urban Development (HUD) has issued a warning that California homeowners are increasingly becoming the target of con artists trying to loot families of their bank accounts with phony promises to avoid foreclosure. HUD ...

Freddie Mac says housing sales are near bottom Frank Nothaft, chief economist of Freddie Mac, said on Saturday that housing sales are nearing a bottom, with foreclosures accounting for a third of all sales.  But you knew there's a "but" coming, right?  Yup...Nothaft added that unemployment and house price declines will ...

An estimated 36,215 new and existing homes and condos sold in California last month, a 23.9% month-on-month increase from February and 47.4% year-on-year increase from March 08, according to a report published Thursday by San Diego-based MDA DataQuick Information Systems. March marked the ninth consecutive month of year-over-year sales ...