Santa Clarita's Real Estate Lender: August 2010

FHA Mortgage Insurance Change Increase Monthly Payments

0 comments • Keith & Jason Renno • August 26 2010 08:02PM

Santa Clarita Real Estate| Why Buy Now?

 Industry Insider

According to a recent survey commissioned by Move Inc., 23% of adults plan to purchase a home in the next five years and 53.5% of them happen to be first-time homebuyers. If you have potential homebuyers who are sitting on the fence thinking about purchasing a house, here are some talking points you can share with them.

Lower property values are making homeownership more attractive than renting in many markets throughout the country. Paying for a mortgage is now less expensive than renting in many large metropolitan areas, including Miami, Las Vegas, Phoenix and Washington, D.C., as well as smaller cities like San Antonio and Fresno, California.

For full aritcle click here www.SCVrealestateBOX.com

2 comments • Keith & Jason Renno • August 11 2010 11:03AM

Historic Low Mortgage Rates for Santa Clarita, CA

1 comment • Keith & Jason Renno • August 05 2010 11:27AM

Santa Clarita's Mortgage Knowledge Builder

Knowledge Builder

Making Good Use of Renovation Loans

When showing your clients a home that needs repair, give them some information on our Federal Housing Administration (FHA) 203K renovation loans. These loans are perfect for a bargain hunter who has spotted a fixer-upper or a foreclosure in need of immediate repair, or a client who has found a home that would be ideal if only there were a third bedroom and a second bathroom.

Our renovation loans provide the money to both purchase the home and finance the homeís renovation. With one loan, there is only one application, one set of fees, one closing and one monthly payment. At closing, the house is paid for, and the repair money is put into a trustee account for disbursement as repairs are completed. Improvements can include anything that adds value to the home, such as a room addition, new carpeting, landscaping, plumbing, roofing or a new kitchen. The loan can also be used for energy-efficiency improvements that qualify for tax credits* under the new stimulus package.

Another great advantage of a renovation loan is that it provides borrowers a loan based on the increased property value after renovation. But that's not the only financial upside. The required down payment on a renovation loan can be as low as 3.5%. As a tax deductible first mortgage, the renovation loan will usually feature a lower interest rate than a second mortgage and improvement costs can be spread over the term of the loan. The loan can also provide financing for up to six months of mortgage payments if the house is not occupied during construction.

Just knowing about our renovation loans may make the vital difference to motivate buyers to purchase. Give me a call today to learn more about how I can advise your clients on the right loan for their needs!

*Always consult your tax advisor for tax information and advice.

0 comments • Keith & Jason Renno • August 02 2010 11:25AM