You can Receive up to $250 rebate when you order an Energy Audit!

This is a unique opportunity if you plan to purchase a home in the near future! This program will benefit anyone who purchases a home that may be older and less energy efficient. If you conduct an (HERS) energy audit within 60 days from your purchase, you can receive up to $250 in rebate for the audit cost. HERS energy audits can be costly, but worthwhile and receiving this rebate may make it even more worthwhile for you to do. Contact me for more information about this program. Enjoy! Crista J


C.A.R. offers new REALTOR® Energy Audit Program
C.A.R.’s Housing Affordability Fund (HAF) has launched the California REALTOR®’s Energy Audit Program (R.E.A.P.), a new program that provides rebates of up to $250 on Home Energy Rating System (HERS) home energy audits conducted by certified HERS raters. Home energy audits help homeowners identify improvements they can make to their home to reduce their monthly utility bills.

To qualify for the program, homeowners must:

• Purchase a single-family home in California between Oct. 1, 2010 and Dec. 31, 2011
• Use the home as a primary residence
• Conduct a HERS home energy audit of the home prior to close of escrow (as part of the Energy Efficient Mortgage*) or not later than 60 days after escrow
• Use a California REALTOR® in the transaction (referrals do not qualify)

Homeowners can apply for R.E.A.P. by requesting an application from their California REALTOR®.

*Energy Efficient Mortgage provides additional financing for energy upgrades to a home. Contact lender for details

Is now the time to Refinance? Read this excerpt from an LA Times article

This excerpt was compiled from the California Association Market Matters newsletter and is taking from an LA Times article. It's definitely worth a quick read! And if you more detail see the link at the bottom. Enjoy. Crista :)

Refinancing now could be better than waiting for mortgage rates to drop further



Mortgage rates on 30-year, fixed rate loans are hovering near the lowest level on record since 1951. While some home buyers are putting their home purchases on hold hoping rates will go even lower, many industry experts are advising homeowners with rates in the upper 4 percent range to refinance.


MAKING SENSE OF THE STORY FOR CONSUMERS

Homeowners with rates in the upper four percent range are likely to benefit from refinancing, according to Peter Ogilvie, president of First Residential Mortgage Corp. in Santa Cruz, Calif. He says refinancing to a lower rate often produces monthly savings, as long as the borrower can qualify under today’s industry credit guidelines and loan-to-value underwriting standards.

Some homeowners also may be good candidates for no-cost refinancing, where the title, escrow, and lender closing charges either are added to the mortgage principal balance or paid for over time with a slightly higher rate. The upsides to this option are reduced monthly payments, improved cash flow, and no outset of dollars at settlement.


Borrowers who want to become debt-free faster and can afford it, ought to consider refinancing out of a 30-year term loan into a 15-year term. Fifteen-year mortgages carry lower rates than 30-year loans, but their faster amortization schedules require higher monthly payments.


When considering whether refinancing is the best option, consumers are advised to take into account all of the fees associated with the refinance and decide if the money saved is worth the cost of the refinance.


Read the full story.

http://www.latimes.com/business/realestate/la-fi-harney-20101114,0,6276584.story

What do Banks Really want to Know about Condos Prior to Approving a Loan?

Buying a condo now-a-days can be challenging. Why? Because lenders may not loan money to borrowers on just any condo complex. They have to be financially solid and free of litigation. I am in escrow on a condo in Oceanside where the complex has some pending litigation. At first we thought there wasn't a chance to get a loan approved for a buyer, but then after snooping around the internet about the case, I found out there was a recent decision on one of the cases! That was good news. So, we went for it.

What is interesting is that what became a deal maker or breaker was the decision from the lender to approve the complex. The lender ordered what is a called Condo Cert from the property management company for the HOA to make a decision on if they want to approve a loan. I had an opportunity to see the completed Condo Cert and thought it was very interesting and wanted to share it with you.

Here are the key questions that the lender asked:

- Is the project complete or are there additional phases to build out?
- is the project a condo conversion?
- Date when the builder transferred control of the HOA to the owners
- Date when the condos were first offered for sale
- Total number of units
- Number of units currently in escrow
- Homeowner occupancy statistics
- Number of sales in the last 90 days
- How many units are dellinquent in paying their HOA dues?
- Are there any pending special assessments?
- Is the HOA involved in any pending litigation?
- Does the project has sufficient reserve dunds to pay for maintenance?
- Are there any special restrictions such as age restrictions?
- Are there amenities or facilities owned by the HOA?
- Who takes over HOA delinquent dues if a home is lost in foreclosure?
- Does the project rent on a daily, weekly, or monthly basis?
- Does the HOA has insurance?

These are the main questions that is asked of the HOA. There were a few more. But, you can see how carefully they evaluated this condo complex prior to approving it for a loan. If you are in the market for a condo, keep these questions in mind before you get your heart set on a home in a complex that may not be approvable.

You can ask you real estate agent if there have been other condos recently sold in that complex that have a loan associated with it. This will be a fast and easy indication of the chances of your loan being approved. If you have additional questions about condo certs or want information about a particular complex please give me a call. Thanks, Crista :)

Streamline FHA Refinance option!

Dear Crista McClure-Swan,




I received the following email from an associate mortgage consultant and thought I would pass this along. If you already own a home, have an FHA loan, and are interested in lower your interest rate, this program may be perfect for you. Please read the following and contact the mortgage consultant directly if you have questions. Thanks, Crista :)






FHA - VA Streamline ALERT!!!


Hi, it's me Brian the Home Loan Guy.


I wanted to send you this EMAIL ALERT to let you know that the FHA - VA Streamline loan program has hit a record low of 4.50% on the 30 Year Fixed and 4.25% on the 15 Year Fixed programs!


For those of you who do not know what the FHA - VA Streamline loan program is, I will tell you. This is a loan program that allows people who currently have an FHA or VA loan to refinance at market rates regardless of their appraised value! That means if you sold someone a home a year or 2 years ago and they have an FHA or VA loan, they have a chance to refinance their mortgage and reduce their monthly payment even if they are upside down.


Qualifying for this program is super simple too! Minimum qualifications consist of the following:


* Minimum required credit score of 640.
* Reducing their overall monthly payment by 5% or more.
* Having been in their current loan for a minimum of 6 months with no missed payments.


If you or anyone you know has an FHA or VA loan with an interest rate of 4.875% or higher, that fits into the criteria above please call me. I can help reduce their interest rate and monthly payment with no headaches or hassles. A Typical Streamline Refi only takes about 2 to 3 weeks to complete, it's that easy!


As always, I am here to help in any way that I can. Please feel free to pass this email along to anyone you know who may benefit from this loan program, thank you!


Brian Beres


Mortgage Consultant


(951) 639-3733 CA. direct


(702) 207-2283 NV. direct


(702) 528-1925 cell


(702) 940-9862 fax


bberes@beresconsulting.com