SSFG: Loans Offered for Condominiums in Litigation
Posted by Russ Schreier | Leave A Comment »
Published by Alex Manessis and Russ Schreier of Samuel Scott Financial Group
If you are looking to purchase a condominium, you probably already know all about the Homeowners Association (HOA), specifically the fees you will be paying and the rules that you will have to follow. What you might not realize is that HOA’s will occasionally find them in litigation. Litigation commonly involves disputes with the original construction company, an owner suing the association; someone gets hurt walking down the stairs, or any other of the numerous possible reasons.
What does this mean to a potential owner who has his or her heart set on buying in a specific condominium complex? Most home loans, including those for condominiums, are sold by the lender who made the loan to one of the government sponsored enterprises (GSEs), specifically Fannie Mae, Freddie Mac, and Ginnie Mae. The GSE’s package loans into various ‘pools’ and sell them to various investors. There are certain guidelines a condominium must follow for a GSE to approve the property including the HOA to not be in litigation.
The good news is that Samuel Scott Financial Group has a program available that will allow potential owners who are looking to buy a condominium with an HOA that is in the process of litigation. This program makes available up to $625,000 for potential borrowers, depending on the Loan to Value that is to be received (LTV). A minimum credit score of 620 to 660 is required if the condo is to be your primary residence and 660-700 minimum to qualify for financing on second or investment homes. This program also includes refinancing, so if you are currently an owner in a non approved condominium, you still have the opportunity to reduce your monthly payment due to the extremely low interest rates, despite litigation that your HOA may currently be involved in.
If you are interested in purchasing or refinancing a condominium, have more questions about the program offered, please contact a Mortgage Advisor at Samuel Scott Financial Group.
Related Posts: Financial news, Mortgage News
Shattering Several Short Sale Myths
Posted by Katharina Thinnes | Leave A Comment »
No matter what your attitude about San Diego short sales, one thing’s for sure – they’ll be with us awhile. The number of defaults is climbing, expanding the inventory of choice San Diego County properties. And the superb selection means phenomenal bargains for San Diego County homebuyers, and opportunities for owners contemplating short sales.
The team at Homes by Katharina is well on top of the short sale market. In fact, we currently have a bumper crop San Diego County short sales in the works. How successful are we? Homes by Katharina has secured approvals on every short sale we’ve represented.
Now maybe you’re still on the fence regarding San Diego County short sales. You’ve heard all the myths. And they’ve left you stymied. Fear not. We’re going to shatter several of those myths right now so you can make a more informed choice.
The Myths and the Truth
- Banks prefer foreclosure to short sales.
No. Foreclosures actually can be very costly to banks. In California, some lenders might pay owners up to $25,000 to go the short sale route.
- Homeowners require pre-approval to be qualified for a short sale.
Patently false. The vast majority of lenders are wide open
for short sale offers. Of course, each bank likely will have its own process to
follow.
- Short Sales Never Close
Huh? The stats tell a dramatically different story. Almost 50% of all closings fall into the distressed sale category.
Hopefully, these clarifications will help you feel more comfortable about San Diego Couny short sales. After all, there is no reason why a few unsubstantiated rumors should keep you from making the right choice.
If you’re ready to consider the short sale option, Homes by Katharina will be delighted to help. Our experienced team can answer all of your questions and match you with the opportunity that’s right for you. Put our high-impact marketing strategies to work and discover why I sell more homes in your area than any other agent. For your confidential consultation, please contact me at 858.922.7355 or [email protected].
Related Posts: Area Information, Area Statistics, San Diego, Short Sales
Reduced!! $699,000 Shorepointe Elegance in Coastal Carlsbad
Posted by Jeff DeChamplain | Leave A Comment »
Fantastic home on the largest lot in Shorepointe, sits on over 1/3 acre premium lot with only one neighbor and beautiful hillside. This home has a great floor plan featuring a convenient full bedroom and full bath downstairs. The nicely appointed eat-in kitchen has a sunny breakfast area, center island, 5 burner cook top, Maple cabinets and lots of extra cupboard space. Entertain guests in the formal dining room that opens up to a side patio. Enjoy a cozy fire in either the living room or family room and fill the home with your favorite sounds with the built-in home theater speaker system in the living room, family room and backyard, in addition, the family room has built in surround sound speakers. Upstairs has a useful bonus room, laundry room and Master retreat with luxurious bathroom featuring a Roman Soaking Tub, Separate Shower, Dual Sinks and walk in closet with custom built in organizers. It’s the many great details you’ll find throughout, that make this house a home. Now offered at $699,000. Virtual Tour
Related Posts: Carlsbad, Coastal Living, homes for sale, San Diego
Why You Should Plan Ahead for Memorial Day Closings
Posted by Alana Hardy | Leave A Comment »
Memorial Day marks the informal start to summer and a lot of San Diego realtors take the time off for BBQ, friends, and family. So, if you are planning to close on your home at the end of May, plan ahead because the celebratory holiday may delay your closing.
Clients are less actively home shopping on a holiday weekend; mortgage lenders are closed because banks don’t operate on a federal holiday; and, title agents are often away from the office because the former two groups aren’t working. Also, what’s supposed to be a 3-day weekend is actually a 4.5-day one. This is because many people leaving for a Memorial Day vacation will not go to work on the Friday before the holiday, and then getting back into the “work groove” on Tuesday can be a half-day affair.
Therefore, if you’re under contract to buy a home, or to sell one; or if you have a refinance in progress that’s expected to close at month-end, there are some steps you should take to get pro-active with your closing. If you’re going to lose 4-and-a-half days at the end of the month, you’ll want to try to make those days up while the month is still young.
Here are 3 quick tips to speed up your closing and approval:
First, get your homeowners insurance policy picked out. Do your comparison shopping, select an insurer, and then prepay your first year of insurance, effective your closing date. Pay by check and not credit card, if possible, to avoid harming your credit score. Provide your proof of payment to your lender immediately.
Next, if you’re using a Power of Attorney, have your documents signed by all interested parties and submit them to your lender for review. Don’t assume that your attorney’s Power of Attorney documents will be acceptable to a bank — banks require specific verbiage. If the documents are rejected, make the requested fixes and resubmit. Banks do not compromise on Power of Attorney letters.
And, lastly, if you’re accepting gifts or using retirement funds for your down payment, be sure to have your paperwork reviewed and on file with your lender as soon as possible. Do not wait to withdraw funds until just before closing, either. Have everything in the proper checking account at least one week in advance, and ready for your closing. When you’re asked for paperwork, provide it quickly. When you’re asked to sign a document, sign it on the same day. When you’re needed to attend a home inspection or an appraisal, do it during your first available opening.
Just leave as little as possible to the “last minute”, and everything should go well for you to enjoy the long weekend with friends while excitedly anticipating your new home!
Related Posts: San Diego
You’re Invited! Brain Researchers Finally Unlock the Secret Code to “The Money Gene”
Posted by Steve Rodgers | Leave A Comment »
Please join John Assaraf, spiritual entrepreneur and personal friend of Steve Rodgers, in learning how to skyrocket your sales revenue, personal income and wealth!
You will learn how to shatter your mental barriers that can keep you stuck and replacing them with new neutral pathways for massive financial success in your life! Three Empowering Days that will Transform Your Financial Life from Inside Out so YOU can Achieve Your Goals and Dreams
The Neuroscience of Financial Success
June 14, 15 & 16 – San Diego
Benefit from FIVE of the top brain scientists, along with researchers, Business & Money-Making Experts Giving You Specific Training, Sequentially Presented, and In Ever-Increasing Intensity & Focus! There are amazing breakthroughs taking place in neuroscience every day, and having access to this information is crucial to your financial success. Modern Brain Science is successfully identifying neural pathways and regions of our brains that affects every area of our lives.
For the FIRST TIME ever these breakthroughs allow you to recognize, release and replace success-killers with proven financial success generators!
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