The Campbell Group Voted As One Of 2008 & 2009 Best In Client Satisfaction!
Posted by Tesha Buchan | Currently 2 Comments »
- Successfully Helped Hundreds of San Diego Clients Achieve Their Real Estate Dreams
- Personalized Service Provided for Every Customer
- First Class Real Estate Service that is Passionate and Thorough
- Excellent Listening, Negotiating and Problem Solving Skills
- Building Strong Lasting Lifelong Relationships
The Campbell Group has successfully helped hundreds of people in San Diego meet their Real Estate goals since 1987. Working hard over the years building a vast knowledge and expertise in the real estate business has enabled them to serve a client base ranging from the first time home buyer to the experienced executive.
Linda Campbell has demonstrated that for every obstacle there is a solution. Real estate is a relationship business and Linda is an expert taking care of her clients. Tesha Buchan brings to the Campbell Group an excellent background in escrow and management. Tesha passionately focuses on serving the best interest of her clients. Along with obtaining his brokers license Steven Campbell’s strong negotiating skills, knowledge of different market areas and business background serves him well with his clients.
The Campbell’s feel that successful Real Estate transactions require clear and consistent communications. They listen, they communicate and they take action. They demonstrate that great deals can be found, but even better deals are carefully negotiated!
Steven & Linda Campbell, Tesha Buchan * Windermere Exclusive Properties
16890 Bernardo Center Drive * San Diego, CA. 92128
619-972-1552 * 858-521-7258 * 858-521-7289
Related Posts: Agent Services, Awards and Recognitions, Buyers, Great Real Estate Deals, Just for Fun, Motivational, Rancho Bernardo, Real Estate News, San Diego, Windermere, Windermere Agents, Windermere Offices, WindermereSanDiego.com
More Foreclosures Coming? How Long Do We Have to Wait?
Posted by Ashley Stuart Puetz | Leave A Comment »
Step back in time with us to the summer of 2008, where consumer confidence was shaky, but solid activity was still occurring in the market place. Short sales were increasing because of risky loans that were given to buyers who had low credit scores and no down payment, and foreclosures started to consume the market place. Foreclosures were overwhelming asset managers and banks were taking back homes in record numbers. We could see the writing on the wall, but we had no idea it would be this serious. In preparation for the tsunami of foreclosures that were sure to come, we joined a financial network that specializes in the REO (bank owned) system to gain as much knowledge as possible to assist our clients in navigating this segment of the market.
Since then, a bustling entry-level market has opened up for first time home buyers, who had been shut out of the market due to higher interest rates and unaffordable property values. In January of 2009, first-time home buyers began to see hope in homeownership. The $8,000 home buyer tax credit gave them a reason to jump off the fence. As more foreclosures and short sales hit the market and property values continued to fall with interest rates as low as 4.5%, first-time homebuyers had a new found confidence around February of 2009. We began working with FHA approved first-time homebuyers for the first time in years. Little did we know what the lending industry had in store in the months to come.
Since the government mandated moratorium on foreclosures was lifted, banks began taking back properties in record numbers. The inventory has been absorbed by cash investors and some lucky first-time home buyers, but many now are waiting for the next round of foreclosures. An asset manager at Fannie Mae said he now has 4 files on his desk, which is down from 285 files five months ago. Many of the banks are saying their inventory is down. So what’s next and how long do we have to wait? All we can say is, “if we had a crystal ball, we’d be millionaires by now!”
Below is an excerpt from a letter written by the director of training with Lionsgate Financial Network, of which we are members. We think this letter paints a clear picture of how the face of real estate has changed over the last year and what lies ahead.
“Dear Members-I have gotten quite a few questions lately concerning the fact that you are signing up, and not getting any response. This time, right now, reminds me of two distinct times in my career. I have been selling Real Estate since 1987, and every December I went to work everyday, and prepared myself for the spring. I worked getting my mailing lists together, and got my marketing pieces prepared, and got ready for the inevitable rush that came in the spring. My office was empty, I was almost always the only one working. Everyone else in my office took the entire month of December off.
The other time, was between August of 2007, and April of 2008. I went to work everyday, and spent all day signing up on registries, with VERY little results, no listings, and only a smattering of BPO’s. It was, to say the least, frustrating, but I knew that if I continued on, I would succeed. I have always believed, that if you have a course of action, and it’s the right course of action, that your best alternative if to put your head down, and continue.
That being said, we are in a season of almost NO activity in the REO world. I get 1/4, of the BPO’s I was getting 3 months ago, and in my MLS, REO listings are down 85%.
I talked to my asset manager, at Fannie Mae, and he said he has 4 files on his desk, down from 285, just 5 months ago. My asset managers, at Chase, IAS, Old Republic, all say the same thing…..they don’t have anything on their desks. Another good contact I have, David Parrish from Default School, told me last week, all his banks inventories, are way down as well.
The Obama administration has created artificial moratoriums, by their actions…The banks literally don’t know what to do with there current inventory.
Now where does that leave us?
In the perfect position, I believe…My asset manager at Fannie Mae, said this week, they are getting ready for the inevitable flood of REO’s that they will be receiving. David Parrish said that his banks, are gearing up for a rush between Oct and Jan. IAS (Integerated Asset Services) told me to “get ready”. Bank One, formerly Indy Mac, has begun to hire 4,000 NEW agents. Another company that I can’t mention yet, wants LionsGate to help with the disposition of 2,000 assets a month, starting in as soon as 90 days. Exciting things are about to happen to those that prepare.”
-Larry McKenzie, Director of training, LionsGate Financial
It remains to be seen how long we will have to wait for the next round of foreclosures, but we do know more are on the way. All we can do is stay informed and be prepared for our clients. For more information or questions contact us at our website www.stuartandstuart.com.
Related Posts: San Diego
New Conforming Loan Limits Announced For 2009
Posted by Kevin Kueneke | Currently 2 Comments »
After months of speculation, we finally know what the new 2009 high balance conforming loan limits are for San Diego and other “high cost” areas. The Federal Housing Finance Agency (FHFA) said that the $697,500 number we enjoyed for part of 2008 is dropping to $546,250 in San Diego.
Some areas such as Los Angeles-Orange Counties, San Francisco, San Jose, and Santa Cruz are having their 2009 numbers set at the new maximum of $625,500.
According to FHFA’s press release, the 2009 loan limits were calculated using 115% of median house prices as determined by the Federal Housing Administration (FHA) whereas the 2008 loan limits were calculated using 125% of median house prices.
So what does this mean? It means that anyone currently in escrow in San Diego with plans to borrow more than $546,250 needs to do everything they can to get their loan closed before 12/31/2008 or face significantly higher interest rates. There is almost a 2% interest rate difference between loans less than $697,500 and loans greater than $697,500 (also known as true jumbo loans) because conforming loans are guaranteed by the government (FNMA and FHLMC). Guidelines are also more strict for true jumbo loans than for conforming and high balance conforming loans.
As expected, the Federal Housing Administration (FHA) announced that FHA Jumbo limits will match the high balance conforming limits. The Department of Veteran’s Affairs (VA) said that VA Jumbo loans with zero-down payments will be allowed up to the high balance conforming loan limits through the end of 2011. This is good news for FHA and VA buyers as they will still be allowed to take advantage of these programs for higher priced properties.
Any questions or comments? Please email me at Kevin@MyCWMtg.com
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FHA Loans – Income and Employment Requirements
Posted by Paul Gonzales | Currently 2 Comments »
This is the third in a series of six posts that deal with important aspects of FHA financing. The first post provided an overview of the program while the second post detailed FHA credit requirements. This post will discuss the income and employment requirements necessary to obtain an FHA home loan.
Income Documentation
For employees this is quite straightforward. Copies of the most recent paystubs covering at least one month and W2s for the previous two years are required. Complete Federal income tax returns for the previous two years may be required as well.
For self-employed people, signed copies of personal tax returns for the previous two years are required. If the business is a legal entity such as an “S” or “C” corporation, partnership or other legal entity then two years of business tax returns are also required. A signed year-to-date Profit and Loss statement (P&L) will be needed to complete the income documentation. FHA guidelines state that 25% or more ownership in a business is considered self-employment.
Types of Income for Employed People
The lender will review the paystubs together with the W2s and tax returns to establish a baseline amount of income as well as stability of the income. In general, if base income is increasing they will likely be able to use the current income amounts. On the other hand, income that is declining over the past two years will result in an averaging of the income. A significant decline in base income will require a written explanation.
- Overtime – to be counted it must have been relatively constant for the past two years as well as currently. There must be the prospect that it will continue and the employer will be required to state that it is likely to do so on a written Verification of Employment. If used it will be averaged over time and added to the base income
- Bonuses – the rules are similar to considering overtime.
- Commissions – will be averaged over the prior two years and must demonstrate reasonable stability; tax returns will be reviewed and unreimbursed business expenses will be deducted from the income
- Child support, alimony and spousal maintenance – such income can be included provided that it can be shown to continue for at least the next three years. It must be documented by a divorce decree, court order or separation agreement and actual receipt of the income documented by cancelled checks, bank statements or other positive means.
- Retirement income – Pension and Social Security income is acceptable and must be documented by award letters, IRS form 1099s and current “pay advices” (stubs). Again, there must be the prospect of continuing for at least the next three years
- Insurance and government income – workman’s compensation, long-term disability or other similar income must be documented and expected to continue for at least three years
Self-Employed Income
Income and expenses will be analyzed from the past two years tax returns and current P&L. The earnings will be averaged over this time period. Income that appears stable or increasing will be considered, whereas declining earnings may not be considered acceptable.
Minimum Length of Employment
Stable employment in the same general field of work or business for two or more years is considered minimum. Going from being an employee to self-employed, even in the same line of work, gets special scrutiny. A person who has been self-employed for at least one year AND has at least two previous years of employed experience in the same field may be considered. Formal training or education in the same line of work during the prior two years may be considered in lieu of employed experience.
The next post in this series will discuss the financial assets and down payment requirements for obtaining FHA financing.
you can contact Paul Gonzales at (800) 775-7334 or paulforloans@aol.com
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FHA Kiddie Condo…What Is That?
Posted by Kevin Kueneke | Currently 1 Comment »
Many of my referral partners have asked about the FHA “Kiddie Condo” program. I spoke about this several months ago, but now that FHA loans are more prevalent, I felt that it is a good time to revisit the details. Here are a couple questions I have been asked recently:
Question: My child is now attending college and I do not want to throw money away on their rent. Is there a way to buy a property for them to live in without having to pay an enormously high interest rate? Can I avoid a large down payment typically associated with investment properties? 
Answer: Absolutely. FHA allows a non-occupant family member (for example, mom and dad) to go on the loan and basically carry the load. Income and debt from all parties are used to qualify, but the occupying borrower is not required to have any income or assets of their own. As long as your college student does not have credit that would otherwise disqualify them for a loan, their income and assets (if any) are irrelevant. Hence the term “Kiddie Condo”. Better yet, rent the other rooms to your child’s friends to help with cash flow.
Question: My parents are looking to retire and relocate to a new home closer to my family. Unfortunately, their verifiable income is not enough to qualify for a loan, but they do have a small down payment. Since I had planned to help them with their new mortgage payment, can I help them purchase a new home?
Answer: Absolutely. The term “Kiddie Condo” does not just apply to parents helping their children. Adult children can help their parents!
By the way…in addition to condos, all 1-unit properties are eligible: attached and detached single family residences (SFR’s), and homes in a planned unit development (PUD’s).
Far better option than standard Conventional financing due to significantly lower down payment required (3% versus 25-30%) and still get owner-occupied interest rates! **The minimum down payment for FHA loans is going to 3.5% as of January 1, 2009. Still a dramatic difference.
Remember though: these are full documentation loans for all qualifying parties and property condition is important to FHA. At this time, FHA Jumbo loans do not allow a non-occupant co-borrower…so keep your loan amounts under $417,000.
Questions? Call me at (760)500-1919 or email me at Kevin@MyCWMtg.com
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