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Posts By Shashank Shekhar


San Jose 5 Year ARM loan rates sink below 4%

The Mortgage Rates for a 5 Year adjustable rate mortgage (ARM) sank to 4% (and lower in some cases)* yesterday for San Jose homes. Rate improvements yesterday has opened up great opportunities for San Jose home owners and First Time Home Buyers. This could be great news if:

You already own a home but plan to [...]

Changes to FHA Condo rules for San Jose First Time Home Buyers

If you were looking to buy or sell a San Jose Condominium read the post below to find out what has changed to FHA Loans for these properties.
Elimination of “Spot Loan” Approval Process
If a condo project was not approved by FHA, a “spot approval” was allowed just for financing one unit. This process has been [...]

San Jose Mortgage Rates set to go up after March 2010

The Fed’s statement today does not augur well for San Jose Mortgage Rates. The Fed’s policy-setting committee stuck to a plan to end its purchases of mortgage securities by the end of March.
History – The program to purchase agency mortgage-backed securities (MBS)  was announced by the Federal Reserve on November 25, 2008. In September, 2009, the [...]

Seller Contribution, Down Payment & Credit Score changes to San Jose FHA Loans

FHA announced a series of changes to their Down Payment, Credit Score, Seller Contribution and Mortgage Insurance requirements for San Jose mortgages.
Reduce allowable seller concessions from 6% to 3%

According to FHA – The current level exposes the FHA to excess risk by creating incentives to inflate appraised value. This change will bring FHA into conformity with industry standards on [...]

FHA increases Mortgage Insurance Premium for San Jose Home Loans

FHA announced that upfront mortgage insurance premium requirements for San Jose, CA FHA Home Loans is being increased. Upfront Mortgage Insurance is the money that FHA collects at the time of closing a mortgage to insure the loan against default. Currently, this premium is 1.75% for most purchase and refinance transactions. However, effective April 5, [...]

FHA Waives 90-day Flipping rule for San Jose Mortgages

Great news for First Time Home Buyers – FHA is eliminating the 90 day flipping rule for mortgages on San Jose homes. With certain exceptions, FHA currently prohibits insuring a mortgage on a home owned by the seller for less than 90 days. Currently such homes are mostly bought by investors with large down payments [...]

California $10,000 First-Time Home Buyer Tax Credit

Gov. Arnold Schwarzenegger proposed a second round of  California $10,000 first time home buyer tax credit. If this proposal is indeed passed California First Time Home Buyers can potentially get $18,000 in Tax credits. The Federal first time home buyer tax credit of $8000 + $10,000 California Credit. The previous tax credit depleted eight months before [...]

FHA Loan requirements for San Jose First Time Home Buyers

If you are a First Time Home Buyer in San Jose-Sunnyvale-Santa Clara metropolitan area, you would have most likely heard of FHA loans. But like most of the other potential First Time HomeBuyer I meet and advise, you may not be sure whether you qualify for FHA Home Loan or not. Below I have mentioned [...]

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