About Menlo Park's Belle Haven

Union Bank has a new product the is great for low down payment buyers. In certain areas, like East Menlo Park or Belle Haven you can get a loan with 5% down and no mortgage insurance. It is also possible to get 10% down with no mortgage insurance in other parts of San Mateo or Santa Clara county. So if you have a good income but not a large down payment this may be a good option for you.

ECONOMIC OPPORTUNITY MORTGAGE

You’re closer than

you may think to an

affordable mortgage.

An Economic Opportunity Mortgage (EOM) from Union Bank can help make purchasing or refinancing your home, condominium, or 1– 4 unit property more affordable. It’s designed for individuals with low to moderate income households, or who are purchasing or refinancing a property in a qualifying census area.1

Pay less money upfront.

lPurchase a home and get up to 95% financing. lRefinance and get up to 95% financing with no cash out, and up to

80% with cash out.

lEnjoy reduced origination charge over traditional mortgages.

lAvoid Private Mortgage Insurance requirements with as little as a 5% down payment.

Get more affordable payments.

The reduced interest rates and no points for the EOM program provide a lower monthly payment than traditional mortgage programs on a variety of loans.

Have limited or no credit history considered.

If you have little or no established traditional credit, our EOM program considers alternative credit items such as utility and rent payments when making a decision on your loan.

Choose your loan term.

lFixed interest rates give you a predictable monthly payment for the full term of your loan.

Qualify for the EOM program in two simple ways.

1. The property is located within a designated census area (speak with your Union Bank Mortgage Consultant) or

2. Annual household income must fall within 120 percent of the median income where the property is located within California and certain counties in Oregon and Washington (or within 80% in the remaining counties in Oregon and Washington).

1 Programavailableforowneroccupied1-4unitproperties.Allloanprogramsarefullyamortized.Fulldocumentationrequired.Loanssubjecttocreditand collateral approval. Financing available for collateral located in CA, OR, or WA. Restrictions may apply. Terms and conditions subject to change.

This is so inherently unethical I can not believe I am actually writing a blog about this, but a buyer asked me this question today and apparently it is happening.

I have a short sale listing in Menlo Park and offers are due by the end of the day on Tues. At thus point I have 2. It is in Belle Haven, a popular area for investors and is close to the the new Facebook Headquarters so the appreciation prospects are good.

Today I got a call from an investor who asked if I would represent him. I told him I do not double end deals as a general rule, and never do it in a multiple offer situation. I gave him the name of an associate who could help him. He then asked if this person would be representing multiple buyers. I was shocked. If being a dual agent does not seem right to me, representing multiple buyers is beyond all sense of ethical behavior. The investor told me he has bought and sold many homes and this practice has been coming up recently.

All I can say is not on one of my listings, no way, no how.

If you have any questions about buying or selling short sales in San Mateo or Santa Clara Counties please feel free to contact me.

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

D.R.E. 01191194

Well, it has taken a lot of months, and 4 buyers, but I finally got approval today from Chase for a short sale in the Belle Haven neighborhood of Menlo Park. So far everyone is delighted, and hopefully we will make it through the loan and property contingencies.

Short sales are sold "As-Is", period. Banks do not allow any credits, repairs, or other consessions for things that are wrong. That is why I try to get inspections on all my short sale listings before they go on the market. That way there are fewer surprises at the end.

Nothing is a done deal until it is done, but we have come a long way, and my record is still 100% on getting an approval, and hopefully will stay at 100% on closing.

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

D.R.E. 01191194

Federal Government Disclaimer (MARS):
1. You may stop doing business with us at any time. You may accept or reject the offer of mortgage assistance we obtain from your lender [or servicer]. If you reject the offer, you do not have to pay us. If you accept the offer, you will have to pay us commission as agreed to in listing contract for our services.
2. Marcy Moyer of Keller Williams Realty is not associated with the government, and our service is not approved by the government or your lender; and
3. Even if you accept this offer and use our service, your lender may not agree to change your loan.