Sabina Brown

From now until October 31, 2010 First Team Real Estate, Orange County’s #1 real estate company is offering a Housing Stimulus Package that could save you thousands of dollars on your next home purchase.

Here’s how it works:

1) Use First Team Real Estate’s convenient bundle of 3 essential services (escrow, title, and lending) to purchase your home. That’s basically it. Pretty simple. And who doesn’t want to use a 1-Stop Shop? It’s convenient and cost effective and right now it can save you thousands!

2) You will receive great benefits including a 1/4% (.25%) interest rate reduction for the life of your loan – at no additional cost. Banker’s Funding provides competitive rates. Find out for yourself.

Here is an example of possible savings:

After a public opinion study of consumer preferences concluding that 96% of consumers felt using a 1-stop shop for real estate services would make their home purchase “more efficient and manageable” First Team Real Estate launched this exclusive program to provide home buyers with the service they want and rewarding them for using First Team’s Family of Companies (Hallmark Escrow, Coast Cities Escrow, Western Resources Title and Banker’s Funding). No other real estate company can say that!

Call me to find out how to take advantage of First Team Real Estate's Housing Stimulus Package Today! - 949.201.9918

Sabina Brown

Sabina@TeamSanClemente.com

First Team Real Estate ~ San Clemente, CA

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The state of California has extended and enhanced the $10,000 tax credit for home buyers in California. The tax credit used to only be for brand new built homes, now the tax credit includes ALL first time home buyers buying ANY type of home, new or resale. This is great news for those first time home buyers who intend to get FHA loan to purchase their first primary residence home in California.

This credit is set to go into effect May 1st 2010 just as the $8,000 federal tax credit expires April 31st 2010. And the California tax credit will be available through August of 2011. The credit is 5% of the homes purchase price with a limit of $10,000. So to get the full $10,000, you would have to purchase a home for at least $200,000.

The way tax credits work is if you paid state taxes, you can get a refund for those taxes up to $10,000. So yes you can get a check for $10,000 if you fit into this program. If it works like the federal tax credit, you will be able to amend you 2009 returns and get the credit for 2009, or take the credit in 2010.

FHA is the preferred financing of first time home buyers (the major recipients of the California home buyer tax credit) because of the minimum down payment of 3.5% (which can be a gift from a relative), flexible qualifying guidelines and still terrific interest rates.

And here are some additional highlights to remember about FHA loans:

• To get a FHA loan credit score does not have to be perfect
• FHA loan interest rates are at historic lows
• You can use gift funds for FHA loan down payment
• Maximum FHA loan is $729,750.00
• Debt-to-income ratios on FHA loans are allowed up to 55% where conventional loans require 41% with less than 20% down

Sabina Brown

Sabina@TeamSanClemente.com

First Team Real Estate, San Clemente, CA

TeamSanClemente.com | BeachyAgent.com | CheckOutHomes | FaceBook

949.201.9918

~ Serving San Clemente and South Orange County ~

As of March 24, 2010 there are 380 listings in San Clemente. This includes single family homes and condos. Of these 380 listings, here is a break down by Standard Sales, REOs and Short Sales:

I closed escrow on a home in Irvine, CA last month, with FHA financing, meaning that I only had to pay a down payment of 3.5%. Escrow opened on November 24, 2009, just before Thanksgiving, and was supposed to close in 30 days, just in time for Christmas --- we were so excited! Unfortunately, with the holidays, and the lender's requirements, we weren't able to close that fast, and what was going to be "the best Christmas gift ever!" ended up being very stressful.

Because we have both filed taxes as independent contractors at some time in the past 2 years, getting an FHA loan was a little complicated. We had to provide documentation for everything -- not once, but 2 or 3 times! It seems like lenders are always losing paperwork, and it was our responsibility to make sure they get what they want asap. Our loan depended on it. We were cutting it close on timing. The seller was upset, threatening to charge us for everyday we were late on our agreed upon closing date.

We realized soon that we were not going to have the underwriter's approval by Christmas, and thought, "well, by New Year's for sure! It can't take much longer than that." Well, it did take longer. About 2 weeks longer. We didn't close until the 2nd week of January. This is not very convenient when you have to arrange and rearrange moving plans. Not to mention a seller who wants to close the deal and get her money. We were starting to think we weren't going to get the loan. The stress was building.

Whether you're buying FHA or Conventional, Lender's are very careful before they give you a loan. The process is stressful. If you have any dings on your credit report, you have to give an explanation for why you have those dings. Or if you have unusual amounts coming in and out of your bank account, you have to be able to explain them to your lender.

Happily I can say that the stress and pressure of buying our home was worth it. We are moved in now, and so happy to be in our home. We still can't believe we did it with just 3.5% down and such a low fixed rate. Not to mention the home buyer tax credit we'll be getting once we file our taxes. The stress of buying a home suddenly seems so long ago.

There are many benefits to buying a home with FHA financing. For instance, it's easier to qualify for an FHA loan than a conventional loan in that FHA lenders are more leniant with your credit score and of course, the required down payment amount of FHA is much less. You should talk to a lender and see if you qualify. Wouldn't it be great to find out you can buy a home!

If you need help finding a lender or finding a home, feel free to call or email me. I'd love to help you. Happy hunting!

Sabina Brown

SabinaBrown@gmail.com

First Team Real Estate San Clemente

TeamSanClemente.com | BeachyAgent.com | CheckOutHomes | FaceBook

949.201.9918

~ Serving San Clemente and South Orange County ~