In an effort to continue stabilizing home values, Acting Federal Housing Administration (FHA) Commissioner Carol J. Galante has today extended FHA’s temporary waiver of the anti-flipping regulations through December 31, 2012 for California and rest of the country.
With certain exceptions, FHA regulations prohibit insuring a mortgage on a home owned by the seller for less than 90 days. In 2010, FHA temporarily waived this regulation through January 31, 2011, and later extended that waiver through the remainder of 2011. The new extension will permit buyers to continue to use FHA loans to purchase HUD-owned properties, bank-owned properties, or properties resold through private sales. It will allow homes to resell as quickly as possible, helping to stabilize real estate prices and to revitalize neighborhoods and communities. This is a great news for Investors as well who can draw from a much bigger pool of FHA qualified buyers who can buy the properties in less than 90 days after being acquired by them.
All other terms of the existing Waiver will remain the same. The Waiver contains strict conditions and guidelines to prevent the predatory practice of property flipping, in which properties are quickly resold at inflated prices to unsuspecting borrowers. The Waiver continues to be limited to sales meeting the following conditions:
I have done several of these loans in last few months and would be glad to guide you whether you are a seller selling a property acquired within last 90 days or a buyer buying such a property.
You may also like to read - FHA Mortgage Insurance Premium goes up again
I am extremely delighted to report that National Mortgage Professionals Magazine has voted me as "Top 40 Under 40" most influential mortgage professionals. In a rigorous process that involves nationwide voting and a review by the magazine judges - only the best in the country are chosen.
While selecting me as one of the winners, the magazine noted -
Shashank Shekhar is the chief Executive Officer of Arcus Lending, Author of the Blog LendingExpertBlog and author of 2 books on Real Estate. A Social Media expert, Shashank helps incorporate social media ideas in to his customer's daily business plans and is always wiiling to help others in their advances of business and Social Media. Within 3 years of originating loans Shashank is closing more than $30 million in personal production in 2011 by building one of the strongest brands in the San Francisco Bay Area Region.
I would like to thank all the people who voted for me and all my clients and referral partners who played an important role in helping me get voted for such an important recognition. Here is the electronic copy of the Magazine that has a complete list of the award winners (some of whose I am honored to call my close friends).
Watch the Video below that talks about the FHA and Conforming Jumbo Loan Amounts going down to $625,000 and how will that impact Mortgage Financing for Home Purchase/refinance and Real Estate Prices in the area. Be sure to contact me at 408.615.0655 should you need more information.
Estate for Sale in Los Altos Hills, CA - Over $200,000 in Price Reduction. This Los Altos Hills estate is located at 12001 Finn Lane, Los Altos Hills, CA 94022.
Some of the features of this Los Altos Hills Estate include:
CHEF'S KITCHEN; COZY & CASUAL FAMILY ROOM; GAME ROOM; CHERRY-PANELED LIBRARY; BEAUTIFUL GROUNDS: POOL,SPA,BBQ AREA,LAWNS & CHILD PLAY STRUCTURE
Listing brought to you by Frank Oliver (DRE # 00491292) of Vivid Estates, a Real Estate Agent specialising in Los Altos, CA. Frank can be reached via email at Frank@VividEstates.com or via phone at 408.472.4700.
To get pre-approved or to understand your financing options, please contact me at 408.615.0655.
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Shashank Shekhar is Bay Area's #1 Mortgage Expert. He is also an Author and Speaker. He has 11+ years of lending experience and is a Mortgage Broker & Direct Lender with Arcus Lending in San Jose, CA.
Shashank Shekhar is widely regarded as “Bay Area's #1 Mortgage Expert”. Shashank is the author of widely acclaimed book - "First Time Home Buying 101" and the mortgage blog San Jose Home Loans, FHA Loans and Mortgage Rates blog. He has trained thousands of Real Estate Professionals on the topic of Lending, Real Estate and Social Media. He has been featured on Pen TV, KCBS Radio, SF Examiner and Blog Talk Radio. He was recently rated among top 25 mortgage professionals and "Top 40 under 40" most influential mortgage professionals in the country by National Mortgage Professional Magazine.
He has an MBA in Marketing. Shashank’s business philosophy is to “create raving fans” out of all his clients and referral partners. He achieves this by offering “legendary service” that is reflected in 100% satisfaction record of his clients.
Shashank's more than 10 years of lending business experience includes working for GE Money in mid level management and working for a start-up mortgage origination company as Director of Product Management. He is currently the CEO of Arcus Lending, Inc. a San Jose Mortgage Broker and a direct lender.
Areas of Service:
Shashank provides mortgage services for Refinancing and Home Purchase in the entire state of CA. However, most of his businesses come from areas close to his office location, from the cities of San Jose, Sunnyvale, Cupertino, Campbell, Fremont, Los Gatos, Los Altos, Palo Alto, Mountain View and Milpitas.
First Time Home Buyers & FHA Financing, 203k (Rehab) Loans, Homepath Financing, California VA Loans and California First Time Home Buyer Down Payment Assistance Program
Areas of Service:
Shashank provides mortgage services for Refinancing and Home Purchase in the entire state of CA. However, most of his businesses come from areas close to his office location, from the cities of San Jose, Sunnyvale, Cupertino, Campbell, Fremont, Los Gatos, Los Altos, Palo Alto, Mountain View and Milpitas.
I never thought I would have strong feelings about our broker, but Shashank and Bianca are an awesome team! We had a long and convoluted homebuying experience due to bad luck with several sellers and houses, but eventually ended up with a wonderful old home. Shashank and Bianca got us a great deal on the mortgage, and were always accessible, patient and supportive. They are very, very good at what they do and wonderful to work with. I cannot recommend them highly enough!
Amara B - San Jose, CA
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I have gotten three mortgages through Shashank in the past 2.5 years. The first was a new mortgage and the other two were refis. I have found Shashank to be honest, patient, and a professional. He has a thorough knowledge about the mortgage industry, he explains and discloses information about underwriting and fees, and he is always true to his word. One example of Shashank and how he goes the extra mile is during my last refi. I planned on getting a 15-year mortgage and just before signing the paper work, I had a change in circumstances and needed a 20-year mortgage instead. Rates were going up at the time and Shashank quickly called the lender and was able to secure a good rate for me on a 20-year mortgage. It's a comforting feeling to have a person you can trust helping you especially in these times of uncertainty. I have yet to meet a more professional person in the mortgage industry than Shashank, including individuals who work directly for a bank.
Mayumi S – Pleasanton, CA
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I really do believe that without your help, I would not have been able to get an FHA loan! I felt the lender was throwing so many obstacles my way with so much to clarify, but somehow you managed to make it all happen. With having not the greatest credit, I was really honored to get a 30 year fixed rate at 5.5%. What is even more impressive is, whenever there is an opportunity to help your clients, you're only a phone call away. Recently you were able to reduce my loan down to 5.25% at a 30- year fixed rate. Once again thank you for all your help, you definitely are a striver, with many successful stories, mine being one! Thanks
Sukhi K. - Pittsburg, CA
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Shashank really knows his stuff, especially if you are a first time home buyer. When we started looking for a place we needed help in understanding the loan process, which sounded very intimidating, but Shashank spent a lot of time with us explaining the whole process and patiently answering all our questions. Once our offer was accepted, Shashank did a great job in getting us the best possible rate and helping close our first home for which we are very thankful. We highly recommend his services. Thanks,
Saurabh M. - Fremont, CA
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Shashank Shekhar is a stellar lender!!! As the CEO at Arcus Lending he and his team are so very knowledgeable and understand the best mortgage program that works for you, the client. I'm a Realtor and I had Arcus Lending handle my smooth refinance of my house. The processes by which Shashank and his team work are very transparent and you understand where the process is all along the way. They are very open to answering any questions and are great and getting back to you on the day you leave a message or an email. If you know of anyone who needs lending advice, have them contact Arcus Lending! You Rock Shashank!
Tracey M - Sunnyvale, CA
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Thank you very much for making the refinancing experience so wonderfully easy for us. This was our first loan refinancing effort and as you would have guessed from my questions, we were total novices. It was very good to have your guidance, flexibility, patience and domain expertise to help us get this done. I have already recommended you to all my friends and would continue doing business with you going ahead. Thanks again.
Vikram G - Sunnyvale, CA
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Shashank at Arcus Lending has been an awesome resource for my clients! As a Realtor, I have many choices of loan agents to work with. I was hesitant to add 1 more to the list of preferred loan agents until I had a closing with Shashank. He was extremely patient, thorough and prompt with his responses. He delivered exactly what he promised with no hiccups which is a very big deal when it comes to lending these days. I highly recommend Shashank at Arcus and look forward to sharing more clients with him!
Kaajal S – Intero Real Estate, Fremont, CA
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I was referred to Shashank by my realtor when I was buying my first home. He explained us all the possible loan options and was able to get us a very competitive rate. Throughout the process, he kept us updated on the progress. He was prompt in returning my calls and emails, some of them even after hours. We would definitely recommend his services to anyone looking for a professional mortgage broker.
Yash D – Cupertino, CA
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