Those shopping for more than just toys this Holiday Season are in luck! Mortgage rates have hit record lows, once again. Based on Freddie Mac’s survey, the average rate on a 30-year fixed mortgage rate is at 3.9% this week.  According to CNN Real Estate, that’s “down from 3.94% last week, and is the lowest in the 40-year history of the survey”.  This is also good news for existing home sales and existing home owners. Frank Nothaft, NAR chief economist, notes that existing home sales  increased for a second month in a row.  That’s more last month than they have sense January.  And the Mortgage Bankers Association claims, “about 80% of all mortgage applications last week came from existing homeowners looking to refinance their old loans into more affordable ones”.

Rates are best in the West, averaging 3.85% with a 30-year mortgage.  The highest rates are  in the Southern states at an average of 3.97%.

Courtesy of nasdaq.com and CNN Money

Angel Lynn Realty wishes you a safe and happy holiday!  Don’t forget that we are still taking donations in the office for the Sacramento Food Bank!  So clean out your pantry of all the non-perishables  and give to those who need it more than you!

Filed under: Miscellaneous
No Comments »

6621 Potter Ln.

This custom built ranch-style home is two stories and includes 4 bedrooms and 3 bathrooms.  It sits on one full acre, tucked away in Foresthill, Ca.   Vaulted ceilings adorn the family and dining room and there are maple hardwood floors throughout the home. The kitchen is perfect for any family, providing a warm atmosphere with custom alder cabinets, quartz counter tops, a pantry and a breakfast nook.

Other amenities include

-covered patio/deck

-separate family room

-walk-in closet in the Master bedroom

-2 car detached garage

-custom lighting throughout

Foresthill, Ca is known for its beautiful wildlife environment and an array of recreational activities to choose from including hiking, camping, skiing, and fishing.

This is truly a one-of-a-kind home in a serene setting.  It won’t last long, so don’t pass up this amazing opportunity!

Filed under: Miscellaneous
No Comments »

Built by Sacramento architect, Walter Scott, this home is one of the most unique in the area. At one time, it was a featured home on the Street of Dreams, a Sacramento luxury home tour.  Tucked away in a quiet cul-de-sac in the affluent Fair Oaks area of Sacramento County, this rustically elegant home will take your breath away.

This brilliant 3-bedroom, 2.5 bathroom (both newly remodeled) home also includes a loft library, second family room with stunning views from its 6 decks and many windows.  The property requires no maintenance or watering, featuring native oaks, manzanita, river rocks and native vegetation.   Deer often graze beside the house and wild turkeys abound.   The front door is reached via an elevated bridge structure that passes through the oaks.   There is a detached dog kennel.

Other amenities include:

-2 car garage

-Vaulted cedar ceilings

-Doug fir wood flooring

-Kitchen includes a built-in bar, granite counter tops, pantry, and greenhouse bay windows

-Roman shower in the master bathroom with wildlife views

-2 central air and heat systems

-Custom window covers

-Track lighting throughout

Neighborhood:

Fair Oaks, CA has always boasted a family friendly community with plenty to do! Close to Nimbus Dam, and plenty of recreational activities nearby including the American River, entrances to the American River bike trail, several parks and even a dog park!

-

Filed under: Miscellaneous
No Comments »

Some military families have had a hard time qualifying for the Home Affordable Foreclosure Alternatives Program in the past because a ‘permanent change of station’ has not been considered a financial hardship.  However, research has shown that many of those families don’t find themselves in trouble with their mortgage until they get relocated.

In an effort to make life easier for these families, the Department of Treasury recently clarified the guidelines for HAFA.  They were persuaded by the high volume of phone calls from military families to the Homeowner’s HOPE Hotline.  A directive was sent to mortgage servicers on Thursday, “An example of such hardship includes a service member citing a ‘Permanent Change of Station’ order as the basis for his or her financial hardship when requesting HAFA even if such service member’s income has not been decreased, so long as the service member does not have sufficient liquid assets to make his or her monthly mortgage payments”.

Holly Petraeus, assistant director of the office service member affairs at the Consumer Financial Protection Bureau notes, “Service members in this situation face an array of tough choices that can include years-long separation from family, foreclosure, and even financial ruin”.

Whether or not you’re a military family member, if you’re having trouble with your mortgage, take action!  Our office has helped many families avoid foreclosure and start fresh. We can find out if you qualify for HAFA AND a $3,000 relocation fee.  For more information on HAFA visit:  www.makinghomeaffordable.gov

Courtesy of housingwire.com and California Real Estate Magazine

Filed under: Miscellaneous
No Comments »

Although mortgage rates and home prices are at an all time low, we’re currently dealing with a housing market that creates many barriers for first time home buyers. Often times even those that meet all the qualifications and have 20% available as a down payment, can be rejected.  But leave it to the American people to find to turn a seemingly dead end situation into a window of opportunity.  According to the National Realtors Association, 9% of first time home buyers last year received a loan from a family member or relative for their down payment.  You might be wondering how this doesn’t eventually cause some major issues of liability within the family structure.  In comes National Family Mortgage, a company founded by Tim Burke and headquartered in Norwood, Massachusetts.  Their objective is to “minimize the legal and federal tax consequences that often occur when family real estate loans and financial gifts are documented improperly — or not documented at all”.   National Family Mortgage is part of Burke’s commitment to empowering consumers to manage their finances via the internet.  Each user is able to set the loan limits but within the company’s guidelines.  The system favors the needs of both parties involved.  According to the National Family Mortgage website, family mortgages provide a 4.5% return for investors (in comparison to a 2% return on CDs and 1.34% for savings account) and the mortgage rate for the borrower is an average of 75% lower than borrowing from a bank.  The benefits are clear to see!  In addition, they also offer a secured promissory note, amortized repayment schedule, registered mortgage, optional loan servicing, and a legal property description.  Plus, borrowing from a family member can avoid closing costs and appraisal fees.  Find out more at www.nationalfamilymortgage.com

Courtesy of:

nationalfamilymortgage.com

realtytimes.com

Filed under: Loans & Loan Modification, Miscellaneous, mortgage
No Comments »