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Santa Clara Mortgage Rates & Housing Update

by on February 21, 2010

Weekly update on Santa Clara Mortgage Rates, Housing Trends and top Economy news. The week that was: Freddie Mac in its Primary Mortgage Market Survey® reported that the 30-year fixed-rate mortgage (FRM) averaged 4.93 percent with an average 0.7 point for the week ending February 18, 2010.  The 5-year adjustable-rate mortgage (ARM) averaged 4.12 percent this [...]

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Changes to FHA Loans for Santa Clara County Condominiums

by on February 1, 2010

Some major changes went into effect today for FHA loans for Santa Clara County Condominiums. 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 eliminated as of today. Now the entire project has to be [...]

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Santa Clara County Mortgage Rates Set To Go Up

by on January 27, 2010

The Fed’s statement today does not augur well for Santa Clara Mortgage Rates. The Fed said today that it is sticking to it’s plan to end purchases of mortgage securities by the end of March. The purchases have helped to drive down Santa Clara mortgage interest rates (refer chart below for Mortgage Rates in the [...]

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Santa Clara County Real Estate and Mortgage Rates Update

by on January 24, 2010

Weekly dose of Santa Clara County Real Estate and Mortgage Rates commentary. The week that was: Freddie Mac reported in its Primary Mortgage Market Survey® that 30-year fixed-rate mortgage averaged 4.99 percent with an average 0.7 point for the week ending January 21, 2010, down from last week when it averaged 5.06 percent. The 5-year adjustable-rate mortgage (ARM) [...]

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FHA Eliminates 90-day flipping rule for Santa Clara County Mortagages

by on January 17, 2010

Great news for First Time Home Buyers – FHA is eliminating the 90 day flipping rule for mortgages on Santa Clara County homes. FHA currently prohibits insuring a mortgage on a home owned by the seller for less than 90 days in Santa Clara County. Due to lack of financing options Bay Area First Time [...]

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New Good Faith Estimate (GFE) form for Santa Clara County Mortgages

by on January 6, 2010

HUD implemented the new Good Faith Estimate (GFE) for Santa Clara County Mortgage Loans. This Good Faith Estimate form (GFE) is applicable for both Refinance & Purchase transactions for both FHA & Convetional loans. After more than 4 years of discussions with various trade and consumer groups, HUD finally decided to implement it on January [...]

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FHA Energy Efficient Mortgage for Santa Clara County Homes

by on December 27, 2009

FHA’s Energy Efficient Mortgage program (EEM) helps Santa Clara County  homebuyers or homeowners save money on utility bills. This is done by enabling them to finance the cost of adding energy efficiency features to their house as part of their FHA insured loan. EEMs recognize that reduced utility expenses can permit a homeowner to pay a higher mortgage [...]

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Mortgage Rates go up steeply for Santa Clara County Homes

by on December 27, 2009

In last 3 weeks, 30 year fixed mortgage rates have gone up 34 basis points for Santa Clara County homes. In the latest results of its Primary Mortgage Market Survey® Freddie Mac reported 30-year fixed-rate mortgage averaged 5.05 percent with an average 0.7 point for the week ending December 24, 2009. The 15-year Fixed Rate this week averaged 4.45 percent [...]

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HVCC implementation is delayed by FHA for Santa Clara Home Loans

by on December 23, 2009

FHA delays HVCC for Santa Clara County Home Loans until February 15, 2010. This was originally planned for a January 1, 2010 implementation. But, FHA announced today that the enactment of Appraiser Independence has been delayed. Since implementation of the Home Valuation Code of Conduct (HVCC) for conventional loans in May 2009, many challenges and difficulties with appraisals [...]

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