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Allyson Alessandrini's Blog

By Allyson Alessandrini | Agent in Santa Clara County, CA
  • Market Info for Our area

    Posted Under: Home Buying in Santa Clara County, Home Selling in Santa Clara County, Investment Properties in Santa Clara County  |  December 3, 2013 9:14 AM  |  448 views  |  No comments
    Take a look at the recent market update!!!!


    If you are thinking of buying or selling, now or after the first of the year.
     Give me a call I'd be happy to assist you.
    At your service,
    Allyson
    408-705-6578
    allyson@homesbyallyson.com
    www.homesbyallyson.com
  • Market Snapshot: a Tale Of Two Markets

    Posted Under: Home Buying in Santa Clara County, Home Selling in Santa Clara County, Property Q&A in Santa Clara County  |  August 29, 2013 12:41 PM  |  1,462 views  |  No comments

        Market Snapshot: "A Tale Of Two Markets"
    With the Federal Reserve signaling an impending scale back of its quantitative easing program, interest rates soared in recent months. The average 30 year fixed rate jumped more than 100 basis points from 3.35 percent in early May to 4.46 percent in late June, and reached its highest level since July 2011. The increase in mortgage rates had an impact on the housing market as home sales in California pulled back slightly in June. Sales dropped on a month-to-month basis for the first time in the last four months, and were down 3.7 percent when compared to June 2012.
    If you have any questions, please feel free to contact me.


    At your service,
    Allyson
    408-705-6578
    allyson@homesbyallyson.com
    www.homesbyallyson.com

  • New FHA Loan announcment for struggling homeowners

    Posted Under: Financing in Santa Clara County, Property Q&A in Santa Clara County, Home Ownership in Santa Clara County  |  August 19, 2013 11:58 AM  |  1,566 views  |  No comments

    The FHA has made it drastically easier for once-struggling homeowners to qualify for an FHA loan.

    The Federal Housing Administration has announced in a letter to mortgagees that it will reduce the time homebuyers must wait after a bankruptcy, foreclosure or short sale before qualifying for an FHA-backed mortgage. The period had previously been two years following a bankruptcy, and three years following a foreclosure or short sale. The agency has now reduced the waiting period to one year.

    "FHA recognizes the hardships faced by these borrowers, and realizes that their credit histories may not fully reflect their true ability or propensity to repay a mortgage," FHA Commissioner Carol Galante said in the letter.

    But fulfilling the new, more lenient waiting period won't automatically qualify borrowers for an FHA-backed loan. Borrowers will have to show that they experienced an "economic event" whereby their household income fell by 20% or more for a period of at least six months. They must also demonstrate that they have fully recovered from the event, and agree to complete housing counseling prior to closing.

    Please contact me with any questions,
     
    At your service,
    Allyson
    408-705-6578
    allyson@homesbyallyson.com
    www.homesbyallyson.com

     

  • The week in Review re: Fed. meeting

    Posted Under: Home Buying in Santa Clara County, Home Selling in Santa Clara County, Investment Properties in Santa Clara County  |  August 7, 2013 11:04 AM  |  1,345 views  |  No comments


    August 7, 2013

    Last Week in Review

    There was plenty to talk about last week, with the Fed meeting and full economic calendar. Read on for details.


    Table Source: Mortgage Success Source


    The Jobs report for July is in and 162,000 jobs were created, below the 175,000 expected. The Unemployment Rate fell to 7.4 percent, while the Labor Force Participation Rate was little changed at 63.4 percent. (The LFPR calculation is assumes anyone 16 or over, and not in the military either has a job or doesn’t). The ratio of people "participating" or working is then compared to the total population.

    The big takeaway is that this report is in line with an economy growing less than 2 percent. It also supports the Fed’s decision, announced earlier in the week, to continue its bond purchases at the rate of $85 billion a month. The Fed said the rate of its purchases will continue to depend on economic data, and could be increased or decreased accordingly. The Fed also noted that the U.S. economy expanded at just a modest pace during the first half of the year. The previous statement suggested the economy was expanding at a “moderate” pace.

    In housing news, the Case Shiller 20-city Home Price Index saw its biggest annual gain since March 2006, rising 12.2 percent from May 2012 to May 2013. The data supports a recovering housing sector. And Personal Consumption Expenditures came in at 0.2 percent, in line with estimates, showing that inflation remains tame.

    What does this mean for home loan rates? The Fed does not want home loan rates to rise any further. As it stated last week regarding the continued purchasing of Treasury and Mortgage Backed Securities, "taken together, these actions should maintain downward pressure on longer-term interest rates, support mortgage markets, and help to make broader financial conditions more accommodative."

    Home loan rates remain near historic lows, meaning now is a great time to consider a home purchase or refinance.
     If you are thinking of buying or selling please contact me
    At your service,
    Allyson
    408-705-6578
    allyson@homesbyallyson.com
    www.homesbyallyson.com

  • What home buyers need to know about their loan~!!!

    Posted Under: Home Buying in Santa Clara County, Property Q&A in Santa Clara County, Investment Properties in Santa Clara County  |  July 12, 2013 11:12 AM  |  962 views  |  No comments

    Home Buyers May Face Delayed or Canceled Loans from Pre-Closing Credit Checks
    Source: The New York Times

    Home buyers may face an unexpected delay or cancellation of their loan if subsequent financial activity raises any red flags for lenders, especially since Fannie Mae now requires a borrower’s credit to be rechecked right before closing a mortgage.

    Making sense of the story
    • Borrowers are advised to keep their credit picture in the clear by refraining from any purchases that may be seen as a liability from the lender’s view. For example, the sudden addition of a $3,000 balance to a new credit card account for an item you’re planning to enjoy in your new home may cause the lender to send back the loan to underwriting in order for the calculations to be redone, which could result in a higher interest rate.
    • If in doubt, borrowers are advised to check with their loan officer before accruing any new debt so that the purchase of a new home is not jeopardized.
    • Fannie Mae allows the maximum debt-to-income ratio to be 45 percent (meaning that a maximum 45 percent of your gross monthly income can go to cover debt, mortgage and housing expenses).
    • When only one spouse of a couple is named on a loan, a credit recheck can cause problems if the other spouse has a low credit score. When the loan is based on one spouse’s income instead of two, the lender will see a higher debt-to-income ratio.
    • In addition, lenders now routinely re-verify the employment status of borrowers just before closing, which represents a standard practice being reignited after the financial crisis. If a borrower’s employer is undergoing a name change, then the lender also should be notified to avoid delays.
    • The most creditworthy borrowers may not have their loan status affected by large purchases before a mortgage is closed, but those with tighter finances are advised to be more cautious.

        Nice to know, if you have any questions please feel free to contact me.

       At your service,
       Allyson
       408-705-6578
       allyson@homesbyallyson.com
       www.homesbyallyson.com
       Certified Distressed property Expert

  • What you should know about Interest Rates!!!!!


    Borrowers who didn’t take advantage of the historically low interest rates likely have missed the opportunity to purchase or refinance using an ultra-low mortgage rate. In the past month, rates have been on the rise and are expected to continue to climb. Fannie Mae’s chief economist doesn’t believe mortgage rates will ever be that low again.

    Making sense of the story
    • According to the economist, the Fed is going to stop bolstering the housing market, which has kept rates at rock-bottom levels by buying up to $85 billion a month of Treasury bonds and mortgage-backed securities. That has enabled lenders to sell mortgage loans at low interest rates and recoup their money immediately – plus profits.
    • If the Fed stops purchasing the securities, private investors will have to pick up the slack. For investors to do that, the loans will have to offer a better payoff, and that would mean raising rates for borrowers.
    • Low mortgage rates generally are a result of an economy in distress. But now, the market believes the economy is getting stronger. Job gains have picked up, and the fact that that hiring is advancing rather than retreating is good news for the economy. Any positive future reports are expected to push rates higher.
    • Today’s rates are unprecedented. The ever-popular 30-year, fixed-rate mortgage hit a 37-year low in 2003 at 5.23 percent. It is likely that any return to normal conditions will be accompanied by higher mortgage rates.
    • Borrowers should keep in mind that even if rates go up a percentage point or two, mortgages will still be relatively low. Historically, 30-year loans are usually 5.5 percent or higher. For clues in the direction of mortgage rates, experts recommend borrowers look at the daily movements in 10-year Treasury bond yields. Mortgage rates track Treasury yields with the difference between them holding fairly constant.
    • Source: CNNMoney/AOL Real Estate
      Let me know how I can assist you NOW !!!

      At your service,
      Allyson
      408-705-6578
      allyson@homesbyallyson.com
      www.homesbyallyson.com
  • A New Conventional Loan with only 3% and it's NOT FHA !!!

    Posted Under: Home Buying in Santa Clara County, Financing in Santa Clara County, Foreclosure in Santa Clara County  |  January 16, 2013 1:26 PM  |  929 views  |  2 comments

    There is a new loan product on the market that allows a buyer to get a conventional loan with only 3% down. Perhaps you know someone this would benefit?

    This is NOT an FHA loan, therefore the property does not need to meet the conditions and approval restrictions of an FHA loan.

    • 3% down payment, Borrowers Own Funds
    • 680 Fico Score Minimum
    • No Up Front Mortgage Insurance (only monthly)
    • No FHA Condo Approval Required !!
    • This is a Conventional Conforming Loan

    Please contact me with any questions.

    At your service

    Allyson,
    408-705-6578
    allyson@homesbyallyson.com

    www.homesbyallyson.com

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