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Rich Iacovetta's Blog

By Rich Iacovetta | Mortgage Broker
or Lender in Santa Clara, CA
  • Now Buy A House Only 1 Year After Short Sale or Foreclosure

    Posted Under: Home Buying in San Jose, Financing in San Jose, Foreclosure in San Jose  |  September 23, 2013 7:58 AM  |  400 views  |  1 comment



    Click the video play button above to watch the video

    The wait is finally over! FHA has decided to make it easier to buy a house after you’ve experienced an unfortunate event in your home if you had a short sale, foreclosure or bankruptcy that was caused by a drop or loss of income by at least 20% over a period of at least 6 months, you might be eligible to buy a house again after 1 year instead of having to wait 2-3 years under previous rules. This is possible under the new “Back to Work” program. There are certain requirements, like you need to show you fully recovered from the event, and complete some HUD counseling and a few other things. To read the full requirements, click the link below where to find out if you qualify and how to complete HUD’s counseling. 


  • Obama's re-election. Good or Bad for Real Estate?

    Posted Under: Home Buying in San Jose, Financing in San Jose, Foreclosure in San Jose  |  November 9, 2012 6:41 AM  |  359 views  |  2 comments


    Click the video player image above to watch

    President Obama got re-elected this past week. Now that he has 4 more years, can he really change the housing market and help more people who want to buy homes? Will interest rates stay low? Watch this short video by clicking the video player image below to find out.

  • Buying a Condo Getting Easier

    Posted Under: Home Buying in San Jose, Financing in San Jose, Foreclosure in San Jose  |  June 15, 2012 9:44 AM  |  283 views  |  No comments


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    If you’ve ever tried to buy a condo in San Jose or anywhere in California with an FHA loan, you know that it’s been harder than getting Lindsay Lohan to pass a driving test. Well, the department of HUD is making some changes to their policies and one of those revisions could allow individual units to be bought with FHA financing even if the whole complex hasn’t been certified for FHA loans. Right now only 25% of all condo projects are on the FHA approved list. So this could really open up a lot more opportunities for California real estate agents to help homebuyers get into their first home. I’ll be sure to let you know more about this story as details become available.

    Songwriter Jerry Goldstein who wrote such hits at “My boyfriend’s back” and Sly and The Family Stone’s hit “War”, (huuuuh, good god yall, what is it good for?) Absolutely nothin! He even wrote this song, and now he’s asking the buyers of his California mansion, “why can’t we be friends?” See Jerry’s home went through foreclosure and sold at a public auction for 7.5 million, but getting him to move out so the new owners can move in is proving to be harder than getting Lindsay Lohan to pass a drug test. So they’ve taken him to court, and are asking for $666 per day that he refuses to leave the property. Hey Jerry, if I were you I’d take a permanent vacation hey la, hey la before the judge comes back.

    It’s been a crazy week for interest rates in San Jose. They went up, they went down, and here’s where they are at the time of this video. Many homeowners are taking advantage of locking in rates as low as 2.99% on 15 year fixed mortgages, and with home sales rising  3% in the month of April, this beautiful weather is the perfect time to be looking for a home in San Jose. Remember I always have time to help you, your friends and family who need a San Jose mortgage broker and California real estate advice, so give me a call, and be sure to share this video with them. Thanks for watching, I’ll see you next week.


  • Free Money for California Homeowners? It's True!

    Posted Under: Financing in San Jose, Agent2Agent in San Jose, Foreclosure in San Jose  |  May 11, 2012 9:42 AM  |  351 views  |  No comments

    Click the video player above to start the video


  • Why You Should Short Sale in 2012

    Posted Under: Home Selling in San Jose, Financing in San Jose, Foreclosure in San Jose  |  May 4, 2012 9:25 AM  |  350 views  |  No comments

    CLICK THE IMAGE ABOVE TO PLAY VIDEO
     
    Are you one of the 11 million homeowners that are underwater on your mortgage. Are you familiar with the Mortgage Debt Relief Act? Why not? It’s been around since 2007, but it’s set to expire at the end of this year. What this means, is if you get a loan modification, or do a short sale, or even get foreclosed on your primary residence, you are not responsible for paying taxes on the forgiven amount, in other words that which was left over or forgiven, cannot be counted as income to you by the IRS, and you don’t have to pay taxes on it. And that offer is about to be taken off the table at the end of this year. So if you are upside down on your mortgage and have thought about doing a short sale, call your real estate agent right now and get that house sold before the end of the year.

    If you’ve ever tried to buy or refinance a house, you know that appraisals are the number one problem killing mortgage loans in California. Well, Leave it to Bieber, Justin wants you to know that the housing crisis is hurting him too. His business manager told him to buy a house for 7 million. See Bieber fans, this is the house your imaginary boyfriend wants to buy, but the appraisal came in at 6 million, and now Justin can’t get the mortgage his business manager wants. I think more than a good business manager, you need a fashion manager. Who wears a jacket made out of space invader bed sheets? Take a lesson from the celebrities that came before you. Pay cash for your house, so no one can come throw you out of it when the well run dry and those girlish looks fade away.

    Fannie Mae conducted a survey in March where 73% of all respondents believed it’s a good time to buy a house. With California interest rates dropping back down under 4% this week, I would have to agree. Who’s the next person that comes to mind that’s most likely to buy a house. Maybe a couple getting married this summer, or a family expecting a baby and needs a larger home. Please share this video with them and if you know anyone upside down on their mortgage, feel comfortable sharing my number with them, so they can get the help they need. Thanks for watching, see you next time!


  • Bank of America Has a New Plan To Help You Stay In Your Home

    Posted Under: Financing in Santa Clara, Foreclosure in Santa Clara, Rent vs Buy in Santa Clara  |  March 30, 2012 10:11 AM  |  507 views  |  No comments
  • 3 Things You Better Do Before April 1st

    Posted Under: Home Buying in San Jose, Financing in San Jose, Foreclosure in San Jose  |  March 9, 2012 10:12 AM  |  532 views  |  1 comment

    Click The Video Player Image Above To Watch This Video



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