We were recently informed from one of our lending partners that there is a new government program that can provide up to a 3% grant that can be used for downpayment and/or closing costs.  The grant does not have to be repaid!

The Grant made possible through the Program can be used towards the homebuyer’s down payment and/or closing costs on a 30-year fixed-rate fully amortized FHA, VA or USDA Mortgage Loan.

The Program is available for purchases of both new and existing homes and is NOT limited to first-time homebuyers.

If you have questions, The Lund Team is here to help! 

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Special Fannie Mae HomePath Buyer Incentive Offer

There's great news from Fannie Mae: Buyers may be eligible to receive up to 3.5% in closing cost assistance through October 31, 2011 as part of the HomePath buyer incentive.

To be eligible for this incentive, the following qualifications must be met:

  1. Buyers and/or selling agents must request the incentive upon submission of the initial offer in order to be eligible.
  2. The initial offer must be submitted on or after June 14, 2011 and close by October 31, 2011. If an initial offer was made prior to the effective date, the offer is not eligible for the incentive.
  3. The sale must close on or before October 31, 2011. No exceptions will be made to this deadline.
  4. Only buyers purchasing a HomePath…

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Loan Balance Update:

As a reminder to our buyers and sellers, the higher conforming loan balance amounts are set to shift down from $697,500 in San Diego to a possible $550,000.  The amounts are not set yet by the Federal Housing Administration.  The governmental stimulus package is set to expire in September, and without intervention from Congress, lenders will start putting deadlines on applications taken with these high loan amounts. Several lenders have already set a July 15th deadline on new applications for high balance loans to ensure closing by the deadline.


Barring government policy change, those wanting to borrow over the new government limit will have to pay a higher rate on the remaining balance. This is due to the increased risk…

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There is still in its infancy, but having government support would most likely support an era of low mortgage rates.  See and read below:

Bill proposes merger of Fannie and Freddie


Rep. Gary G. Miller (CA-42) and Rep. Carolyn McCarthy (NY-04) are expected to introduce a bill tomorrow to merge Fannie Mae and Freddie Mac, and restructure the company into a government-held corporation.

The legislation will propose that the merged company purchase mortgages and sell them to investors as securities that are government-backed. The new company wouldn't operate for profit-making purposes and wouldn't have shareholders.

Under the proposal, a five-member board would govern the corporation, and it would be regulated by the Federal Housing Finance…

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$1,275,000 - $1,350,000 - 3228 Sitio Montecillo, Carlsbad CA 92009

This 5 bedroom + library/5.5 bath residence is better than new with over $200,000 in upgrades and improvements! Large loggia, porch and second floor covered decks. Great curb appeal with entry portico. Four car split garage! .34 acre lot with spectacular pool and spa. Private and quiet cul-de-sac location with PANORAMIC area views.

 Video Tour... http://www.youtube.com/watch?v=7x0vqGSJOZ4

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The Lund Team is one of the few brokers with the experience (and patience) to work and close short-sales in this tough marketplace.  We received updated information that Citigroup is offering incentives for homeowners to short-sale this year.  

For more information on the short-sale process, contact The Lund Team!

 

--------- News Release

Citigroup offering incentives to short sale home

Citigroup's mortgage servicing branch CitiMortgage is offering an average of $12,000 to borrowers who complete a short sale this year. By comparison, the mortgage servicer was offering $1,500 payments on average in 2009, and $3,000-$5,000 payments in 2010.

"Incentives will be offered to customers experiencing financial hardship who need funds to…

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