Rosalyn Santiago's Blog » Buying A Home http://lacasitarealtors.com Realty World - La Casita Realtors Mon, 03 Jan 2011 19:58:21 +0000 en hourly 1 http://wordpress.org/?v=3.3.2 What happened to the Flood? http://lacasitarealtors.com/2010/07/20/what-happened-to-the-flood/ http://lacasitarealtors.com/2010/07/20/what-happened-to-the-flood/#comments Tue, 20 Jul 2010 18:53:01 +0000 Rosalyn Santiago http://rsantiago.blogs.rwnetwork.com/?p=57 It was speculated many moons ago that Los Banos & surrounding areas were going to experience an influx of available new homes.   Although the source of this information is reliable is hard to say what happened to that influx of new listings. In Los Banos we see many homes getting foreclosed on but no listed as REO or bank owned properties. Leave us to wonder, what is happening.

In May 2010 there were 358 active listings with 211 sold and 223 that went Pending.  In june the active listing wet up 7.5% to 385 active listings and 276 Pending an increase of 23.8%. 

The majority of this listings are not Bank Owned but they still are affordable and some in more than ready to move in condition.  The seller whether an investor/investors or private sale provide clean homes with new interior paint and, if it needs it, new carpet or/and flooring.

Will we see another influx of REO homes?  Only time will tell.

]]> http://lacasitarealtors.com/2010/07/20/what-happened-to-the-flood/feed/ 0 Loans thru US Dept of Agriculture http://lacasitarealtors.com/2008/12/30/loans-thru-us-dept-of-agriculture/ http://lacasitarealtors.com/2008/12/30/loans-thru-us-dept-of-agriculture/#comments Tue, 30 Nov 1999 07:00:00 +0000 http://rsantiago.blogs.rwnetwork.com/2008/12/30/loans-thru-us-dept-of-agriculture/ There are many prospective homeowners who could qualify to purchase a home in this market but are still strap for funds for the down payment and closing costs. We can find one source of mortgage loan provider that could help – The US Department of Agriculture!  The loans under this program, although restrictive to areas of population less than 25,000 and eligible to individuals who can provide poof of a fixed income, the borrower is not require to issue a down payment. Their income can not be over 115% of the median income in their qualifying area.

A side note: The loans through this program are made by private lenders and are insured by the government and then sold to Ginnie Mae. And like any government program there is only certain amount money issued upfront, once those funds are exhausted new loans cannot be issued. What is most interesting is that $4.1 billion were allocated to the program but $7 billion in loans were created. It is stated that the program received additional funding from other department sources. Of course with the release of this new program there is an increased demand for the loan but not enough funds and administrators are asking for more money to cover the increase demand. It is speculated that the program could run out of funds in the next month or so even though it has been funded through March.
 
In the end, the program has great benefits to low income households who in the past would not have been able to buy a home due to the high home prices. But we cannot deny that this is the market to find and buy very affordable priced homes.
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