Good Monday Morning,

I hope you had a terrific weekend and enjoyed the cooler temps and clear blue skies.What a week of change! Following the challenges that hit Wall Street, positive signals are sweeping through the local desert Real Estate market as buyers continue to consider home purchases while great values are plentiful and mortgage rates are competitive. The season is upon us, and as we gear up for one of the greatest times of the year here in the desert... let's all strive to make it our best one yet.

There are still great deals out there!  To have direct access to these properties: http://www.FindMyDesertHome.com

If you are considering the sale of your home you can receive an e-mail analysis that will give you a good indication of your homes current market value at http://www.DesertCMA.com.

Mortgage Market Update!

Changes in Loan Programs - There is change afoot! Mortgage guidelines are changing for conventional and FHA financing.  See the bullet points below:

 ·         Turning a primary residence into a rental requires 30% equity for conventional and 25% for FHA to count rental income toward qualifying ratios.

·         Investment properties require a 20% down payment.

·         Second Homes require only 10% down!

·         FHA now requires 3.5% down payment as of January, 2009.

·         Down Payment assistance (Seller Paid) – like Nehemiah, HART, etc is not
allowed as of October 1, 2008.

·         Down Payment assistance – Gift funds from a family member, non-profit, employer still ok.

·         Bankruptcy Seasoning – Discharged = 2 years with re-established credit
Dismissed = 4 years with re-established credit.

·         short sale-sales – two-year seasoning period with re-established credit.

NOTE:  MOST FIRST TIME HOMEBUYERS WILL QUALIFY FOR A LOAN!!  IT IS NOT DOOM
AND GLOOM!  Let’s take a dream of homeownership and make it a reality and focus on
what we can do!

Today:                 1 Canadian dollar =  0.904732 U.S. dollars
Last Week:         1 Canadian dollar =  0.970591 U.S. dollars


NATIONAL OVERNIGHT AVERAGES       TODAY +/- LAST WEEK

6 month CD                                                   3.20%         3.18% 
1 yr CD                                                           3.68%         3.67% 
5 yr CD                                                           4.15%         4.14% 
1 yr IRA CD                                                   3.29%         3.28% 
5 yr IRA CD                                                   4.01%         4.01% 

 

 Have An Awesome Week!

 Rob Zwemmer