Horse Lovers Private Paradise! Amazing single story wine country home w/ top of the line horse facilities, barn & all the upgrades expected in a high end custom home! Set on over 5 acres of usable horse property w/ panoramic views w/ a long paved driveway leading you to this private getaway. Some of the upgrades includes travertine flooring throughout & crown moulding, gourmet kitchen, 4 sets of French doors!

Home sits on a very private lot w/ over 1400 installed plants, cross fencing, huge built in barbecue, jetted-spa & extensive hardscape throughout. Wait until you see what’s in store for your horses: 4 12′ x12′ stalls and 12′ x 28′ turnouts, 55′ x 130′ arena & 55′ light round pen. The barn has more upgrades than some homes w/ granite counter tops, marble floors, full bathroom & more! Rv hookups & dump station. Gate off back of property to lower level.

Owner has put over $320,000 of upgrades since moving in & is a must see to appreciate! This is a standard sale, not REO or short sale!

Interior Upgrades

• 3,370 Square Feet
• 14 Ft High Ceilings in Living and Dining Room
• 8 ft. Solid Arched Doors
• Crown Molding & Baseboards Throughout
• 18 inch Travertine Floors Throughout
• Ceiling Fans in Every Room
• Mirrored Bedroom Closet Doors
• Stainless Steel Wine Cooler
• Stainless Steel Built Refrigerator
• Maple Cabinets with BushedNickel Hardware
• Granite Countertops with Center Island in Kitchen
• Custom Wood Blinds and Custom Valances
• Custom Fabric Roller Shades
• Interior Surround Sound
• Intercom System
• Built-in Alarm System
• Cat 5 Wiring
• All Water Lines above Slab
• Tankless Water Heater
• 2 Separate Heating and Air Conditioning Units
• Indoor Laundry Room with Tub Hookup
• Granite Desk/Niche in Kitchen
• 4 Sets of French Doors
• Frameless Shower Doors
• Finished 3 Car Garage with 16 Florescent Light Fixtures
• 12’x22’ Lighted Attic Storage with Drop Down Latter
• Service Door with Storm Door with Screen

Exterior Upgrades

• 2 Block Entry Columns for Front Electric Gate
• Dumpster Pad with Block Wall Enclosure
• Paved Driveway
• 11 Trees Lining the Driveway
• 2 Column Propane Cover
• 6 Front Planters
• 36 Fruit Trees in Front Yard and Over 1400 Total Plants
• Completely fenced with White Vinyl Fencing
• Over 1,000 ft of Landscaped Concrete Curbing
• 330 Yards Total Concrete
• 6 ft. Wide Concrete Walkways Around the Home
• 14 Column Patio 640 Square Feet
• Custom Outdoor BBQ Island with Granite Countertops,
• Grill, 2 Top Burners, Fridge, Sink and Stereo System
• Custom above Ground Spa with Stereo System
• Fountain
• Horse Fencing
• Drip System (with timer on all trees and planters)
• 330 Yards Total Concrete
• Breezeway Barn with 4 12’x12’ Stalls and 12’x28 Turnouts
  3 Gallon Automatic Water
  Wash Rack with Hot and Cold Water
  10 Gallon Water Heater
  Copper Plumbing Throughout
  Tack room with Marble Floors, Granite Counter Tops
  and Microwave
  Bathroom with Marble Floors and Granite
  Countertop And Microwave
• RV Dump Station
• RV Electrical Hookups
• 55’x130’ Arena55’ Light Round Pen
• Gate off Back of Property to Lower Level and Trails
• 5 Acres with Panoramic Views

California FHA Streamline Refinance guidelines received a boost recently, a boost in the right direction for most borrowers. Turns out for the past 7 months, since November 17, 2009 the majority of FHA lenders have misinterpreted their investors’ needs for proper documentation.

Since November, Streamline FHA refinances have had traditional guidelines – prove income, provide tax returns, make sure the debt ratios are in line amongst others. As of June 9, 2010, many investors have informed their lenders that those guidelines have eased and frankly have been eased all along.

What does this mean to you and why is it important?

With most lenders, income documentation for wage earners and self employed borrowers is no longer required. Tax returns are no longer necessary. Debt ratios are a non-factor. You must still be employed as it will be verified.

Income documentation for those other than wage earners and the self employed include the following:

FHA Streamline Refinance Income Documentation Requirements

Standard FHA Streamline Criteria

The following items are necessary to refinance:

• Seasoning – At the time of loan application, the borrower must have made at least 6 payments on the FHA-insured mortgage being refinanced.
• Mortgage Payment History Requirements. The following requirements must be met without exception:
  • Loans with a 12 month payment history: 0×30 lates in the previous 12 months.
  • Mortgages with less than 12 months payment history: the borrower must have made all payments within the month payment is due.
• Net Tangible Benefit (NTB) Requirements: A net tangible benefit for the borrower must apply defined as one of the following:
  • Reduction in the total mortgage payment (PITIA) AND ALL SUBORDINATE LIENS = The new total mortgage payment must be 5% lower
    than the current total mortgage payment on the loan being refinanced. This requirement is only applicable when refinancing from a Fixed
    Rate to Fixed Rate, a GPM to Fixed Rate, a 203k to 203b and a 235 to 203b.
  • Refinancing from an ARM to a fixed rate mortgage =
    • The interest rate on the new fixed must not be greater than 2 percentage points above the current rate on a 1-year ARM.
    • For hybrid ARMs, the total mortgage payment on the new fixed rate mortgage may not increase by more than 20%

With the recent downturn in Mortgage Rates for California, the majority of FHA borrowers are seeing obtainable rates at or below the 5% level. This is a huge help for those that are in need of refinancing, want a quick alternative, require less documentation, less headache and want to take advantage of the lowest rates ever!

Who do you know right now that is in need of refinancing a FHA loan? Call for a free mortgage analysis.

Allocations for the California First Time Home Buyer State Tax Credit are only estimates, based on small samples. The numbers are overstated as there will be duplicate, revised, and invalid applications included as the Franchise Tax Board have not verified any of the applications.

Applications for First-Time Buyer Credit received as of 06/08/10

Applications and Allocations

These estimates are only provided to give a general idea of the number of applications received and the amount requested for the First-Time Buyer Credit. They are showing 57% of the estimated requested credit since the $100 million cap will only be reduced by 57% of the credit allocated to the buyer. The amounts do not reflect actual amounts which will be allocated. These estimates will be updated each Thursday until they are sure that they have received more than enough applications to allocate the full $100 million. Once they determine that they have received sufficient applications to allocate the full $100 million, they will stop accepting applications for the First-Time Buyer Credit.

Estimates for the New Home Credit will be provided once their computer system is completed.

Guys and Gals, at the current rate of 325 applications per day and at roughly $5500 per credit allocated, the $100 million First Time Buyer Credit will last for approximately 8 weeks, 5 of which have passed, leaving 3 weeks to go.

Tune in every Thursday or so for updated numbers on the First Time Buyer credit.

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Related Articles:

Reserve Your Tax Credit on a New Home in California

The Beginning of the California State Tax Credit

Early Guidelines for 2010 State Tax Credit

Reserving your tax credit on a new home in California has some specific criteria that you must follow in order to be eligible.

The FTB or Franchise Tax Board, will accept reservation requests for the New Home Credit by fax only beginning May 1, 2010.

Reservation Requests

If a buyer wishes to request a reservation, before the close of escrow:

1. The seller must complete Parts I, II, & III of Form 3549-RR, Reservation Request for New Home Credit.
2. The buyer completes Parts IV & V.
3. Fax the completed Form 3549-RR and the required pages of the purchase agreement to FTB at 916.855.5577. If escrow has opened, it is best for the escrow person, on behalf of the buyer and seller, to fax the completed Form 3549-RR and the required pages of the purchase agreement to FTB and provide a copy to the buyer. If escrow has not opened, the buyer may fax it to FTB. (The buyer retains ultimate responsibility to ensure the completed reservation request and the required pages of the purchase agreement are submitted timely to the FTB.)
4. Do not fax the entire purchase agreement. Only fax the pages which show:
   1. Property address
   2. Buyer’s name
   3. Seller’s name
   4. Purchase price
   5. Deposit amount
   6. Buyer’s signature
   7. Seller’s signature

• Fax is the only delivery method as the date and time stamp on the fax will determine the order in which credits are reserved.
• Fax only one completed reservation request per residence with all qualified buyers listed.
• Do not fax the reservation request if the contract was entered into before May 1, 2010.
• Do not fax the reservation request to FTB after escrow closes or with the application (Form 3549-A).
• The buyer keeps a copy of the completed Form 3549-RR for their records.
• Use the online fillable Form 3549-RR. Simply fill in all required information, print the form, and sign.

To see the proper guidelines for the tax credit to make sure you are eligible to even make a request please read this article on the California Guidelines for Tax Credit.

Also, visit the FAQ – California Tax Credit often to see all the scenarios and comments posted by real people like you and me.

As of May 1, 2010 the California New Home and First Time Home Buyer Credit began.  The First Time Home Buyer credit will go at a seriously brisk pace, so you better get your forms in on time as escrow closes.  For New Home buyers, it will be a bit slower, but you can also reserve your request for credit.

Everyone has been anticipating the credit, now it comes down to following guidelines, filling in the paperwork correctly, having the appropriate items and then faxing to the correct number where your paperwork will receive a time and date stamp for first come first serve.  You will then wait 3-6 months for your official answer from the Franchise Tax Board.

The FTB said  “we must build a new computer system before we begin verifying the applications and reservation requests.”

Okay, after that shocking revelation, let’s get down to business.  Here’s how to apply for your tax credit:

Apply

Within two weeks (14 calendar days) after the close of escrow:

1. The seller must complete Parts II, III, and also Part IV (if the home has never been occupied) of Form 3549-A, Application for New Home / First-Time Buyer Credit, and provide a copy to the buyer or escrow person.
2. The buyer will complete Parts I, V & VI of Form 3549-A.
3. Fax the completed Form 3549-A and the final settlement statement (generally the buyer’s HUD-1 statement) to FTB at 916.855.5577.

• Fax is the only delivery method as the date and time stamp on the fax will determine the order in which credits are allocated.
• Fax only one completed application per residence with all qualified buyers listed.
• Do not fax the application to FTB before escrow closes.
• The buyer keeps a copy of the completed Form 3549-A for their records.
• Use the online fillable Form 3549-A. Simply fill in all required information, print the form, and sign.

FAQ on California Tax Credit – read all the questions and comments for the past month as we’ve built up to this moment

Related Articles:

Guidelines for California Tax Credit

To my faithful followers, I have created 2 videos on a home for sale in Temecula, CA. I’d like your opinion on which one you prefer. Watch each video, a total of 4 minutes and then please post your preference in the Comment Section below.

You can certainly post your reasoning and you don’t have to like either. I’m looking for feedback.

Thank you.

Video 1

Video 2

Which one did you prefer?  Post your preference in the comments below.

While many experienced real estate agents have a general understanding of the mortgage approval process, there are a few important details that frequently get overlooked which may cause a purchase to be delayed or denied.

New regulation, updated disclosures, appraisal guidelines, mortgage rate pricing premiums, credit score, secondary approval layering, rescission deadlines, property type, HOA insurance requirements, title and property flip rules are just a few of the daily changes that can have a serious impact on a borrower’s home loan financing.

With today’s volatile lending environment, it’s obviously important for home buyers to get a full loan approval which clearly defines all contingeas they pertain to each unique home buyer’s scenario prior to spending any time looking at new homes with an agent.

Either way, we’ve listed a few of the top things your agent should keep in mind while showing you new properties:

Caution – Agents Beware:

Property Type –

High-Rise, Condo, Town House, Single Family Residence, Dome Home or Shoe House… all have specific lending guidelines that can influence down payment, credit score and mortgage insurance requirements.

Residence Type –

Need to sell one home before moving into another? Is a property considered a second home if it’s in the same city?  What if I’m buying a home for my children to live in, it is still considered an investment property?

These are just a few of several possible residence related questions that should be addressed by your agent and loan officer at the initial loan application.

Rates / Locks –

Mortgage Rates are typically locked for a 30 day period, and one of the only ways to get a new rate is to switch mortgage lenders.  Rates also have certain adjustments for property / residence type, credit score and down payment which could have a big impact on monthly payments and therefore approvals.

A 1% increase in rate could literally mean the difference between an approval or denial.

Headline News / Employment –

Underwriters watch the news as well.  Borrowers who work in a volatile industry during hard economic times may have to jump through a few extra hoops to prove that their employment and income is secure.

Job changes, periods of unemployment or property location in relation to the subject property are other things to consider that may cause a speed bump in the approval process.

Title / Property Flip –

A Flip is considered a property that has been purchased by an investor and quickly sold to a new buyer within a 30-90 day period.  Generally, an investor will do a little rehab work, fresh paint, landscaping…. and try to re-sell the property for a significant profit margin.

While it seems like a perfectly fair transaction, many lenders have strict guidelines in place that prevent borrowers from obtaining financing on properties that have a previous owner with less than 90 days of documented ownership.

These rules change frequently, and are specific to particular property types, so make sure your agent is aware of all the boundaries associated with your approval letter.

Homeowner’s Association Insurance –

Some lenders require Condos and Town House communities to have sufficient insurance and reserves coverage pertaining to specific ratios on units that are owner occupied vs rented.

It may also take a few weeks and cost up to $300 to receive an HOA Certification, so make sure your Due-Diligence period is set accordingly in the purchase contract.

Appraisal Ordering Procedures –

Appraisal ordering guidelines are changing quite frequently as regulators implement many new consumer protection laws created to prevent future foreclosure epidemics.

Unfortunately, some of the new appraisal regulations have proven to slow the home buying process down, as well as confuse lenders about the true estimate of neighborhood values.

VA, FHA and Conventional loans programs all have separate appraisal ordering policies, so make sure your agent is aware of which loan you’re approved for so that they document any anticipated delays in the purchase contract.

For example, if an appraisal takes three weeks and the average time for an approval is two weeks, then it probably isn’t smart to write a purchase contract with a four week close of escrow.

_________________________________

Related Articles – Home Buying Process:

• Home Buying Process
• First-Time Home Buyer Credit Checklist
• Assembling Your Home Buying Team – Knowing The Players
• Important Factors To Consider When Getting Financing On A Foreclosure, Short Sale or New Construction
• Where Does My Earnest Money Go?
• HOA Hurdles to be Aware of When Looking at New Properties
• What You Need To Know About The Home Inspection Process

How can a fully approved loan get denied for funding after the borrower has signed loan docs?

Simple, the underwriter pulls an updated credit report to verify that there hasn’t been any new activity since original approval was issued, and the new findings kill the loan.

This generally won’t happen in a 30 day time-frame, but borrowers should anticipate a new credit report being pulled if the time from an original credit report to funding is more than 60 days.

Purchase transactions involving short sales or foreclosures tend to drag on for several months, so this approval / denial scenario is common.

It’s An Ugly Cycle:

1. First-Time Home Buyer receives an approval
2. Thinks everything is OK
3. Makes a credit impacting decision (new car, furniture, run up credit card balance)
4. Funder pulls new credit report and denies the loan

In the hopes of stemming the senseless slaughter of perfectly acceptable approvals,we’ve developed a “Ten credit do’s and don’ts” list to help ensure an smoother loan process.

These tips don’t encompass everything a borrower can do prior to and after the Pre-Approval process, however they’re a good representation of the things most likely to help and hurt an approval.

Ten Credit Do’s and Don’ts:

DO continue making your mortgage or rent payments

Remember, you’re trying to buy or refinance your home – one of the first places a lender looks for responsible patters is at your current rent and/or loan history.

Even if you plan on closing in the middle of the month, or if you’ve already given notice, continue paying that rent until you’ve signed your final loan documents.

It’s always better to be safe than sorry.

DO stay current on all accounts

Much like the first item, the same goes for your other types of accounts (student loans, credit cards, etc).

Nothing can derail a loan approval faster than a late payment coming in the middle of the loan process.

DON’T make a major purchase (car, boat, big-screen TV, etc…)

This one gets borrowers in trouble more than any other item.

A simple tip: wait until the loan is closed before buying that new car, boat, or TV.

DON’T buy any furniture

This is similar to the previous, but deserves it’s own category as it gets many borrowers in trouble (especially First-Time Home Buyers).

Remember, you’ll have plenty of time to decorate your new home (or spend on your line of credit) AFTER the loan closes.

DON’T open a new credit card

Opening a new credit card dings your credit by adding an additional inquiry to your score, and it may change the mix of credit types within your report (i.e. credit cards, student loans, etc).

Both of these can have a negative impact on your score, and could result in a denial if things are already tight.

DON’T close any credit card accounts

The reverse of the previous item is also true. Closing accounts can have a negative impact on your score (for one – it decreases your capacity which accounts for 30% of your score).

DON’T open a new cell phone account

Cell phone companies pull your credit when you open a new account. If you’re on the border credit-wise, that inquiry could drop your score enough to impact your rate or cause a denial.

DON’T consolidate your debt onto 1 or 2 cards

We’ve already established that additional credit inquiries will hurt your score, but consolidating your credit will also diminish your capacity (the amount of credit you have available), resulting in another hit to your credit.

DON’T pay off collections

Sometimes a lender will require you to pay of a collection prior to closing your loan; other times they will not.

The best rule of thumb is to only pay off collections if absolutely necessary to ensure a loan approval. Otherwise, needlessly paying off collections could have a negative impact on your score.

Consult your loan professional prior to paying off any accounts.

DON’T take out a new loan

This goes for car loans, student loans, additional credit cards, lines of credit, and any other type of loan.

Taking out a new loan can have a negative impact on your credit, but also looks bad to underwriters and investors alike.

…..

Follow these Do’s and Don’ts for a smoother mortgage approval and funding process.

Just remember the simple tip: wait until AFTER the loan closes for any major purchases, loans, consolidations, and new accounts.

_________________________________

Related Credit / Identity Articles:

• Understanding Credit
• Ten Things You Can Do To Protect Your Identity
  
• Is There A Rule-Of-Thumb Regarding The Number Of Credit Lines To Have Open?
• Alternate Sources For Establishing Credit

Although every situation is unique, it is not uncommon for homebuyers to qualify for a mortgage on a new home while still living in their primary residence.

Perhaps you are outgrowing your current house, or have been forced to relocate due to a job transfer?  Regardless of the motivation for keeping one property while purchasing another, let’s address this question with the mortgage approval in mind:

So, Do I Have To Sell?

Yes. No. Maybe. It depends.

Welcome to the wonderful world of mortgage lending. Only in this industry can one simple question elicit four answers…and all of them may be right.

If you are in a financial position where you qualify to afford both your current residence and the proposed payment on your new house, then the simple answer is Yes!

Qualifying based on your Debt-to-Income Ratio is one thing, but remember to budget for the additional expenses of maintaining multiple properties. Everything from mortgage payments, increased property taxes and hazard insurance to unexpected repairs should be factored into your final decision.

What If I Rent My Current Property?

This scenario presents the “maybe” and the “it depends” answers to the question.

If you’re not quite qualified to carry both mortgages, you may have to rent the other property in order to offset the mortgage payment.

In that scenario, the lender will typically only count 75% of the monthly rent you are proposing to receive.

So if you are going to receive $1000 a month in rent and your current payment is $1500, the lender is going to factor in an additional $750 of monthly liabilities in your overall Debt-to-Income Ratios.

Another detail that can present a huge hurdle is the reserve requirement and equity ratio most lenders have. In some cases, if you are going to rent out your current home, you will need to have at least 25% equity in order to offset your payment with the proposed rent you will receive.

Without that hefty amount of equity, you will have to qualify to afford BOTH mortgage payments. You will also need some significant cash in the bank.

Generally, lenders will require six months reserve on the old property, as well as six month reserves on the new property.

For example, if you have a $1500 payment on your old house and are buying a home with a $2000 monthly payment, you will need over $21,000 in the bank.

Keep in mind, this reserve requirement is incremental to your down payment on the new property.

What If I Can’t Qualify Based On Both Mortgage Payments?

This answer is pretty straightforward, and doesn’t require a financial calculator to figure out.

If you are in this situation, then you will have to sell your current home before buying a new one.

If you aren’t sure of the value of the home or how your local market is performing, give us a ring and we’ll happily refer you to a great real estate agent that is in tune with property values in your neighborhood.

…..

As you can tell, purchasing one home while living in another can be a very complicated transaction.  Please feel free to contact us anytime so we can review your specific situation and suggest the proper action plan.

_________________________________

Related Articles – Mortgage Approval Process:

• Basic Mortgage Terms
• How Much Can I Afford?
• Common Documents Required For A Mortgage Pre-Approval
• Top 8 Questions To Ask Your Lender During Application Process
• What’s The Difference Between An Investment Property, Second Home and Primary Residence?
• Seven Items Real Estate Agents Need To Know About Your Mortgage Approval

A mortgage is generally the largest debt most homeowners have to manage.  It’s a good idea to give your personal real estate finance portfolio a check-up at least once a year.

Since there are many reasons a homeowner may choose to refinance, we’ll take a look at the four most common.

1.  Mortgage Rates Drop:

Typically, the most common reason that homeowners refinance their mortgage is to secure a lower interest rate. Interest rate and loan amount determines the total cost that a borrower will pay. The lower the interest rate, the less the overall cost will be. Interest is calculated on a daily basis and usually paid back to the lender on a monthly basis.

2.  Lower Payments:

Lowering a mortgage payment can be achieved by lowering the mortgage rate, lengthening the loan term, combining two or more loans or removing mortgage insurance.

3.  New Mortgage Program:

Refinancing an Adjustable Rate Mortgage (ARM) to a new Fixed Rate Mortgage (FRM), combining a first and second mortgage or paying off a balloon loan are three possible reasons to explore a refinance.

4.  Debt Consolidation:

If there is sufficient equity, sometimes paying off consumer debt by combining all debts into one lower monthly mortgage payment can significantly reduce the short-term deficits in a budget.  However, it’s important to keep in mind the total cost of that debt by adding it into a 30 year mortgage payment.

_________________

Frequently Asked Refinance Questions:

Q:  Do I have to refinance with my current mortgage company?

No, you may choose any company to refinance your mortgage since the new loan will replace the existing mortgage.

Q:  Is it easier to refinance with my current mortgage company?

It is possible your current mortgage company may require less documentation, but this could add additional cost or a higher interest rate. Do your homework and shop around to make sure you’re getting the best deal.

Q:  Will I automatically qualify if I’ve never made any late payments?

No, you will have to qualify for your new refinance. However, certain programs will allow for reduced documentation like a FHA to FHA Streamline Refinance.

_________________________________

Related Article – Refinance Process:

• Refinance Process Overview
• Mortgage Approval Process
• Calculating The Net Benefit Of A Refinance
• Should I Refinance Or Get A Home Equity Loan To Make Improvements?
• What Do Appraisers Look For When Determining A Property’s Value?
• Understanding The Difference Between Appraised Value vs Neighborhood Listing Comps
• Five Myths About Home Values