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Greetings!
It was great seeing everyone at our online meeting last Wednesday!
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Market Update:
- We continue to see the market adjusting to these higher interest rates.
- Inventory of available homes continues to creep upward and we are seeing more price discounts.
- The number of home sales has decreased and the days on market has increased.
- And for the second month in a row, San Diego County’s median home price dropped.
In our Real Estate Whip Around game, we learned:
- The median price is still up 9.5 percent in San Diego on a year-to-year basis.
- Zillow is predicting San Diego home prices will Increase 7.1% in the next year.
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WRG Training Topics
1. Loan Training with Grant Fisher
Thanks again to our Guest Speaker - Mortgage Loan Originator / Loan Officer, Grant Fisher from Watkins Home Loans. Grant is a veteran loan officer and his presentation was very informative!
For any future mortgage needs or questions, here is Grant Fisher's Contact Info:
Grant Fisher
Mortgage Loan Originator / Loan Officer
(858) 472-0634
Watkins Home Loans
DRE Lic. # 02016896
NMLS # 1594263
Grant@WatkinsHomeLoans.com
www.WatkinsHomeLoans.com
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A. Mortgage Terms
- DTI – Debt To Income ratio
- PITI – Principle, Interest, Property Taxes, Homeowners Insurance
- QM/Non-QM – Qualified / Non-Qualified Mortgage
- Conventional Mortgage / High Balance / Jumbo
$647,200 / $879,750 / $879,751+
- Fixed or Adjustable Interest Rates
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B. Conventional Loans (Fannie Mae / Freddie Mac)
- Benefits
- 3% to 5% Down Payment
- No upfront Mortgage Insurance
- Can have lower Mortgage Insurance
- Shorter Turn Times
- Drawbacks
- Need Better Credit Scores
- May Require Escrow / Impound Account
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C. FHA Loans (Federal Housing Administration)
- Benefits
- Lower Credit Scores (580+)
- Low Down Payment (3.5%)
- Higher DTI (55%)
- Drawbacks
- Upfront Mortgage Insurance
- Larger Monthly Mortgage Insurance
- Longer Turn Times
- Requires Impound Account
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D. VA Loans (Veterans Affairs)
- Benefits
- 100% Financing
- Higher DTI Allowed (60%)
- Lower Credit Scores
- No / Low Down Payment
- Better Rates
- No Mortgage Insurance
- Some Fees are Not Allowed
- Drawbacks
- Veteran w/ COE (Certificate of Eligibility)
- Slightly Longer Turn Times
- Upfront Funding Fee (0- 3.6%)
- Requires Impound Account
- More Restrictive Appraisal
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E. USDA Loans (US Department of Agriculture)
- Benefits
- Lower Credit Scores
- No Down Payment Required
- Drawbacks
- Low DTI (29/41)
- Income Restrictions
- Upfront Mortgage Insurance
- Monthly Mortgage Insurance
- Longer Turn Times
- Only Available in Rural Areas
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F. Other Loans (Non-QM)
- Benefits
- May qualify when standard loans won’t work
- Can use other income
- Drawbacks
- More expensive
- Still very restrictive
- Smaller number of lenders now
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G. DPA (Down Payment Assistance Programs)
- CalHFA
- Has options for all loan programs
- Has Down Payment Assistance and Closing Cost Assitance
- Restrictions on income, credit score and DTI
- Chenoa / NHF
- Forgivable and non-Forgivable options
- Less restrictive but more expensive
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H. Interest Rates
- When you look at the past 20 years, Interest Rates are still Low:
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2. New and Updated Forms we discussed:
a. Updated – Request for Repairs (RR
b. Updated – Residential Lease After Sale (RLAS)
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Keep learning, and Taking Action Every Day!
Contact me if you need help with anything.
Cheers,
Gregg Watkins, Broker
619-665-6789
Watkins Realty Group
DRE Lic #01399591
NMLS #367327
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