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Open House Sunday Oct 26, 2014 From 12-2 PM

OPEN HOUSE

      43269 Corte Argento, Temecula 92592 

                 PRICED AT $324,900                   

BEAUTIFUL TEMECULA CA SINGLE STORY HOME ON CUL-DE-SAC IN PALOMA DEL SOL. KITCHEN ISLAND, CEILING FANS IN FAMILY ROOM AND BEDROOMS, HARDWOOD FLOORING IN WALKWAYS,UPGRADED DUAL SIDED COZY FIREPLACE IN FAMILY ROOM. GREAT YARD W/ COVERED PATIO. PERFECT FOR ENTERTAINING. COMMUNITY ASSOCIATION OFERS 5 SWIMMING POOLS, SPA, PLAYGROUNDS, TENNIS, WALKING TRAILS, AND GREENBELTS.

Please call 951-634-8843



 

DSC_1185 DSC_1183 DSC_1186 DSC_1149 DSC_1151 DSC_1153 Paseo del sol DSC_1168 DSC_1162 DSC_1171 DSC_1159

 

 

Understanding FHA Financing To Purchase Your Next Home

I am asked on  a weekly basis “what are the programs out in the market to help maximize my purchasing power”

 

In 1934, the federal government established the Federal Housing Authority (FHA). The FHA was not created to actually lend money; rather, it was created to insure the loans made by approved lenders to protect the lenders against defaults on the loans.

If a borrower obtains an FHA loan and then defaults on it, the lender is compensated by FHA, and thus the lender will not lose as much money and is therefore more willing to lend according to FHA guidelines.

Inviting Terms
Originally considered a program mainly for first-time buyers, FHA loans are now one of the most popular types of loans for all types of borrowers due to a variety of attractive features:

  • Low down payment. FHA loans let new buyers put down as little as 3.5 percent of the home’s purchase price. Gift funds may be used for the down payment, which means you may not need to come up with any cash at all.
  • Market-appropriate loan limits. For many years, FHA loans had very low maximum loan limits. But in 2007 the FHA raised its loan limits to equal the median home price in your market.
  • Lower credit requirements. While there are no set credit requirements, it’s best to contact me to determine if your credit history along with other factors will qualify you for an FHA loan.
  • Low up-front mortgage insurance rate. The FHA requires mortgage insurance to protect itself from loan defaults, but premiums are only 1 percent of the loan amount. The premium can be paid directly by the borrower or rolled into the loan amount.

In the past FHA loans were considered “risky” or too much trouble for lenders, with strict regulations and requirements that had to be met before an FHA loan would be approved. Borrowers who applied for an FHA loan were also sometimes considered high-risk, because usually they would not qualify for conventional funding. Relaxed guidelines combined with the state of the market have taken the stigma off of these loans and made them a great choice for nearly any borrower.

Other Considerations
While FHA loans offer less stringent terms than you would find with conventional loan requirements, they are also designed to ensure responsible homeownership. FHA loans impose ratios on borrowers’ debts in relation to their income. The FHA also requires you to pay 1% of the loan amount as an upfront mortgage insurance premium. In addition, annual mortgage insurance payments are also required, divided into monthly payments of 1.10% to 1.15% for 30-year loans, according to the loan-to-value ratio.

 

If you would like additional information please contact me to direct you to my preferred lender to help you with any questions 951-634-8843 miguel@miguelsworld.org

The Value of Pre-approval To Purchase Your Home

The Value of Pre-approval To Purchase Your Home 

For many new homebuyers, the terms pre-qualification and pre-approval seem interchangeable. But they are not — and the distinction is an important one. When a homebuyer is pre-qualified, the lender performs a quick check to determine generally how large a home loan the buyer can afford. Essentially, when a buyer is pre-qualified, the lender is saying it would most likely approve the buyer for “x” amount.

Pre-approval goes much deeper. In order to issue a pre-approval, the lender examines and verifies the borrower’s debt, income, savings, assets and credit report to ensure the borrower can repay the loan amount. Where pre-qualification is a sort of educated guesstimate of the buyer’s purchasing power, pre-approval says the prospective lender would definitely be approved for the loan.

This is particularly useful when home shopping for multiple reasons. To begin with, pre-approval instantly lets you know what your actual budget is. Knowing what you can afford from the outset will help you and your real estate agent better focus your efforts.

Being pre-approved also provides you with an advantageous position over other buyers, because pre-approval assures the seller that you have access to the loan necessary to back your offer. Your lender will provide you with a letter or certificate demonstrating that you are pre-approved for a certain amount of money, which you can provide as part of your offer.

 

Please let me know if you have any question so I may direct you to my lender

Miguel Aguilar 951-634-8843 miguel@miguelsworld.org

www.miguelsworld.org

Improving Your Credit Score in 60-90 Days

Improving Your Credit Score in 60-90 Days
Follow these simple steps:

Tiffany Hazelaar Dedicated Credit Repair
Office: 888-651-6527 email: th@dedicatedcreditrepair.com

1. Your payment history contributes to roughly 35% of your credit score. By simply removing derogatory items off your credit report, you can and will see an immediate improvement.
2. 30% of your FICO score is determined by the amounts that you owe. Therefore, you want to have 3-5 diverse and open tradelines kept at 35% (or below) of the available credit limit. By simply paying your card balances down, you can see an immediate increase in FICO scores.
3. Opt out. You can opt out of receiving credit offers in the mail. This makes you look less risky with the appearance that you are not “shopping” for credit. We have seen this increase a FICO score as much as 5-10 points immediately. We can help provide this service.
4. Settling open collections the RIGHT way can immediately increase a FICO score in a big way. However, paying off a collection and not having the derogatory payment history also deleted will not achieve the desired results. We can help negotiate open collections for .25-.50 on the dollar as well as negotiate with your creditors to have the items deleted upon payment.
5. 10% of your FICO score is calculated by credit inquiries. Simply put, every time you have someone run your credit, you lose FICO score points. We can dispute and remove inquiries which will result in a a FAST FICO score increase as well.

OFFICES LOCATED AT: 41765 Rider Way, Suite B, Temecula, CA 92590 www.dcrusa.com

Great Moreno Valley Home!! $150,000.00

24588 Skyland Drive
Moreno Valley, CA 92557
Great Moreno Valley Home!!
Price : $150,000
Bedrooms : 4
Bathrooms : 2
Square Foot : 1,576
Lot Size : 13,068
County : Riverside
Property Type : Detached
Year Built : 1980
MLS Number : T11113107



click for more information and pictures
Property Description
Wonderful home located in the beautiful community of Moreno Valley. This spacious one-story offers 4 bedrooms and 2 baths and a HUGE backyard with covered patio. The driveway has been extended on both sides and offers RV or boat paking on the side of the home. There is a large part of the yard that is fenced separartley and can be used to gain acces to the property at the rear. This is great home that you don’t want to miss.
Equal Housing Opportunity.

Understanding Appraisals

Understanding Appraisals

An appraisal is an opinion or estimate on the value of real property. This value is generally expressed as Market Value. Obtaining an appraisal is an important part of the mortgage process that will determine the actual market value of the home being purchased or refinanced. The appraisal allows the lender to determine if the value of the home is sufficient to support the loan amount requested. The appraised value will also ensure that a homebuyer is not paying more than a home is actually worth.Appraisal requirements include:

  • Interior and exterior inspection of the subject property
  • A street map that shows the location of the subject property and of all comparable properties that the appraiser used
  • An exterior building sketch of the improvements that indicates the dimensions
  • Clear, descriptive photographs of the subject property and comparable sales used

The appraisal report is broken up into sections. Some of the more common sections include:

  • Subject: Basic information such as the address, legal description, owner’s and/or borrower’s names. The client is also identified here.
  • Contract: Information on the contract for sale is entered here for appraisals in which a change of ownership is about to occur.
  • Neighborhood: Detailed information related to the neighborhood such as boundaries, characteristics, trends, description and conditions.
  • Site: Data on the size, shape, zoning and access to utilities as well as FEMA flood-zone information.
  • Improvements: Physical characteristics of the property such as age, materials, and condition.
  • Sales comparison approach: This is where the property being appraised is compared to recent sales of other properties.

There are three ways to approach an appraisal. These are all used to determine the final, “reconciled” value.

Sales Comparison Approach
The purpose of the sales comparison approach is to derive a value based on recent sales prices of similar properties, called comparables. The method assumes that the typical buyer pays no more for a property than the cost of purchasing an identical property.

Data is collected on recent sales of comparables. Because comparables may not be identical to the home that is the subject of there appraisal, some price adjustment is necessary. To minimize the amount of adjustment required, comparables should be closely similar to the subject in size, age, proximity and condition.

Cost Approach
The purpose of the cost approach is to indicate value based on the cost to replace the property, using current materials and methods. It is not necessary to simulate production of an exact replica. Any depreciation on the subject property is estimated and subtracted from the new reproduction cost. Depreciation includes physical wear, needed repair and replacement of components, outmoded design and materials, and incompatibility with surroundings.

Income Approach
This approach assumes the property is purchased for its productivity as an investment. The appraiser will look at market level rents and operating expense ratios to determine the value. This approach can be used for investment properties as well as owner-occupied properties.

If you use Ron at WJ Bradley for your loan. He will credit you back the cost of the appraisal at the close of escrow. ($450 value). 951-225-2113 ron.thompson@wjbradley.com

 

Miguel Aguilar
DRE 01506887
President/Owner
Realty World & Associates
38975 Sky Canyon Dr Ste 109
Murrieta Ca 92563
Cell: 951-634-8843
Fax: 951-602-6031

Understanding (203)k FHA Loan

The FHA 203(k) loan enables qualified borrowers to purchase a home that may need repairs or to refinance an existing home for the purpose of remodeling. You can borrow monies to purchase the home and make the repairs and upgrades with only one set of paperwork and one set of closing costs!

These loans are especially great for FHA properties, older homes and REO homes — but any home can benefit from some remodeling or cosmetic fixes, to make it your own.

With FHA 203(k) rehabilitation lending, you have a convenient alternative to a second mortgage or HELOC for repairs, renovations and improvements. The loan amount is based on the as-completed value of the home, rather than the present value.

The benefits of an FHA 203(k) include:

  • Purchase and refinance on 1- to 4-unit primary residences
  • One underwriting review and one closing for rehabilitation construction and permanent financing saves you time and money
  • Loan based on after-improvement value of the home
  • Down payments as low as 3.5%
  • Family members may pay all of the borrower’s required down payment, closing costs, prepaid expenses and discount points

Even if you don’t have a lot of cash at hand, you may still be able to qualify for a 203(k) because of the allowance for family members to contribute funds.

WJB offers two types of 203(k) loans: the Streamline Renovation loan and the Standard Renovation loan. Below are details on both:

Streamline Renovation Loan
Program Benefits:

  • Total rehabilitation costs up to $35,000
  • No HUD Consultation necessary
  • No contractor approval necessary

Some examples of allowed renovations are:

  • New roof
  • Minor remodel of kitchen or bath
  • New HVAC
  • Upgrade electrical or plumbing systems
  • New carpet or paint
  • Install hardwood floors
  • Purchase of new appliances
  • Repair insect or weather damage
  • Replace windows
  • Finish basement

Standard Renovation Loan
Program Benefits:

  • No limit on repair amount; $5,000 minimum
  • Inspection fees for up to five draws are included in loan amount
  • Single-family homes, PUDs and 2-4 unit primary residences are eligible
  • HUD Cost Consultant fee may be rolled into the mortgage
  • Mortgage payments for up to six months may be included if the property is not habitable during renovation

Some examples of allowed renovations are:

  • New roof
  • Remodel kitchen or bath
  • Room addition
  • Structural alterations or reconstruction
  • New HVAC
  • Upgrade electrical or plumbing systems
  • New carpet or paint
  • Improve landscaping
  • Install hardwood floors
  • Purchase and installation of new appliances
  • Repair or replacement of structural damage
  • Replace windows
  • Finish basement
  • Energy conservation improvements
  • Major landscape work and site improvement
Use the 203(k) to turn a good home into a great home. I’d love to discuss this program with you in more detail. Please contact me today to learn more about the 203(k) home renovation loan and whether it’s the right choice for you!
Please contact my preferred lender at WJ-Bradley http://mywjb.com/ron-thompson/
Ron Thompson
Loan Officer
43620 Ridge Park Drive
Suite 210
Temecula, CA 92590
Work: 951-795-4768
Cell: 951 225-2113
Fax: 951 694-9225
NMLS# 247688

Short Sale Questions Part 4 ?????

Q: I found an attorney’s short sale website that talks about a new law in California that as of July 1, 2009, supposedly limits negotiating short sales to attorneys ONLY. It says that from July 1 on, all short sales have to be negotiated by attorneys and not realtors. Is this true?

Answer: No. There has been a good deal of misinformation put out as of late regarding this law by attorneys looking to get into the short sale business. We recommend you be very wary of any attorney trying to distort or interpret the law for his or her advantage.
The California Foreclosure Consultant Act (July 1, 2009) applies to foreclosure consultants – those who collect an advance fee for modifying loans or helping borrowers avoid foreclosure in situations where a Notice of Default has been filed on the property. This act has an exclusion in it for licenses real estate agents.
Per CA Civic Code and the CA Association of Realtors, The California Foreclosure Consultant Act does not apply to real estate agents facilitating a short sale except in the extremely unusual event that an agent is 1) Making a direct loan for a residence in foreclosure; 2) Acquiring an interest in a residence in foreclosure; 3) Receiving an advance fee before performing services for a residence in foreclosure; or 4) Assisting an owner in obtaining the remaining proceeds if any from a foreclosure sale of an owner’s residence.
That’s it. 99% of the short sales in California have always been, and continue to be, negotiated and completed by licensed Realtors – not attorneys.

Q: Should I file bankruptcy? Will it allow me to keep my home? I’ve heard the lender cannot foreclose if I file bankruptcy?

Answer: There are 2 types of bankruptcy commonly used by individuals – Chapter 7 (“Fresh Start”) and Chapter 13 (“Wage Earner”). Chapter 7 can enable individual filers to wipe away debts such as credit card and medical bills so they can continue to make their mortgage payments.
Chapter 13 involves setting up a 3-5 year repayment plan to repay your debts. Chapter 13 requires that you are earning a steady income, as you will be repaying all of your debt. Both have a very negative impact on your credit and remain on your credit report for 10 years.
Because of the new 2005 bankruptcy law, which raised the bar for people to qualify for Chapter 7 “fresh start” bankruptcy proceedings, fewer and fewer people pass the “means” test to qualify for Chapter 7 and for this reason can only qualify for Chapter 13 bankruptcy (a 3-5 year repayment plan).
While both Chapter 7 and Chapter 13 can temporarily delay foreclosure proceedings, neither will allow you to keep your home unless you can bring your mortgage current.
If you would like more information on whether a bankruptcy is right for you, we recommend you consult a competent bankruptcy attorney, as we are not attorneys and do not dispense legal advice. Call our office – we can recommend several.

Q: Can any agent do a short sale?

Answer: Absolutely not. Many agents have no interest in doing short sales because they require a tremendous amount of time and expertise. If you do not know what you are doing, they often go to foreclosure and then the agent does not get paid. If an agent is not extremely experienced at doing short sales, then I would not use them.
You get one shot at doing a short sale. If your agent does not know what they are doing and has not learned the many tricks to the trade, you will likely find yourself being asked to sign a promissory note or worse, be denied by your lender(s) and go to foreclosure.
In other words, let the inexperienced agents and/or attorneys learn the short sale process on someone else’s property. As the saying goes, don’t allow yourself to be one of the surgeon’s first patients.

MIGUEL@MIGUELSWORLD.ORG 951-634-8843

SHORT SALES !!!! HOT OFF THE PRESS!

HOT OFF THE PRESS!
Gov. Brown signs SB 458 into law. This is real news for our agents in CA who handle short sales. Please distribute to your sales team.
More to follow next week in www.insidecbnow.com
LOS ANGELES (July 15) – The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) applauds Gov. Jerry Brown on signing SB 458 (Corbett) into law. SB 458 extends the protections of SB 931 (2010), to ensure that any lender that agrees to a short sale must accept the agreed upon short sale payment as payment in full of the outstanding balance of all loans.
Under previous law (SB 931 of 2010), a first mortgage holder could accept an agreed-upon short sale payment as full payment for the outstanding balance of the loan, but unfortunately, the rule did not apply to junior lien holders. SB 458 extends the protections of SB 931 to junior liens.
“The signing of this bill is a victory for California homeowners who have been forced to short sell their home only to find that the lender will pursue them after the short sale closes, and demand an additional payment to subsidize the difference,” said C.A.R. President Beth L. Peerce. “SB 458 brings closure and certainty to the short sale process and ensures that once a lender has agreed to accept a short sale payment on a property, all lienholders – those in first position and in junior positions – will consider the outstanding balance as paid in full and the homeowner will not be held responsible for any additional payments on the property.”
SB 458 contains an urgency clause making it effective upon signing.

1% MLS Listing Fee

Our

List your home with our 1% MLS Listing Fee Program and keep more of your money! We will advertise your property thoroughly and effectively by implementing it onto all of our proprietary marketing platforms . Save up to 2% on your sales transaction when you apply for this program. Realty World and Associates is one of the first companies in Southern Califronia to present its clients with highly competitive commission rates, starting from a 1% listing fee and prelist marketing campaign.
We have included all of these great options below:
Accurate and current Current Market Evaluation
Sales staging suggestions
Prelist Marketing Campaign
MLS System exposure and advertising
Internet exposure on several industry leading websites
Open Houses
Feature sheet distribution to local REALTOR®
Professional quality interior and exterior sales pics
For sale signs and lockboxes
Showings management
Weekly showing evaluations and reports
Seven day a week office service
Agent feedback
Sales negotiations
Complete Transaction Management and Compliace

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