In California, we know that Prop 13 prohibits tax increase until property ownership has changed. Your property taxes might increase a little per year, but not substantially. But have you heard of Prop 60? Prop 60, otherwise known as the Reappraisal Exclusion Program, allows a one-time property
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02/24/2010
We started off the week with "perfect" borrowers still able to get a 30 year fixed in the upper 4's with zero to little points. Ended at around 5%. This uptick was partially due to comments released by the Fed on Wednesday. Here is a blurb I received from MBSQuoteline: "Over the last year, the
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02/19/2010
You might recall that until late last summer, if a homeowner had their property listed for sale within the past six months, they were not eligible for a conventional refinance. Just a reminder that the policy changed to allow not only rate/term refinances, but also cash-out refinances. The new p
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02/16/2010
Site condominiums, as defined by FHA, are "single family detached dwellings encumbered by a declaration of condominium covenants or condominium form of ownership." Basically, a site condo is a detached home sitting on condominium land. This is similar to a PUD except for land ownership (you can
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02/16/2010
We have all heard recently that FHA is waiving their 90day anti-flip rule for transactions with purchase contracts dated from 2/1/2010 to 2/1/2011. However, most lenders have been hesitant to follow suit due to FHA's very strict re-purchasing rules. As of today, Primary Residential Mortgage can
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02/16/2010
