International Home Buyers Can Get Mortgages in US Too!

Living and working as a REALTOR in San Diego, we meet a lot of non-US citizens who are here visiting family, working in the military community, working temporarily or just haven’t completed their US citizenship process.  Many of them are interested in purchasing homes in San Diego and ask about access to loan programs for foreign nationals.  It turns out, there are programs available, even without established US credit.

I had lunch with a local lender this week and we talked about this topic.  He told me that their company also hears from a lot of foreign nationals and they in fact have loan programs in place to service these buyers.  Here’s what he said foreign buyers need in order to get a US mortgage loan:

• Foreign Nationals Only (a non-U.S. Citizen with a valid passport and valid visa)
• Loan amounts: $100k – $650k
• Fixed rate terms (10, 15, 20, 25 & 30)
• Purchase and Refinance rate and term (not available for cash out)
• No pre-payment penalties
• Up to 65% loan-to-value financing on Purchase (Max 55% LTV on Refinances)
• Self-employed okay
• Eligible properties include single-family homes, condos and townhouses
• Occupancy includes owner occupied and second homes
• All loans must establish an ACH debit for mortgage payments from a U.S. bank
• No previous bankruptcies or foreclosures permitted
• Borrowers who are politically exposed are ineligible. All involved entities must be cleared through the OFAC SND list

So, if you know a non-US citizen who is interested in taking advantage of current low interest rates and lower home prices, please contact me today and I’ll  put you in touch with a lender who can walk them through the steps to get approved for a good loan, we’ll help them buy a home in our beautiful city, and they can experience the American Dream.

——
Kevin P. Cummins, J.D., SFR
Broker Sales Associate | REALTOR®

Coldwell Banker Residential Brokerage
3810 Valley Centre Drive #906
San Diego, CA 92130
C: 858-750-9577 | F: 858-793-9944

CA DRE Lic. # 01812762

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Short Sales Are Much Easier in CA Than They Were Since New Law Was Passed in 2011

That’s right. In 2011, the California legislature passed SB 458 that the Governor signed, which removes almost ALL liability for the unpaid principal mortgage amount that results from a short sale, called a “deficiency judgment”.

Before the law was passed, short sale sellers in California who sold their home for less than was owed on the mortgage(s), were open to liability for the unpaid amount of the mortgage.  For example, if a person owed $350,000 on their first mortgage, but could only pay $300,000 of that amount when they sold their home on the open market, they could be liable for that $50,000 if the bank decided to sue the homeowner for the deficiency.  Sometimes, the lender would ask the homeowner for a cash contribution or a promissory note whereby the owner would pay back all or part of the deficiency over time.

Now, the lenders are prohibited from even asking for a cash contribution, let alone demanding one.  If the lender agrees to the short sale request, most homeowners will now escape liability for the deficiency.  Of course, you need to check with a real estate attorney and tax professional to be sure you are covered by the new law.

The other major issue facing short sale seller is income tax liability for the forgiven debt.  Under the IRS tax code and many state tax statutes, forgiven debt is considered income, and thus, taxable.  If you are considering a short sale, you should know that the laws have made it easier to escape liability in many cases and banks have streamlined their processes and have sped up the timelines. Talk first with a REALTOR and then speak with a qualified attorney and tax professional to see if completing a short sale is the best solution for you

Call us today if you have any questions about your situation.

–
Kevin P. Cummins, J.D., SFR
Broker Sales Associate | REALTOR®

Coldwell Banker Residential Brokerage
3810 Valley Centre Drive #906
San Diego, CA 92130
C: 858-750-9577 | F: 858-793-9944

CA DRE Lic. # 01812762

Search All San Diego Properties For Free! No Signing in…

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Repost – 5 Carmel Valley Stories to Watch in 2012

Happy New Year!  Here is a great story to start out this year.  It is a repost from a Carmel Valley News story in the January 5, 2012 edition.  Happy reading.  I am looking forward to staying connected here throughout the year.

http://www.delmartimes.net/2012/01/03/five-carmel-valley-stories-to-watch-in-2012/

– 
Kevin P. Cummins, J.D., SFR
Broker Sales Associate | REALTOR®

Coldwell Banker Residential Brokerage
3810 Valley Centre Drive #906
San Diego, CA 92130
C: 858-750-9577 | F: 858-793-9944

CA DRE Lic. # 01812762

 

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Rent vs. Buy in San Diego?

Trulis.com’s new report about America’s 50 largest cities – and whether it is cheaper to rent or buy – is out. It says San Diego is “Affordable to Buy” city.

Check it out! http://explore.trulia.com/datavis/rentvsbuy/Q2-2011/

Kevin P. Cummins, J.D., SFR
Broker Sales Associate | REALTOR®
Coldwell Banker Residential Brokerage
3810 Valley Centre Drive #906
San Diego, CA 92130
C: 858-750-9577 | F: 858-793-9944
CA DRE Lic. # 01812762

Search All San Diego Properties For Free! No Signing in…

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A Real Source of Reliable Real Estate Information

Check out our website at http://KevinCumminsHomes.com to search for active real estate listings all over San Diego county.  Simply go to the Property Search feature on the left column and follow the directions to search by map (my preference) or by putting in your preferred criteria and then sorting it by list.

We decided to offer this service to all of our website guests without asking the person to first provide their information to us.  People in our industry think we are crazy because this is a very reliable way to connect with potential clients who are looking to buy or sell a home soon.  We know this but we feel strongly that a real estate consumer – if given the choice – would rather use a reliable source of information without having to provide personal contact information.  Maybe we are crazy, but we would rather provide good, solid information to people and have them use our website as a resource and keep coming back, than get someone to begrudgingly provide that information before continuing their search.

So, home sellers, use our Property Search feature to see what homes in your neighborhood are listed for.  And buyers, you can search various neighborhoods to see what is happening in the market as you get ready to buy a home.

We hope that you will use our website as a trusted real estate resource and then call us when you are ready to “make contact” with a local REALTOR.  We will be ready, and very happy to assist you at that time.

Happy searching!

Kevin P. Cummins, J.D., SFR / Diane C. Cummins
Certified Relocation Specialist
Broker Sales Associate | REALTOR®

Coldwell Banker Residential Brokerage
3810 Valley Centre Drive #906
San Diego, CA 92130
C: 858-750-9577
F: 858-793-9944

CA DRE Lic. # 01812762

web: http://KevinCumminsHomes.com
mail: kevinpcummins@gmail.com
blog: http://CarmelValleySDRealEstate.wordpress.com

Carmel Valley’s Market – at the Half Way Mark for 2011

Wondering how the single family home market in Carmel Valley is doing in 2011? Well, we are just passed the half way point so it is a good time to examine the data and check to see what is happening.

You can see from the attached report that Carmel Valley median prices bottomed out 2 years ago – in the 2nd quarter of 2009.  For those wondering “when the bottom will hit”, you already missed that boat – 2 years ago.  That said, however, we are still recovering and trying to balance supply and demand in the Carmel Valley market, clear out remaining distressed properties before a fully healthy market can be ushered in.

The price trend might be softening a little (look at the squiggly line) since there is more inventory on the market right now which is typical during the summer selling season. The trend line shows a possible flattening or slight decrease in median price but we’ll have to watch this over the next couple of months before we can declare a “double dip” in median prices.

The number of homes being sold remains steady which is always a good sign – and a requirement – for a stable and balanced market.

Of course, this report shows averages throughout 92130. Your home and neighborhood will undoubtedly have different details and dynamics.  Call us today if you would like a free comparative market analysis for your home and neighborhood.  Or, if you would like to see the rest of this market analysis report, please contact us today and we’ll send you a PDF file by email.

Enjoy your summer!

Median Home Prices for Carmel Valley Detached Homes - Last 2 Years Through June 2011

 

Kevin P. Cummins, J.D., SFR & Diane C. Cummins
Certified Relocation Specialist
Broker Sales Associate | REALTOR®

Coldwell Banker Residential Brokerage
3810 Valley Centre Drive #906
San Diego, CA 92130
C: 858-750-9577
F: 858-793-9944

CA DRE Lic. # 01812762

web: http://KevinCumminsHomes.com
mail: kevinpcummins@gmail.com
blog: http://CarmelValleySDRealEstate.wordpress.com

 

The Importance of Getting a Solid Preapproval from a Lender

I wanted to post a few words concerning the importance of getting a rock-solid preapproval from a reputable lender if you are a serious home buyer in this market.  A few of my buyer clients recently struggled getting their loans approved, which put the success of the home purchase in jeopardy.  And this, after getting a so-called “preapproval” from their lender.  The problem?  The lenders sometimes rush through the preapproval process, over-looking important information about the buyer’s financial situation, which could lead to problems when it comes time to remove your loan contingency under the contract.

Buyers remember, once you find the home of your dreams and make an offer to purchase that home, in most cases in California, you have only 17 days to get your final loan approval and remove your loan contingency, essentially, telling the home seller that you are a qualified buyer and are moving forward with the transaction.  Once you remove your loan contingency, you risk losing your deposit if you cancel because the lender finds problems later and does not approve your loan.

Lesson: there is a huge difference between getting an initial loan preapproval and getting a final loan approval.  Many lenders and mortgage brokers use different standards for the 2 different types of approvals and this can lead to some serious stress, at best, and losing your dream home, at worst.  The best thing a home buyer can do is to make sure the preapproval is a real approval.  If the lender does not take a full application, run your credit, collect tax returns, W2 statements and bank statements, then there is a good chance the preapproval is not that reliable.  Even though buyers find the delivery of all this paperwork tedious and annoying, it is necessary in order to get a solid loan preapproval.  Once you have it, you can make your offer confidently, which will also give you and your REALTOR more flexibility to negotiate the deal you really want from a position of strength.  Otherwise, without this, you will be scrambling, maybe even looking for a second lender at the last minute and asking the seller for an extension; the opposite of negotiating from a position of strength.

If you are thinking of buying a home this year, start the process by talking with a few lenders and getting a real preapproval.  There is plenty of time to do the fun stuff like looking online at listings, driving around neighborhoods, going to open houses, etc.

First things first!

Call me with any questions or if you need a good lender.  Happy hone buying!

Kevin P. Cummins, J.D., SFR
Certified Relocation Specialist
Broker Sales Associate | REALTOR®

Coldwell Banker Residential Brokerage
3810 Valley Centre Drive #906
San Diego, CA 92130
C: 858-750-9577
F: 858-793-9944

CA DRE Lic. # 01812762

web: http://KevinCumminsHomes.com
mail: kevinpcummins@gmail.com
blog: http://CarmelValleySDRealEstate.wordpress.com

More Californians Are Paying Cash for Their Homes

CASH vs. MORTGAGE:  The next time you buy a home, will you get a loan or pay cash?  For our last 2 listings, the buyers paid all cash.  My last buyer paid $1.55M for his home – also all cash.  What’s going on?

In 2010, 28% of Southern Californians paid cash for home purchases, as opposed to about 13% nationwide.  This is due to a few reasons: investors buying foreclosures on the courthouse steps – where you actually need cash to complete the purchase; other people think real estate will soon out-perform other investments and they are willing to park cash in real estate; and the fact that many homes are still expensive and even Jumbo loan limits are not high enough to cover these purchases.

Check out this LA Times article.  It’s an interesting read.  Post any comments you have or let me know if you have any questions.

http://www.latimes.com/business/la-fi-cash-only-20110301,0,5886560.story?page=1

** Search for California properties for sale on our website below! **

Kevin P. Cummins, J.D., SFR
Certified Relocation Specialist
Broker Sales Associate | REALTOR®

Coldwell Banker Residential Brokerage
3810 Valley Centre Drive #906
San Diego, CA 92130
C: 858-750-9577
F: 858-793-9944 

CA DRE Lic. # 01812762

web: http://KevinCumminsHomes.com
mail: kevinpcummins@gmail.com
blog: http://CarmelValleySDRealEstate.wordpress.com 

Some Good News For San Diego Real Estate….

The latest report from the S&P Case-Shiller Index shows that many of the 20 cities included in the real estate market index are facing a “double dip” meaning that their prices bottomed out in 2009 and started rising, only to have fallen again in the last quarter of 2010.

Fortunately, San Diego’s prices rose 1.7% from the the last Qtr of 2009 compared to the same period last year.  San Diego was only one of only 4 cities among the 20 to actually increase from 2009.  That is likely because San Diego’s price peak was in December 2005 – sooner than many other markets.  The market here has been declining more rapidly for a longer period and the recovery has been more slow and steady.

Check out the article and let me know your thoughts.

http://www.inman.com/news/2011/02/22/case-shiller-double-dip-in-most-tracked-markets

Kevin P. Cummins, J.D., SFR

Certified Relocation Specialist
Broker Sales Associate | REALTOR®

Coldwell Banker Residential Brokerage
3810 Valley Centre Drive #906
San Diego, CA 92130
C: 858-750-9577
F: 858-793-9944

CA DRE Lic. # 01812762

web: http://KevinCumminsHomes.com
mail: kevinpcummins@gmail.com
blog: http://CarmelValleySDRealEstate.wordpress.com

Shapell Homes Buys One-Half of Carlsbad’s Robertson Ranch

In case you missed this story last month, Shapell Homes, a Beverly Hills-based developer, purchased the 211 acre western half of Robertson Ranch located along El Camino Real and between Cannon Road and Tamarack Avenue in Carlsbad.

Shapell plans to build 680 single family homes and apartments or condos, a 15-acre commercial center, a 13.5-acre park and a 6.8 site for a new elementary school.  About half of the 211 acres is to remain open space.

Shapell plans to begin grading in early 2012 with the first homes being sold in the 3rd quarter of 2013.

Shapell is a conservative company and some real estate experts see this is a sign of the real estate market recovery coming to San Diego very soon.  The massive project will also of course bring many construction-related jobs to the north county community and will undoubtedly be very good for San Diego’s job’s picture and overall economy.

Check out the full article from SignonSanDiego.com which was published last month. http://www.signonsandiego.com/news/2010/dec/02/shapell-buys-half-carlsbads-robertson-ranch-plans-/

Call us for any questions you have have about San Diego real estate.

Kevin P. Cummins, J.D., SFR
Certified Relocation Specialist
Broker Sales Associate | REALTOR®

Coldwell Banker Residential Brokerage
3810 Valley Centre Drive #906
San Diego, CA 92130
C: 858-750-9577
F: 858-793-9944

CA DRE Lic. # 01812762

web: http://KevinCumminsHomes.com
mail: kevinpcummins@gmail.com
blog: http://CarmelValleySDRealEstate.wordpress.com