My New Blog

FHA is now a real program for everyone to start purchasing or even refinancing a home in California. With the possibility of the sellers paying up to 6% of closing costs, you can now buy a home with no money down. That is right, 0 % required to purchase a home up to $729,000 in loan amount depending on which county you are interested in purchasing. In fact rates are about a 1-1.25% lower than conventional conforming loans! Wow! So if you are a buyer, realtor, seller or investor looking to close deals, now is the time to get your loan with RPM and myself. Also, reserves are not a factor, lower fico scores are ok, even energy efficient upgrades can be added on top of your loan up to $8000 in this type of credit. The United States Government actually insures these types of loans for condominiums as well.

Don't wait, because these loans may only be available till the end of this year! It takes less than a day to get prequalified thru my direct loan application, if you have a social security number, and it doesn't matter if you are a citizen, then you have a shot of becoming a home owner. Listen to this, special programs for fireman, nurses and other civilian jobs can buy a home for about 50% less than the normal asking prices, you can't beat that with any program out there. So, stop reading and watching about the mortgage meltdown and start getting equity and long term savings by becoming a proud owner of your own home. If it wasn't for starting out 25 years ago in real estate, I would not be able to put my kids to College and enjoy some of the finer things in life.

Will await your email and phone call soon, don't wait and keep paying your landlord when you can take advantage of tax savings & deducting your monthly mortgage interest from your Federal and State  tax returns.

Take care

Bob Gerson

It is no surprise that it has taken a crisis for Congress to act on the raising of the loan limits that our government banking system has kept at the Single family loan amount of $417,000 for many years. We all recognize that the average Sales Price and down payment makes it very difficult for the average person to obtain a great loan and rate to enjoy being a homeowner with all of the equity and tax savings that come with the pride of ownership as well. It will take a bit of time to get our politicians to agree on what is an acceptable loan size and how long it will be in effect. My opinion is to raise it to $650,000 for an indefinite time period and also raise the limits for the 2-4 unit loan limits to make it sensible for all borrowers & types of properties. Another huge factor is qualifying our self -employed borrowers who most show 2 years of tax returns to get their income to qualify. I would suggest that the expenses of being self-employed be included and not deducted from their income. It gets a bit complicated, but there needs to be some sort of reform in this type of borrower. Feel free to contact me with your opinions as well, because after all it is you the consumer who will determine the future of our economy.

Regards

Bob Gerson-Loan Officer & Financial Strategist

NAMB/CAMB

Did you know that sometime next year, most lenders will require all borrower(s) to be qualified for the debt to income ratio based on the fixed interest fully amortized interest rate. That means that if your initial start rate on an adjustable rate mortgage is at 6.50% and the index is 5.00 and the margin is at 2.25%, you will now have to qualify at the 7.25% principle and interest rate & payments instead of the 6.50% rate. This is a huge jump in qualifying future borrowers for all loans. Why is this happening, well lets just look at the past 6 months of mortgage defaults to every kind of borrower. Some programs with negative amortization can qualify borrowers at their initial start rate of lets say 1.25%. That is a great rate to qualify at, but in reality the real rate is going to be at the fully amortized fixed indexed rate (index + margin). The negative amount is put on top of your mortgage loan which will cause higher payments down the road.

So, if you have a variable rate that is going to expire in the next 2 years, my advise is to refinance before the year is up so that you can take advantage of the lessor start rates available on most programs. We have great cash out programs, 100% Stated and a combination first loan that is also a home equity loan that can literally pay off your mortgage in half the time without making bi-monthly principle and interest payments.

I look forward to working together to gain your financial freedom through real estate.

Have a great week

Bob Gerson-Ca Mortgage Broker member

SF REALTOR Advantage Online .htm

This is a great article including financing for a Commercial type sale of 5 plus units that require a buyers agent or selling agent to be wary of the San Francisco and Dept of Real Estate's interaction for getting into this type of property.

Triton Funding has Fractionalized loans that can meet or beat the competition. Enjoy this article.

Regards

Bob Gerson

Loan Officer - Triton Funding MY PICTURE.jpg

TIC INFORMATION-ANDY SIRKIN_3_8_2007.pdf

Because of the bay area home pricing that is very expensive compared to other areas in the nation, tenants in common vesting is the least expensive properties for first time home buyers. Having had over 6 years of experience in owning, selling and financing these types of buildings will give you an advantage over other brokers. As with all properties, there are certain positive and other factors that one should consider when looking into buying a tic.

1)Financing - there are two ways of getting a loan: The most common loan is called a group loan. Everyone will share one loan together but are going to responsible for their share individually. The requirements for this loan are basically grouped together so that everyone's assets,income,debt and credit scores are considered as a group. The key to this type of program is that one or more owners can sell at any time without having to refinance the entire loan. We have a great product that is called a partial assumable loan. Just a flat fee to be paid to the bank with a qualified borrower to take over your portion of the loan. These come in fixed terms of 3,5,7 & 10years.

The second type of financing is called Fractionalized or Individual Loans. Everyone who buys their unit is getting their own loan and deed of trust. Still relatively new, they are priced at least 1% more in rate and fees,but they have the distinction of being your own loan without sharing. Qualifications are more stringent than the group loans and are shorter in terms with prepayment penalty's. In another words, if you decide to sell or refinance early, the bank will charge you for that process.

In both instances, the tic buyers must decide on either one or the other type of loan.

Pre-Qualification is very important for the Tic purchase and within one day of speaking to you about your financial and credit, I can recommend the type of loan and purchasing power your unique situation falls in.

Regards and have a great day.

Bob Gerson