Yearly Archives: 2015

BUILDERS TARGET SINGLE, FEMALE BABY BOOMERS

A study conducted by homebuilder Del Webb of single, baby boomer women found that 74 percent of respondents are as happy, or happier, than they were at age 35 and nearly half (45 percent) believe their best years are yet to come. Of the 76 million baby boomers, recent U.S. Census data shows that as many as 28 million (or 37 percent) are single females.

The study finds that the single, female Boomer demographic is incredibly confident. According to the 2015 Del Webb Baby Boomer Survey, not only do 80 percent of respondents rank having self-confidence as “very important,” but 76 percent are more empowered now than they were at age 35. In fact, more than one-in-five (22 percent) say they also feel more attractive than they were at 35.

Such confidence may be attributed to the fact that 54 percent of single, female boomers are as active or more active today than they were at 35. The 2015 Del Webb Baby Boomer Survey shows that four-in-five (81 percent) of single, female boomers rank being physically healthy as “very important,” and 68 percent of respondents rank a healthy lifestyle as their first priority, after time with family and friends.

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Join SDCIA and guest speakers Danyel Brooks, Gary Laturno, Genna Palecek, and George Schmall
for a unique perspective on owning and managing rental property. 

Next Tuesday, February 10th 2015  7 PM
Guest Speakers will discuss the things you may not know about being a landlord or tenant!

Some topics to be covered include: 

• Why being a Landlord is Important 
• What to do when a tenant destroys your house
• How you can actually handle late fees
• Who has an upper hand in the San Diego court system
• What renting a home built before 1978 means to you
• Who is responsible for what repairs (before, during, and after a tenant)
• What you can really use the security deposits for… and for how long
• Should you use eviction or cash for keys to remove a tenant
• Why it might make sense to get your rentals in the same general location
• Fun tricks of the trade
• Valuable web sites and more….

We will cover the Tricks of the Trade and costly mistakes Landlords make all the time.
If you have ever rented a home, have rental properties or are interested in learning more about property management, this is the meeting for you!

The Federal Housing Administration announced it will reduce the annual mortgage insurance for FHA loans from 1.35% to 0.85% beginning with all loans with FHA case numbers assigned on or after January 26, 2015!

What does this mean? FHA buyers will find mortgage insurance premiums competitive with conventional financing and once again makes FHA loans more desirable than 97% conventional options in many cases. Below is an example of monthly savings in the FHA Monthly Mortgage Insurance Premium (MMIP) for a $200,000, $300,000, $400,000 and $500,000 purchase price and an FHA loan with a 3.5% down payment:

Purchase      Current         FHA MMIP        MONTHLY
 Price            FHA MMI      After 1/26/15      SAVINGS
 $200,000     $215.31          $135.56                $79.75
 $300,000     $322.96          $203.35               $119.61
 $400,000     $430.62          $271.13               $159.49
 $500,000     $538.27          $338.91               $199.36

Why go FHA? FHA has less restrictive credit standards than conventional financing and many attractive attributes such as:

•Minimum down payment of 3.5%
•All down payment and closing costs may be gifts
•Non-occupant co-borrowers
•Lower FICO score requirements
•Shorter Short Sale, Foreclosure and Bankruptcy wait times before reentering a mortgage
•Competitive interest rates and now…
•LOWER ANNUAL MORTGAGE INSURANCE!

If you are a FHA buyer that wants to purchase a multi-family property but the numbers don’t make sense due to the annual mortgage insurance premium? Give me a call today and we will rework the numbers with tomorrow’s updated premiums.  Or if you are an FHA buyer who purchased a home in the last two years,  I can help you get refinance and reduce your annual mortgage insurance.

I am a Realtor with Pacific Sotheby’s and my team will and I will work around the schedule of my clients including evening and weekends.   If you or anyone you know has financing needs or questions, please give me a call.   It would be my pleasure!
                                                                                          Gisela N Sanchez  (619)254-6066
Gisela.Najera@SothebysRealty.com  

Is there any chance you will be purchasing a new home in the next two years? You should know that mortgage lenders are requiring that you provide your last two years of Federal Tax Returns during the loan process.
A decade ago these were rarely asked for but today lenders require your entire personal and business (if you own more than 50% of the business) Federal Tax returns. Lenders will also want more than just the first two pages, or Form 1040. Lenders must review all schedules, forms and exhibits on a tax return and they will also request a signed Form 4506-T which will permit the lender to obtain transcripts in addition to the returns themselves.
The question is why do lenders need tax returns? Lenders look for irregularities and the figures are used to determine the borrower’s actual income figure, per guidelines. If you’re self-employed your income is determined by a pattern of gross income versus reported expenses while adding back in deductions that are tax expenses only such as depletion and depreciation. If you’re a employee that receives a W-2 and does not own your business your taxes may still affect your income.
“Unreimbursed Employment Business Expenses”, reported on your Federal Tax Returns under Schedule A and Form 2106 are typically subtracted from your income and, if significant, may affect your ability to qualify for your home purchase. Some common items that may be reflected on a Form 2106 include union dues, mileage, uniforms, cell phones, marketing and travel.
Another income or loss that is reviewed is the income or loss from rental properties. This income must be documented and supported via a personal tax return if the property was purchased during the previous tax return year in order for it to be considered in your loan approval. If the property has been acquired since the previous tax year, the borrower will be asked to provide evidence of receipt of rent (bank statements, cancelled checks, etc.) and a copy of the rental agreement in which case a vacancy factor of 25% will be considered.
Your own business losses may be reflected on your tax return but what about your spouse? If you are a W-2 employee but your spouse is self-employed and shows a loss on their income, it will be deducted from your gross income when the lender determines your usable income for mortgage approval purposes.
Capital gains and losses are also reflected on your tax returns and may impact your income as well.
Of coure, self-employed borrowers often feel the brunt of tax return scrutiny. Many self-employed borrowers find that while their bookkeepers or tax preparers are trained to reduce their taxable income figures to save on taxes for any given year, those figures may reduce the amount of mortgage a borrower may obtain for their home purchase. You may be asking, “Can’t I amend my return if needed to qualify?” Lenders and underwriters are aware of the strategy and the concern is that taxes should be a reflection of your true income and expenses. Amending them to qualify for a loan will likely trigger a rejection of the increased income figure and is not an assured way to reflect to the lender your true earnings which are capitol to your ability to repay your mortgage.
Is there a chance you will be purchasing a new home within the next two years? If so, you need to know where you are before you will know where you need to be when it comes to mortgage approval. It would be my pleasure to review your current mortgage qualification before you file your 2014 Federal Taxes.
I am a loan officer with San Diego Funding and I work around the schedule of my clients including evening and weekends. If you or anyone you know has financing needs or questions please.

Gisela N Sanchez
Realtor with Pacific Sotheby’s International Real Estate
619-254-6066 Gisela.najera@sothebysrealty.com
Cal BRE #01765802

Deja Correia
Senior Loan Officer, San Diego Funding
Office: 619.260.1660 ext. 228
Cell: 619.251.1432
Fax: 619.374.7477deja@correiateam.com
NMLS: 413050 Cal BRE # 01904562