Dan Melson: August 2009 Archives

This is the new list of HOMESTEPS properties from Freddie Mac for the areas I specialize in. These properties qualify for special financing. I can get the list for other areas. Be aware that Freddie Mac does not remove properties from this list (even though they may be Pending) until they actually sell!

I also have a list of upcoming HOMESTEPS properties not on the market yet

If you have questions, Contact me

La Mesa

Address: 4645 MUNROE ST, LA MESA, CA
Rooms: 7 Bed: 4 Bath: 3.0 Price: 519,900.00

Address: 5525 SHASTA LANE 20, LA MESA, CA
Rooms: 3 Bed: 1 Bath: 1.0 Price: 168,540.00

5419 LAKE MURRAY BLVD 11, LA MESA, CA
Rooms: 5 Bed: 2 Bath: 2.0 Price: 204,050.00

El Cajon

Address: 1692 BARTRAM WAY, EL CAJON, CA
Rooms: 7 Bed: 4 Bath: 2.0 Price: 267,650.00

Address: 1086 WEST CHASE AVENUE, EL CAJON, CA
Rooms: 5 Bed: 3 Bath: 1.0 Price: 211,470.00

Address: 792 N MOLLISON 1, EL CAJON, CA
Rooms: 5 Bed: 2 Bath: 2.0 Price: 108,650.00

Address: 1045 PEACH AVENUE 24, EL CAJON, CA
Rooms: 5 Bed: 2 Bath: 1.5 Price: 133,000.00

Address: 1423 GRAVES AVENUE 231, EL CAJON, CA
Rooms: 5 Bed: 2 Bath: 2.0 Price: 138,860.00

Lakeside

Address: 9210 CLEARLAKE WAY, LAKESIDE, CA
Rooms: 6 Bed: 4 Bath: 2.0 Price: 317,500.00

Santee

None currently

San Diego City

Address: 4204 45TH STREET 13, SAN DIEGO, CA
Rooms: 4 Bed: 2 Bath: 2.0 Price: 92,220.00

Address: 6871 ALVARADO ROAD 7, SAN DIEGO, CA
Rooms: 4 Bed: 2 Bath: 2.0 Price: 153,500.00

Dan Melson, Agent
Clarity Real Estate Network
619-300-7425

The new consumer article for today is Automated Underwriting In Pre-Qualification or Pre-Approval Letters. Not to put too fine a point on it, automated underwriting is useless until all details of the transaction have been finalized. If you're selling a property and want to know how qualified a given buyer is, manual underwriting is the gold standard.

The Best Loans Right NOW

Based upon "average credit", not absolutely perfect credit. People who do have better credit get even better rates!

Conforming Rates

Thirty Year Fixed Rate Loans

4.875% 30 Year fixed rate loan, with one total point (discount plus origination) to the consumer and NO PREPAYMENT PENALTIES!. Assuming a $400,000 loan, Payment $2117, APR 5.003! This is a thirty year fixed rate loan. The payment and interest rate will stay the same on this loan until it is paid off! 30 year fixed rate loans as low as 4.25 percent (But you'd have to be crazy to pay that many points!)

5/1 Hybrid ARM Rates

5/1 ARMs have now fallen to levels below 30 year fixed by nearly a full percent!

3.875% 5/1 ARM, with one total point (discount plus origination) to the consumer and NO PREPAYMENT PENALTIES!. Assuming a $400,000 loan, Payment $1881, APR 3.996! This is a fully amortized thirty year loan with the interest rate fixed for five years. 5/1 ARM rates as low as 3.00 percent (But you'd have to be crazy to pay that many points!)

Jumbo Conforming Rates (aka Super Conforming)

(NOW $417,001 to $697,500 in San Diego))

5.25% 30 Year fixed rate loan, with one point (total discount and origination) to the consumer and NO PREPAYMENT PENALTIES!. Assuming a $500,000 loan, Payment $2761, APR 5.380! This is a thirty year fixed rate loan. The payment and interest rate will stay the same on this loan until it is paid off! 30 year fixed rate loans as low as 4.375 percent (But you'd have to be crazy to pay that many points!)

VA Rates

5.00% 30 Year fixed rate loan, with one point (total discount and origination) from the lender to the consumer and NO PREPAYMENT PENALTIES (Standard Veterans Administration government generated charges to borrowers apply)!. Assuming a $400,000 loan, Payment $2147, APR 5.129! This is a thirty year fixed rate loan. The payment and interest rate will stay the same on this loan until it is paid off! 30 year fixed rate VA loans as low as 4.5 percent (But you'd have to be crazy to pay that many points!)

NONCONFORMING ("JUMBO") RATES

(NOW $697,501 and above in San Diego)

These numbers assume a 70% loan to value ratio, not 80.

Thirty Year Fixed Rate Loans

5.875% "Jumbo" 30 Year fixed rate loan, with ONE point total discount and origination, and NO PREPAYMENT PENALTIES!. Assuming a $700,000 loan, Payment $4141, APR 6.002! This is a thirty year fixed rate loan. The payment and interest rate will stay the same on this loan until it is paid off! Jumbo 30 year fixed rate loans as low as 5.25 percent (But you'd have to be crazy to pay that many points!)

5/1 Hybrid ARM Rates

JUMBO 5/1s are about one percent lower than 30 year fixed for the same cost

5.00% "Jumbo" 5/1 ARM, with one point total discount and origination, and NO PREPAYMENT PENALTIES!. Assuming a $700,000 loan, Payment $3758, APR 5.120! This is a fully amortized thirty year loan with the interest rate fixed for five years. 5/1 Jumbo ARMs as low as 4.25 percent (But you'd have to be crazy to pay that many points!) On the hypothetical $700,000 loan, a 5/1 saves over $510 per month in cost of interest over a thirty year fixed!

All rates above are intended for San Diego County today, and include a 30 day lock. Loan prices will vary every day. Loan pricing in the rest of California will be similar. Conforming loan pricing will be similar between about $150,000 and the conforming limit in your area. Nonconforming loan pricing will be similar from the conforming limit up to about $1 million dollars in loan amount.

10 year interest only payments available on 30 year fixed rate loans!

Great Rates on super-jumbo loans also available!

Zero closing costs and zero points loans also available!

Portfolio lenders! Need something special most lenders can't do? Portfolio lenders may be the key! I have portfolio lenders!

Yes, I still have low to zero down payment purchase programs.

Sorry, the last stated income program of which I'm aware stopped taking applications.

These are actual retail rates at actual costs available to real people with average credit scores! I always guarantee the loan type, rate, and total cost as soon as I am able to lock the loan (subject to underwriting approval of the loan). I pay any difference, not you. If your loan provider doesn't do this, you need a new loan provider!

All of the above loans are on approved credit, not all borrowers will qualify, based upon an 80% loan to value and a median credit score on a full documentation loan. Rates subject to change until rate lock.

Interest only, bad credit and other options also available. If you need a mortgage, chances are I can do it faster and on better terms than you'll actually get from anyone else in the business.

Designing transactions for low to zero down payment a specialty

Please ask me about first time buyer programs, including the Mortgage Credit Certificate, which gives you a tax credit for mortgage interest, and can be combined with any of the above loans!

Owe more than the property is currently worth? Ask about the 125% refinance with no PMI

Call me. Clarion Mortgage Capital at 619-300-7425, ask for Dan. Or email me: danmelson (at) danmelson (dot) com

This is the new list of HOMESTEPS properties from Freddie Mac for the areas I specialize in. These properties qualify for special financing. I can get the list for other areas. Be aware that Freddie Mac does not remove properties from this list (even though they may be Pending) until they actually sell!

I also have a list of upcoming HOMESTEPS properties not on the market yet

If you have questions, Contact me

La Mesa

Address: 4645 MUNROE ST, LA MESA, CA
Rooms: 7 Bed: 4 Bath: 3.0 Price: 519,900.00

Address: 5525 SHASTA LANE 20, LA MESA, CA
Rooms: 3 Bed: 1 Bath: 1.0 Price: 168,540.00

5419 LAKE MURRAY BLVD 11, LA MESA, CA
Rooms: 5 Bed: 2 Bath: 2.0 Price: 204,050.00

El Cajon

Address: 12074 CALLE DE LEON 53, EL CAJON, CA
Rooms: 4 Bed: 1 Bath: 1.0 Price: 164,300.00

Address: 278 ROANOKE ROAD, EL CAJON, CA
Rooms: 4 Bed: 2 Bath: 1.5 Price: 94,340.00

Address: 792 N MOLLISON 1, EL CAJON, CA
Rooms: 5 Bed: 2 Bath: 2.0 Price: 108,650.00

Lakeside

Address: 9210 CLEARLAKE WAY, LAKESIDE, CA
Rooms: 6 Bed: 4 Bath: 2.0 Price: 317,500.00

Santee

Address: 8731 GRAVES AVENUE 19, SANTEE, CA
Rooms: 3 Bed: 1 Bath: 1.0 Price: 88,000.00

Address: 9771 RAMO ROAD, SANTEE, CA
Rooms: 6 Bed: 3 Bath: 2.0 Price: 201,400.00

Address: 9635 MAST BOULEVARD, SANTEE, CA
Rooms: 5 Bed: 3 Bath: 2.0 Price: 237,970.00

San Diego City

Address: 4204 45TH STREET 13, SAN DIEGO, CA
Rooms: 4 Bed: 2 Bath: 2.0 Price: 92,220.00

Address: 6871 ALVARADO ROAD 7, SAN DIEGO, CA
Rooms: 4 Bed: 2 Bath: 2.0 Price: 153,500.00

Dan Melson, Agent
Clarity Real Estate Network
619-300-7425

The new consumer article for today is Two Things Sellers Need To Understand About Buyers, a discussion of two things both important and basic that sellers do not seem to understand about buyers, and judging by the available evidence, most agents aren't telling them.

This is the new list of HOMESTEPS properties from Freddie Mac for the areas I specialize in. These properties qualify for special financing. I can get the list for other areas. Be aware that Freddie Mac does not remove properties from this list even though they may be Pending

I also have a list of upcoming HOMESTEPS properties not on the market yet

If you have questions, Contact me

La Mesa

Address: 4985 WILLIAMS AVE, LA MESA, CA
Rooms: 6 Bed: 3 Bath: 2.0 Price: 202,500.00

Address: 4645 MUNROE ST, LA MESA, CA
Rooms: 7 Bed: 4 Bath: 3.0 Price: 519,900.00

Address: 5525 SHASTA LANE 20, LA MESA, CA
Rooms: 3 Bed: 1 Bath: 1.0 Price: 168,540.00

Address: 5700 BALTIMORE DR 218, LA MESA, CA
Rooms: 4 Bed: 2 Bath: 2.5 Price: 185,500.00

5419 LAKE MURRAY BLVD 11, LA MESA, CA
Rooms: 5 Bed: 2 Bath: 2.0 Price: 204,050.00

El Cajon

Address: 12074 CALLE DE LEON 53, EL CAJON, CA
Rooms: 4 Bed: 1 Bath: 1.0 Price: 164,300.00

Address: 278 ROANOKE ROAD, EL CAJON, CA
Rooms: 4 Bed: 2 Bath: 1.5 Price: 94,340.00

Address: 792 N MOLLISON 1, EL CAJON, CA
Rooms: 5 Bed: 2 Bath: 2.0 Price: 108,650.00

Lakeside

Address: 9210 CLEARLAKE WAY, LAKESIDE, CA
Rooms: 6 Bed: 4 Bath: 2.0 Price: 317,500.00

Santee

Address: 9771 RAMO ROAD, SANTEE, CA
Rooms: 6 Bed: 3 Bath: 2.0 Price: 201,400.00

Address: 9635 MAST BOULEVARD, SANTEE, CA
Rooms: 5 Bed: 3 Bath: 2.0 Price: 237,970.00

Address: 10507 FLORA AZALEA COURT, SANTEE, CA
Rooms: 6 Bed: 3 Bath: 2.0 Price: 284,900.00

San Diego City

Address: 4204 45TH STREET 13, SAN DIEGO, CA
Rooms: 4 Bed: 2 Bath: 2.0 Price: 92,220.00

Address: 6302 LAKE ALTURAS AVENUE, SAN DIEGO, CA
Rooms: 6 Bed: 3 Bath: 2.0 Price: 304,900.00

Address: 6871 ALVARADO ROAD 7, SAN DIEGO, CA
Rooms: 4 Bed: 2 Bath: 2.0 Price: 153,500.00

Dan Melson, Agent
Clarity Real Estate Network
619-300-7425

The new consumer article for today is Asking Price Versus Sales Price, a short discussion of what they are and the relationship between them. Many agents have forgotten this stuff, but it really is very basic stuff everyone should keep in mind.

The new consumer article for today is State of The San Diego Real Estate Market August 2009

I've been letting this website go for a couple weeks. I'm now in a position to pay a little more attention to it, so expect the regular articles to start back up. I've already got one ready to go for tomorrow, as a matter of fact. I honestly can't see four new articles per week like I was trying to do for a long time, but expect at least two - plus a weekly Real Loans for Real People and the Freddie Mac Homesteps list (and the Fannie Mae Homepath list if I can figure out a way to get my hands on an actual list)