Archive for September, 2009
High Balance Conforming Loans…Minimum Down Payment Requirements
September 10th, 2009 Categories: 4S Ranch, Brookside Escondido, Carmel Valley, Del Sur, Escondido, Poway, Rancho Bernardo, Real Estate News, Santa Fe Valley
Conventional loan amounts up to and including $417,000 are considered Conforming loans, or Agency loans, and are typically backed by Fannie Mae and Freddie Mac.
In San Diego County, conventional loan amounts greater than $417,000 and less than or equal to $697,500 are considered High Balance Conforming loans (also known as Conforming Plus, Conforming Jumbo, and Agency Jumbo).
Some areas, like Los Angeles and Orange County, have high balance conforming limits as high as $729,750.
These loans are still backed by Fannie Mae/Freddie Mac. However, the High Balance guidelines differ slightly from the true conforming guidelines. One of the most important differences is the minimum down payment requirement.
The following is a quick breakdown of the minimum down payment requirements for High Balance Conforming loans:
Owner Occupied Purchase
- SFR and Detached PUD’s, the minimum down payment is 10%
- Condo and Attached PUD’s, the minimum down payment is 20%
- 2-4 units, minimum down payment is 25%
Second Home Purchase
- The minimum down payment for all property types is 35% for a 2nd home purchase
- 2-4 units are not allowed
Investment Property Purchase
- The minimum down payment for all property types is 35% for an investment property purchase
- SFR, Attached and Detached PUD’s, Condo’s, and 2-4 units allowed
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Get Your Tickets to the Twilight Concert on the Green at the Bernardo Winery-Tickets from $25
September 2nd, 2009 Categories: 4S Ranch, Community Events, Del Sur, Dining, Entertainment, Escondido, Poway, Rancho Bernardo, Santa Fe Valley
Join Windermere Exclusive Properties at the Bernardo Winery on September 12th as we sponsor this year’s Twilight Concert on the Green. Proceeds will benefit the Rancho Bernardo Historical Society and the Poway High School Music Boosters.
A historical event, the Twilight Concerts are reminiscent of the Concerts held on the greens decades ago. Celebrities like Bob Hope and many more entertained crowds of Rancho Bernardians. In 2006, the Rancho Bernardo Historical Society decided to resurrect the bygone Concerts at the Bernardo Winery in beautiful Uncle Vito’s Park. With over 600 attendees the Concert was a success. Now in its third year, September’s Concert will be a guaranteed success.
Portion of proceeds will benefit the Rancho Bernardo Historical Society and the Poway High School Music Boosters
Ticket Information:
General Admission Tickets – $25 per person
Grass or Chair Seating – First come, first serve on seating location.
Guests, if planning on sitting on the lawn, are encouraged to bring lawn chairs, blankets. No umbrellas or shade implements are allowed. Coolers are NOT allowed. No alcohol, food or beverages may be brought onto the property. Bottled water OK.
The “Amici” Package $1500, 1 available
- Seating for 10 in the largest private gazebo
- Plated 4 course meal with an appetizer, soup or salad, entrée and dessert
- Bottomless wine, of your choice from the Bernardo Winery Wine List
- VIP Parking
Private Gazebo Packages for 8 $500.00, 2 available
- Includes seating for 8 in private gazebo
- Cheese & crackers for 8
- Boxed lunches for 8
- One bottle of White wine
- One bottle of Red Wine
- 8 Complimentary BW logo glasses
VIP Tables for 8 $400.00, 20 available
- Includes seating for 8 at round table on lawn with linen
- Cheese & cracker tray
- Boxed lunches for 8
- One bottle of White wine
- One bottle of Red Wine
Private Golf Cart Drive-In $75, 4 available.
- Admits 2 guests and their golf cart for VIP Drive-In.
Corporate or Private Party Bundles – $175 (Bundle discount of $25.00)
- Bundle includes package of 8 tickets for a reduced price of $175
- Chair or grass seating only
Tickets can be purchased at Bernardo Winery as well as the Rancho Bernardo Windermere Exclusive Properties Office Located at 16890 Bernardo Center Drive. San Diego, CA 92128
Contact Sean Zanganeh @ (858) 229-6063 for more information on how you can get attend this special evening!
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$8,000 FTHB Tax Credit…Some Often Overlooked Criteria
September 2nd, 2009 Categories: Real Estate News
Although these bullet points are posted everywhere possible, including the IRS website, many people overlook the following items regarding the $8,000 Federal First Time Home Buyer Tax Credit: 
- If the property ceases to be the owner’s principal residence during the first 36 months of ownership, the ENTIRE tax credit must be paid back, it is not pro-rated.
- Buyers are not eligible for the tax credit if they purchase the home from a close relative, i.e., spouse, parent, grandparent, child, or grandchild.
- Buyers can currently own a vacation or rental home and still qualify for the tax credit as long as they have not owned a principal residence in the last three years.
Rumor has it that the tax credit will be extended, in one form or another, through 2010. Also, MSNBC reported this morning that 1/3 of all home buyers in July were first time buyers. I hope it stays around.
Any questions? Please feel free to call me at (760) 500-1919 or email me: Kevin@MyCWMtg.com
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