Karen List's (karenlist) Blog

Here's the skinny in simple terms: The tax credit is for home buyers (either spouse if filing jointly) who have NOT owned a principle residence during the three-year period prior to the purchase.  Ownership of vacation property or rental property does not disqualify home buyers from this program....

There are many "professionals" who have come out of the woodwork making a business of doing loan modifications for people. Some are doing them illegally and some legally. Buyer beware! I have blogged about it before and in this blog, I want to simply give you the easy steps that you can do yourse...

I work with TONS of buyers and there are some things that seem so simple and logical that sellers should do, but don't, when showing their home to potential clients.  Of course, there are many things that buyers find important, like the floor plan, size of bedrooms, closet space, etc.  But, what ...

A lot of first time buyers have been taking advantage of government assistance for down payment programs which was giving up to about 3% to help first time buyers get into a home with very little money needed from the buyer.  The programs were great for those who have good credit, good income, a ...

Well, you are not alone.  The lending guidelines have become so strict, it feels like the banks do not even want to make loans.  Even well qualified buyers are being put to the test; buyers with high FICO scores, good assets, good income, etc.  Times are just different in this market and what I h...

There has been a lot of news lately about loan modifications. And, guess what? As usual, the sharks come out to see who they can bite. So, you need to be aware of some things if you want a loan modification so that you don't get screwed.  First and foremost, legally, it takes a real estate licens...

Did you read the Mercury News yesterday?  Well, that says it all.  The conforming loan amount was temporarily increased to $729,750 in our area to encourage people to buy homes. Basically, there is a government backed conforming loan amount and anything over that amount is considered a "jumbo" lo...

If you are struggling to pay your mortgage you may want to call the bank who handles your mortgage to see if you can get an interest rate reduction, refinance to lower the payment, etc.  Some banks are really open to working with struggling homeowners who want to keep their home, but having troub...

All I can say is "Wow!".  The Fed Funds target rate is down .5 to 1.5%.  The Prime Rate is down .5 to 4.5%, and consumer interest rates today were up for the most part. Price points are key for buying a home in this market.  I am still seeing multiple offers on homes under $300,000 in East San Jo...

Times are very volatile in the mortgage industry. Almost every day there are news reports of mortgage companies closing, being helped/bailed out by the government, news about Fannie Mae and Freddie Mac, and it just seems to never end.  You also hear about all the different stimulous incentives an...