Joseph & Cheryl Melendez's (melendezteam) Blog

Real Estate Agent - Coldwell Banker Excellence - CalBre#01517694/ 01429652
FHA Short Sales and Short Payoffs Borrowers that were in default at the time of the short sale (or pre-foreclosure sale) of their previously owned primary residence are not eligible for a new FHA loan for three years from the date of the pre-foreclosure sale.   This means, that buyers wanting to ...
The biggest influence on mortgage rates this week came from outside the US . Concerns about the possible default of sovereign debt in smaller nations caused investors to seek the relative safety of US fixed income securities. This week's economic data was roughly balanced in terms of positive and...
Below, we have provided some tips for agents and homeowners to help you better understand the short sale process and identify areas in which you can aid in advancing the process as well. Tips for real estate professionals: Advise clients to contact their servicer as early as possible Ensure all c...
   FHA announced changes to its guidelines.  It will raise the minimum down payment required for borrowers with credit rating scores below 580 to 10%, while the down payment for higher-ranked borrowers would stay at 3.5%.  The upfront MI premium is also going from 1.75% to 2.25%.  HUD is seeking ...
We have a new listing in La Habra the address is 791 Durham. This home has been totally remodeled inside, look at the pictures and be amazed. Open house will be January 23 & 24 from 12:00 to 5:00pm both days.  See it online at
   Lots of important changes are coming as of January 1st.  The most important change has to do with the new government mandate to change to the new Good Faith Estimate which is going from 1 page to 3 pages which will completely confuse the buyers.  After January 1st, any loans closed using the n...
   As we come to the close of 2009 we can sum the entire year up into a couple of good news and bad news comments.  The good news is that interest rates are still close to historic lows and property values have stabilized in our area and in may cases have started to increase again.  The bad news ...
When you see very low interest rates you will also hear whisperings of the dreaded inflation as they go hand in hand.  Low interest rates are designed to stimulate the housing market and thereby the economy as a whole.  Common sense tells us that as the "velocity" (new term many economists are us...
   Great article on the front page of the Orange County Register today.  DataQuick reports that the median price of a home in Orange County now stands at $436,500 which is up almost 4% over a year ago and up a whopping 18% from January's price bottom.  It also says most of the sales are centered ...
   It is always interesting to me how the media works.  I guess it is just easier to say that they print whatever sells the most papers.  The same real estate reporters that predicted doom and gloom from 2002 up until the actual crash are now publishing positive real estate articles.  Last week w...

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