Any solder who wishes to start their own company, and needs financial assistance, can, if qualified receive funding through SBA.  For more information, please go to their website: http://www.sba.gov/  10/04/2007

FHA Reform passes House and Senate Banking Committee In the month of September, both the House of Representatives and the Senate Banking Committee passed versions of an FHA reform package that NAR has been strongly supporting for several months. The House version, entitled "Expanding American Homeownership Act of 2007" passed with a strong majority of 348-72, and includes provisions that would eliminate the 3% down payment requirement, increase the loan limits, streamline condominium purchases, and eliminate the cap on Home Equity Conversion mortgages (HECMs). The House bill also includes provisions for a National Affordable Housing Trust fund, and provisions allowing risk based pricing on FHA insured loans. A similar, but not as far reaching, bill passed the Senate Banking committee bu... 10/02/2007

Start by shoring up your credit.Since you most likely will need to get a mortgage to buy a house, you must make sure your credit history is as clean as possible. A few months before you start house hunting, get copies of your credit report. Make sure the facts are correct, and fix any problems you discoverDon't buy if you can't stay put.If you can't commit to remaining in one place for at least a few years, then owning is probably not for you, at least not yet. With the transaction costs of buying and selling a home, you may end up losing money if you sell any soonerDon't worry if you can't put down the usual 20 percent.There are a variety of public and private lenders who, if you qualify, offer low-interest mortgages that require a down payment as small as 3 percent of the purchase pri... 09/26/2007

It really is becoming a better time to buy a home. Over the past two days, actions by both houses of Congress to reform FHA programs, and the Federal Reserve to decrease interest rates, should make borrowing more affordable and money more available. With reduced housing prices and increased housing inventory, interest rates that are near historic lows, and now with Fannie's and Freddie's increased ability to lend, we may see positive movement in the housing market," said Combs  Information provided by: The National Association of REALTORS®, "The Voice for Real Estate," is America's largest trade association, representing more than 1.3 million members involved in all aspects of the residential and commercial real estate industries.  09/26/2007

Newport Beach Real Estate Market Trends, Sept 24. 2007 Here is the most Up To Date Market Trends for Newport Beach. Each week we take a snapshot of the market. This Altos Research Real-time Market Profile(TM) is the most up-to date market information available. The Profile shows you not only pricing and market numbers, but also trends in those numbers.    THIS WEEKThe median single family home price in NEWPORT BEACH this week is $2175000.The Market Action index has been trending down lately, while days-on -market is climbing, providingmostly bearish signs for the market.PRICEThe market seems to have paused around this plateau. The Market Action Index is a good leading indicator for the durability of this trend.SUPPLY AND DEMANDLocal conditions are currently quite strongly in the Buyer's... 09/25/2007

I am sure you will agree being at the right place at the right time happens very rarely.  It is my great pleasure to inform you that Mr. Bernanke, Federal Reserve chairperson has lowered the prime by .50 basis points and there is an expectation of further reductions in the months ahead.                              This is the time to analyze your credit position. By doing so now, will allow you to take full advantage of the interest rate reductions in the near futureThis rate reduction will lower your monthly payment on homes loans and  lines of credit. The prime rate has been reduced to 7.750%I 09/19/2007

Here is this weeks open house list for Newport Beach. This is just a handfull and I have the complete list of Open House Homes in Newport Beach this weekend. Email bob@thinkfreerealty.com or call and I will email you the full list for any city you want in OC. Free and of course no obligation. 1627 E Balboa Blvd 2, Newport Beach, CA 92661 Price $1,699,000 Bed 3   Baths 2 Details hereAn extraordinary Peninsula Point condominium completely remodeled in 2001. This upper unit features a bright & open living room with vaulted ceilings, fireplace & balcony. The large, gourmet-style kitchen is appointed with granite counters & stainless steel appliances. The private master suite with spacious sundeck features an elegant built-in office with the latest in high-tech sophistication. Enjoy living t... 09/19/2007

Here is the most Up To Date Market Trends for Newport Beach. Each week we take a snapshot of the market. This Altos Research Real-time Market Profile(TM) is the most up-to date market information available. The Profile shows you not only pricing and market numbers, but also trends in those numbers.      THIS WEEK The median single family home price in NEWPORT BEACH this week is $2192000. Days-on-market has been trending up recently but the Market Action Index and inventory levels are basically flat and not providing strong indications for the market. PRICE The market seems to have paused around this plateau. The Market Action Index is a good leading indicator for the durability of this trend. SUPPLY AND DEMAND Local conditions are currently in the Buyer's Market zone (below 30), though ... 09/19/2007

Bush Announces FHA-Secure Plan to Assist Subprime Borrowers On August 31, 2007, President Bush announced a new initiative called FHASecure, which will give the Federal Housing Administration (FHA) flexibility to help more families keep their homes in light of the decline of the subprime market and impending interest rate adjustments affecting numerous borrowers in both the subprime and Alt-A markets. The FHASecure program will help people who have not made all of their payments on time because of rising mortgage payments but who otherwise have good credit. NAR applauded President Bush's statement of support for giving homeowners greater flexibility to refinance their loans through the FHA. At a white house conference call on the initiative, the administration specifically signaled out N... 09/08/2007

Banning Ranch is located along the Santa Ana River and Pacific Coast Highway, and is 412 acres of wetlands and adjacent bluffs and mesa. This property has escaped the residential development that is characteristic of much of Newport Beach and Huntington Beach due to its use for oil production. Banning Ranch is the largest piece of privately held open space in the West Newport Beach area. From the mesa on Banning Ranch, one has a beautiful panoramic view that stretches from the Santa Ana River to the Pacific Ocean. One can see Catalina Island, and enjoy cool ocean breezes. There is coastal sage scrub and Banning Ranch is the home to a plethora of wildlife including endangered species. Banning Ranch serves as a link between publicly owned open spaces on all sides. To the west of Banning R... 08/28/2007

Use the webThe first logical way to save on gas is to find the bestprices. A great way to do this is www.gasbuddy.com.Enter your address to find the best gas prices in yourarea.                                                                                                                                                            Avoid drive-thrusIdling your vehicle wastes roughly one quart of gas,every 15 minutes--or one quart every 2-3 McDonaldstrips. Next timw you go to a fast-food restaurant, skipthe drive-thru, and walk in.Information provided by: The Sloan Team, Fidelity National Title 08/24/2007

  Orange County Treasurer Chriss W. Street announced on August 16 that the $1.5 billion dollar Orange County Investment Pool and $1.8 billion dollar Orange County Educational Investment Pool were ranked as California's top government pools for the first quarter of 2007 according to TRACS Financial Research, an independent firm that monitors the monthly performance of state, county and local investment pools.The Orange County investment pools were ranked as the nation's #3 and #4 government investment pools in 2006 according TRACS Financial Research. The top rated funds have increased their return by over twenty five basis points over the last six months and now yield 5.31% and 5.29% respectively."Our focus is to provide safety of principal and liquidity to our investors," said Treasurer... 08/23/2007

 If I pay off a loan, how do I ensure that I have clear title to my property. If you borrowed money when you purchased your home or if you have refinanced, it is likely that a deed of trust was recorded in favor of your lender. This documentation gives the lender a lien on your home until you sell your or pay off the loan. At the time of payoff, the lender is obligated to make certain that the title to your property is now  cleared of the lien. A Reconveyance of the Deed of Trust is the document, which releases the lender's interest in your property and confirms that you have fully paid your loan. In addition, under the terms of your Policy of Title Insurance, the title insurer assumes liability for the elimination of that paid lien. This policy is your written guarantee that your prope... 08/19/2007

If you are unable, or do not have the money to make your next mortgage payment. Please call your lender immediately. Some lenders may work with homeowners who are suffering a hardship.I am not a CPA, nor am I an attorney. Their services may be required, if decided a short sale was your best option. I can provide you with free, confidential counseling. Short Sale ExpertSuzanne Horsburgh   08/10/2007

 Did you hear about the, Buyer's Bonus Mortgage Program? This is a superb vehicle for, First Time Home Buyers. Primary residenceSingle family Residence, (Warrantable & condo-conversions), and Planned unit developments.Maximum loan amount $417,000.00  Buyers Bonus payments only apply to the first trust deed. Subordinate financing, taxes and insurance and HOA (if Applicable) are the buyers responsibly.  If you are a homebuyer, please contact me for details. Suzanne  08/09/2007

The median price for an Orange County home returned to record territory with the first monthly high since June 2006, DataQuick Information Systems reported today.June's median selling price for all residences was $645,000, or 0.4% above a year ago. (See how other O.C. home-price indexes have fared by The previous record was $642,500 set in June 2006.But don't interpret the new high to be a sign the housing downturn has bottomed out and started to recover, said DataQuick number cruncher Andrew LePage.Sales fell to 2,641 homes sold, or 31.6% below a year ago. It's the slowest-selling June in the 20 years DataQuick has tracked the market, and it follows the worst May on their books as well. The old bottom was 3,364 in June 1995.With nearly one-third fewer sales than a year ago -- and less ... 07/23/2007

An Heir's Steps to Getting, Sharing Home TitleQuestion: My parents died within four days of each other in 2005. In their will, they left their home to me. I am their only child. There is still a mortgage, which I have been paying. Can I have the title to this property changed to my name and my husband's name? We live in the house and will want to sell it someday.Answer: Unless the estates of your parents qualify for an exception, their wills must be probated by the local probate court, which will transfer the title to you as the sole heir.After you hold title, you should notify the lender to change the name on the mortgage to you. But the lender cannot call the mortgage due, nor can you be charged a mortgage assumption fee, because you are the offspring of the decedents and are living i... 07/22/2007

To Escape MIP, Refinance LoanQuestion: What is the difference between private mortgage insurance ? PMI ? and mortgage insurance premium ? MIP? After paying nine years on my FHA mortgage, I have tried to get my MIP canceled. But I have been told I can't get it removed. I paid $70,000 for the house and it now appraises for $137,000, so the MIP clearly is not needed by the FHA. How can I get my MIP canceled?Answer: Forget about canceling your MIP on that FHA mortgage. In your situation, the FHA clearly doesn't need your MIP to protect its mortgage if you should default. Yet every month you pay that extra cost. However, the only way to get rid of MIP is to refinance with a non-FHA mortgage.Information provided by, Catherine Sheldrick, United General Title 07/22/2007

Orange County officials gave the nod Wednesday, July 18, 2007 for Newport Beach to annex the 64 acre neighborhood known as Santa Ana Heights.  This has to be great news for the community that was nearly annexed by Costa Mesa back in 2001.  A neighborhood group fought back and thwarted Costa Mesa's annexation attempt.  On Wednesday, their hard work paid off.  The area which is an unincorporated area adjacent to John Wayne airport is an eclectic array of custom built homes, bungalows and a handful of tract homes.  The area has been undergoing a gentrification over the past decade and many of the homes are now garnering price tags similar to their Newport Heights neighbors.  With the annexation and a new mailing address, the area will most likely see an upswing in value.  The prestigious N... 07/21/2007

A Limit on Widow's Gains Exclusion Question: My husband and I owned a house as tenants in common. He died in 2005. Now I would like to sell the house. Am I entitled to the $500,000 exclusion on my capital gains?Answer: No. You would be entitled to the $500,000 principal-residence-sale capital gains tax exclusion only if you sold the house in 2005, the year of your husband's death.However, presuming you inherited your husband's share of the property; you received a new stepped-up basis to market value on at least that share as of the date of his death.Presuming you owned and occupied the principal residence at least 24 of the 60 months before its sale, Internal Revenue Code 121 entitles you to a $250,000 exemption upon its sale. Information provided by Catherine Sheldrick, United General... 07/21/2007