Although FHA loans aren’t that common in Carmel and Pebble Beach, they are playing a role in other lower priced areas such as Seaside, Marina, and Salinas. Having said that, two of my recent transactions in Carmel-by-the-Sea have included FHA loans because the “cost of money” under the FHA loan was such that the buyer’s opted for the loan even though they could have paid cash. While the exact changes that will be coming are still being debated, it is … Continue reading FHA Loan Underwriting Standards will Tighten in 2010
The Stimulus Package and its impact on Carmel, Pebble Beach, Carmel Valley
Admittedly many of the homes that sell in Carmel, Pebble Beach, Carmel Valley and over the hill in Monterey and Pacific Grove are priced such that most buyers need a “jumbo” or “non-conforming” loan. “Jumbo” loans are the loan product that has been most changed by the current credit crunch. The cost of these higher principal loans is much higher and the hurdles that have to be overcome to be approved can be extremely tight. Lenders used to make these loans … Continue reading The Stimulus Package and its impact on Carmel, Pebble Beach, Carmel Valley
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