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Sonoma County Coming Out on Top in Move North

Sonoma County Coming Out On Top In Move North

Most economist agree that the major difference in this recession versus previous ones is the robust real estate market.  A combination of low interest rates and built up equity has made the housing market a shining light in an otherwise unusual time period.  Combining these factors with the “work-from-home” phenomenon that has been taking over the country, you have the perfect storm for a house hunting blitz.

The North Bay especially has been the lucky recipient of this latest barrage of house hunters.  Home buyers are fleeing dense Bay Area neighborhoods for the Wine Country.  Local real estate agents say the demand is largely driven by buyers from San Francisco, the East Bay, Silicon Valley and even the Central Coast.

In February, the month prior to the temporary upending of the real estate market, the median Sonoma County home price was $641,250.  By the end of July, it was $720,000, a 36% increase over the same time last year.

The desire for home offices and room for distance learning is a huge motivator for many of these home buyers.  They are seeking rural settings, sweeping views and a swimming pool.  One such home on the market had 40 showings.  It was listed for $1.2 million in Sebastopol and over half the potential buyers were from San Francisco!  No surprise when you consider that price would barely cover your down payment for a similar home in The City.

Last month, a hilltop mansion in Sonoma sold to a San Francisco family for $14.75 million, one of the most expensive home sales in Sonoma County history.  But the greatest demand is for mid-priced homes ($500,000-$700,000).  This price range accounted for the highest number of sales of any price range in July.

As a local realtor pointed out in a recent article for the North Bay Business Journal, “It’s kind of like musical chairs, all of a sudden the music changed, and everyone’s looking for the next seat.”

Don’t get left without “a seat”, start your property search soon.  If you cannot qualify for a conventional loan, give Sun Pacific Mortgage a call at 707-523-2099.  We have helped thousands of prospective buyers just like you with our temporary (or 15 year), fast (within just a couple of weeks or less than a month when super rushed) hard money loans.

Direct Lenders – Sun Pacific Mtg!

Direct Private Money Loans We Have Our Own Investors

Direct Private Money Loans – We Have Our Own Investors!
The Guys in the White Hats

Recently Funded:

Location:  Santa Rosa, Sonoma County
Loan Program:  Investment property refinance
Loan Size: $1,020,000
Days to Close:  16
Why Needed Us: Property needed renovations and didn’t conventionally qualify.

Location:  No. Hollywood, Los Angeles County
Loan Program:  Business Opportunity
Loan Size:  $475,000
Days to Close:  15
Why Needed Us: Needed fast capital to support family-owned business

Location:  Concord, Contra Costa County
Finance Program:  Primary Property Refinance
Loan Size:  $560,000
Days to Close:  15
Why Needed Us:  To pay off medical expenses and other debts

Fast Loans – Halloween Specialty!

Alternative Financing from the Guys in the White Hats

Edit Halloween Specialty

Take advantage of our Hard Money loan specialties for Halloween: 

Fast Approvals! Fast Fundings!

Financing for Owner Occupied, Non-Owner Occupied, Consumer & Business Purpose.

Self Employed not an issue.

Credit Not An Issue!

Send us your scenarios! Call Today 707-523-2099. 

Don’t Let Your Bad Credit Score Keep You from Becoming a Homeowner in California!

Dont Let Your Bad Credit Score Keep You From Becoming A Homeowner In Sunny California

Looking for a home loan with a bad credit score can be intimidating and frightening.   But it can be done!  A little homework and reading this blog should give you all the courage and ammunition you need to forge ahead in your pursuit of homeownership.

First, let’s explain the understanding of “bad credit”.  Credit scores, also known as FICO scores, range from 300 (awful) to 850 (perfection).  To break it down further:

  • 750+ is top tier and qualifies for the best interest rates
  • 700-749 is a good score
  • 699-650 lenders question whether you’re a risky investment
  • 649 and below (according to multiple California Real Estate Brokers, “Your credit stinks”)

So, what is a borrow to do if he/she finds themselves in a less than desirable FICO category?  Your first step must be to correct any mistakes you find on the report.  (It is interesting to note that 1 in 4 Americans find errors on their credit reports.)

Once any errors have been corrected and your financial standing is still not where it needs to be, there are still options.  One such option is a hard money loan.  To qualify for this type of loan you must provide proof you can make the proposed mortgage payments, you have a substantial down payment or you have sizable equity in the home you wish to refinance. These are really the 2 main qualifications in this quite-forgiving type of financing.

With general California home values increasing exponentially at this time and low interest rates causing a rush to secure a share in this new gold rush, it makes sense to buy now and take the higher rate a hard money loan might cost you.  Since these loans can be made for as short a period as 11 months, it allows the buyer to get into a real estate deal now and refinance at a lower rate once the existing credit issues have been resolved.

Sun Pacific Mortgage has been in the hard money lending business over 3 decades in California.  Give us a call at 707-523-2099 to discuss our programs for purchasing or refinancing owner-occupied and investment properties.

Our loans also offer a solution for those borrowers requiring a quick close. The scarcity of property inventory has created a situation in which speed is all important making the timeline from offer to close of escrow a critical component.  We have been known to close loans in under a week when the buyer’s dreams are at stake.

Remember that the chance to own your own home might outweigh the additional money in interest payments.  So, if you are convinced your credit history is sure to destroy your home-buying dreams, chin up!  One call to Sun Pacific Mortgage at 707-523-2099 may open doors you thought were closed to you forever.

 

Can We Really Be Of Service To You Or Your Clients?

What Is Hard Money New Pic
(Click here or the image above to watch video about how you can get more transactions approved & done!)

What Is Our Alternative Financing Really?

After 32 years, despite market changes and recent covid regulations, our two main lending qualifications have not changed and are still more forgiving than conventional or bank financing. These two basic qualifications are:

#1. Decent existing real estate equity or at least a 30% down payment if a purchase and

#2. An ability to repay the loan.

We have worked with many other Brokers and Realtors, helping to close more transactions and help make their clients happy! We can cover up to 65-75% of the value of the property. These loans are based largely on equity from real estate assets.

Basically considered all cash, such loans are extra strong and can be used to purchase or refinance fixer properties, bad score borrowers, irregular or difficult to prove income borrowers, large cash-out borrower, someone needing fast cash, short term Bridge loans, etc.

Owners still need to refinance their homes to make home improvements, buy a 2nd home or investment property. And Buyers still want to buy even with tarnished profiles. Our unique financing is the only option out there if your client is unable to qualify for a loan from you, their favorite bank, mortgage broker or local Lender.

Many people have cards with rates that are 15% to 32% and Alternative Financing  rates average 9% to 12% with interest-only payments. This will likely cost a bit more than a 30-year fixed rate loan but it can get them what they want, despite having been turned down elsewhere for a refinance or home loan.

Also, if your Buyer or Borrower just misses out on qualifying for conventional financing, they could qualify for our Alt-A Special Program which offers rates as low as 6.5%!   

We invite you to look through our programs for exact details on how we can get you and/or your client fast loan approval!  Or call us at 707-523-2099. Having worked with many types of loan scenarios for over 3 decades, we are quite experienced, honest and FAST.

Have Tax Questions About Selling Your Home?

Have Tax Questions About Selling Your Home

A recent article posted on Intuit’s Turbo Tax website addressed a series of questions and answers that every property seller should know before engaging in a real estate contract.

This is good information to be aware of, thus our sharing.  Providing answers to these questions is “out of bounds” for anyone without the proper legal credentials, which is why we are simply going to cite the post here and let the experts inform you of the regulations you should consider.

For those home owners in California who are considering moving from bigger cities such as San Francisco, Silicon Valley or even Los Angeles and want to settle down to more rural areas such as Sonoma County or even Napa County, this is some good information to know about when connecting up with your Realtor to sell.

Among the topics covered in this article are the following:

As you can see, answers to these questions can impact your tax obligations significantly.  They may either confirm your decision to sell or encourage you to wait.  Either way you will be making a more informed and sensible decision.

For detailed information please refer to the original post here:  https://turbotax.intuit.com/tax-tips/home-ownership/tax-aspects-of-home-ownership-selling-a-home/L6tbMe3Dy?&cid=em_44867_6306_001_2019__DT_

Just Approvals, No Regs – Recently Funded!

Top 500 And No Covid(What Is Hard Money Really? Click above to play video and find out!)

No Regs Here. Just Loan Approvals!

No covid regulations here – just fast loan approvals.  Don’t waste time with other mortgage lenders turning you away, we can help get you the financing you want!

For over 3 decades our family company has helped thousands of individuals with our Hard Money programs.

Call us at 707-523-2099 with any questions so we can quickly get back to you with what we can do for you!  We want to help you, as we did for the borrowers below.

Recently Approved & Funded

Finance Program:  Primary Residence Purchase
Loan Size:  $460,000
City: Mountain View, Santa Clara County
Days to Finish:  25
Why Came To Us:  Wanted a fast loan to make stronger offer and close quicker.

Loan Program:  Investment Property Refinance
Loan Size: $353,500
City:  Pacoima, LA County
Days to Finish: 22
Why Came To Us:  Wanted to renovate property as condition poor.

Loan Program:  Primary Residence Refinance
Loan Size: $560,000
City:  Truckee, Nevada County
Days to Finish: 26
Why Came To Us:  Wanted to consolidate debt and repair credit.

Finance Program:  Primary Residence Refinance
Loan Size:  $539,000
City:  Oakland, Alameda County
Days to Close:  22
Why Came To Us:  Difficult to prove income as self-employed.

Santa Rosa Sees New Interest from Buyers

Santa Rosa Sees New Interest From Buyers

Santa Rosa Sees New Interest from Buyers

Local Sonoma County Realtor, Jeff Schween, published an article in the Press Democrat on August 16, 2020 summarizing today’s happenings in the Santa Rosa real estate market.  He says we are seeing a shift in affluency from larger metro markets to nearby suburbia.  In the past, buyers looking to relocate stayed near their current residence.  This does not appear to be the case during this pandemic.  He goes on to state some surprising data to support his observation.  Here are some statistics from the MLS used to substantiate the claim that Metro Bay Area has discovered Suburbia North Bay:

SANTA ROSA METRO REGION – JULY:

  • Active Listings: 324 single-family homes (11% less than July 2019)
  • Pending Contracts: 245 (45% increase over July 2019)
  • New Listings: 195
  • Completed Sales: 231 (38% increase over July 2019)
  • Months’ Supply of Inventory (MSI): 1.4 [Note: 4.0-6.0= balanced market]

Here was the summary breakdown by neighborhood:

NORTHEAST SANTA ROSA

  • Active Listings: 152
  • New Escrows: 95
  • Completed Sales: 93 (a record for this submarket)
  • MSI: 1.6

SOUTHEAST SANTA ROSA

  • Active Listings: 52
  • New Listings: 32 (26% less than July 2019)
  • Completed Sales: 37
  • MSI: 1.4

OAKMONT:

  • New Listings: 19
  • Active Listings: 55
  • New Escrows: 28
  • Completed Sales: 15
  • MSI: 3.7

NORTHWEST SANTA ROSA:

  • New Escrows: 59
  • Active Listings at end of July: 46
  • New Listings: 54
  • Completed Sales: 63
  • MSI: 0.7

SOUTHWEST SANTA ROSA:

  • Active Listings at end of July: 19
  • Completed Sales: 23
  • New Listings: 19
  • New Escrows: 27
  • MSI: 0.8

From this well-documented report on the activity in Santa Rosa in July, it is apparent that folks have discovered our “Paradise” and are actively looking to migrate North!

Good news/ Bad news:  we can look for home prices to rise and supply to be lower than preferred.

If you have been considering a change of scenery and live in any one of these coveted areas of Santa Rosa, now is the time to contact your real estate agent.  We are already seeing bidding wars in some areas.

If you are looking to buy but find yourself just short of meeting the restrictions of a conventional loan or need a quick close, give Sun Pacific Mortgage a call at 707-523-2099.  We have been in business in Santa Rosa or 32 years and have maintained a sterling reputation based on our honesty and helpfulness.

No Darn Restrictions Here – Recently Helped Borrowers

1

No Darn Covid Regs With Our Loans

Tired of not getting quick loan approval?

Let us help you with our Hard Money loan programs, just as we were able to help those below!

Our alternative financing programs do not have any additional regulations that traditional lending institutions have.  We just require real estate equity and an ability to repay the loan.

Call today at 707-523-2099 with your questions or scenarios.  We will quickly let you know how we can help you or a friend!

Recently Approved & Funded

Loan Program:  Non-Owner Occupied Refinance
Loan Size: $1,0250,000
City:  Santa Rosa, Sonoma County
Days to Finish: 22
Why Came To Us:   Needed funds to finish construction of investment property.

Loan Program:  Primary Residence Temporary Refinance
Loan Size: $282,000
City:  South Lake Tahoe, El Dorado County
Days to Finish: 24
Why Came To Us:  Needed extra funds to consolidate debt and repair credit.

Finance Program:  Primary Residence Refinance
Loan Size:  $419,000
City:  Windsor, Sonoma County
Days to Close:  21
Why Came To Us:  Self employed with difficult to prove income.

Finance Program:  Investment Property Refinance
Loan Size:  $750,000
City: Los Angeles, Los Angeles County
Days to Finish:  9
Why Came To Us:  Wanted fast capital for business investment.

 

Loan of the Week – Get Approved When Others Say No!

Loan Of The Week – Get Approved When Others Say No!

Loan Approval DESPITE Others Turning You Down! 

Are you or your client fed up because the home loan approval process is taking way too long?  Or, that needed refinance is being turned down by an Underwriter/Another lending institution?

Going into our 3rd decade as a family business, we can rapidly provide loan approval with our Hard Money programs!

Despite low FICO, self-employed with difficult to prove income or some other reason you or a client is being turned down, we can still help!  Being in business over 32 years has allowed us help thousands of individual borrowers. – just as we did for the below homeowners:

Loan of the Week

A couple in Alameda County was facing foreclosure and sought our help to save their home.  The wife wasn’t working but the husband was self-employed with good, consistent income.  Unfortunately, they were having difficulty getting their current home loan refinanced despite visiting multiple other lenders.

Despite these circumstances that others were turning them away for, we were able to create a happy ending for them with one of our short-term Hard Money programs.  In just under 3 weeks, the refinance was complete for $682,000 with an LTV of 63% and the homeowners were happily underway repairing their credit!

It always makes us smile when we can help save a client’s home, something we have done hundreds of times over the past 32 years that we have been business.  Call us at 707-523-2099 with any questions or scenarios.  We’d be happy to help you or a client today too.

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