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Want To Buy a Home But Loan Keeps Getting Turned Down?

bridge loan 1Do you have loan approval issues due to poor credit? Are you self employed with difficult to prove income? Or are you just tired of calling and searching for someone who is licensed and trustworthy to help get you the loan you need or want?
If your answer is “Yes” to any of these questions, then read on!
This is where my alternative finance company can step up. We have been in business for over 28 years and I am a licensed California Broker as well as have a National Mortgage License. We have the experience under our belts and the honesty comes in by being family owned and operated with returning customers again and again, as well as referrals from them, since 1988.
Home prices and values are on the rise, which just means if you are thinking of buying a house, you want to do it sooner than later to keep your monthly mortgage payments from increasing.
This is proven quite simply in a recent Press Democrat article “Q3 Market Summary” by Jonathan Soh, Brokerage Manager of Sotheby’s International Realty Wine Country Brokerage wherein he states in the Santa Rosa Marketing Summary (Single Family Homes), “Average Sales Price increased by 3% from $537,967 in Q3 2014 to $555,438 in Q3 2015…”
Anyone who lives in California, or wants to live in California: Southern CA and Northern CA – yes, this includes Sonoma County, Monterey, Santa Barbara, Napa, San Mateo, Marin, etc. – and is having problems getting a loan, give us a call and see how we can help!
Still want proof we can help? Check our what our past borrowers and real estate agents we’ve work with have to say: https://www.sunpacificmortgage.com//all-testimonials/
It can’t hurt to call us at 707-523-2099 and find out what hard money loan programs we have to match your real estate scenario.

Best, Forest – The Guy in the White Hat
Hard Money Broker and Owner at family owned & operated Sun Pacific Mortgage and Real Estate, Serving all of California Since 1988! CA Bur Real Estate ID #01000559. NMLS ID #289456

All Roads Lead to Rome


All Roads Lead to Rome

This ancient adage simply means that the facts of a matter point to one conclusion. Since I write articles about lending and real estate, I’ll give you the facts and let’s see if “all roads lead to Rome”, that is we conclude the same thing.

  • Interest rates on 30 year and 15 year fixed rate mortgages are at historic lows.
  • Mortgage interest deduction is still intact.
  • Property values are at or near the bottom of the market in many areas.
  • Owning a home is as cheap as renting in many areas of the country.
  • There are lots of homes being sold everywhere in the country.
  • Loans are being made in all areas of the country.
  • FHA ( Federal Housing Administration) still makes loans to Buyers with 3.5% down and there are still zero down programs!

Private money loans now account for 1% of all loans done in the USA. With a good down payment you can buy a home even if you just did a short sale, had a property foreclosed upon and/or did a bankruptcy or are in bankruptcy.

In the county I live in, the median price for a home has risen for the last 3 months.

America isn’t going to dry up and disappear. It will recover from the current mess.

What do you conclude from the above?

If you are considering buying a home – go and do it right now!

All roads lead to “Home”.

Statistics, Statistics, Statistics

LENDER’S VIEWPOINT
By Forest Tardibuono

 

 

I debated in high school and then went to Arizona State University on a tuition scholarship for debate. Not too long into my college debate team tenure, I discovered concurrently, the girls dormitory housing 1,500 suntanned beauties, 7 oz. beers 6 for a buck, and the pool life around Lemon Grove Terrace – among other things. So much for the debate team.

But from all those years of competition one thing did become clear and that was that statistics require scrutiny. They also need to be compared to other statistics to have any real meaning. Even more important is to look at who was giving forth the statistic and the source of the statistic. You probably innately know this, maybe you don’t. But in these trying economic times people the world over need to be reminded to think for themselves and not blindly trust what we are being told. Bad news and even worse headlines sell newspapers and draw us to news shows on television, radio and the internet. This is in spite of the fact there is good news buried under the headlines. It is commonly known that bad news sells newspapers.

This is really all that is holding down housing right now – the preponderance of bad news. It is really all that is hampering business expansion leading to the current unemployment rate. I have heard it called a lack of confidence. People are beat up about the bad news, the publishing of “bad” statistics. The real drag on the economy is that people get so beat up by bad news they feel like they can’t do anything about it – lack of confidence.

Can you have another viewpoint though? I mean can you subtly change your thinking just slightly?

America isn’t going to dry up and disappear. It will recover from the current mess. Don’t you truly believe that? I do. I mean I’m not done with supporting my family, I’m gonna go camping again and fishing and golfing, and buying clothes and going to church and paying taxes and eating right and eating badly and working my b___ off for all of this. That’s what I’m going to do. And I’m going to go about it confidently and with good cheer because it does not accomplish anything to be other than that. And I’m going to see headlines and statistics and hear news that I’m going to take with a grain of salt because I know their stated purpose is to put forth bad news. So I’m not going to let it affect me one little bit.

My initial purpose for writing this article was to motivate buyers to get out there and buy right now because the statistics I view as a mortgage broker and real estate broker all point to BUY NOW. Get your confidence back in America. That is simply your decision. And the next time you see a bad headline just know that they are probably all bad headlines with the worst statistics. It sells newspapers.

Forest Tardibuono is a CA DRE Broker with over 23 years experience in real estate and lending. His number is (707) 523-2099. See website @ sunpacmortgage.com.

U.S. Housing Market at a Historic Turning Point

LENDER’S VIEWPOINT

By Broker, Forest Tardibuono

[youtube=http://www.youtube.com/watch?v=dZS95YrsMFE&w=588&h=330&hd=1]

 

Nearly two-thirds of economists and real estate experts recently polled say the U.S. housing market is at a historic turning point. This is according to MacroMarkets LLC’s June Home Price Expectations Survey published in June 2011.

In this same article was published a chart that showed a “double-dip” in the price of housing in the U.S. The graph went sharply up until 2005 then dipped down, then rose again and then dipped again – double dip.

That in itself is great news because it confirms the expert opinions indicated above. But what they did not point out, but was plain as the nose on your face, is that the graph, which started in 1987 has gone up and up and up over those 24 years.

Do you think that the value of a home you buy today will be up or down in 24 years? Survey says – UP! And did you really have to think about it? Well if you buy a home today with a payment around what you would rent it for anyway, you get tax breaks because of it, you won’t be forced to move because your landlord is selling the house, and it goes up in value over time – then who cares what the press publishes as the bad news. That’s all they publish is bad news because purportedly, that sells newspapers. Stop reading and listening to the bad news and act on what you already know!

Buy that home now because you know that over time it will pay off.

Forest Tardibuono- the Guy in the White Hat – is a CA DRE Broker with more than 23 years

of experience in real estate and lending. His phone number is (707) 523-2099. Email is Forest@sunpacmortgage.com. See website @ www.sunpacmortgage.com.

Investors Are Buying An Ever Increasing Number Of Homes

LENDER’S VIEWPOINT

By Forest Tardibuono, Guy In The White Hat

Investors Are Buying An Ever Increasing Number Of Homes

[youtube=http://www.youtube.com/watch?v=WGFisHIVFJE&w=448&h=252&hd=1]

 

See why it IS the time to buy a home!

I feel like it is my calling to promote home ownership in America. You might think I have an inherent conflict of interest as I currently own a mortgage and real estate company and have been in the business for more than 23 years doing just that. And that is absolutely true. Unless someone in my vicinity is buying, selling or financing a home, I don’t make a living.

So when faced with the above conflict, don’t buy into my enthusiasm for the American Dream but look at the facts and decide for yourself. I mean really look at the facts and what they mean. That really is what I do as a professional in this field is give people facts, the good the bad and the ugly and let them make an informed decision.

By the way, a gloomy headline in your local newspaper or on the radio or internet is not a fact. Someone, usually not an expert in the field they are reporting in, gathers information about a topic of interest and writes an article. They then look it over, and create a headline for it that is anywhere from alarming to horribly bad. They do that in the hopes that you will read it.

If you are stopped at all from buying a home even though you know you should, stop reading the darn press! Stop listening to the news. Bad news sells newspapers – a fact. I read a recent article that the worse the world events, the more people read the newspaper. They are trying to keep abreast of what is going on and the most widespread mediums they are looking to for information deal in bad news! It stifles you!

Onto the really good news: The above headline is an absolutely key indicator of why you should buy a home right now. In any area you may live, the rough gauge of investor buying is all cash deals. Not all cash deals are by investors but like I say, it is a rough gauge.

In March 2011 in Sonoma County California where I live, all cash transactions accounted for 28% of the homes sold. All cash purchases have accounted for about 10% of the sales over the last decade, but became more common as home prices declined. What do investors know that keep them buying in spite of the bad news? They are probably cheering all the bad news because it keeps competition for these rock bottom home prices to a minimum. They know to buy because the homes bought today can cash-flow. They are buying today because the homes, in my County for instance, are at 50 cents on the dollar from 5 years ago and there will likely not be an opportunity like this again!

So follow their lead. Investors are investors for a reason. Very key indicator.

Forest Tardibuono- the Guy in the White Hat – is a CA DRE Broker with more than 23 years of experience in real estate and lending.  His phone number is (707) 523-2099.  Email is Forest@sunpacmortgage.com.  See website @ www.sunpacmortgage.com. DRE#01464899/NMLS #360993

THE GOOD, THE BAD AND THE UGLY The truth about Real Estate & Loan Agents

 The purpose of this article is twofold: 1. To encourage Buyers to find an agent who will competently represent them in the purchase of a home and 2. To be prepared to dump any agent who demonstrates anything but number 1. I know this article will ruffle some feathers, but who will it ruffle? There is an inherent flaw to the current traditional means of selling a home. The flaw is that the listing agent and the selling agent do not get paid unless the home sells! So the worst thing about the current home selling method is also the best thing about the current home selling system – it gets people into homes because everyone wants it to happen! The seller wants to take the money and move on. The Buyer wants a new home.

The listing agent and the buyer’s agent (sometimes they are one and the same) desire to be paid for their efforts and also want the seller to accomplish his stated goal and the buyer to get into the home. The above is the ideal scene, of course. But here we are on planet earth, the site of Murphy’s Law – simply stated “Anything that can go wrong will go wrong.” After 23 years of real estate sales and lending, I’ve learned just that. Especially overseeing an office of 16 loan agents, 7 real estate agents and all the necessary support staff during the heydays of the market in Northern California. For 50 to 70 hours a week, my job was to train these folks and then “oversee” their transactions. “Oversee” really meant MAKE SURE THEY GOT DONE and a lot of the job was simply cleaning up the messes that really were the result of a lack of experience or honest desire to help.

I always preached to my agents that there were really no “problems” in a real estate or loan transaction, just items that had to be checked off a list. I assure you though, that if an agent did not have an honest desire to push through the transaction and well communicate whatever necessary to all involved parties, well, here came the problem(s)! One thing that I know with certainty from all these years of being in the business, is that when someone came to me to help them buy a home, they wanted to buy a home – NOW. When someone came to me to refinance a loan, they wanted to refinance their loan – NOW. So the job really became finding the easiest, quickest path to that stated target on their behalf. True professionals accomplish just that. The truth is “professional” in a lot of circumstances has nothing to do with years of experience.

It is really more of a viewpoint to get the thing done in spite of barriers that will come up. You want to avoid Buyer’s agents who are adversarial in their approach to the purchase. It is not rock ‘em sock ‘em robots. You want to buy and the seller wants to sell. How do you get a meeting of the minds in a boxing match? This comes in varying degrees too. How about the real estate agent who counsels you to back out of a contract because the seller won’t pay for the home warranty? OK, maybe that’s an exaggeration but you get the point. Avoid agents who are alarmists. To them everything is a problem and a big deal. Here is an example of an alarmist: You see some mold in a home you are viewing and the agent makes it out to be a huge big deal. Maybe it is maybe it isn’t. As I mention above, it’s just something to be checked off a list. The alarmist will try to stop your progress towards this purchase because of the mold.

A true professional would move the purchase along and do the reports necessary to have the appropriate professional, who knows mold, tell you it’s a problem or not. I could go on and on along these lines to include agents who will not communicate or answer your questions, those who are always late or no-show’s for appointments, agents who reschedule everything, those that are negative, have steered you wrong, those that continually bad-mouth others, are opinionated, agents who are just out for the money and not to honestly help, etc. People innately know professionalism when they see it.

You should demand that for yourself in the most expensive purchase you will make in your life.

Forest Tardibuono- the Guy in the White Hat – is a CA DRE Broker with more than 23 years of experience in real estate and lending. His phone number is (707) 523-2099. Email is Forest@sunpacmortgage.com. See website @ www.sunpacmortgage.com.

FIRST TIME HOMEBUYER

 By survey most renters think they cannot afford to buy because the mortgage payment is higher than a rent payment.  But the majority of renters would like to own.  Strange enough the majority of home purchases right now are by First Time Homebuyers.  Due to the crash in prices for properties and the extreme low rates the First Time Homebuyer is King of the Hill!

 It comes down to a math problem really.  Do you know what you qualify for?  It costs nothing to find that out.  Do you know what mortgage loan programs are available right now?  Are there any special First Time Homebuyer programs?  These are the questions you need to find answers to.  Maybe you do qualify, maybe the mortgage is as affordable as rent and maybe you can own.  The market hasn’t been this low is years.  Rates haven’t been this low is years. 

 Let’s go over the price of homes in Sonoma County.  You can buy for as little as $150,000.00.  But average is a little above $300,000.00.  These houses used to be 50% higher than they are now.  That $150,000 house used to sell for $300,000.  The $300,000 used to sell for $600,000.  There are 250 properties on the market right now priced at $250,000 or below.  There are 90 homes on the market priced between $251,000 and $300,000. 

 What is a payment on a home priced at $250,000?  With 10% down your loan amount would be $225,000.  At a rate of 4-1/2% the monthly payment would be $1,140.75.   On top of this you would owe for property taxes, insurance and PMI (private mortgage insurance – an additional $368).  AND you can deduct interest paid to your lender from your income tax.  Instead of paying the IRS you pay yourself!

 Now is the time to buy.  You might be surprised at what you can do about it!

Forest Tardibuono is a CA DRE Broker with over 20 years experience in real estate and lending.  His number is (707) 523-2099.  See website @ sunpacmortgage.com.

IS THE MARKET TOO SCARY TO BUY? (By the way – NO!)

Wow, we are being hit by all sides these days.  The money market is in disarray, lay-offs are high, California hasn’t passed a budget.  Can it get any worse than this?  Why would anyone buy?

 It is being blared across the air waves that it’s as bad as the 1920s.  So, can/should you buy? 

Did you know that A LOT of people made money during that depression.  How?  They did not follow the pack.  This is very hard to do.  The best managers of money (Boone Pickens, Warren Buffet, and Bill Gates – for example) are a different breed of cat.  They seem to operate opposite of the crowd.  They buy when no one else is and they will freely tell you to do the same.  It takes a brave soul to not follow the crowd.

There are statistics that show things are not as bad as they seem.  In Sonoma County home sales are up – way up.  First time buyers can finally afford to buy and they are.  There are multiple offers on many homes.  Homebuyer loans are getting approved and people are moving into these homes.  There are not as many homes on the market as there were at the peak in November 2008, which will serve to drive the prices up.

 The moral of the story is – Buy Now!  If you have the required down payment (as low as 3.5%) and can afford the monthly payment (average $1,420 monthly) – do not wait.

 Look to the statistics of what is occurring in THIS market (Sonoma County, Marin County, etc…).  The statistics show a brisk market that is competitive and will only go up from here.

Forest Tardibuono is a CA DRE Broker with over 20 years experience in real estate and lending.  His number is (707) 523-2099.  See website @ sunpacmortgage.com.

Oh, there’s no place like home for the Holidays

‘Cause no matter how far away you roam,

If you want to be Happy in a million ways,

For the Holidays you can’t beat Home Sweet Home.

Ain’t it the truth! As a mortgage and real estate guy, I’m probably a bit more biased towards that viewpoint than most but who will argue the point. Especially at the Holidays! But I must say that the song is especially poignant if you are a Home Owner. And what can possibly be sweeter than buying your first home. Or trading up to your dream home. Or graduating up further, to where you have your Home Sweet Home and can now buy an investment property!

For centuries owning your own home and the land upon which it was built has been deemed the noblest pursuit and a sign of prosperity and security. We all have this ingrained need for this home ownership. It does the heart good to accomplish this. All of us want to accomplish this because it’s in our DNA from eons past. It’s probably a caveman thing originally! I can see my wife picking out the furniture for it with a boulders and logs theme! Or going totally for the animal skins motif like wooly mammoth.

All seriousness aside, I have preached the big 3 reasons to buy in many past Articles – Tax write-offs, appreciation and pride of ownership. That last one is actually buying with your heart, knowing it satisfies way more than the financial side of things. Have you noticed that when you do things from the heart they always seem to work out? It’s funny how it works but accomplishing home ownership can make you “Happy in a milion ways” many of which will end up enhancing your financial situation.

A bit of current events also make for further compelling arguments to buy right now. Rates have recently ticked up. Don’t be left out in the cold on this one. It’s a huge big deal to get a really low rate. The state of California economic forecast brightens. Brighter future means more people have jobs and the competition for homes will stiffen. The median price for homes in Sonoma County recently dipped in October.

All these things can work for you if you just think with your heart right now. There is no place like Home for the Holidays! Your own Home.

Forest Tardibuono- the Guy in the White Hat – is a CA DRE Broker with more than 22 years of experience in real estate and lending. His phone number is (707) 523-2099. Email is Forest. See website @ www.sunpacmortgage.com.