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The VA Loan

by Rob Zwemmer

The VA Loan

The VA Loan (Department of Veterans Affairs loan) is available to eligible active and former members of the armed forces who meet specific criteria, and no down payment is required. A widow or widower of a service person may also qualify for a VA loan, providing the loss was service related. Applying for a VA Loan follows the same process as applying for a Conventional Loan with a certificate of eligibility issued by the VA. The maximum loan guarantee for most first-time buyers, however, is up to $240,000, so many may not find this the most advantageous route to go when securing their mortgage loan. Most lenders offer VA Loans, and the government limits the amount of closing costs and origination fees lenders can charge, as well as appraisal fees. No PMI (Private Mortgage Insurance) is required of the VA homebuyer, and rates follow the market as with a Conventional Loan. There is a one-time funding fee on VA Loans ranging from 1 1/4 percent to 3 percent, dependent upon the veteran’s service term and whether it’s a first or subsequent loan. The typical fee generally 2 percent, but if the borrower makes a down payment of at least 5 percent, the fee will be lowered. The VA Loan could be the optimal choice to a veteran entering the market for the first time. Consult Rob Zwemmer and Associates for your VA Loan questions, we have helpful ideas and advice to assist you in making an informed decision.

Home Values See Highest Monthly Increase Since 2006

by Rob Zwemmer

google map to real pro systems

Zillow issued a released Friday reporting that both national home values and rents rose in the month of April.

According to the April Zillow Real Estate Market Reports, national home values rose 0.7 percent in April to a Zillow Home Value Index of $147,300. This is the largest monthly increase in home values since January 2006, and it makes April the second month in a row in which home values climbed up.

Zillow also reported that rents rose from March to April, increasing by 1.6 percent, according to the Zillow Rent Index. Of the 178 markets covered by Zillow, 78 percent experienced a rise in rents.

The Miami-Fort Lauderdale and Phoenix metro areas saw the biggest increases in home values, rising 1.6 and 1.9 percent, respectively. Values continued to decrease in hard-hit markets like Atlanta, where home values fell 0.7 percent.

“The housing market continues to show positive signs, with home values increasing significantly in April,” said Dr. Stan Humphries, chief economist at Zillow. “The recovery is moving in the right direction, but we caution that negative equity will cast a long shadow over the housing market. With almost one-third of homeowners with mortgages underwater and unable to sell their homes, inventory is having a hard time keeping up with increasing demand in many areas. We’ll continue to watch this signal as increasing home values turn from a blip into a trend.”

Foreclosures also continued to decline in April, with 6.8 out of every 10,000 homes being foreclosed across the U.S. That figure was down from 8 out of every 10,000 in March.

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Foreclosures in Palm Springs, Rancho Mirage, Palm Desert, La Quinta and Indian Wellshttp://www.DesertBankOwnedHomes.com will send daily updated Bank Owned Homes for Sale ! properties from Palm Springs to La Quinta

365 Things to do in Palm Springs

Lake Cahuilla Recreation Area

La Quinta is world renowned for its breathtaking vistas, world-class golf courses, five-star restaurants, shopping destinations, galleries and more. One bright gem nestled in its midst is the beautiful 710-acre park, Lake Cahuilla Recreation Area. You’ll find it 6 miles southeast of Old Town La Quinta right at the base of the Santa Rosa Mountains. It the perfect nature-filled destination with 91 individual and group campsites with numerous outdoor activities available to the visitor. You’ll find horseback and hiking trails, fishing at the lake, a swimming pool (open from April-October), and lots of areas of greenery ready for family picnicking, barbecues and social gatherings. Over 50 hookup campsites are available if you want to spend the night or an entire weekend, with every kind of comfort and convenience at your disposal. The Lake Cahuilla Recreation Area is a great getaway destination without having to invest the long travel time.

FHA Versus Conventional Financing

by Rob Zwemmer

FHA Versus Conventional Financing

You’ve found the dream home, now it’s time to find the right financing in a market of options, options and more options. Homebuyers are no longer limited to obtaining a conventional 30-year fixed-rate mortgage. Among the innovated options out there is the Federal Housing Administration (FHA) home loan program that provides a qualifying opportunity for a buyer that would not otherwise qualify for a conventional loan. The FHA loan is issued by participating lenders and guaranteed by the federal government.
FHA mortgage lenders do not follow the strict underwriting standards of Fannie Mae and Freddie Mac, but does have its own certain guidelines applied. A potential buyer can consider an FHA loan when they have a lower income or credit score. FHA requires a lower down payment than with conventional loans (around 3.5 percent), and the money used can be from borrowed or gifted funds. buyers with a credit score below 580 are not qualified for the 3.5 percent down payment. For FHA loan borrowers, mortgage insurances become a 1.5 percent upfront fee and a 0.05 percent monthly premium.  

The Conventional Loan is a standard 30-year, fixed rate mortgage suited for buyers with good-to-excellent credit, sufficient income, a solid employment record, and the resources to purchase the property with a down payment of at least 20 percent. Buyers applying for a Conventional Loan must have a credit score of at least 620—the higher the score, the better the rate made available to them. Any buyer that cannot meet the 20 percent criteria is required to secure Private Mortgage Insurance (PMI).

Thoroughly evaluate your financial situation and weigh all of the options before shopping for your home loan. Contact Rob Zwemmer and Associates for a more detailed review of FHA and Conventional Loans before you are ready to purchase.

What is the Equity Sale?

by Rob Zwemmer

The Equity Sale

Short Sales, Equity Sales, Foreclosures… it can be confusing as you seek thorough definitions of the transactions and processes happening frequently these days. Let’s talk about the Equity Sale. Equity itself is the financial interest or cash value of your home, minus the current loan balance(s). This would also be minus any of the costs you would incur during the sale of your home.

An Equity Sale is a listing of a non-distressed property where the homeowner/seller actually has equity in it.  It is a perfect option if you need to sell your home—you are not relegated to listing it for a short sale, or forced to just walk away under the dark cloud of foreclosure. You have equity! buyers of Equity Sale properties benefit because these listings are usually in better or move-in condition as compared to the homes that are lender-owned. Another buyer benefit is the negotiating power that exists than when entering into a short sale deal.

An Equity Sale just may be the ticket if you possess enough equity in your home. You can actually come out of the transaction with positive cash in your pocket. Let’s discuss it together, call Rob Zwemmer and Associates today.

Luxury Leasing

by Rob Zwemmer

Luxury Leasing

 

Leasing a luxury home in the Coachella Valley is an ideal answer for part-time residents in search of the getaway lifestyle experience that makes everyday feel like a vacation. There are a number of exceptional luxury homes and estates available for part-time or full-time occupancy at some of the most sought after communities and locations throughout the desert. You can find dream homes completely furnished and equipped with all the modern amenities and comforts. Leasing a luxury home has never been as convenient as it is today. Many property owners that would have placed their homes up for sale to downsize have discovered it is more prudent to keep their property and wait for a market recovery. This creates an ideal leasing opportunity for the part-time/seasonal lessee. Usually included in the lease price are HOA fees, pool service and landscape maintenance costs, and access to onsite concierge services and field managers.  Whether you are in search for a luxury home to accommodate lavish entertaining, or a cozier residence with warmth and distinctive character, there is a perfect home to attain.

With the desert’s diverse array of golfing, sporting events and venues, plus shopping, dining and entertainment, a luxury leased home adds another perfect component to the enjoyment of seasonal desert residency. Why not explore the options now with Rob Zwemmer and Associates? We can have your lease secured on a dream home that is ready whenever you are!

365 Things to Do in Palm Springs - Adventure Hummer Tours

by Rob Zwemmer

365 Things to Do in Palm Springs

Adventure Hummer Tours

Imagine, an open-air tour to experience some of the most scenic desert areas filled with fabled history, mystery, and natural beauty. Adventure Hummer Tours takes you there... through the areas where the San Andreas Fault lies and throughout Joshua Tree National Park. Known as the most comprehensive tour of the desert, a bright yellow hummer motors you far away from the bustling valley to explore the peace of the real open desert. You’ll see an actual gold mine trail leading to a volcanic summit where you can experience views that go on forever. Their Deluxe Tour includes an incredible journey into both the lower and higher desert areas with a guide that will educate and entertain you all along the way. You’ll visit out-of-the-way spots not accessible to the general public. Have a close look into the Canyons of the mighty San Andreas Fault, visit the third largest Oasis in the world and see water bubbling right out of the ground as you walk across the fault line. You can tell your friends you journeyed into an old gold mine trail that rises about 4,000 feet above the desert floor, and that you traveled deep into Joshua Tree National Park, exploring the largest protected wilderness in the US. About one hour is spent out of the Hummer for optional walks, closer looks and photo opportunities. The tour is a perfect experience for people of all ages, and the rides are fun and comfortable in the open-air hummer.

Call Adventure Hummer Tours and experience desert areas where many have never gone before.  Or visit their website at http://www.adventurehummer.com/

760-285-0876

HomePath Mortgages

by Rob Zwemmer

HomePath Mortgages

The HomePath Mortgage allows qualified borrowers to purchase a Fannie-Mae owned property with a low down payment, a no lender-requested appraisal, flexible mortgage terms, and no mortgage insurance. The borrower will find the benefits are many: low down payment and flexible terms (fixed-rate, adjustable rate or interest only); at least 3 percent of a down payment can be funded by a borrower’s own savings, a gift or loan from an employer, state or local government agency; there is no mandatory appraisal required; no mortgage insurance; expanded seller contributions allowed for closing costs; availability for primary residences, second homes and investment properties.

A HomePath Renovation Mortgage allows a borrower to purchase a property requiring minimal renovation, and the loan amount includes both funds for the purchase and upgrading, up to 35% of the completed value, and no more that $35,000. In this instance the benefits for the borrower are: a low down payment and flexible mortgage terms (fixed-rate or adjustable-rate); a down payment of at least 3% required that can be funded by the borrower’s savings, a gift or loan from a state or local government, or an employer; renovation amount based on an appraisal “as completed” value; no mortgage insurance required; expanded seller contributions for closing costs are allowed; availability for primary residences, second homes and investment properties.

You can get a fantastic price on a bank-owned home with as little as 3% down, have no mortgage insurance (which equates to low monthly payments), and receive up to $35,000 to renovate your new home.

Rob Zwemmer and Associates can go over the details with you further – give us a call today, and let’s get you into a dream home at an amazing price.

Bighorn Golf Club

by Rob Zwemmer

112 Kiva, Palm Desert

View all Properties for sale in Bighorn Golf Club


365 Things to Do in Palm Springs

The River in Rancho Mirage

Known as the center of it all, The River in Rancho Mirage is a spot where you can dine, shop, take in a movie, stroll in the sun, and meander in the moonlight. The beautiful open-air complex brings you premier dining experiences at Acqua Pazza, the Cheesecake Factory, Babe’s Barbecue & Brewery, P.F. Chang’s China Bistro, Yard House and Fleming’s Prime Steakhouse…to name a few. Your favorite Starbuck’s is there, along with Five Guys Burgers, Baja Fresh and Ben & Jerry’s, too. You can do it all in one evening, all at one spot—dinner, cocktails, and a movie at the River’s Cinemark Century Theatres. Many fine boutique shops and stores comprise the River’s retail experience including Bath & Body Works, M.A.C. Cosmetics, Hats Unlimited, Bobby Chan, again, to name a few. A number of community special events and live concerts take place there when weather permits. The surrounding water lends a tranquil and cooling atmosphere as you explore all of the wonderful things that make The River so popular. It’s the center of it all in the center of the valley.

If you are interested in buying or selling Real Estate around the River in Rancho Mirage, please call our office today at 760-541-7006. 

Displaying blog entries 1-10 of 15

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