Pancake Breakfast in Encinitas February 12th 8-12pm

PANCAKE BREAKFAST sponsored by THE Encinitas Kiwanis Club and Encinitas Parks and Recreation Department

February 12, Saturday 8am to 12pm The Encinitas Kiwanis Club and the Encinitas Parks and Recreation Department of Encinitas are announcing their 4^th annual Pancake Breakfast. Proceeds support Encinitas Youth Basketball; and, the Encinitas Kiwanis Club’s “kids in need literacy program” and Captain Book; Rady Hospital, and other community service projects.

The Pancake Breakfast will be held at the Encinitas Community Center, 1140 Oakcrest Park Drive, Encinitas. Suggested ticket donation is $4.00. Come and help support our kid’s programs in Encinitas. You’ll have a great time!

Join us to continue helping the kids!

Contact Bob Chase for more details: bchase@cox.net or visit our web site at http://www.encinitaskiwanis.org/

FHA and 1099 Loan Qualification

FHA Loan Myths -- The Self-employed and FHA Loan Qualification One of the biggest myths about getting an FHA home loan? The idea that self-employed people are automatically disqualified for an FHA mortgage because of their employment status. While it’s true that it’s tougher for some in the early stages of a small business to make ends meet, being self-employed is not the kiss of death on an FHA loan application.

Proof of this can be found on the forms and FHA mortgage pages of lender websites—most financial institutions offering FHA loans offer a page on the bank’s website offering “FHA loan prep” checklists which include advice on what to submit if you are self-employed. The notion that you can’t qualify if you work for yourself isn’t shared by lenders.

That said, it can be more difficult for some small business owners to qualify for an FHA loan, FHA refinance or homeowner bailout program for one simple reason; not keeping good records. You may be quite successful in your small business or as a freelance contractor, but if you can’t show on paper that you have a consistent income, the FHA can’t conclude that you are a good risk.

Your FHA loan application requires you to show not only that you were gainfully employed, but also what your net income was compared to business expenses. Self-employed people will also need to show a profit-loss statement. If you don’t keep good records of legitimate business expenses, don’t have your taxes professionally prepared, and guesstimate your profits and losses, the FHA loan process could come to a halt very quickly for you. The question your loan officer will ask goes from “Can you afford your monthly FHA home loan payments?” to, “How long until my applicant needs some kind of homeowner bailout program?”

This is why self-employed people should take plenty of extra time when planning to buy a home. For some, the average prep time is about one year—especially if there are issues with credit repair or disputes on credit reports to deal with. For a self-employed person, showing reliable income for two years is a very good way to make conditions as favorable as possible to get approved for an FHA mortgage.

That means solid record-keeping, an aggressive approach to finding (and keeping) steady work, and paying strict attention to your taxes. Remember that unlike those with traditional careers, there’s an additional layer of scrutiny to the ebb and flow of steady income. If you went a long period between contracts, or if your business shut down for a time, your loan officer will want to know why and whether such periods of inactivity could happen again or how they affect your ability to make your FHA mortgage payments.

Is it more difficult for self-employed people to get an FHA mortgage? Yes. Is it impossible? Absolutely not, but you need to plan for extra scrutiny to your personal bottom line, keep good records, and be able to show your loan officer that you are indeed a good risk.

Now you can search for homes on any (3) of our web sites. www.thechaseadvantage.com
www.chasera.blogspot.com or www.topsolanabeachhomes.com

San Diego County 2010 Housing Reports signals Pricier Homes are Hot Deals

As reported by the California Association of Realtors less expensive inventory generally saw big jumps in median price from 2009 to 2010, but dipped in sales, while high priced homes were HOT sales but fell in median price. Although I personally view the real estate market as very dynamic in 2011, we should see aggressive sales in the higher priced homes over $1 million, which as reported in Rancho Santa Fe and Solana Beach were hot zones because sellers gave in and reduced their asking price, and buyers were eager to now capitalize on the reductions.

While Rancho Santa Fe's single family median price dropped 11% in 2010 from 2009; Solana Beach single family median price slipped 2.2% from $1,329,000 in 2009 to $1,300,000 in 2010, all the while the number of resale houses rose from 136 to 205.

Oceanside, Carlsbad and Encinitas all saw slight increases in median home sales from 2009 to 2010 of up to 9% in some cases.

I would be pleased to provide a study of your particular zip code or market area.

California home sales hit 7-month high in December

I had a great discussion today with our Broker at Sea Coast Exclusive Properties, Mike Evans and he is as excited about the Southern California real estate market as we are at Chase & Chase. Mike's take on 2011 is, the year will be an exciting one not only for real estate investors but first time home buyers, and others who plan on taking full advantage of the existing real estate market in San Diego County. While most would agree, the news we hear now a days is negative as it pertains to real estate, the evidence produced just recently from the the California Association of Realtors tells a different story on a state level. I've posted a report by CAR which provides further evidence of the upswing in real estate throughout a few of the more notable communities in California. Although admittedly, most of the towns mentioned occurred in LA, Orange, Merin counties and others, but Poway made the list in San Diego County. The bottom line is the selling price on homes is increasing while inventory is shrinking.

The Report by CAR

California home sales rose in December to their highest level since May, according to a report Friday from the California Association of Realtors, as the inventory of unsold homes dwindled.

December’s sales were up 5.9 percent from November’s revised figure of 491,590 but were down 6.8 percent from the revised 558,840 of December 2009.

The unsold inventory index for existing, single-family detached homes was 5 months in December, down from 6.2 months in November but up from 3.8 months in December 2009. The index indicates the number of months needed to deplete the supply of homes on the market at the current sales rate.

Statewide, the 10 cities with the highest median home prices in California during December were: Beverly Hills, $2.18 million; Los Altos, $1.30 million; Calabasas, $1.17 million; Laguna Beach, $1.10 million; Manhattan Beach, $1.8 million; Newport Beach, $1 million; Santa Monica, $921,000; Cupertino, $904,500; Rancho Palos Verdes, $849,000; Los Gatos, $840,000.

Statewide, the cities with the greatest median home price increases in December compared with the same period a year ago were: Beverly Hills, 54.3 percent; Calabasas, 39.1 percent; Poway, 25.5 percent; Ridgecrest, 23.3 percent; San Juan Capistrano, 19.2 percent; Compton, 17.5 percent; Laguna Hills, 15.7 percent; Santa Cruz, 14.1 percent; Gilroy, 14.1 percent; La Habra, 13.2 percent.

At Sea Coast Exclusive Properties, we're convinced the real estate market particularly the the coastal community in general has tremendous upside to buyers and sellers alike. Why? It's back to basics....Location, Weather and The Ocean.

Chase & Chase Join the Encinitas Kiwanis

Our real estate company saw the importance of community service and chose an organization with a sterling legacy of giving back to the community and particularly the kids in need. International Kiwanis was founded in 1915 and is headquartered in Indianapolis and is a thriving organization of service and community-minded individuals who support children and young adults around the world. More than 500,000 Kiwanis-family members in more than 80 countries make their mark by responding to the needs of their communities and pooling their resources to address worldwide issues.

In Encinitas our local Kiwanis Club supports and provides service in many ways.

• Children's Hospital, San Diego

• San Diego Blood Bank

• Solutions for Change, Casa de Amparo, and others

• Community Events through Encinitas Parks and Recreation

• "The Kiwanis Cup" Girl's Softball Tournament

• With CRC, Food and Gifts during Holidays

• K-Kids
  

• Literacy Campaign
  

  • Treasure Chests Filled with Book To Children through Headstart, YMCA, CCHAT, Casa de Amparo, Encinitas Public Schools and others.
    

  • Members Reading to Children

Chase & Chase Aligns with Sea Coast Exclusive Properties in January 2011

On the first of January 2011, Sheryl and I switched real estate brokers and aligned with Broker Mike Evans of Sea Coast Exclusive Properties. Sea Coast was the viable alternative for us since we rely on state of the art marketing skills, listed properties, an experienced team of Lenders, a Title Company, Experienced Escrow, and Home Inspection pros all of whom are in place and ready to help our clients.

Chase & Chase as our real estate company is known, has several web sites for providing easy state of the art Home Searches and more. Our areas of expertise span the entire coast line in San Diego County with emphasis from Del Mar through Carlsbad, extending east through Rancho Santa Fe and Fairbanks Ranch. Chase & Chase has four office locations from which to serve our clients all conveniently located in North San Diego County

Check us out at www.thechaseadvantage.com or www.topsolanabeachhomes.com or if you prefer contact us by email: bchase@cox.net or phone: 760-497-2227. We're here to help with all your real estate situations.

Beginning April 2010 New Alternatives to Foreclosure--Also, San Diego County Tax Credits for 1st Time Homebuyers

Beginning April 5, 2010, a new Federal Program will launch to provide Alternatives to Foreclosure

As this challenging year comes to a close, many of us have been touched one way or the other by the economy. Whether the effects of the economy reduced our stock portfolios, devalued commercial or residential real estate, or induced the negative results of what now seems as unfair loans made to borrowers just a short time ago. Some have suffered horrendously from the effects of not having the cash flow to keep up with loans written when times were better and the anticipation that the economy would continue to grow. Consequently, and mostly because of these economic times, many homeowners faced a Short Sale or Foreclosure.

Now there may be alternatives to foreclosure. That’s right. The U.S. Department of the Treasury recently announced a brand new program called The Affordable Foreclosure Alternatives Program (HAFA). Essentially this program is designed to find alternatives to foreclosure for homeowners who are unable to successfully modify their distressed mortgage. It sounds simple enough but the HAFA program encourages Short Sales and deeds in lieu of foreclosure by these means:

* Allowing pre-approved short sale terms before a property is listed.
* Preventing service providers from attempting to reduce real estate commissions established in the listing agreement as a condition for short sale approval.
* Releasing borrowers from future liability for the debt; and,
* Providing financial incentives to borrowers, service providers, and investors.

There are eligibility rules so consulting with your Realtor will pave the way for a better understanding of how this program will work.

San Diego County Tax Credits for First Time Home Buyers...another program to help stimulate buyers in San Diego County.

With the aforementioned Foreclosure Alternatives Program, there is exciting new information concerning tax credits for First Time Home Buyers in San Diego County.

The county Department of Housing and Community Development has received an additional $15 million for a program which began earlier and now brings the total to $26 million available to reduce federal taxes for eligible homebuyers up to 20% of the annual interest paid on a mortgage loan. This is huge because essentially this means with a first time homebuyer paying less tax, simply put the buyer’s net earnings increase. Some think this could result in the buyer more easily qualifying for a home loan. But, like most government programs there are eligibility requirements:

* Income of less than $109,020 for a family of three or more.
* Income of not more than $94,800 for a family of two or fewer.
* Must be buyer’s primary residence, and only a single-family detached home, condo, town home, or manufactured home with foundation.
* Must be in an unincorporated area, OR in the cities of Carlsbad, Chula Vista, Coronado, El Cajon, Encinitas, Escondido, Imperial Beach, La Mesa, Lemon Grove, National City, Poway, San Marcos, Santee or Vista. Oceanside and the city of San Diego proper have their own programs.

A Windermere Exclusive Properties Realtor will quick-start the steps involved by facilitating the initial loan process with the company’s onsite lender-affiliate RPM Mortgage.

On behalf of TheChaseAdvantage.com team...have a great holiday. Hopefully existing homeowners and first time homebuyers will come to realize the potential of these two programs and contact a Realtor today.

NEW RULES ON SHORT SALES

Just a few days ago Kenneth Harney, a nationally syndicated real estate columnist reported in the Washington Post, that those home owners in trouble on their mortgage and can't get a loan modification, there may be light at the end of the tunnel for them. The Obama administration is adopting...or probably more appropriately..."will try to adopt" a new standard for short sales. The plan is essentially designed to assist short sellers speed up the process of what is traditionally "contentious" and incredibly time-consuming.

As a refresher, a Short Sale involves a lender or investor agreeing to collect less than the balance owed on a mortgage debt out of the proceeds of a negotiated sale of the property. A Short Sale can be looked upon as the last dying breath of an attempt avoid foreclosure for a distressed home owner.

Here are a few important points to remember for anyone considering a Short Sale. First, it is very important to see if the lender will accept a short sale. The lender will basically run the numbers to see if a short sale will yield more money at the bottom line than a foreclosure. So here's what to do: Contact a Realtor (I have a great one in mind...ME) who can put together the key information needed by the lender i.e. recent comparables on CLOSED sales, local market trends, and the likely selling price of your house. At this point, you'll want to have a buyer identified for the property, a buyer who'll pay a price acceptable to the lender and has financing to close the deal.

Before adopting the new plan to stream line the short sale process, short sales could take months to close. Now, Lenders and Service providers will be required to use preapproved Short Sale uniform documentation and accelerated turn around times. The plan also provides financial incentives for key players. Here is a sampling of incentives:
*Homeowners who successfully complete a short sale under the new program receive $1,500 to defray relocation costs.
*Mortgage providers can receive $1,000 per case.
*Second-lien holders receive up to $3,000 from the sale proceeds.
*Even Realtors are in the mix with rules prohibiting lenders from forcing them to cut commissions.

According to Harney, although Major Lenders are still studying the fine print the initial reaction seems to be positive.

Bob Chase Realtor Windermere Real Estate www.thechaseadvantage.com

Migrating Sanderlings and Encinitas Real Estate

Encinitas “West of the Five”-- from Migrating Sanderlings to Real Estate

It's that time of year again and the sanderlings are finding their way from colder climates including Alaska to warmer climates to the south. This picture was taken at Seaside Beach in Cardiff by the Sea, one of the villages in Encinitas. This beach area is a much needed feeding and resting stop for the flocks migrating south, and they’ll make their return again in the Spring. While they are enjoying this beach, they compete with human and animal visitors that also flock to it. Dogs, in particular, are found here because this beach is one of the few in North San Diego County that welcomes man’s best friend. Dog owners must return this wonderful beach favor by keeping their animals on a leash, picking up trash and “cleaning up” after their dogs. Considerate folks also keep themselves and their pets at a distance from the migrating birds, particularly sanderlings, because they are frightened easily.

Encinitas was incorporated in 1986 from the communities of historic Encinitas, new Encinitas (Village Park, etc.), Leucadia, Cardiff-by-the-Sea and Olivenhain. Surfing is legendary at Swami's just a short mile north of Cardiff Beach, and when hunger strikes, restaurants abound with either Pacific Ocean horizons or tremendous food. The "on the beach" restaurants offer incredible beach watching, whale watching from December through March and the occasional winter storm that can bring some adrenaline-pushing wave watching as well. The cuisine offered in Encinitas, and particularly along the coast, is reasonably priced and rated high by both locals and visitors.

Old Encinitas will hold the annual Holiday Parade to be held on Saturday, December 5th. Festivities will kick off with a Tree Lighting Ceremony at 5:00pm in the Lumberyard shopping center courtyard on Coast Highway 101. The Parade begins at 5:30, heading south along Coast Highway 101 from D Street to J Street. This year’s Parade theme is “Season’s GreeNings,” celebrating all things environmental in Encinitas.

Enjoy...and for those of you desiring to perhaps make Encinitas your next home...consult with a business savvy and knowledgeable Realtor from Windermere Exclusive Properties. Ask the migrating birds, there is no mistaking the great value associated in the Encinitas area's real estate. That is exciting. Single-family homes are selling and the inventory is shrinking, but we still see a number of distinguished properties in Encinitas that remain on the market offering good value in today’s market. According to the latest statistics, home prices are beginning to rise albeit slowly, but long term investment with value is here for the buyer particularly in Encinitas.
Buyer’s Agents and, yes, even those of us who have lived in the area for decades, often times forget the “West of the Five” labyrinth of back streets, alleys, cul-de-sacs, dead end streets, and enclaves with homes in all price ranges. You will find mobile homes on Vulcan listed for $42,000 (090049946) while driving less than a mile to another listing for $11,995,000 (090039675) on 4th street. By in large, the value of buying and living in the community of Encinitas is great for the heart, great for the family, and great for business.

We do indeed have much to be thankful for: Migrating sanderlings, a place for our dogs, tremendous surfing, great restaurants and all that the precious jewel of Encinitas has to offer. I wish everyone a Happy Thanksgiving and excellent tidings to all for the remainder of the year and next as well.

Extension of Federal Tax Credit passes in House and U.S. Senate

The U.S. House of Representatives today passed a bill extending and expanding the Federal Tax Credit for First-time Home Buyers, and I think there will be an affect on Wall Street with more consumers coming out to spend money on real estate. The bill was passed in the U.S. Senate late yesterday and will now go to President Obama for his signature, where it is expected to be signed this week.

The tax credit will be extended through April 30, 2010, with a 60-day extension if a binding contract is in place prior to the deadline. First-time home buyers will continue to receive a tax credit of up to $8,000, while existing homeowners will receive a reduced credit of up to $6,500. Existing homeowners will be eligible for the $6,500 if they have lived in their current residences for at least five years. The bill also will increase the qualifying income limits from $75,000 for single tax filers and $150,000 for joint filers, to $125,000 and $225,000, respectively. The purchase price of the home is capped at $800,000.

Under additional provisions in the bill, taxpayers can claim the credit on purchases completed in 2010 on their 2009 income tax returns. The bill maintains the provision that home buyers do not have to repay the credit provided the home remains their primary residence for 36 months after purchase, and waives this requirement for active duty military personnel who move due to a military order.

FIRST TIME HOME BUYER TAX CREDIT MAY BE EXTENDED

California Association of Realtors calls for swift adoption of Dodd-Lieberman-Isakson amendment to extend home buyer tax credit

LOS ANGELES (Oct. 23) – The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) today called for the U.S. Senate to swiftly adopt the Dodd-Lieberman-Isakson amendment, which would extend and amplify the hugely successful first-time home buyer tax credit until June 30, 2010.

“The success of the home buyer tax credit and its positive impact on the real estate market is clear,” said C.A.R. President James Liptak. “According to our research, nearly 40 percent of first-time buyers said they would not have purchased a home if the federal tax credit for first-time home buyers was not offered. This underscores the significance of the federal tax credit to the housing market’s recovery in California.

“The Dodd-Lieberman-Isakson amendment would expand the credit by removing the first-time buyer requirement and instead would apply to all home buyers,” he said. “The amendment also would increase the qualifying income limits to $150,000 for single buyers and $300,000 for those filing joint income tax returns.

“We urge Senators Feinstein and Boxer to demonstrate their support for home buyers in California and quickly adopt the Dodd-Lieberman-Isakson amendment,” Liptak said.

Under additional provisions in the Dodd-Lieberman-Isakson amendment, taxpayers would be able to claim the credit on purchases completed in 2010 on their 2009 income tax returns. The amendment maintains the provision that home buyers do not have to repay the credit provided the home remains their primary residence for 36 months after purchase, and waives this requirement for active duty military personnel who move due to a military order.

Leading the way…® in California real estate for more than 100 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States, with nearly 163,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.

Home sales rise 9.4% in September, beating forecasts

WASHINGTON -- Home resales in September clocked the largest monthly increase in 26 years as buyers scrambled to complete their purchases before a tax credit for first-time owners expires.

Sales jumped 9.4 percent to a seasonally adjusted annual rate of 5.57 million last month, from a downwardly revised pace of 5.1 million in August, the National Association of Realtors said Friday.

That pace was the strongest in two years and beat Wall Street forecasts. Sales had been expected to rise to an annual rate of 5.35 million, according to economists surveyed by Thomson Reuters.

"There's a mini-boom going on in the housing market," said Thomas Popik, who conducts a monthly survey of real estate agents for Campbell Communications, a research firm.

Nationwide sales are up nearly 24 percent from their bottom in January, but are still down 23 percent from four years ago.

HIGHLIGHTS OF JULY 2009 RESALE FIGURES for CALIFORNIA

Highlights of C.A.R.’s resale housing figures for July 2009:

. C.A.R.’s Unsold Inventory Index for existing, single-family detached homes in July 2009 was 3.9 months, compared with 6.9 months (revised) for the same period a year ago. The index indicates the number of months needed to deplete the supply of homes on the market at the current sales rate.

. Thirty-year fixed-mortgage interest rates averaged 5.22 percent during July 2009, compared with 6.43 percent in July 2008, according to Freddie Mac. Adjustable-mortgage interest rates averaged 4.82 percent in July 2009, compared with 5.24 percent in July 2008.

. The median number of days it took to sell a single-family home was 39.9 days in July 2009, compared with 47.8 days (revised) for the same period a year ago.

Regional MLS sales and price information are contained in the tables that accompany this press release. Regional sales data are not adjusted to account for seasonal factors that can influence home sales. The MLS median price and sales data for detached homes are generated from a survey of more than 90 associations of REALTORS® throughout the state. MLS median price and sales data for condominiums are based on a survey of more than 60 associations. The median price for both detached homes and condominiums represents closed escrow sales.

In a separate report covering more localized statistics generated by C.A.R. and DataQuick Information Systems, 23 of the 398 cities and communities reporting showed an increase in their respective median home prices from a year ago. DataQuick statistics are based on county records data rather than MLS information. DataQuick Information Systems is a subsidiary of Vancouver-based MacDonald Dettwiler and Associates. (The lists are generated for incorporated cities with a minimum of 30 recorded sales in the month.)

Note: Large changes in local median home prices typically indicate both local home price appreciation, and often, large shifts in the composition of housing market activity. Some of the variations in median home prices for July may be exaggerated due to compositional changes in housing demand. The DataQuick tables listing median home prices in California cities and counties are accessible through C.A.R. Online at
http://car.org/economics/historicalprices/2009medianprices/jul09medianprices

. Statewide, the 10 cities with the highest median home prices in California during July 2009 were: Los Altos, $1,425,500; Palo Alto, $1,363,000; Saratoga, $1,350,000; Newport Beach, $1,300,000; Manhattan Beach, $1,257,500; Burlingame, $1,250,000; Palos Verdes Estates, $1,132,000; Los Gatos, $1,085,000; Cupertino, $952,000; and Rancho Palos Verdes $945,000.

. Statewide, the cities with the greatest median home price increases in July 2009 compared with the same period a year ago were: Laguna Hills, 40.5 percent; Newport Beach, 13.5 percent; Moorpark, 11.2 percent; Poway, 10.8 percent; San Marcos, 8.6 percent; Emeryville, 7.6 percent; Santa Barbara, 6.3 percent; Arcadia, 5.8 percent; Big Bear Lake, 5.5 percent; and West Hollywood, 5 percent.

REAL ESTATE MARKET (still) IN RECOVERY MODE?

In the August 2009 eppraisal.com National Real Estate Market Analysis report, released today, 76 percent of the markets tracked saw an increase in the median home value, which was up from 50 percent in the prior report (July). In the current report, the trend continues with 80 percent of the markets tracked by eppraisal.com showing positive gains in home values. Even larger markets that have taken substantial hits in the past are showing continued recovery. For example, San Francisco, Los Angeles, and San Diego markets all saw over a 5 percent increase in the median home value with 17.8 percent, 6.7 percent, and 7.7 percent increases.

The full list of all 138 markets can be found in our market report. However, here are some of the most notable highlights.

* Santa Cruz-Watsonville, Calif., jumped 32 percent to a median value of $515,000.
* The Orlando-Kissimmee, Fla., area has stopped the decline and has increased by 1.6 percent to a median value of $152,900.
* Bend, Ore., and Sherman-Denison, Tex., were the only areas (tracked by eppraisal.com) that saw double digit declines in home values. Bend, Ore., dropped by 11.6 percent to a median value of $175,000, and Sherman-Denison, Tex., decreased by 11.2 percent to a median value of $86,568.
* Honolulu, HI, had a modest decrease of 1.6 percent to a median value of $555,000.
* Salt Lake City, UT, also had a modest decrease, with a 1.4 percent drop in to a new median of $227,992.

* San Diego/Carlsbad had a modest increase of 7.7% which translates to a value new median of $350,000


The National Real Estate Market Analysis report tracks median sales price of residential homes in 138 markets across the continental U.S. compares data on homes sold in the last three months ending July 2009 with homes sold in the previous three months beginning on February 2009 and ending April 2009. This report compares data on homes sold in the last three months ending July 2009 with homes sold in the previous three months beginning on February 2009 and ending April 2009.

FHA Financing is a Stong Choice for Financing your home in Encinitas or Anywhere!

FHA = More Qualified Buyers and Closed Escrows

As conventional guidelines tighten and we see the effects of the HVCC appraisal policy on the real estate and lending industries, having access to FHA approved lenders is a crucial ingredient in ensuring you're with a professional Realtor. Another key component in buying a home is paving the way for a strong appraisal of the property. Appraisals in today's market often times is a root cause for a deal falling out of Escrow. The quality of the appraisals on FHA loans are far better and processing times faster than conventional loans. This often translates into closing escrow in the much touted 30-day period. However, there is so much more to FHA that has a POSITIVE impact on you whether you are the seller of buyer. As the real estate market is heating up remember that FHA financing can be the best alternative for a smooth swift real estate transaction. Below are some other reasons why FHA just might be for you:

- Remember, NO seller-paid fees are required.

- Credit scores as low as 620 are acceptable. Pricing is virtually the same whether the score is 620 or 800.

- Down-payment requirement only 3.5%.

- Entire down-payment and closing costs can be Gift Funds

- Non-Occupying Co-Borrowers allowed - this is a huge factor.

- Time lapsed on a bankruptcy before obtaining new financing is far less than on conventional financing.

- It is worth repeating that some lenders get to choose the appraiser, however this may be altered somewhat to include an impartial third party.

- No cash reserve requirements necessary.

- Lower occupancy requirements on condos (must be on FHA approved list).

I can help arrange the details to begin the process of financing your new home!

THE MEANING OF LABOR DAY

Labor Day: How it Came About; What it Means

Labor Day, the first Monday in September, is a creation of the labor movement and is dedicated to the social and economic achievements of American workers. It constitutes a yearly national tribute to the contributions workers have made to the strength, prosperity, and well-being of our country.

Founder of Labor Day

More than 100 years after the first Labor Day observance, there is still some doubt as to who first proposed the holiday for workers.

Some records show that Peter J. McGuire, general secretary of the Brotherhood of Carpenters and Joiners and a co-founder of the American Federation of Labor, was first in suggesting a day to honor those "who from rude nature have delved and carved all the grandeur we behold."

But Peter McGuire's place in Labor Day history has not gone unchallenged. Many believe that Matthew Maguire, a machinist, not Peter McGuire, founded the holiday. Recent research seems to support the contention that Matthew Maguire, later the secretary of Local 344 of the International Association of Machinists in Paterson, N.J., proposed the holiday in 1882 while serving as secretary of the Central Labor Union in New York. What is clear is that the Central Labor Union adopted a Labor Day proposal and appointed a committee to plan a demonstration and picnic.

The First Labor Day

The first Labor Day holiday was celebrated on Tuesday, September 5, 1882, in New York City, in accordance with the plans of the Central Labor Union. The Central Labor Union held its second Labor Day holiday just a year later, on September 5, 1883.

In 1884 the first Monday in September was selected as the holiday, as originally proposed, and the Central Labor Union urged similar organizations in other cities to follow the example of New York and celebrate a "workingman's holiday" on that date. The idea spread with the growth of labor organizations, and in 1885 Labor Day was celebrated in many industrial centers of the country. NOW YOU ARE AN EXPERT.