Other alternatives of investments are now being approached. There are jumbo loans available, but there are requirements that need to be taken into account. Bank of America requires for consumers interested in jumbo loans to have at least a 720 credit score, 20% down payment, and furthermore the borrowers need to have at least six months of reserves in the bank. Other banks like ING Direct require a 25% down. Consumers need to check up with their banks to inform themselves of the appropriate requirements in order to get a jumbo loan, if one is desired.

Upon hearing of the FHA bailout, General Kenneth M Donohue said he was not able to predict what would happen, yet stated that he thinks it is going in the wrong direction. The FHA seems to be trying to balance between providing affordable loans for first time home buyers, yet still trying to remain self-funded. By trying to please both ends, the FHA might find themselves in a predicament that is hard to get out of. They need to consider all options and choose the best one for themselves and the new home buyers. Another taxpayer bailout may not be the answer, but something needs to be done. The official decision will be made with Obama’s 2010 budget, so we will have to wait for that!

There are a great amount of low bargain mortgage rates to spark interest in selling homes. Most of it is to perhaps to get first-time home buyers to buy their new home, even in the economic crisis we are experiencing. However, the low rates are helping, but are not solving the issue of the housing market. It most likely won’t get solved because potential home buyers will not necessarily reach out to purchase a new home in our economic crisis. Not now, and not just yet. Perhaps once more jobs are provided, and more money is flowing, people will get back into the real estate market and buy their new homes.

These are phrases most people in foreclosure would want to hear. But do not be fooled by that! Stay away from any one who promises an easy way out, cause there is not an easy way out. These scammers will ask for your money and then pocket it. But one thing you should know is that your mortgage payments should only go to your mortgage service and to no one else. Don’t get fooled to pay for a second opinion. Wait it out and get a trustworthy mortgage service that won’t take your money in hard times like these.

Many military families are flocking to Temecula and residing in homes they never dreamed they’d be able to afford. For example, one house that sold for $625,000, two years ago, was just bought for $240,000. Considering the location, Temecula realtors are really noticing the increase of military families buying off-base homes.

Military families are eager to jump into the housing market while the low prices last and are more eager and excited than ever at the chance to own a great home for an even greater price.

1. Requesting your credit report.
Get copies of your credit report from Experian, Equifax and TransUnion, the three companies that maintain credit reports. You can request all three credit reports at once by visiting www.AnnualCreditReport.com. This website is maintained by all three credit-reporting agencies.

2. Check your credit report for errors.
Look for errors. You don’t want something in your credit report that actually lowers your credit score. So review it; check the name and other admin info as well as any loans or other lines of credit that aren’t yours (fraud). If you find an error, submit a request to have it corrected.

3. Request your credit score.
When you order your credit reports they won’t come with a score, you have to request that separately.

4. Find out where you stand.
Determine where you fall on the credit scale — great, good, average, below average, or bad. Credit scores range from 300 – 850, with 850 being the best and 300 being the worst.

The average credit score in the U.S. is around 723. If you are lower than 720, you may want to work on improving your credit score. You won’t necessarily have trouble obtaining a loan with a score of 650 – 720, but you won’t get the best rate either.

5. Work to improve your credit score.

The better your credit score, the better your chances of getting a good interest rate on your mortgage loan.

Here are some tips to help you improve your credit according to Sign on San Diego.com:

- Pay down your bills. By paying down credit card balances and other signs of debt, you are improving your debt-to-income ratio. Mortgage lenders prefer your total debt to be no more than 20% of your net monthly income.

- Pay all your bills on time which will help raise your credit score.

- At least pay the minimum balances on your credit card bill.

- Don’t apply for too many loans; it sends out the signal that you can’t manage your finances properly.

Once these steps have been taken and it is clear that you are prepared for the housing market, buying your dream house will make for an enjoyable experience!

In the article it states that Congress is considering a financial stimulus package that contains tax rebates as well as changes in some mortgage limits that would increase the size of the mortgage that can be insured by the Federal Housing Administration. It is expected that the plan will result in even lower interest rates for many borrowers.

Real estate is one of the best investments a person can make. On average, the value of a home nearly doubles every 10 years and over the past 30 years, home values have risen an average of 6 percent annually.

A home will appreciate in value and will be one of your biggest investments; don’t wait too long to make an offer on your dream home.

1. Expansion of Home Improvement Tax Credit- The tax credit for making energy efficient home improvements is now 30% of the cost of the improvements up to a maximum of $1500. Eligible improvements include energy efficient exterior doors and windows, insulation, heat pumps, furnaces, central air conditioners and water heaters.
If you’ve been holding off on making some of these improvements, now is a great time to get a move on it – especially with all the great deals being offered.

2. Expansion of First-time Home Buyer Tax Credit.
The tax credit available to first-time home buyers was increased from $7,500 to $8,000 for homes purchased between January 1, 2009, and December 1, 2009. Also, the credit no longer needs to be paid back as long as the buyers live in the home without selling it for at least 3 years.
There is one catch, however: if you bought the home in 2008, the credit remains $7,500, and it still needs to be paid back over a 15 year timeframe beginning in 2011 when you file your 2010 returns.

3. Higher Reverse Mortgage Loan Limits.
The loan limits for FHA-insured reverse mortgages have been increased to $625,500 across the entire country-not just the higher cost areas. The previous limit was $417,000 across the country.
This is especially important because the FHA program is virtually the only game in town as private and jumbo reverse mortgage programs have nearly all evaporated. This coincides with another little-known change in the reverse mortgage arena: the availability of reverse mortgages on home purchase transactions.

4. $729,750 FHA and Conforming Loan Limits Restored in High Cost Areas.
The $729,750 maximum loan limit had been in force throughout 2008, but was reduced to $625,500 in 2009. The economic stimulus plan restores the $729,750 maximum. This makes higher cost homes more affordable – especially in the coastal housing markets that tend to have higher than average home values.

Although homeowners want to freshen up their yard before they sell, it is important to know you don’t have to spend thousands of dollars landscaping a home when you’re about ready to move out. Here are five tips from RealtyTimes.com to up the curb appeal without emptying your wallet.

1. Color is key.
An attractive landscape usually has color. Many people add flowering plants along the walkway and porch area to create a focal point on the home. The colorful plants add a cheerful welcome and create a memorable landscape. Remember, buyers will generally visit numerous homes in a day, so anything you can do to help them remember yours, in a positive way, will increase the chance of a second visit or even an offer.

2. Use colorful mulch.
Maybe you have an area that needs some sort of mulch. You don’t have to use the traditional wood chips, which soon deteriorate, to fill in planter boxes or backyard playgrounds. Rubber mulch uses recycled ground rubber that comes in several different colors including green, brown, blue, and cypress.

An added benefit is that if your home has a backyard playground and you put mulch underneath it instead of wood chips, you gain a higher level of protection and an additional selling point to feature.

3. Artificial grass.
Green grass is a beautiful feature in a yard but keeping it green can be a challenge no matter where you live. Using synthetic grass in various areas of your yard can transform an ugly area of dirt into a lush-looking yard.

4. Illusion of space.
Hide boundaries such as fences and walls. Make them appear boundless by breaking up the line of the wall which can create a closed-off feeling. Paint and the placement of plants help give an illusion of more space. Using tall but thin plants in your yard (as opposed to wide ones) can make a small area look bigger. Curved lines can help soften the look of a home that is constructed with too many straight lines or right angles.

5. Clean up the driveway.
If you’ve been a do-it-yourselfer with your automobiles (oil changes, etc.) then maybe it shows on your driveway. Oil spills are highly unsightly and will, if not chase away prospective buyers, at least create a memory of your home that you don’t want. Clean up the spills and move the parked cars to give buyers a chance to take in the entire residence. Many will snap photos and make notes to review for later. Don’t let an oil mark leave a black mark in buyers’ minds.

San Diego is often perceived as a bustling city with a wide variety of real estate options. Looking deeper into the San Diego market, real estate is very scarce. Many people do not take into consideration the amount of open space that is owned by the military, government and parks. After reading this article from RealityTimes.com, it is clear that San Diego real estate can never really go down much in value. In other words, if you don’t buy a home in San Diego now, the rising prices will never let you purchase as good a value.

However, a few years ago, a typical radio advertisement sounded something like this:

“Act now! It’s 2004 and you can still buy your San Diego home with no down payment, no need to prove employment, the option to pay or not on an irregular basis, below market interest rates for the first few years, monthly mortgage payments low enough that it will cheaper to buy a home than rent an apartment.”

The government soon saw that newspapers, media realtors, and appraisers were all fueling the fire toward this truth. Anyone who would even question the San Diego housing market excesses was immediately ridiculed for their ignorance and lack of facts.

Unfortunately in late 2005, even after the San Diego month after month real estate sales figures were off double digits, and after most real estate developers were offering huge cash incentives, the media still did not begin to speculate. Instead it was ‘just a return to normal’ or “a great time to buy without the pressure of multiple offers.”

If anything is proven from that point in the San Diego real estate market, it is that economic principals cannot be ignored. When the siren call of a ‘new paradigm’ comes up again, remember the past and pay close attention to the 2005 San Diego real estate bubble.