No Comments

PIW Fee to be Waived in 2017

Fannie Mae will no longer charge a fee to exercise a Property Inspection Waiver (PIW) due to customer feedback. This change will become effective January 1, 2017, the process for a Property Inspection Waiver will not change, but the $75 fee will no longer apply.

A Property Inspection Waiver is an offer to waive the appraisal necessary for most loans, for certain refinance transactions. A PIW is issued through Desktop Underwriter (DU) using Fannie Mae’s database of more than 20 million appraisal reports in combination with proprietary analytics from Collateral Underwriter (CU); these factors determine the minimum level of property valuation required for loans.

When a Desktop Underwriter loan casefile receives a PIW offer, Fannie Mae accepts the value estimate submitted by the lender as the market value for the subject property; waiving the need for an appraisal. If, however, the lender has reason to believe the property’s current market value should be confirmed, they must order an appraisal. For example, a property located in an area impacted by a recent disaster should always order an appraisal. Purchase transactions and the majority of refinance transactions will NOT receive a PIW offer, which means they will require an appraisal by a qualified residential appraiser to determine the market value.

A PIW offer will be considered for: one unit properties, including condominiums, principal residence, second home, and investment property transactions, limited cash-out refinance transactions up to a 90% LTV/CLTV for principal residences and second homes; up to 75% LTV/CLTV for investment properties, Cash-out refinance transactions up to a 70% LTV/CLTV for principal residences; up to a 60% LTV/CLTV for second and investment properties.

For a PIW to be considered a prior appraisal must be found for the subject property in Fannie Mae’s Collateral Underwriter data; that appraisal must be associated with at least one of the borrowers on the loan casefile. In some cases, the prior appraisal, though the property address match is found in CU and the borrowers on the casefile match, may not be acceptable. For example, if a CU “Overvaluation Flag” was issues on the prior appraisal, or the appraisal could not be scored, the prior appraisal will not be used and a PIW will NOT be offered on the new loan case file.

Written by Central Coast Lending - Go to Central Coast Lending's Website/Profile
No Comments

2016 was a much better year than CAR projected back in 2015

2016 is on track to exceed the number and volume of sales that we’ve seen in previous years. There have been 3,487 sales in the first 11 months of 2016, there were 3,743 total sales in 2015 and only 3,368 sales in 2014. Even if December 2016 has fewer sales than previous Decembers, we’ll exceed the number of sales in both previous years.
We talk a lot about the number of sales that occur, but how does that translate into dollars? In 2014, there was a total volume of $1.75 billion dollars in residential home sales here in SLO County. That number increased to just over $2 billion in 2015, and should reach $2.2 billion at the end of this year. The increase is due to both the increased number of sales and the increasing median home price. The residential median home price has increased 6.2% this year in SLO County, from $485,000 in 2015 to $515,000 in the first 11 months of 2016.
Back in October of 2015, the California Association of Realtors predicted a median home price increase of 3.2% statewide for 2016. The statewide increase for California ended up at right around 6.2%, exactly the same as what we saw here in San Luis Obispo. They have forecasted that next year the median home price increase will be slightly lower, closer to 4.3%.
Click Here to view the California Association of Realtor’s 2017 Housing Forecast
Written by Keith Byrd - Go to Keith's Website/Profile

No Comments

Loan Limits Increase for 2017

Both Fannie Mae and Freddie Mac announced that effective January 1, 2017 the maximum loan limits are to increase for the first time since 2006. Below are the loan limits for 1-4 units for standard and Agency Jumbo loans.

Maximum Original Principal Balance for 2017


Maximum Loan Limits for High-Cost Areas for Mortgages Acquired in Calendar Year 2017


The new SLO County high balance loan limit will rise to $586,500, and Santa Barbara County will remain at $625,500.

High-cost area loan limits are derived from median home prices estimated by the Federal Housing Administration (FHA) of the Department of Housing and Urban Development (HUD). FHA will permit a 30-day appeals period during which requests for individual area median home price increases will be evaluated. FHFA will issue a subsequent announcement if any individual high-cost area loan limit is increased as a result of the appeals process. Updates resulting from subsequent FHFA announcements will be posted on Fannie Mae’s website.

Click here for the full announcement:


Written by Central Coast Lending - Go to Central Coast Lending's Website/Profile
No Comments

Jumbo Loans

The term “jumbo loan” is a catch-all phrase for properties that exceed the price ceiling of Freddie Mac and Fannie Mae guarantees and so are exempt from conventional financing programs.

We offer a jumbo loan product to meet every need, including flexible qualification terms (asset depletion, pledged assets), property types (unique builds, investments, hobby farms, etc.), and loan sizes (over $5 million). Our creative approach to every loan allows us to find solutions that our competitors do not offer.

  • Down payment: as low as 10%
  • Credit score: as low as 660
  • Debt-to-income ratio: as high as 50%
  • Gift payments: allowed; gifts, grants, and seller concessions
  • Rate and Term: fixed and adjustable rate options
  • Ceiling: $10,000,000
  • Occupancy: primary, secondary, and investment eligible
  • Mortgage insurance: no

Notes and Special Offers

90% loan-to-value with NO mortgage insurance up $1.5 million.
~ Allows borrowers to keep their assets deployed and working for them rather than liquidating to meet large down payment requirements.

Asset depletion for income qualification.
~ Allows borrowers to use liquid assets as collateral for income to assist in meeting debt-to-income ration requirements.
~Good for complex income scenarios: self-employed, retired, divorce situations, trust income recipients, corporate buyouts, and more.

Use of business funds for down payment and closing costs is acceptable.
~ The line is often blurred between personal and business assets. We understand that and make the mortgage financing process easier.

Cash out available up to $2.5 million (50% loan-to-value).
~ Access the home equity you’ve worked hard to build.

Hobby farm, farm, and ranch properties eligible.
~ Whether you are boarding horses, harvesting avocados, or maintaining 900 acres of grapes, we offer the financing solution you need.

Written by Central Coast Lending - Go to Central Coast Lending's Website/Profile
No Comments

New Listing! 2 Bedroom 2 Bath in Santa Maria

Santa Maria cutie close to schools and shopping! Three bedroom home features the owner’s suite on the main floor along with another bedroom and bath…Upstairs you’ll find an oversized bedroom. The brick fireplace is framed by two large sliding glass doors that open to the newer outdoor patio – great for entertaining. The kitchen offers updated features, too. Seller will install new roof prior to the close.
Wendy Teixeira 805.310.3505

Written by Keith Byrd - Go to Keith's Website/Profile

No Comments

New Listing! 3 Bedroom 2 Bath in AG

Top of the hill, next to club house and pool. The double wide Skyline Sunset Ridge K517H has large home features. All rooms feature good sized closets, large luxury master bedroom suite and unique integrated covered porch that adds functionality and residential elevation. The K517 is a popular choice for California residents. Upgraded stainless steel appliances built-in microwave, dishwasher, side by side refrigerator. Stove/oven combo, they also both have 9 ft. Flat ceilings with coffered ceilings in the living room and dining room. Loaded with options such as ceiling fans, can lights, etc.
Sal Orlando 805.235.9770

Written by Keith Byrd - Go to Keith's Website/Profile

No Comments

September MLS Statistics – SLO County

The good news:
– Inventory in SLO County decreased for the first time in months.
– The percentage of distressed homes decreased in August to 37% from 40% in July.

The not so good news:
– Inventory is still high.
– 37% of homes sold were distressed.
– August was a slow month. The number of homes sold per month continues to decrease.

Some graphs. All SLO County sold homes.

This graph is the total number of homes sold for each category; REO (bank/owned, Short Sale, and None (non-distressed).

This graph shows the mix of REO, Short Sale, and non-distressed homes sold. You can see that the foreclosure piece has decreased a bit from last month but REOs are at the same percentage.

This shows the residential inventory for SLO County with a decrease from Aug 1 to Sept 1.

I included the following graph to show the number of total home sales (distressed and non-distressed).

Written by Keith Byrd - Go to Keith's Website/Profile

No Comments

New Paso Robles Business – Siegel’s Jewelry & Loan

Please help me welcome a new business to our community!

Siegel’s Jewelry & Loan
739 12th St, Paso Robles, CA 93446
Hours: Mon – Thurs 11 – 6pm Fri 11 – 8pm Sat 11 -5pm Closed Sunday

I asked Ken Siegel why he chose Paso Robles to open his business and to tell me a bit of what they offer.  Here’s his reply.

“Mainly a result of our cousin in Phoenix that said that Paso Robles is his favorite city and you have to visit. So while we were in Avila Beach on our 25th Anniversary getaway we decided to spend a day in Paso Robles.  Prior to our trip to Avila Beach I came across some beautiful jewelry showcases and safes at a recently closed jeweler in Menlo Park. At first the thought was to use the showcases for our store in Cedar Rapids, Iowa, but the cost was prohibitive. We saw the corner spot for rent while having a wonderful lunch at Estrella. During the next two days after talking with the building department, Captain of the police, store owners, and the chamber we made the deal to open our second location. We have had a very favorable response to many of the services and products that we carry.  The unique blend of Designer, Estate, Vintage Jewelry along with a large selection of beautiful contemporary and traditional Bridal Rings and loose diamonds at savings of 50-70% off the new retail price. Along with expert Jewelry Repair and Insurance Appraisals that will be 30-50% less than most in the area, we can provide quick and expert watch battery installation and band sizing.  Our custom design and bridal center will make any dream come true and at price that’ll put a smile on your face. Other services and options include : Buying, Trading, or consigning all of your gold, diamond jewelry, scrap gold, watches, sterling coins and flatware and other collectibles that may desire another home. We also can provide the added service of helping out people that need short term collateral loans.  As a fully license pawnbroker, we can provide loans from $10 to $100,000 on your valuables?”

Sounds good to me!  We wish Ken and his family success at his new Paso Robles store!!  Make sure to stop by and welcome Ken to the area.


Written by Keith Byrd - Go to Keith's Website/Profile