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Foreclosures Up; Pendings Way Up; Loans for TEACHERS

Foreclosures continue to rise, with over 12% of the homes in the US either behind in payments or in foreclosure. This morning’s paper also stated that there are over 700,000 bank-owned homes across the country that have not even hit the market yet, as banks are holding them back in an effort not to flood the market.

What is not often reported, however, is how fast all this inventory is getting absorbed by new buyers. One of our most experienced appraisers emailed us yesterday expressing utter shock by the sheer number of Pending Sales right now: 560 in Antioch; 430 in Hayward, 359 in Vallejo, and 772 in Oakland are just a few examples.

If you know anybody who is a certified TEACHER in California, the financing options for teachers are currently better than ever. Teachers can buy a home with as little 3% down, and only 1% of that needs to be their own money (the rest can be gifted). They can also get rates as low as 5% for a 95% combined-loan-to-value loan, with NO monthly or up front mortgage insurance. In addition, this “CalSTRS” financing offers 1st and 2nd mortgages with no payments due on the 2nd mortgage for five years, providing exceptionally low payments for teachers who are first time homebuyers. If a couple is buying home, only one of qualifying spouses needs to be a teacher. If you have a client who is a teacher, please have them call us so we can more fully explain the many benefits of CalSTRS loans

Jay Voorhees
Founder/Broker | JVM Lending
(855) 855-4491 | DRE# 1197176, NMLS# 310167