Author Archive: Ed Brophy
Ed Brophy is the Co-Owner/REALTOR® of Desert Realty and Newport Beach Realty. He's been in the real estate and mortgage industry over 10 years and has helped thousands of homeowners buy, sell, and refinance their homes both in Palm Springs and Newport Beach.
Ed helps clients navigate today's complicated real estate process with his knowledge of the current real estate and mortgage markets.
E-Mail: e...@g...l.com
Can a Borrower Have More Than One FHA Mortgage at a Time?
Lately this seems to be the question most asked by borrowers who are considering a 2nd home or investment property purchase. In short the answer is no. In normal situations HUD allows only one FHA Mortgage loan per borrower. Below are four unique exceptions to this rule. Increasing Family Size- If the borrowers current residency [...]
More Than Half of Active Apartment Hunters Are Renting by Choice
Existing-home sales in July dropped 27 percent from the prior month, according to the National Association of Realtors (NAR). Unpredictable home values plus a soft job market have many Americans turning toward renting as a more affordable and flexible living option. In response to this recent shift in attitudes about renting, Apartments.com conducted a national [...]
FHA Streamline Refinance Requirements
FHA Streamline Refinance Loan Requirements FHA Streamline refinance loans can help homeowners lower monthly mortgage payments and interest rates. But what do you need to qualify for an FHA Streamline loan? To begin, you need an existing FHA mortgage — if you don’t have an FHA loan but want to refinance, your options include conventional [...]
950,000 Must Repay Homebuyer Tax Credit
Nearly half of all Americans who claimed the first-time homebuyer tax credit on their 2009 tax returns will have to repay the government. According to a report from the Inspector General for Tax Administration, released to the public Thursday, about 950,000 of the nearly 1.8 million Americans who claimed the tax credit on their 2009 [...]
Home Modification Denials Spark Lawsuits
By Stephanie Armour, USA TODAY Anthony and April Soper’s financial troubles were only starting last October when they applied for a mortgage adjustment through the Obama administration’s Home Affordable Modification Program. Bank of America, their mortgage servicer, put them on a HAMP trial payment plan in December that cut their monthly payment by more than [...]
For Sale: 69724 Barranca Ct, Rancho Mirage
69724 Barranca Ct, Rancho Mirage Bed/Bath: 3 br, 2.00 ba Property Type: Condo Square Footage: 1104 square feet Property Subtype: Condo Attached Asking: $130,000 Cross Street: Gerald Ford & Plumley MLS: #21407496 Map: click here to view map See Picture Gallery Below Development: Mountain View Villas Lowest Priced 3 bedroom in Mountain View Villas. Perfect for [...]
For Sale: 69747 Barranca Ct, Rancho Mirage
This listing has been taken off the market, but can still be found on FannieMae’s property website at www.homepath.com 69747 Barranca Ct, Rancho Mirage Bed/Bath: 1 br, 1.00 ba Property Type: Condo Square Footage: 780 square feet Property Subtype: Condo Attached Asking: $79,000 Cross Street: Gerald Ford & Plumley MLS: #41404502 Map: click here to view [...]
Why do Short Sales Take so Long to Close?
Real estate professionals know that a short sale transaction can take months for it to be approved and closed. The reality is that short sales usually take three to four times as much as a regular sale to finally get to the closing. From the time the Realtor actually gets the property under contract to [...]
FHA Announces Minimum Credit Scores for Mortgages
On September 3, 2010, the US Department of Housing and Urban Development (HUD) released Mortgagee Letter 2010-29 regarding Minimum Credit Scores and Loan-to-Value Ratios. This is in accordance with Federal Register Notice FR-5404-N-01, which proposes minimum credit scores and loan-to-value (LTV) ratios. Here is a summary: (a) Effective October 4, 2010, borrowers with a credit score [...]
For Sale: 17 Duke Dr. Rancho Mirage, CA
17 Duke Dr , Rancho Mirage, CA Bed/Bath: 3 br, 3.00 ba Property Type: Residential Square Footage: 2,694 square feet Property Subtype: Single Fam Res Atatched Asking: $895,000 Cross Street: Morningside & Country Club MLS: #21402308 Map: click here to view map See Picture Gallery Below Development: The Springs C.C. Wrap around patios with sweeping South views of the 3rd [...]
30 Year Mortgage Rates on the Rise
After weeks of falling, the average interest rate on a 30-year fixed-rate home mortgage rose slightly this week, according to Freddie Mac’s weekly survey of conforming mortgage rates, released on Thursday. And the average rate on a 15-year fixed-rate mortgage remained unchanged from last week. “While overall employment was down in August, private nonfarm payrolls [...]
3 Quick Easy Ways to Sell Your Home Fast
Recently a Realtor® partner had to fire a Seller; no matter how they delivered the suggestions as a real estate professional, the Seller just would not listen. The Realtor® was contacted by the Seller and asked if they would list her house. The Realtor® knew from office associates this Seller was pretty eccentric so they took on the [...]
Why Your Home Does Not Sell
Why is my home not selling? This the biggest question that most home sellers ask their agents. Honestly, there is no iron clad answer to the question, but rather some unique possibilities that may factor into this situation. When faced with this, many sellers are unwilling to make the necessary changes for the sole reason [...]
San Diego: Balboa Park Renovation Announced
Parked cars may soon be a thing of the past in Balboa Park. A $33 million plan to remove cars from the center of Balboa Park was announced this week. Completion of the project would result in a new structure, just in time for the park’s 100th birthday in 2015. The plan would require the [...]
Government to Deploy Broader Mortgage Aid
The Obama administration on Tuesday will launch its most ambitious effort at reducing mortgage balances for homeowners who owe more than their homes are worth. Officials say between 500,000 and 1.5 million so-called underwater loans could be modified through the program, the first initiative to target homeowners who are current on their mortgage payments but [...]
Ten Low Cost Tips to Improve Your Home’s Appeal
When selling your home, the goal is to sell it quickly for the highest price while investing as little as possible in renovations. With a limited budget and a little effort, you can greatly increase your home’s appeal by focusing on what prospective buyers can see on their first visit. The experts at BuyOwner.com offer [...]
Five Smart Reasons to Buy a Home Now
The economy is stabilizing. Home prices are holding. It’s not just as good a time as ever to buy a house. It’s one of the best times ever. 1. Low mortgage rates serve as an equity shock absorber. When buyers borrow at today’s record-low rates, they start building equity as soon as they close. That [...]
For Sale: 57 La Cerra Dr, Rancho Mirage
57 La Cerra Ct, Rancho Mirage Bed/Bath: 3 br, 2.00 ba Property Type: Condo Square Footage: 2641 square feet Property Subtype: Condo Attached Asking: $349,000 Cross Street: Bob Hope & Country Club MLS: #21406846 Map: click here to view map Virtual Tour Development: Sunrise Country Club This condo is the largest model in Sunrise Country Club! [...]
