Maximum FHA Loan Limits Restored To $729,750

We normally focus on housing stats, neighborhoods and homes for sale in Pleasanton, Dublin and Livermore , but a great article on the new loan limits was just published by Brian LeBars that gives great information on the recent change.

After a brief return to lower, pre-2009 levels, FHA loan limits have been restored. As signed into law last Friday, maximum FHA loan limits are — once again — as high as $729,750 in our San Francisco Bay Area.

FHA Fills Void in High LTV Financing

The move creates additional mortgage financing possibilities in more than 650 U.S. counties, and promises to increase the FHA’s mortgage market share, which has grown from 6% in 2007 to roughly 30% today.

The change in FHA loan limits also marks the first time that FHA loan limits exceed those of conventional mortgage-backers Fannie Mae and Freddie Mac.

Conventional loans remain capped at a maximum of $625,500.

For home buyers in Pleasanton and the Bay Area, FHA-insured mortgage offer several advantages over comparable conventional loans, the most commonly cited of which is that FHA-insured loans require a down payment of just 3.5 percent.

FHA-insured mortgages carry other advantages, too, however.

First, FHA home loans are not subject to loan-level pricing adjustments (LLPA). This means that, all things equal, buyers and would-be refinancers with credit scores below 740; or, who live in multi-unit homes; or, who have high loan-to-values are not subject to additional loan fees as a conventional mortgage applicant might.

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Tri Valley Sold Homes Update October 2009

Tri Valley Home Sales October 2009

Home sales numbers for the Tri Valley were off from September numbers compared to October. The number of homes sold in Pleasanton, Dublin, Livermore, San Ramon and Danville were lower, but San Ramon was the only city that posted a lower months supply of homes compared to September.

Take a look at home sales for the month of October

Pleasanton Home Sales 

Livermore Home Sales

Dublin Home Sales

San Ramon Home Sales

Danville Home Sales

6144 SHADOW HILL DR.: 3 bed 2 Full,1 Partial bath, Sold $520,000

PRE FORECLOSURE!! Open kitchen with dinette area. Built in entertainment option. Crown molding and vaulted ceilings. Large master suite with big walk in closet. Indoor laundry room upstairs. Great location, close to park and future Dublin downtown

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6144 SHADOW HILL DR.: 3 bed 2 Full,1 Partial bath, Sold $520,000

4185 Clarinbridge: 2 bed 2 Full,1 Partial bath, Sold $340,000

Nice, upgraded unit with Granite counters, gas range, tile floors, fireplace, 2 balconies and views of Dublin hills. Short sale to be approved by lender.

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4185 Clarinbridge: 2 bed 2 Full,1 Partial bath, Sold $340,000

Update Measure L – Dublin Unified School District

The Dublin Unified School District is placing Measure L on the ballot in November for Dublin residents to vote on a $96 parcel tax (seniors citizens and disabled persons can elect to not to be a part of the tax). Measure L is intended to…

“To support high academic achievement in math, science, reading, writing, and technology; attract and retain highly qualified teachers; maintain small class sizes; and provide ongoing teacher training, shall the Dublin Unified School District levy $96 dollars per parcel annually for five (5) years with an exemption for seniors and disabled persons, an independent citizens’ oversight committee, no money for administrator salaries and all dollars staying in our community to maintain a high quality education.” DUSD.

This is a hot topic – See the Around Dublin Blog post from Sept. 28th. Measure L Parcel Tax.

Many home owners are concerned over how Measure L will affect their home values.

3600 WHITWORTH: 2 bed 2 Full bath, Sold $420,000

SINGLE LEVEL-NO STAIRS! Only model in entire Dublin Ranch Villages w/o stairs. Kitchen opens to dining room & living room. Kitchen is upgraded with white cabinets, tile floors, and dark granite. Master suite w/ shower and separate tub. 2 patios, indoor laundry & attached garage

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3600 WHITWORTH: 2 bed 2 Full bath, Sold $420,000

Stats on Foreclosures and Short Sales East Bay

If you want a Short Sale in Dublin, we can find 40. If you want a Foreclosure in Pleasanton we can find 11. If you want a Foreclosure in Blackhawk, we can find 2, sorry. Good luck finding these types of homes in Orinda, Alamo or Diablo, they are near impossible. Flip side, if you want a foreclosure in Antioch, 47% of homes for sale are your choice. So why the drastic change in numbers? Read my post Is Your Home Convenient for some answers.

View the chart below for some more stats on Short Sales and Foreclosures in Pleasanton, Dublin, Livermore and the Tri Valley.

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Buying Short Sales in Dublin or Foreclosures in Pleasanton

Buying a Short Sale in Dublin or a Foreclosure in Pleasanton is a lot easier than you think, but buying a Short Sale in Dublin or a Foreclosure in Pleasanton is not as easy as you think?? What, I’m confused too. While many people see buying foreclosures here in our area the thing to do, there are good and bad items to consider when buying a Short Sale in Dublin or a Foreclosure in Pleasanton

Allow me to explain…

Why Buying a Foreclosure in Pleasanton is Easy

• Clean Title (bank paid everything off)
• Good Prices (banks dont like holding homes)
• Easy to See (nobody lives there)

Why Buying a Foreclosure in Pleasanton is Hard

• Need Work (not all, but be prepared) Example 1687 East Gate Way
• Multiple Offers (remember, prices are good)
• No Disclosure (bank doesn’t know what went on in the home)

Why Buying a Short Sale in Dublin is Easy

• Motivation (time frame is short before it goes to foreclosure)
• Pricing (Seller needs to sell before bank steps in)
• Condition is Better (Generally, the sellers are taking care of the home)

Why Buying a Short Sale in Dublin is Hard

• Sloooow Response Time (could be a 3 months plus to get lender approval)
• Multiple Offers (Again motivation sets pricing)
• Foreclosure Hits (if it takes too long, the bank could foreclose while in contract)

Overall, if you know what you are doing then buying a Foreclosure in Pleasanton or Dublin can be a great opportunity. A Short Sale in Dublin could be a great bargain.

If you would like a list of Foreclosures in the Tri Valley or Short Sales here too, comment on this post.

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4256 CLARINBRIDGE: 2 bed 2 Full bath, Sold $430,000

Located in the Villas at Dublin Ranch this Valbonne model offers 2bd/2ba, with 1420+/-sf of living space. The open floor plan is complete with upgraded bull nosed granite counters granite backsplash, and hardwood flooring. The kitchens center island is complete with sink, counter serving and cabinet storage. The separate dining area is just off the serving counter of the kitchen and perfect for entertaining. This home´s living room offers a gas burning fireplace with built in wiring capabilities within the entertainment area for audio components, surround sound and television. Featuring two patioswith one located just off the living room. A separate entrance to the patio is also accessed from the master suite retreat. The master suite also offers a walk in closet with organizers and separate linen closet. The master bath offers a dual sink vanity, Jacuzzi tub and separate shower. This Valbonne model also offers an indoor laundry room.

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4256 CLARINBRIDGE: 2 bed 2 Full bath, Sold $430,000

4232 Clarinbridge Cir.: 2 bed 2 Full bath, Sold $2,100

Located in the Villas at Dublin Ranch this Valbonne model offers 2 bedrooms 2 baths with 1,420+/-sf of living space. This homes open floor plan is complete with upgraded bull nosed granite counters and granite backsplash, sitting on maple cabinets. The kitchens center island is complete with sink, counter serving, cabinet storage and pendent lighting. The separate dining area is just off the serving counter of the kitchen and perfect for entertaining. This homes living room offers a gas burning fireplace with built in wiring capabilities within the entertainment area for audio components, surround sound and television. One of this homes two patios is located just off the living room. A separate entrance to the patio is also accessed from the master suite retreat. The master suite also offers a walk in closet with organizers and separate linen closet. The master bath offers a dual sink vanity, Jacuzzi tub and separate shower. This Valbonne model also offers an indoor laundry room.

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4232 Clarinbridge Cir.: 2 bed 2 Full bath, Sold $2,100