While lending practices nationwide have undergone some changes this year, including the ways in which appraisals are ordered, and how additional required HUD disclosures are made , there are still good loan products available for today’s buyers.
Conventional loan programs are available for purchases here in Eastern Madera County, and interest rates remain low. Depending upon individual needs there are fixed rate loans, adjustable rates, and FHA and VA programs available.
I highly recommend utilizing the services of a reputable local lender and escrow/title company who are familiar with this area, for several reasons. First, a home purchase is one of the largest investments a person will make in their lifetime. It is important that everyone involved in the transaction knows all of the specifics about the property , where it is located, and any special information, such as the value of a boat slip, for example. Local escrow companies are familiar with the process of transferring title of the boat slip from seller to buyer, and are aware of a variety of local issues that may come up which need to be addressed prior to closing.
Second, it is far more likely that a local lender will be able to use an appraiser who knows and has access to details on property values here. This information protects not only the lender but also the buyer and the seller. A third reason to utilize companies from our immediate area is far greater ease in facilitating signings, paperwork transfer, and the proper recordation of the deed transferring title.
Many homes purchased at Bass Lake are either second homes or investment properties. Some require a jumbo loan, which in Madera County is $417,000 or greater. Even just last year it was difficult finding a jumbo loan program, but in the last quarter our office was able to locate a good source for a loan on a lake front home for our buyer, and we were able to successfully complete the transaction.
We have recently become aware of another interesting jumbo source called the Home Ownership Accelerator through WJBradley, one of our local lenders. It is a very specific product and is not for everyone, but it does give our buyers another potential source.
Our Bass Lake Realty agents are happy to assist you in throughout the real estate transaction, beginning with finding a quality lender who can help make the purchase of your home a smooth and enjoyable process.
-Beth Carver, February 22, 2010