Phangarde Realty Blog

Recently on September 18, 2007, the U.S. House of Representatives passed H.R. 1852, the "Expanding American Homeownership Act of 2007."  The purpose of this act is to reform the FHA mortgage insurance program, and provide strong options for refinancing and avoiding subprime loans with teaser rates or negative amortization that have haunted the housing market.  However, with news this morning from Fed Chair Bernanke, that there may be another probable rate cute, there is indication that the federal government is trying extensively to curb the housing market slump.

Included in the H.R 1852 Act is an amendment to increase the FHA loan limit to $729,750.  The significance of this increase is vital to many states, especially California.  The median home price in certain areas such as Southern California, in parts of San Diego and Orange range between $600,000 to $700,000.  In Northern California, you can see median homes range to $850,000.  Clearly, with this new amendment, it will provide other alternatives to help homeowners. 

The many other changes to the FHA program can include, extending mortgage terms from 35 to 40 years.  Allowing FHA to insure 0% down mortgages on certain situations. 

It is my hope that the information provided here, is just a platform for everyone to view the latest information gathered and compiled for personal knowledge.  I strongly believe that in order for me to be effective in my profession, it is my duty to provide the latest information facing our housing market, and to educate if not provide more information, so that you can make a better informed decision on your next purchase.

On Nov. 17, 2007 at Fallbrook High School, Phangarde Realty teamed up with Liberty Notary to offer support to our Mortgage Division of Catalyst Mortgage, who sponsored a community wide yard sale to raise money for the fire victims of Fallbrook, CA.  Early morning, many community supporters donated goods, and monetary contributions to the fundraiser.  All proceeds raised were to be presented to the Legacy Endowment Foundation of the Fallbrook, Chamber of Commerce. 

The heart felt support of all the volunteers was uplifting, and showed why this was a great cause to help in.  The many associates of our organization came out to assist in organizing, accepting donations, and speak to members of the community to answer questions about what steps people should take during these difficult times.  It is with such honor that I share with everyone, that Fallbrook and the people in the community truly share the belief in communities first.  That goes without saying about all the communities in San Diego county.  Catalyst Mortgage along with ISU Insurance brokers, Cosponsored this event, in hopes to let people know that, the community is our #1 priority.  Unification is important, and that was prevalent that day, with the many volunteers, and supporters, who came to donate their time, and offered many items to sell, to raise money to assist the fire victims. 

Please come back to our site to see the next fundraising event that you can volunteer in, or donate to.