Water Conservation: Regulations & Rebates

It’s no secret that California has been experiencing a record breaking drought. In fact San Diego County and parts of Orange County are currently classified as D3 on the drought scale and parts of Orange, Los Angeles, Santa Barbara and Ventura counties are classified as D4. According to The National Drought Mitigation Center a D4 is considered the highest drought level possible.

In an effort to conserve water and prevent excessive waste the Governor asked California residents to reduce their water use by 20%; however, that goal remains unmet. To further conservation efforts The State Water Resources Control Board drafted emergency regulations. The new regulations prohibit the following water-related activities.

• Overwatering of lawns (any watering that produces runoff onto sidewalks or streets)
• Washing sidewalks or driveways
• Using a hose to wash a vehicle without a shut-off nozzle
• Using drinking water in a fountain or decorative water feature unless the water is recirculated

These regulations come with a fine of up to $500 per day and tickets will be distributed by law enforcement personnel.If you’re already doing your part to conserve water, be sure to look into any qualifying rebates. Funding is limited, but rebates are available for the following items.

• High-efficiency clothes washers
• High-efficiency toilets
• Rotating sprinkler nozzles (minimum 15)
• Weather-based irrigation controllers or “smart” controllers
• Soil moisture sensors

If you live in the city of San Diego, you are also eligible to receive a turf replacement rebate of up to $1.25 per square foot. More information about that program can be found by visitinghttp://www.sandiego.gov/water/pdf/conservation/residentialrebateguidelines.pdf.

For more information about residential water conservation rebates visit http://socalwatersmart.com/.

For more information about the new regulations visit The State Water Resources Control Board website athttp://www.swrcb.ca.gov/.

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Weekly Mortgage Rate Update

The conflicts in Ukraine and the Middle East had little impact on markets this week, while the economic data was slightly stronger than expected overall. As a result, mortgage rates ended the week a little higher. 

THIS WEEK'S RATE TREND IS FLAT

Loan Amounts under $417K, Shown as Note Rate / (APR)

Conforming 30 year fixed: 4.250% / (APR 4.310)

FHA 30 Year Fixed: 3.750% / (APR 5.265)

Conforming 5/1 ARM: 3.000% / (APR 3.044)

Conforming 7/1 ARM: 3.375%      / (APR 3.359)

Loan Amounts over $417K up to County Limits, Shown as Note Rate / (APR)

High Balance Conf. 30 Year Fixed: 4.375% / (APR 4.523%)

FHA High Balance 30 Year Fixed: 3.875% / (APR 5.492)

High Balance 5/1 ARM: 3.500% / (APR 3.189)

Loan Amounts Exceeding County Limits, Shown as Note Rate / (APR)

Jumbo 30 Year Fixed: 4.125% / (APR 4.210%)

Jumbo 5/1 ARM:  3.000% / (APR 3.044%)

Jumbo 7/1 ARM: 3.500% / (APR 3.289)

Jumbo 10/1 ARM: 3.750% / (APR 3.559)

Loan Limit Snapshot

Conforming

All Counties: $417,000

High Balance Conforming

Santa Barbara: $625,500

Ventura: $598,000

San Diego: $546,250

LA/Orange: $625,500

High Balance FHA

Santa Barbara: $625,500

Ventura: $598,000

San Diego: $546,250

LA/Orange: $625,500

Kelly Marsh

Branch Manager

805-563-1100 ext. 106

KellyM@BroadviewMortgage.com

  

We can pre-approve your client, help them fix credit scores and get them on the path to homeownership. Let us know how we can assist your clients.

Licensed by the Department of Corporations under the California Residential Act License #813G136.  Subject to applicant and property qualification and availability of funds. Subject to change without notice. Rates and terms apply only to subject programs. Unless otherwise noted, rates shown are based on the purchase of a primary residence with one point loan origination. Rates vary by situation, so please call for a personalized rate quote.  This is intended to be informational to the real estate industry only and is not to be used with respect to an individual consumer who may be seeking mortgage credit, as certain information is not included, such as the APR.  Registered with the Nationwide Mortgage Licensing System and registry, NMLS #245822.

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What You Need to Know About a VA Loan

The road to buying a home looks a little different for each traveler that sets out on the journey. There is no one-size-fits-all solution or a map leading you from start to finish. However, with the right knowledge and the help of the right realtor, you can enter the market equipped with the tools required to make your big purchase with ease. Part of the preparation process is knowing what types of loans and/or programs you may qualify for. One specialty loan on the market is the VA loan.

What is a VA Loan

The VA loan program was created in 1944 in an effort to help service members, veterans and eligible surviving spouses become homeowners. The Department of Veterans Affairs does not lend money for the loans, rather it backs private lenders such as banks and mortgage companies.

Who Qualifies

• Veterans (you’ve served 90 consecutive days during wartime or 181 days during peacetime)
• Active-duty personnel (you’ve served 90 consecutive days during wartime or 181 days during peacetime)
• Reservists/National Guard members (you have more than 6 years of service)
• Eligible surviving spouses (for spouses of service members who’ve passed away in the line of duty or as a result of a service-related disability)

The Difference

One of the most substantial benefits offered by the VA loan is the buyer’s ability to purchase a home with no down payment. Additionally, unlike other home loans, buyers are not required to pay monthly mortgage insurance premiums. In some cases the interest rate for a VA loan is negotiable and typically lower. There is no cap or maximum amount for VA loans, but there are county limits that must be used to calculate the VA’s maximum guaranty amount. If you’re concerned about your credit score a VA loan is good fit for you as it has more lenient credit guidelines. Comparatively speaking, VA loans are easier to qualify for than a standard homeowner loan because they provide the lender with security and backing from The Department of Veterans Affairs. It’s important to note that navigating a home purchase with a VA loan is different than a conventional FHA loan. Be sure to align yourself with a knowledgeable buyer’s agent or loan officer who can guide you through the process.

How to Get a VA Loan

A VA loan can be applied for with any mortgage lender that participates in the VA home loan program. To prove eligibility the buyer is required to obtain a certificate of eligibility from the VA; lenders may also get the certificate on behalf of their client. You can obtain your certificate of eligibility by ordering through the VA website. For your initial request you don’t need any documentation, but have information regarding monthly income and approximate account balances readily available.

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