You all have a great weekend!  Here are your week ending rates, click here.  Today Guy Rivera at Guarantee Mortgage told us that 80/10/10 loans are back in style and certainly I have seen a few of those be presented in offers recently. Thats where you have one loan for 80% of the purchase price and another second small loan for 10% of the remainder so all you have to do is come up with 10% down in cash. In this way you can avoid the less than 20% down mortgage insurance or "PMI" which saves a lot of money over time. According to Investopedia, "Private mortgage insurance typically costs between 0.5% to 1% of the entire loan amount on an annual basis. This means on a $100,000 loan, the homeowner could be paying as much as $1,000 a year—or $83.33 per month—assuming a 1% PMI fee". Avoiding PMI is a considerable cost savings when you think about it. Some of you out there are saying to yourselves "this is how we got in the 2008 meltdown to begin with" and that is partially true. But, there are cases where an 80/10/10 is, to me, ok. For instance some people are just starting out and have great salaries but are too young to have amassed a large down or are post divorce etc. They can afford the payments and/or can continue to save and at some future point, refinance the original loan and put more down. Or, some people prefer to put their cash to work in other investments and its better to pay interest on more loan versus taking their invested money out of circulation. Or, perhaps there is a windfall in the future like proceeds from selling a home, an inheritance, bonus etc. so the 80/10/10 can be a short term solution that will get paid off or refinanced in the near future. There are many scenarios where this type of low barrier to entry loan can really help people get where they need to go. Give Guy a call if interested. His contact info is on the link above. 

Rental need: Some nice folks, couple with one small child and an old french bulldog, are looking for a rental. They come highly recommended by locals known to me who have impeccable standards so I'm willing to bet these people are stellar tenants. Already connected to the local scene, you're way ahead of the game versus renting to people without local references. Budget is up to $3500 which is very realistic unlike a lot of requests I get. House, condo, guest house. Whatever you have, I'd love to hear about it. Tell your friends please. Lets network and find a place for these folks ... yes, I have a soft spot for renters with little kids and pets! 

New Listing

235 W. Highway 246 #102, Buellton (3/3 condo) $439,757 This is the model with 1,474 square feet. Balcony, small patio and an attached 2 car garage. HOA here is a low $250 per month and includes water and trash in addition to building maintenance and the usual perks of having someone else take are of roofs, paint, parking lots etc. 

New Listing

3314 Sagunto, Santa Ynez (3/2 on .24 of an acre)  I just sold the house a few down from this one last week at 3305 Sagunto  so I spent a good deal of time on this section of Sagunto. Lovely little cul de sac end of Sagunto, so not on the busier part at all. In fact, this location is the very best part of Sagunto to live on. Very private. I watched this one getting all gussied up. Great curb appeal. Can't wait to see it. 

Back on the Market

2807 Gaviota, Los Olivos (4/3 on 1.63 acres) $1,150,000

Sold

189 Manzanita, Solvang (4/2 on .31 of an acre)  Listed at 649K and sold final for 649K. I showed this one. Very cute. Great location. Some updates and a huge lot for the price point. 

Sold

2481 Jonata, Los Olivos (3/2 on .16 of an acre)  Listed at 699K and sold final for 633K. 

**Click on each hyperlink to see the listing agent related to each property. Property links may not open if you are using Internet Explorer as your browser. If you aren't already, please ask to be on my Daily Real Estate Update email list to receive the complete blog post with pics and aerials sent to you daily via email versus you having to remember to check my website or Facebook.  Due to recent copyright issues, pics only appear on the email version. The identity of those on my list is not shared and I don't spam anyone. My daily updates are not a complete list of everything that happened today but instead events the general reader might find interesting or items you need to know to make good decisions. Readers should consult other venues of information gathering to find out more or to complete their information gathering efforts but this is a great place to start and I write every day Monday through Friday letting you know what I know. Transactions noted here were completed by myself and other Realtors.

Sharon Currie | Realtor  BRE#01357602

Berkshire Hathaway Home Services BRE#01317331

Physical: 2933 San Marcos Ave #102, Los Olivos

Mailing: P O Box 778 Los Olivos CA 93441
p: 805.448.2727   f: 805.233.6461
e: sharon@sharoncurrie.com
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