Larry "Fly" Young Brentwood Real Estate

All properties in California have a base tax rate of 1% of the purchase price. In addition, taxpayers in individual cities and counties such as Brentwood and Contra County approve bonds to pay for community facilities, services and schools. Brentwood has no Mello Roos, but there are assessments that are specific to neighborhoods.  The best ...

The recently passed housing law contains a $7500 tax credit for first time buyers but it must be paid back over 15 years. In an  earlier post, prior to passage, I stated (wrongly) that the new law would allow buyer of properties a tax credit of $7500 ($500/year). First time home buyers can get a $7500 tax credit but must pay it back ...

Beginning July 14, 2008 the premium paid for mortgage insurance (MIP) on FHA backed loans. The monthly MIP will increase from .50 percent to .55 percent on all loans without a case number assigned before July 14, 2008. In addition, the Up-Front Mortgage Premiums will be based on risk (FICO scores) and Loan-to-Value ratios ranging from 1.5% to ...

On March 13, Ocwen, one of the major loan servicing companies, announced that it will no longer negotiate short sales. This decision includes all pre-existing short sale contracts in which Ocwen has not finalized settlement agreements between its borrowers and potential short sale buyers of the distressed ...

As part of the recent economic stimulus package signed by President Bush, conforming and FHA loan limits for high cost areas has been temporaily increased until December 31, 2008 to $729,750 for high cost areas like Contra Costa, Santa Clara and Alameda Counties. This is more more than double the previous limit off $362,790 The ...