November 2022 - Luxury Market Report for Sacramento County

November 2022 - Luxury Market Report for Placer County

3536 Patterson Way, El Dorado Hills, CA 95762

Stunning residence, located in the desirable neighborhood of Ridgeview. Boasting approximately 2,215 square feet, this three-bedroom, three-bathroom home features an ideal floor plan for relaxed yet elegant living. The designer touches throughout ensure a feel of luxury. Enter into the open foyer, which overlooks the living room with cathedral ceilings and a large picturesque window with views of the foothills. The gourmet kitchen includes new white cabinetry, granite counters, stainless appliances, and a spacious dining nook. The corner sink has a beautiful view of the rolling hills. Step into the family room which highlights a cozy gas fireplace and sliding glass door to the backyard. The junior master suite with an updated bathroom is located near the family room. The master bedroom, an additional bedroom and a bathroom are located near the foyer. The spacious master suite showcases two closets, and a glass door that leads to the side deck. The spa-like bathroom offers dual vanities and a shower stall. The office is located near the laundry room that features a sink and a refrigerator space. Retreat to the peaceful backyard that boasts an expansive entertaining deck, a croquet-worthy lawn, shed, and greenbelt views with a seasonal stream. This striking home presents plenty of parking with an oversized two-car garage.

Listed at $779,000

New Loan Limits, What This Means for You

The Federal Housing Administration (FHA) has just increased the amount of money that can be borrowed through its mortgage programs by more than $51K in most areas. In high-cost locations, the increase is even greater. New limits will take effect in 2023.

The increases will allow more borrowers to take advantage of FHA’s benefits:

• Low down payment options

• Lower total cash-to-close requirements with gift or seller contributions

• More lenient and streamlined refinancing

• Ability to combine purchase and rehab financing

• In some high-cost areas, higher loan limits than conventional mortgages

Here are the specifics:

• In most areas, the FHA loan limit will be $472,030, a 12% increase over 2022’s limit of $420,680.

• In high-cost areas, the limit moves to $1,089,300, a 12% increase over 2022’s $970,800.

• In some lower-cost areas or those with higher costs of construction, limits will vary.

If you have questions about what this change could mean for you, please reach out. And if you have friends who may benefit from the news, please pass it along. I'll be honored to help them too.

Don't Lose Your Deposit!

Some homebuyers lose deposits of $10,000, $20,000, or more due to high mortgage rates! Do not let this happen to you! There are new programs out to help with higher rates.
Dahianara Lopez and her husband Paulo Echeverry run a food truck outside of Orlando. "We work together every day," she says while cooking up Colombian sausages on the truck's big stainless steel grill.
​They say by putting in long hours over several years they were able to save up a down payment for a house.
"We think that renting is like we are wasting money, you know?" says Lopez. "So we want to buy a house, to have something that we can say is mine."
Late last year, they signed a contract to buy a new home before it was built for about $500,000 and put down a $25,000 deposit.
The couple has been very scared that they won't qualify for a mortgage anymore and will lose that big deposit.
"The sales guy, he always tells us we're going to lose the deposit if we don't buy the house," Echeverry said. "Even the area sales manager... she told me, too, that we're going to lose our money."
Some people have already lost their money. Karen Jensen works as a school nurse at an elementary school in Tigard, Ore. She and her husband wanted a bigger house for them and their three kids.
We put just a little over $15,000 down as a deposit," she says.
But after interest rates jumped so much higher they decided to back out of buying it, and she says the builder kept their deposit.

If you are in this situation please call as there are new programs coming out to help people just like this. A lot of loan officers got in the business in 2019 when it was a different market and do not understand how to navigate this market and where it is going. I have been helping homebuyers since 2004! There are different programs we have at UWL to help you get into your new home. Before you walk away from your 20k deposit, call me first and I can walk you through how we can help!

October 2022 - Luxury Market Report for Placer County