San Ramon January Home Sales Results

San Ramon Home Sales Activity for the month of January 2011 was mixed. Compared to January of 2010, the number of units that were pending during the month are up, median sales price is down, average time on the market is longer and inventory at the end of the month increased.  The chart below is a recap:

2010 2011 % change
New Listings 68 86 +26.5%
Pending Sales 31 46 +48.4%
Closed Sales 44 33 -25.0%
Median Sales Price $750,000 $748,750 -0.2%
Average Sales Price $786,547 $765,650 -2.7%
Percent of Original List Price Received 99.2% 96.7% -2.6%
Average Days on Market Until Sale 42 68 +61.4%
Inventory at End of Month 82 120 +46.3%

Source:ccar.org

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Buyers With Credit Scores of 500 Are Eligible for A FHA Loan

Wells Fargo is willing to work with buyers who have credit scores as low as 500. These are FHA loans. The criteria is a 10 percent down payment rather than the usual 3.5 percent for those with credit scores above 600.

Also, the funds buyers use as down payments cannot come from any form of assistance program (Grant Money) or be a gift. 3 percent seller contributions are still allowed. For credit scores below 600 you will need to have two months of reserves in the bank for PITI (principal, interest, tax and insurance).

  • 10% down payment for home buyers with credit scores of 500 to 579
  • 5% down payment for home buyers with credit scores of 580 to 599
  • 3.5% down payment for home buyers with credit scores above 600

For individuals who have faced some hardships over the past couple of years and are now back on their feet financially, this is an encouraging sign that mortgage financing may be easing a bit to help the housing recovery.

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