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Archive for the ‘Streamline(k)’ Category


Finance Remodeling Projects into Your Home Loan

Tuesday, November 11th, 2014

The below infographic shows major remodels have been on the rise this year. As equity in their home has increased over the past year, many homeowners are choosing to refinance and make repairs, additions, and remodels to their homes.

Did you know, you can finance these updates into your home loan? Using special home loan products like FHA’s 203(k) or Streamline(k), borrowers can finance these remodeling costs and increase their home’s value at the same time!

Infograhic on the Value of Remodeling


Finance Home Repair and Remodeling Expenses

Monday, September 15th, 2014

Whether it’s remodeling the kitchen or bathroom(s), updating landscaping, or changing out floors, as the infograph shows below, most homeowners are typically not short on projects they would love to do to their home. What they often are short on, though, is cash for the updates. That’s where renovation loan products like the FHA 203(k) and Streamline(k) can help! Borrowers can finance renovation, update, and repair costs into their purchase or refinance loan. This allows you to finance the updates you would like to make to your home and increase the home’s value at the same time.

Infograh on Remodeling Survey


New FHA 203(k) Renovation Loan!

Thursday, March 1st, 2012

FHA 203(k) Renovation Loan

If you’re looking to purchase or refinance a home that needs major structural repairs and/or renovations, the full FHA 203(k) loan is an ideal loan program to consider. Best of all, with the 230(k) loan program, you can buy a home, make the repairs or renovations you want to, and everything will be financed into one FHA home loan!

Typical Repair/Renovation Items:

  • Roof Replacements
  • Kitchen Remodel
  • Bathroom Remodel
  • Room Additions
  • Foundation Repairs
  • Electrical Systems
  • Heating and Air Conditioning Systems
  • Window or Door replacement
  • Plumbing
  • Insulation Applications
  • And Much More!

Things to Know about an FHA 203(k):

  • Owner Occupied Properties Only
  • Purchase or Refinance
  • 620 Minimum Credit Score*
  • Can be combined with an EEM (Energy Efficient Mortgage)

Great for fixer uppers and bank-owned properties!

*Restrictions Apply. For more information on the FHA 203(k) renovation loan, contact us today!

VITEK Mortgage Group
Local: (916) 486-6900
Toll Free: (800) 570-5300
clientservicesdivision@teamvitek.com



Pended Sales Rebound

Wednesday, July 21st, 2010

TRENDGRAPHIX’s latest report shows a 38% increase in pended sales for the month of June for the four-county region of Sacramento, Placer, El Dorado and Yolo Counties. This increase was surprising; especially given the 12% decline in pended sales the previous month. Seeing such a steep increase in sales in conjunction with increasing inventory and flat prices is not common. “We can only attribute this to 50 year lows in interest rates and well priced inventory,” stated Michael Lyon, CEO – Lyon Real Estate. “Most sellers realize that only aggressively priced properties are selling now; which is giving buyers a lot of options. This latest jump in pended sales is yet another recovery step towards stable housing prices.”

The June Trendgraphix report also shows that closed sales decreased 2% during the month of June for the four-county region of Sacramento, Placer, El Dorado and Yolo Counties; and June 2010 sales were 2% lower than June 2009. June 2010 inventory of 7,529 homes for sale is 4% higher than June 2009 inventory, representing a 51% decrease from the regional inventory record high of 15,302 homes for sale set in August 2007.

COUNTY HIGHS AND LOWS

Sacramento County sales decreased 3 percent from May to June 2010. Inventory increased 8 percent during the month of June. Pending sales increased by 42 percent in the month of June. 52 percent of the homes sold for under $200,000; 41 percent of the homes sold for between $200,000 and $400,000; and 7 percent of the homes sold for over $400,000. The average price per square foot decreased 2 percent during the month of June to $125.

Placer County sales increased by 5 percent and inventory increased by 8 percent during the month of June 2010. Pending sales increased by 25 percent from May to June. 4 percent of the homes sold for under $200,000; 51 percent of the homes sold for between $200,000 and $400,000; and 45 percent of the homes sold for over $400,000. The average price per square foot decreased by 1 percent during the month of June to $146.

El Dorado County sales decreased by 1 percent from May to June, and the inventory increased by 7 percent from May to June. Pending sales have increased 43 percent during the month of June. 21 percent of the homes sold for under $200,000; 39 percent of the homes sold for between $200,000 and $400,000; and 40 percent of the homes sold for over $400,000. The average price per square foot increased 1 percent during the month of June to $153.

Yolo County sales decreased by 15 percent for June 2010 and the inventory increased by 2 percent. Pending sales increased 37 percent during the month of June. 24 percent of the homes sold for under $200,000; 48 percent of the homes sold for between $200,000 and $400,000; and 28 percent of the homes sold for over $400,000. The average price per square foot increased 6 percent during the month of June to $171.

Nevada County sales have increased by 48 percent during the month of June, and inventory increased 9 percent. Pending sales decreased by 17 percent. 5 percent of homes sold for under $200,000; 48 percent of the homes sold for between $200,000 and $400,000; and 47 percent of the homes sold for over $400,000. The average price per square foot increased by 9 percent during the month of June to $190.

San Joaquin County sales have increased by 4 percent during the month of June, and inventory increased by 9 percent in June. Pending sales increased 34 percent. 38 percent of the homes sold for under $200,000; 50 percent of the homes sold for between $200,000 and $400,000; and 12 percent of the homes sold for over $400,000. The average price per square foot decreased 2 percent during the month of June to $101.


$8000 Tax Credit Extended for Members of Uniformed Services

Friday, July 2nd, 2010

Many of you have heard that the federal $8,000 first-time homebuyer tax credit and the $6,500 move-up tax credit expired as of June 30, 2010. While this is true for most, the U.S. government has extended the homebuyer tax credit for members of the uniformed services, members of the Foreign Service and employees of the intelligence community.

The tax credit extension is available for those who serve or have a spouse in the Military Reserve, National Guard and Air National Guard. The serviceman or woman must be on official extended duty service outside of the United States for at least 90 days during the period after Dec. 31, 2008, and before May 1, 2010. To take advantage of the credit, the eligible taxpayer must buy, or sign a contract to buy, a principal residence on or before April 30, 2011. If a contract is entered into by that date, you have until June 30, 2011, to close on the purchase.

For more detailed information and necessary tax forms, go to www.irs.gov or contact your tax professional. Although I am always here to answer your questions, I strongly encourage you to seek qualified and legal tax counsel. Contact me today to discuss your loan options to get you into your dream home, before the tax credit expires for good!

John Easterbrook
John Easterbrook
(916) 486-6969
jeasterbrook@teamvitek.com