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This has been all over the news and here is the update on which borrowers may be eligible for the enhanced HARP program.
- The mortgage must be owned or guaranteed by Freddie Mac or Fannie Mae.
- The mortgage must have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009.
- The mortgage cannot have been refinanced under HARP previously unless it is a Fannie Mae Loan that was refinanced under HARP from March-May, 2009.
- The current loan to value ratio must be greater than 80%.
- The borrower must be CURRENT on the mortgage at the time of the refinance, with no late payment in the past six months and no more than one late payment in the past 12 month.
If you don’t know what type of loan that you have you can go to Freddie Mac or Fannie Mae and type in your name or loan number and it will tell you if you have one of these loans. There will be more information to come as this program starts.
This executive home offer 3954 square feet with four bedrooms three baths on 3 acres, formal dining, master bedroom with fireplace & game room, two wells, 2500 square foot gambrell style barn with stall & concrete floors, excellent opportunity to own your own home $314,900.00
VA Home Loans are mortgages guaranteed by the US Department of Veterans Affairs and are available for all qualified Veterans, active duty personnel, certain reservist, National Guard members and surviving spouses of those missing in action or who have died in active duty. The Veterans Administration stands behind the loan with the lender. This guaranty reduces the risk for the lender, and as a result, allows the lender to reduce the overall cost of the loan in terms of rates, fees and closing costs. Lower costs translate into lower payments which makes it easier for home buyers to qualify and/or buy homes with higher loan amounts.
If you would like for information on homes that qualify, please give me a call at 707-467-3637
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Lake County is home to the cleanest air in California, achieving state standards for the past 22 years, as certified by Air Resources Board. In fact, Lake County made the Top l0 list of cleanest counties in the nation for a year-round particle pollution; in the American Lung Association’s State of the Air 2011 report, Lake County tied for No. 6 with Maui, Hawaii.
Homeownership Plummets: The nation’s homeownership rate fell to 65.9 percent in the second quarter, its lowest level since early l998, according to the Census Bureau. The decline, which shows as many as 1 Million more renters than a year ago, spared no region.
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U.S.D.A. Rural Development has partnered with a number of local lenders to help extend 100% financing opportunities to individuals and families living in rural areas. This unique program offers 30-year fixed-rate mortgage financing guaranteed by the U.S. government. Additional advantages under this program include the ability to finance closing cost and the required guarantee fees into one loan amount. With the added advantages under this program include the ability to finance closing cost and the required guarantee fees into one loan amount. With the added advantage of gifts, grants, and seller concessions also permissible under this program, potential home buyers can purchase a home in a USDA approved* neighborhood with no money down.
Reatly World Selzer Realty is the Top Office in Closed Listing Volume for the month of August, $5,391,599 in volume…26 closed Unit Sales.
2011 Chili Cook Off
We presented the “All American Chili” served with spicy popcorn on top…the Statue of Liberty and the American Flags were honoring 9/11. Let’s hope they move the date back a month, serving chili in 106 degrees is a bit much.
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A new program is offering financial assistance to first-time home buyers who are veterans or active duty military members. The Pentagon Federal Credit Union Foundation, a nonprofit national organization, is offering the assistance through its Dream Makers program. Active duty personnel, veterans, retired members of the military, and employees of the U>S> Department of Defense and the Department of Homeland Security may be eligible for a grant up to $5,000 to use on down payments and closing cost when buying their first home. The grants can be applied to a mortgage from any financial institution. You can look at the site at www.pentagonfoundation.org/dreammakers
Some sellers have misunderstood the new cancellation of debt income laws and believe they will not get a 1099 or will get a 1099 only for those amounts not covered by the debt relief laws. This is incorrect. The seller will almost always receive a 1099 when there is canceled debt. While the canceled debt may not be taxable, it still needs to be reported. Generally, the seller will not receive a 1099 only when the lender is not canceling the debt. For example, a second trust deed holder may agree to a short sale but will not agree to waive its right to pursue a deficiency judgment against a seller and therefore will not issue a 1099 because no debt has been canceled.
