Contact Us Mary Willett - Realtor®
LYON Real Estate
Sierra Oaks Office, Sacramento, CA.
mary@sacramentohomes.net
text/voice: (916) 715-0122
CA DRE #01395007
Bob Willett - Sales Manger
Eagle Home Mortgage
Sacramento CA.
bob@sacramentohomes.net
main: (916) 485-7939
NMLS# 238076
CA DRE #00880266 |
The California Dept. of Real Estate recently issued the following practical advice to prevent consumers from falling victim to a scam:
- Never pay an upfront fee for loan modification services. Such fees are illegal.
- Watch out for promises of guaranteed success. No one can promise that a loan modification will be successful.
- Ask questions, get referrals from people you know and trust, and always remember the following: If it seems too good to be true, it probably is not true.
- Contact a HUD-approved counseling agency that can provide loan modification services for free.
- If you have been a victim of a loan modification scam, report it to the DRE, the FTC and the Attorney General.
And don’t forget, if you are having trouble paying your mortgage, many local Realtors® are trained to provide advice about navigating the complexities of a short sale. And while short sales are not for the faint of heart, agents with the proper tools and training can make a difference. Look for an agent with the Short Sale Foreclosure Resource designation or advanced training through the Lyon Short Sale Certification – like me.
Interest rates are near historic lows and home prices are affordable; however, many borrowers are finding they must have nearly pristine credit records and hefty down payments to get the best rates.
Making sense of the story
- Since 2009, credit standards have become much tighter. For borrowers, this emphasizes the importance of paying close attention to credit scores.
- New rules unveiled last week, the result of last year’s Dodd-Frank financial-services legislation, require banks and other lenders to disclose to consumers the scores used to determine interest rates charged borrowers, or to deny credit, making it easier for borrowers to see how their credit scores affect the interest rates they pay.
- The FICO credit scores on loans that banks are giving out and that are backed by government agencies Fannie Mae and Freddie Mac show the new reality. Currently, the two agencies essentially finance 75 percent of all mortgages by purchasing the loans from banks, thus shaping how much it costs to borrow.
- FICO scores range from 300 to 850. Prior to the decline in home prices, a score of 700 to 725 was considered solid and, a borrower could expect to be approved for a “conventional” mortgage at the lowest rates.
- From 2003 to 2006, 82 percent of Fannie Mae mortgages were for borrowers with a score between 700 and 750, but so far in 2011, only 13 percent of Fannie Mae mortgages carry that score, and just 1.7 percent have a score of 700 to 725. This year, 75 percent of Fannie Mae mortgages are for FICO scores of 750 to 755, up from less than 5 percent before 2005.
- These trends demonstrate the importance of understanding credit scores and ensuring credit reports are accurate. Consumers can check their credit report at AnnualCreditReport.com.
From the Wall Street Journal by Tom Lauricella
Read the full story here: http://tinyurl.com/5vpkdet
A new statewide program launched this week in California that will give homeowners rebates worth up to $4,000 if they make significant energy-efficient improvements to their house. Find out more here: https://energyupgradeca.org/county/sacramento/overview
And if you are in the process of buying a home don’t forget the Energy Efficient Mortgage (EEM). With the EEM you can start green and upgrade the homes HVAC systems, water heaters, install insulation, do weather stripping and more. With an EEM you can fix cracked windows or broken doors, things that might make a home uninsurable under FHA guidelines. Do some of the work with the EEM, then take advantage of the great CA rebates to do even more. Now, more than ever, it’s time to Go Green!
Got Green questions – the National Association of Realtors has just the ticket, find a Realtor with the GREEN designation. We’re trained in green building and sustainable design.
There is so much conversation going on about bad loans it makes you almost not want to even think about buying a home. But if you have a solid job and have paid your bills on time you can buy a home (read our thread about First Steps), even if you have not saved a [...]
WASHINGTON — Federal regulators have banned eight individuals and companies from selling mortgage-relief services, settling charges that they used false advertising to deceive homeowners facing foreclosure.
The Federal Trade Commission said Monday that it has ordered the firms and individuals to return $29.2 million in fees that they allegedly collected from clients. However, some of [...]
If you listen to news reports it really sounds great – wait until May 1 to close escrow and quality for $18,000 in tax credits. WOW could it really be that simple. Maybe not, if you read the fine print in the California State bill, but don’t let that stop you. Just be an informed [...]
Late this afternoon, Gov. Schwarzenegger signed Assembly Bill 183, the Homebuyer Tax Credit legislation, into law. AB 183 will provide $200 million for home buyer tax credits, allocating $100 million for qualified first-time home buyers of existing homes and $100 million for purchasers of new, or previously unoccupied, homes. The eligible taxpayer who purchases a [...]
As a great new incentive for buyers who plan to be owner-occupants, Fannie Mae will now give you up to 3.5% of the final sales price to use towards the buyers’ closing costs, the purchase of new Whirlpool® appliances or a combination of the closing cost assistance and appliances. To be eligible for this incentive [...]
It really is free money! The Mortgage Credit Certificate (MCC) program – administrated in Sacramento County by the Sacramento Housing and Redevelopment Agency (SHRA) – allows you to subtract 20% of your mortgage interest from your Federal Income Tax bill. Here’s how it works: If you borrow $200,000 at 5% for 30 years, your payment [...]
In a recent article in the NY Times (01/09/10); by Darlin, Damon, Sacramento was mentioned as ‘walkable’ city. Now that the green movement is gaining steam, homes that allow occupants to walk, rather than drive, to grocery stores, restaurants and other commerce are increasing in value.
Real estate agents often chant the mantra “location, location, [...]
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Fast Facts from the CALIFORNIA ASSOCIATION OF REALTORS® Calif. median home price: March 2012: $291,080 (Source: C.A.R.)
Calif. highest median home price by region/county March 2012: San Mateo, $677,900 (Source: C.A.R.)
Calif. lowest median home price by region/county March 2012: Tehama, $108,000 (Source: C.A.R.)
Calif. Pending Home Sales Index: March 2012: 143.7, an increase from the revised 126.5 recorded in February.
Calif. Traditional Housing Affordability Index: Fourth quarter 2011: 55 percent (Source: C.A.R.)
Mortgage rates: Week ending 4/12/2012 30-yr. fixed: 3.88% fees/points: 0.7% 15-yr. fixed: 3.11 fees/points: 0.7% 1-yr. adjustable: 2.80% Fees/points: 0.6% (Source: Freddie Mac)
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