This is great news! Interest rates are so low and more REO's for the market soon. The First Time Buyer Credit extension and now the "Move-Up" credit of $6,500. What better time is it to buy? CENTURY 21 Award and Wells Fargo have joined together to create GreenPath financing. With over 1700 different types of loans.
This was on the C.A.R. page this morning -
In the third quarter of 2009, nearly two-thirds (64 percent) of California's households could afford a home at an entry-level price of $247,150. The monthly mortgage payment including interest, taxes, and insurance (PITI)-based on a 10 percent down payment and the prevailing mortgage rate of 4.79 percent-added up to $1,450. That is $340 less when compared to a year ago, when the entry-level home was priced at $290,490, the mortgage rate was 5.30 percent, and the monthly (PITI) was $1,790. The First-time Buyer Affordability Index is 9 points higher than the third quarter of 2008 when only 55 percent of the households were able to afford a home. While this affordability index only goes back to 2000, other affordability measures indicate that affordability has been at a historically high level in 2009 even compared to the 1980s and 1990s.
Buyers if you are not in a position to buy now, talk with your banking institution and find out how to get yourself ready to purchase a home before you are out priced again. Please remember to get at least 2-3 quotes from different lenders on rates and fees, these are negotiable. Your REALTOR can help you in that area as well, by referring lenders they have worked with in the past. The choice is yours. So, now is the time to start planning before the mad rush in early springtime.
Monday, November 30, 2009
Saturday, November 28, 2009
Deed for Lease - Fannie Mae Program
The Deed for Lease Program provides an option for qualifying homeowners who are facing foreclosure and are not eligible for modifications. The new program helps eliminate some of the uncertainty of foreclosure, keeps families and tenants in their homes during a stressful period, and helps to stabilize neighborhoods.
The program is designed for borrowers who don't qualify for or have not been able to sustain other loan-workout solutions, such as a modification. With Deed for Lease, borrowers transfer their property to the lender by completing a deed in lieu of foreclosure, and then lease back the house at a market rate.
To participate in the program, borrowers must live in the home as their primary residence and must be released from any junior liens on the property. Tenants of borrowers in this case may also be eligible for leases under the program. Borrowers or tenants interested in a lease must be able to document that the new market rental rate is no more than 31% of their gross income.
Leases under this new program may be up to 12 months, with the possibility of a term renewal or month-to-month extensions after that period. A Deed for Lease property that is subsequently sold includes an assignment of the lease to the buyer.
For more information about the Deed for Lease Program, including details on program eligibility, check out - www.efanniemae.com.
So many options to choose from and difficult decisions to make. Always seek the advice of legal council and a professional tax preparer for your particular needs.
If I can help you please contact me. CENTURY 21 Award - #1 Firm
The program is designed for borrowers who don't qualify for or have not been able to sustain other loan-workout solutions, such as a modification. With Deed for Lease, borrowers transfer their property to the lender by completing a deed in lieu of foreclosure, and then lease back the house at a market rate.
To participate in the program, borrowers must live in the home as their primary residence and must be released from any junior liens on the property. Tenants of borrowers in this case may also be eligible for leases under the program. Borrowers or tenants interested in a lease must be able to document that the new market rental rate is no more than 31% of their gross income.
Leases under this new program may be up to 12 months, with the possibility of a term renewal or month-to-month extensions after that period. A Deed for Lease property that is subsequently sold includes an assignment of the lease to the buyer.
For more information about the Deed for Lease Program, including details on program eligibility, check out - www.efanniemae.com.
So many options to choose from and difficult decisions to make. Always seek the advice of legal council and a professional tax preparer for your particular needs.
If I can help you please contact me. CENTURY 21 Award - #1 Firm
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