Mortgage Lenders

I’m always asked “Are you closing anything in this market?- Are your buyers getting funding?” Thankfully I can say ” YES, YES,YES”!… I owe this to the wonderful, hardworking, knowledgable lenders I continue to work with.   If you are considering buying a home, your first step will be to obtain a Pre-Qualification letter. I suggest contacting a few lenders and comparing interest rates. I’ve had great success with those on my list below. 

LIST OF LENDERS

Facts About Seller-funded Downpayment Assistance Provision

The Housing bill signed by the President on July 30, 2008, does not eliminate all downpayment assistance programs from eligibility for FHA insurance. Only those programs that are funded directly from the seller or other party to the transaction are prohibited. Downpayment assistance from family members, government programs, or charities that are not seller-funded is still permitted. The prohibition goes into effect October 1, 2008. Read more about the Seller-funded Downpayment Assistance Provision.

How the New First-Time Buyer Tax Credit Works

Under the new housing bill, home buyers who have not owned a home in the last three years will be eligible for a tax credit equal to 10 percent of the property up to a maximum of $7,500. Here’s how it works:

  • The credit is $3,750 for married couples filing separately. Unmarried people who jointly purchase a home will be able to divide the $7,500 credit.

  • This program is actually a loan, which home buyers must repay over 15 years at zero percent interest beginning in the second year after they purchase the home. A home buyer who qualified for the whole credit would pay $500 for 15 years or about $41.67 per month.

  • The credit applies only to homes purchased on or after April 9, 2008, and before July 1, 2009.

  • High-income home buyers don’t qualify: Eligibility begins phasing out for single filers with adjusted income of more than $75,000 and $150,000 for joint filers. It completely phases out at $95,000 for singles and $170,000 for married couples filing jointly.

Source: Realtor Magazine

Historic West End Bungalow

This home was featured in our  2008 Tour of Homes. The owner is relocating! Spacious 3bed/2bath Bungalow on Peeples Street!  Much character (Pocket doors) and everything we love about Peeples Street i.e. Iron fence, rocking chair front porch. List price 300K

Disgruntled Buyer Sues Buyer’s Agent

Daily Real Estate News  |  January 22, 2008

What are the responsibilities of buyer agents? A case being tried next week in North County, Calif., Superior Court will help decide that question.

Buyer Marty Ummel is suing her buyer representative saying he hid information about what similar homes in the neighborhood were selling for because he feared she would back out and he would lose his $30,000 commission.

The defendant in the Ummel case is Mike Little, a veteran practitioner with RE/MAX Associates. He will argue that Marty Ummel, who brought the case with her husband, Vernon, is trying to shift the blame for the couple’s own failures of research and due diligence.

”They simply didn’t do what is expected of a knowledgeable, sophisticated buyer, and are now looking for someone other than themselves to take responsibility,” Roger Holtsclaw, an associate who was hired by Little as an expert witness, said in a court deposition.

The Ummels discovered after they moved in that neighboring houses with similar amenities had sold recently for as much as $100,000 less. Their original suit included the appraiser, who was accused of skewing his report to make the Ummel’s house seem worth the purchase price, and the mortgage broker. Modest settlements have been reached with both.

”I do not think I’m obsessive-compulsive, but I am 114 pounds of absolute perseverance,” says Ummel, who has spent a year picketing the RE/MAX offices on weekends.

Little called the case ”ridiculous,” adding ‘The lady’s a nut job. I didn’t do anything wrong.”

Source: The New York Times, David Streitfeld (01/22/08)

30K FEE!??…………..I’m doing business in the wrong state!  lol