Fannie Mae is changing the waiting period requirements for borrowers who have had a previous deed-in-lieu of foreclosure or pre-foreclosure sale (aka “Short Sale”) from the current two year wait, with a 20% down payment, to a four-year waiting period regardless of the down payment percentage; though a two-year waiting period will be permitted if the event was due to extenuating circumstances (must be able to document the reason: job loss, medical reasons, divorce, etc.)
This is a major upset for those who thought they could get BACK into the market. However, “hard money” (see our post from ARC Financing below) will allow you to purchase if you have significant down payment. Of course the rates going to be hard but if you want and can get into this market for a year or two and then refinance out go for it!
New guideline takes effect August 16, 2014. If you did NOT make this cut-off then you’ll need to wait until you have the four year period under your belt. This alert was sent us from friend, Bob Finn, Mortgage Advisor.–NMLS: 294794-Direct: (707) 836-9264 or firstname.lastname@example.org
- Mobile: (707) 331-3563
- 26 Years of Mortgage Lending Experience
- Mortgage Advisor
News Bulletin: Homeowner’s Exemption Scam!
Various private companies are sending mailings to property owners offering to assist them with filing a Homeowner’s Exemption for a one-time processing fee ranging from $25.00 to $59.00.
Homeowner’s Exemption forms are available at the Assessor’s public service counter (or by calling the Assessor’s Office at (707) 565-1888) and can be filed at no cost.
The Homeowner Exemption allows a homeowner to exempt up to $7,000 of property value from taxation each year if you owned and occupied your property as your principal place of residence on January 1. Once granted, the exemption remains in effect every year until it is terminated.
You must apply for the exemption within 30 days of a supplemental assessment notice or in some cases by February 15. In most cases, a claim form is automatically mailed to you, but you may also request a Homeowner Exemption claim form from our public service counter or by calling the Assessor’s Office at (707) 565-1888.
For more information, or for assistance completing the claim form, please visit our offices, contact us by telephone or email.
You can search the property Assessment rolls here;
Shone Farm, Santa Rosa Junior College agricultural studies home. The view is looking Northeast from the event center on the farm. One reason why Sonoma County is a viticultural paradise and a “Destination County”.
JC’s official agricultural studies farm.
You may have heard the term “Hard Money” and wondered what this means? Perhaps you’ve even heard the terms, “Soft Money”? Tomorrow on the show we will have as our guest Todd Wilson of ARC Capital, a firm which specializes in just such a lending product. Different than “conforming money” or regular loans which you would get from a bank such as Wells Fargo or BofA, “Hard Money” has less in the way of stringent guidelines. The “Hard Money” lender is more concerned about an initial equity stake in the property and require MORE of a down payment to secure their loans. Todd will fill us in as to WHY this might be a good way to enter the investment or flip marketplace or just as an alternative to a tough guideline regular loan.
Todd Wilson-ARC Capital (707) 523-2900
100 Stony Pont Road, Suite 260–Santa Rosa, CA 95401
CA Dept of Real Estate – Real Estate Broker License #01232889
CA Dept of Real Estate – Salesperson License #01322338
NMLS #375764 and 309743
Sonoma County, Ca. June 22,2014
Join us on Sunday’s show for some tips on Social Etiquette in Real Estate, and follow along in Mike Kelly’s article in the Real Estate section of the Press Democrat .
We’ll also be talking about what is required to be done by a seller, what is suggested, and what you should NOT volunteer to do. Many items are best left to negotiations. We’ll discuss Why on today’s show.
Just Reduced to $888,000! 3310 Jeremy Court, in one of the Santa Rosa’s best neighborhoods and NOT far from local quarry’s which supplied early San Francisco with its cobblestones. Open this Sunday 1 to 4pm –boasting over 2700 square feet plus a 1/2 acre cul-de-sac Lot, this 4 bedrooms, 3 full baths, “In the Grand Style”–Absolutely stunning home in the Northeast area of Santa Rosa above Montecito Heights, is yours to purchase. Allison Norman (707-799-3617 or AlliNorman@kw.com) will be your host.
Custom built home by Gallagher with original owner who has maintained it impeccably. Two local artists combined to paint the interior and the faux touches. Custom granite counter top and high end appliances featuring: warming oven, 2 wall mounted ovens, trash compactor, dishwasher,unique fan over the 5 burner cooktop blends into the cabinetry. View from the kitchen is of the lush landscaping which envelopes the home. Comfy and cozy dining area with window seat, plush seating and large pantry will make this YOUR favorite room and gathering place for friends and family.
Living room has circular window with copper top on exterior. Dining room with coffered ceilings, and pass through door to kitchen. Family room with fireplace and newer slider to Trek decking with fountain and its soothing melody. Hot tub is also here and the garden area, rose bushes, numerous fruit trees, raised planter beds make for a splendid green thumb.
Upstairs is the Master Suite with luxurious soaking tub and high end finishes and tile work plus Big walk in closet. Two other bedrooms are spacious. 3 car garage plus LARGE office (or 4th bedroom) with luxurious bath round out the picture. Truly a transforming space!
Craftsmanship, design touches, sophisticated color palette–come see this beauty high above the hills overlooking Montecito.
Our “Loan Guy” Pete Phillippe
Peter Phillippe of Princeton Capital is back for an update on the lending side of the real estate market.. Pete will be discussing the latest and BEST Interest rates, how to make your home “lendable”, Loan limit news from Freddie and Fannie, and a new FHA program that may reduce mortgage insurance…plus YOUR CALLS! Join us for what will surely be a “don’t miss” hour. Pete can be reached at: 707-481-2737 Cell 1-888-305-2473 eFax or email@example.com
Proudly Sponsoring the 2014 Showcase Sonoma County May 8th.
Showcase Sonoma County – FREE Business Expo
Date: May 8, 2014
Time: 4:00 pm – 7:00 pm
Stop by the Kelly – Norman Team booth and say “HI”
Location: Show map
Wells Fargo Center for the Arts
50 Mark West Springs Road
Santa Rosa, CA
In Part I of “Buying Country or “Rural” property I explored the differences of a “Town” versus a “Country” property. The major difference between Town and Country? Onsite “waste disposal systems” and “water supply” residing on the same property as your home. Many consumers will back off buying a rural property simply for this reason. However many will sally forth knowing owning a country property brings with it many rewarding years of living closer to nature. You just need to do YOUR HOMEWORK when buying. Part I of this series dealt with septic and well tests but there are many others usually recommended in this type of real estate purchase. Let’s explore and discuss other points you NEED to understand when purchasing Country or “Rural” property. Continue reading