Federal Shut-down shutting down Lending?

 

Mike Lamka–30+ years lender professional in Sonoma County. Great guest on today’s show.

Thanks to Mike Lamka of Freedom Mortgage for coming on the show this morning to discuss the current state of the lending world during our most recent government “shut-down”. The biggest issue was the announcement by FEMA stating no flood insurance would be issued during the shut-down. This didn’t last long as FEMA almost immediately retracted that statement and now will underwrite flood insurance while the shut-down continues. 

The lender always check with the IRS with a form 4506 verification of IRS Tax Returns. This is NOT being issued for most lenders are working around this. Freedom Mortgage stated they are NOT requiring this and providing a waiver. VA loans seem to be o.k. but FHA may be a bit cloudy. I’d check with your lender if you are either within an escrow with FHA financing or considering going this route.  USDA Loans are not being written but the application of this loan type is somewhat rare in our high priced area.

So caveat to all of my listeners and clients who are getting ready to write an offer–make sure your lender can process and FUND your loan! Thanks Mike for coming onto the show this morning to keep us informed during the current government “Shut-Down”. Mike can be reached at 707-494-4026

NMLS ID: 714616
Loan Officer Licensed in: CA
3333 Mendocino Avenue, Suite 110, Santa Rosa, CA 95403

Latest Interest Rate update: Fed Hiking? No? Yes?

Still looking good! All that “Fed” talk can’t change these great rates.

Otto Kobler,Branch Manager

NMLS ID# 225957 CA BRE ID# 00981742

p: 707-522-6300

e: okobler@summitfunding.net

w: http://www.summitfunding.net/okobler

3550 Round Barn Blvd., Suite 310 Santa Rosa, CA 95403

Branch NMLS ID# 379493

Fulton Crossing Art Center–Show Recap

Thanks to Rami Batarseh of Batarseh Real Estate for discussing his latest endeavor; “Fulton Crossing”. Below is a link to the story of the revival of the old Fulton chicken processing plant. As a kid growing up in Guerneville, I drove by the chicken plant many, many times and its current usage is vastly superior to the look and smell of its previously life! Now it is an exhilarating and art filled space. Check it out for the Holidays!

For more info about Fulton Crossing please see https://www.fultoncrossing.com/the_story

The basics:

  • Fulton Crossing is an industrial artisan center, ±25,000sf of total space, 1 acre lot, located at 1200 River Rd Fulton
  • Purchased in 2012
  • Consists of 23 artists’ studios / workshops, studio size vary from 100sf to 3000sf
  • Fulton Crossing Gallery is the nucleus of the center, a large exhibition hall where artists display their latest work
  • Gallery opens to the public Fri, Sat & Sun 11am-4pm
  • On every third Friday of every month, we host an “Open Studio” event, 5pm-8pm, where artists open their studios and invite the public to see their work and exchange ideas

About me Rami:

  • Real estate investor / broker for over 25 years, of which 18 years were in San Mateo, 7 years in Santa Rosa
  • Hold Electrical Engineering BS from George Washington Univ, MBA from San Jose State, hold CCIM designation
  • Owner of Batarseh Real Estate – commercial real estate brokerage company in downtown Santa Rosa
  • Specialize in value-add opportunities
  • batarsehrealestate.com is our website
  • Contact information below

Rami Batarseh

Batarseh Real Estate

613 4th St Suite 207

Santa Rosa, CA 95404

Tel: 707-331-4348

Fax 707-581-1858

ramibatarseh1@gmail.com

Broker Lic # 01326543

How Long Can the Real Estate Boom last?

I’ll be discussing a recent article by Robert J. Shiller (of Case/Shiller Fame) where he discusses probable reasons FOR the surge but is really at a loss as to WHEN it will end and WHAT will cause it to stumble and fall. He writes of the three great booms and how this current one is #3 on his list.  It’s startling when you realize he really doesn’t have a clue as to WHEN it will fail and by how much. We’ll be discussing this on the show as I read excerpts from his recent article. CLICK HERE for the full article as it appeared in the New York Times.