Napa Solano Yolo real estate blog

Lenders will be working on even stricter loan standards as of April 1, 2009.

Minimum credit scores will be anything over 720. If you would like to see your FICO scores yourself, go to http://MYFICO.com This is a paid site, but has no future obligations like FreeCreditReport.com (not recomended).

If your middle credit score is under 720 and you put in a loan application after April 1, 2009 you will be required to pay an additional fee and or a larger down payment than those with the better credit scores.

Both spouses will have their credit examined, if one person has lower credit scores than needed to  qualify, they may be able to be left off the application but their debt will be counted toward the ratios, their income will not be counted toward the assets of the family.

Equity sharing is still a possibility for families who want to pool their money to buy a home to live in.

Most loans are no longer assumable. Ask the seller to pay your points or closing costs or fix the major repair.

203k loans will enable you to get dual paned windows or energy appliances updated if needed, even on an FHA or HUD loan.

Don't forget, I am an authorized Freddie Mac Homesteps Selling Agent for HUD owned homes in Solano county.

    Here are some informational links for some news stories this week about the stimulus for homeowners.

CBS news –Who’s eligible?

Bloomberg –JP Morgan says plan Comprehensive

CNN money –Freddie and Fannie help fund

CNN money – Who won’t be helped

Atlanta Journal Constitution – Home rescue builds hope

Boston . com –Homeowners anxious to know details

San Francisco Examiner – Relief plan not designed for high cost areas

NewsDay -What borrowers need to know

There are new incentives for first time homebuyers (anyone who has NOT owned property in the past 3 years).

The city of Vacaville is working on approval for a new federal program for buying foreclosed homes and then fixing them up and selling them to certain families.

Some homeowners that have very high payments that exceed 32% of the GROSS monthly income may benefit from asking their lender to modify the terms of their interest rate or extending the life of their loan. Their lender may also receive government incentives for helping them. Details of the loan modification program approved by congress and passed by the President will be disclosed on March 4th.