18 • UPBEAT TIMES • August 2015


Summer GUIDE #2 Need Help on a Down Payment?


in the past three years. Even if you have lost your home to a foreclosure or through a short sale that occurred over three years ago, you are now con- sidered a fi rst time homebuyer. Whether you are a purchasing your very fi rst home or get- ting back in the saddle after a stressful experience with a previous home, there are a lot of loan programs that are avail- able to you.


There are many programs


SANTA ROSA, CA. ~ grape


harvest The is coming in


earlier and the Crepe Myrtles are blossoming. We are in the midst of summer and the signs of fall are all around me. This is home buying season in full swing and there is no time to waste. A fi rst time homebuyer is any- one who has not owned a home


available to help the fi rst time home buyer get their foot in the door. FHA has more le- nient guidelines to help those with challenging credit histo- ries. “My Community” loan program allows for down pay- ment as low as 3% and has reduced monthly mortgage in- surance, commonly referred to as PMI. CalHFA is a program


by Barry O'Meara • barryo@stearns.com


that will help with the down payment and closing costs to help get the ball rolling. After all, not all of us have access to gift funds and being able to save enough for the down payment and


closing costs. That process


could take years. You still need an income to qualify. Getting a home loan isn’t im- possible but, you do need to demonstrate your ability to repay.


with other Down-payment As- sistants Programs (DAP) you can fi nance up to 105% of the sales price. These DAPs are silent second loans, meaning there


is no nance.


payment required until you either sell the property or refi - The interest is a


low “Simple Interest”. Simple interest means the interest is not compounded and is just the interest for the time you have the loan outstanding.


There


If showing suffi cient income is a challenge, some- times the solution is purchas- ing with a co-borrower and holding title as Tenant In Com- mon (TIC). CalHFA allows up to four borrowers on the loan. By using the CalHFA along


is even a program designed for teachers and classifi ed em- ployees. ECTP, Extra Credit Teacher Home Purchase Pro- gram can provide 3% down payment assistance to teacher, administrators, and classifi ed employees at High Priority Schools. If you stay with the same school for at least three years the down payment loan is forgiven.


There are some LANES Double Decker


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restrictions. CalHFA offers many pro- grams that you can combine to allow you to fi nance 105% of purchase price so that you can cover all of your required down payment, plus all and any closing costs. This is yet another way to get your foot in the door and start building wealth. Home ownership has been the foundation for build- ing communities and raising our families. Owning a home gives you the opportunity build on your pride of ownership ac- cumulate wealth as you build equity, and bringing stability to your family.


707- 585-0226


These programs do have in- come restrictions, limits such as based on family size. For Sonoma County with a family of 4 the income limit is $94k a year. Each of the programs has slightly different income limits, but the lowest one will always be used. As you ex- plore your options you need to compare all available pro- grams to fi nd the right one that meets your needs the best.


JOKES & Humor # 5


Two police offi cers respond to a domestic disturbance with shots fi red arrive on scene. After discovering the wife had shot her husband for walking across her freshly mopped fl oor, they call their sergeant on his cell phone. “Hello Sarge.” “Yes?”


“A woman has shot her husband for stepping on the fl oor she had just mopped.” “Have you placed her under arrest?” “No sir. The fl oor is still wet. “


When Trying to Find The Perfect Job: Don’t Put All Your Eggs In One Basket


esgeary@sbcglobal.net by Edelweiss Geary


“It looks like we have a homicide here. “What happened?”


Santa Rosa, CA. ~ During the past few months I have had clients applying for positions for which they are very quali- fi ed. However, getting an an- swer from employers seems to take longer and longer.


This


appears to be how the employ- ment market is in today’s econ- omy.


There are many appli-


cants and many employers have been burned by employees who did not work our and they are far more cautious. The hiring process takes time and money and when an employee doesn’t work out, the company has to start all over again. What is the message to the job applicant? Don’t put all your eggs in the basket of one employer. Above all, don’t get discouraged.


Are you really sure that a fl oor can’t also be a ceiling? ~M.C. Escher


The Mortgage Coach


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