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UPBEAT TIMES, INC. • January 2016 • 17 Happy New Year! SANTA ROSA, CA. ~ The


New Year has come and as the confetti settles and hangovers dissipate, we brace ourselves for the New Year.


Our


New Year’s resolutions may still be fresh in our minds or even drafted into a list of ambitious goals neatly folded and tucked away. It’s 2016 and time to get moving!


What


will this year bring us; relief from a four year old drought? Are we destined to be drenched by another El Nino and all the potential disasters it could en- tail; floods and mud slides? It’s an election year.


Just


eleven more months left to decipher all the malicious and compelling babbling blasted over the airwaves and print, as this crowded group of ambi- tious candidates jockey around trying to pave their way to the Whitehouse.


On the housing front, So- noma County has continued to see homes appreciate in value as the financial crisis becomes a distant memory. This is great


news considering the reaction to the crisis brought tighter and tighter lending rules. It was doom and gloom for those that got caught on the short end of their mort- gages.


But


for those that managed to hold on their homes, now have equity and are no longer under- water on their mortgage.


For those that have


bought


in the last four years, they have also built some equity. The time to buy a home is when the time is right for you. If you can show the income, manage the payments, and the home fits your needs, then the time is right. Owning a home is a sound investment. On the lending front, there are new conforming loan limits. Fannie Mae announced new higher conforming limits for Sonoma County. For a single family residence, the new lim- it is $554,300 up from the old limit of $520,900. Borrowers can now purchase a home with a loan amount up to $554k with just a 5% down payment. This


buyers. This has a rip-


pling effect that cascades through the economy, as one escrow closes and another one opens.


These two new lending changes of higher loan limit and lower minimum down payment will continue to strengthen the housing market. A strong housing market adds to consumer confidence and helps us to build stable neigh- borhoods and prosperous com- munities.


Sonoma County is primed for


growth. With unemployment low, Sonoma County Airport expanded, and SMART train


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means now you can purchase a home that costs $583k with just 5% down. The old rule would have required a minimum of 10% down payment for loan amounts between $417k and $520k. Conforming loans can be underwritten with fewer overlays, and are more stream- line than jumbo loans over $554k. This will add needed financing to the higher priced homes, helping the move-up buyer to make that move and also opening opportuni- ty for first time home


just around the corner, we are bound to attract investment and business.


Every dollar


lent and spent ripples through the local economy with mul- tiplying effect. Go local and spend local is fundamental in building a strong community and local economy. So as we brace ourselves for


the next El Nino and presiden- tial election, en- joy where we live.


Find those resolu- tions and stick


to your goals. 2016 is here! As fast


as 2015 flew by, it will not be long before we’ll be looking back again. If your goal is to buy your first home or make that move to your next home, make 2016 memorable and make that move.


The act of putting pen to paper encourages pause for thought, this in turn makes us think more deeply about life, which helps us regain our equilibrium.


Norbet Platt


The Mortgage Coach


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