Upbeat Times 17th
SANTA ROSA, CA. ~ With the vineyards coming back to life, we are graced with their brilliant green rows. Tey rip- ple along the landscape, fram- ing our country roads.
Spring is in
the air. Te start of home buying season has begun. Now is when a home shows its best.
A land-
scape filled with plump green plants and colorful flow- ers.
Nothing sells
better than curb appeal. Once
again, median home
prices have notched up again. In March, the median home price was 5 % over February, showing a price of $570,490, according to the numbers gathered from Pacific Union’s Vice President, Rick Laws. Tis is 12 % up from just a year ago, with its highest level since July 2007, when it was $575k. Tis is not another housing bubble, but a true, sustainable value.
It is a reflection of a
healthy economy and a strong job market. When the financial market
collapsed in 2008, we saw a lot of investors disappear. Tese were the investors that origi- nated and bundled loans to be sold on the secondary market. Tere was not a lot of oversight, and loans were funded on little verification of income or as- sets. If you had a credit score and could sign a document, there was a loan for you. Tis reckless behavior fueled the housing bubble that ended in disaster. Now, there are lim- ited sources for funding loans and providing liquidity to
Annual Spring Guide 2016 Here’s the Deal by Barry O'Meara •
barryo@stearns.com
lenders. Most loan programs are funded through Govern- ment- sponsored enterprise (GSE).
Fannie, Freddie, FHA and VA as
Tis has resulted in the main play-
ers in the financing game! Fresh off the financial crisis and enacted through the Dodd-Frank Act in 2010, tight- er underwriting guidelines have fol- lowed. Every aspect of a loan is reviewed
and then re-viewed. All the pieces that make up that loan have to be perfect; from assets submitted, to the ap- praisal of the
col- it
lateral When
rep- resents. you sign your loan
documents you are part of that security that is sold on the sec- ondary market. All this may sound intimi- dating but it really is easy as one-two-three.
Show us the
money! Show us your income! Show us what you want to buy! Show me the money! No
dirty money allowed. Tis is a pretty simple concept and if you know what everyone is looking for, you should be able
money needs to be seasoned funds. Seasoned funds means; the funds have been in your account in your name for at least two statements. Tis will rule out cash.
If you do show
a large deposit, you best be prepared to show a copy of the deposit and be able to “paper trail” where it came from. No funny money allowed. Show me your income! Tis rule fits into the requirement set by the Consumer Financial Protection Bureau (CFPB).
It
demonstrates your abil- ity to repay. All you
need to do is show you have a source of in-
come. If you are self-employed, you will need to show two years history. Earn a wage or salary? We just need to show paystubs and verify you still have a job. With a strong job market there should be more people able to meet that requirement. Don’t sign those loan docs and then quit your job. Te lender will verify you’re still employed prior to funding your loan! Show us what you’re buying! Tis is your appraisal. Te lender needs
to verify to meet this guideline
without any problems. What the underwriter is looking for is enough funds to close your loan. Tis means down pay- ment and any closing costs. When you are buying a home you must have some portion of a down payment. Wheth- er it is a 3.5% down or a 20% down payment, the amount of
you
are paying fair market value. Tey will provide recent sales of homes within a reasonable
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UPBEAT TIMES, INC. • May 2016 • 17
distance that are similar in size and condition. Te property needs to be turn-key and mar- ketable. Don’t plan on buying a fixer.
Northwest ... continued from page 15 If the property is not
in livable condition, the lender will not lend on it. Te value the appraiser comes in with will be the value the lenders will use to determine your loan-to-value. So we have gone full cycle.
Te housing market has recov- ered and with all the under- writing oversight in place. Te values today are sustainable and real. Tis is not another bubble.
If you purchased a
you have accumulated some equity.
home in the last few years, Interest rates are still
remarkably low. Tis could be the ideal time to become that move up buyer.
It is time for
the music to start and the mul- tiple escrows, like spring flow- ers, to open. Make 2016 your year!
and black and tan mottling was a grass rockfish. Te example I caught was about eleven inches long and pretty stoutly built. It turns out most of these fish have a beefy build. Unlike most rock- fish that live in deeper water and live from 6o to 100 years old, the grass rockfish only lives to its mid 20’s and will rarely get larger than 20 inches in length. As a young larval fish newly released from a brood of up to 400,000 in January or February the grass rockfish will adopt a pelagic life- style, living in the upper zone of the open ocean. Once the fish starts to maturity in the early summer months it will find a suitable home amongst kelp beds or rocky reefs in about 20 feet of water and it is here that it may spend the rest of its life and will likely not venture past 3 to 5 feet from its home, which I would completely understand as long as ... continued on page 20
THE MORTGAGE COACH
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