UPBEAT TIMES, INC. • October 2016 • 27 Where’s the Beef? by Barry O'Meara • barryo@stearns.com


SANTA ROSA, CA. ~ T e Harvest is on! Grapes are being crushed and back yard gardens are getting harvested. October is one of my favorite months. Shorter days, cooler evenings and vine- yards turn to brilliant fall colors signaling the seasonal changes. T is is a fun time in Sonoma County - Harvest fair, pump- kin patches, baseball play-off s, the World Series and my favor- ite, Halloween. T is is also the tail end of the traditional home buying season. Realtors work hard to get their clients into contracts, competing for those limit- ed listings. Fall is in the air! T is October one of my favor- ite loan programs will be making


changes. T ese changes will greatly improve fi nancing abil- ities for fi rst time homebuy- ers. T is program is the USDA 100% loan program. USDA has


funded through our Depart- ment of Agriculture that is designed to help underserved areas, typically outside city limits. Once considered Farm Loans, these loans are not for the farm but for the home.


you are looking at a home outside city limits,


program may work for you. Eligible properties are north of Windsor and all of east and west county. T e program does require the home to be owner occupied. Investor pur- chases are not allowed. It does have income restrictions that vary from county to county. In Sonoma County that top an- nual income limit is $94.750 for a family of 4 and $125,050 for a family of 5 or more. For Mendocino and Lake Coun- ties the income limit is $75,650 for up to 4 family members and $99,850 for 5 or more. T e program has a minimum credit score of 640. If you have been victim of the economic turndown that Bankruptcy,


short sale, you only need to foreclosure


resulted in a or


this loan If a loan program some


wait three years. With seller or lender credits, you could move


home for less than what you might pay to move into a rent- al.


ownership and building a foundation for your future. With many of these govern- ment sponsored programs like FHA, VA and USDA, they come with a huge


to the agency that insures the loan. FHA has a funding fee of 1.75% of the loan amount. VA loans have a funding fee but it varies depending on your eligibility. T e loan pro- vides a 100% fi nancing with no monthly mortgage insur- ance but you must be active military or a veteran. USDA has a funding fee of 2.75% of the loan amount but begin- ning October 1st that fee will only be 1%. T ese funding fees can be fi nanced into your loan amount. T e fees go directly to the agency insuring the fi nanc- ing. T e other improvement to the USDA program will be reduc-


The


Upbeat Times Mission Statement:


To inspire, publish, preserve and promote the positive characteristics, attributes and attitudes of our


community, its citizens, business owners and the world we live in.


Vaccination clinics every Sunday from 9:30am to 11:30 am fee paid by the borrower ing fee. T is is a fund-


ing your landlord’s mortgage you would be paying your own mortgage. You would be


taking pride in Instead of pay- into a


ing the monthly mortgage insurance. T e mortgage in- surance will go from .50% of the loan amount to .35% of the loan amount. For a $300k loan amount the old monthly mortgage


have been $125 and with the reduced mortgage insurance the premium for the same loan amount is $87.50. With these new rules on USDA loans there will be big saving for fi rst time homebuyers pur- chasing in eligible areas. Lower funding fees reduces the amount you are fi nancing and greatly reduces your Annual


and the lower monthly mort- gage insurance will improve your cash fl ow. For more in- formation on the program and legibility visit the USDA web site at http://eligibility.sc.egov. usda.gov/eligibility/welcome- Action.do


Percentage Rate (APR) insurance would


Weird Facts & Fun Trivia - 6 The polar regions have


International Polar Year of 1872-74.


profound signifi cance for the Earth’s climate and its oceans. Conditions infl u- ence environment, ecosys- tems, and human society the world over. A major interna- tional science initiative was begun in March 2007 and ran until March 2009. Known as the


International Polar


Year, the initiative encour- aged scientists to undertake an intense, coordinated pe- riod of interdisciplinary re- search. The goal: to compile a comprehensive picture of the earth’s polar regions at this time.


First International Polar


Year (1882-1883): The idea of International Polar Years was the inspiration of the Austrian explorer and naval offi cer Lt. Karl Weyprecht who was a scientist and co- commander of the Austro- Hungarian Polar Expedition


I LOVE IT HERE!


From his experiences in the polar regions Weyprecht be- came aware that solutions to the fundamental problems of meteorology and geophysics were most likely to be found near the Earth’s poles. The key concept of the fi rst IPY was that


geophysical phe-


nomena could not be sur- veyed by one nation alone; rather, an undertaking of this magnitude would require a coordinated international ef- fort. 12 countries participat- ed, and 15 expeditions to the poles were completed (13 to the Arctic, and 2 to the Ant- arctic). Beyond the advances to science and geographical exploration, a principal lega- cy of the First IPY was setting a precedent for international science cooperation. Unfor- tunately Weyprecht did not live to see his idea come to fruition.


Abby loves to shop at WFC...


T is is Abby, a Rottweiler/Lab that goes


nuts for all of the toys she gets. Abby and her owner Jenny have been shopping at


Western Farm Center for years and just love the variety of products and the helpful staff .


Western Farm Center (707) 545-0721


Since 1967 we’ve been the Favorite Place to shop for pets & farm animals!


21 West 7th Street • Santa Rosa www.westernfarmcenter.com Open Mon-Sat 8am-5:30pm • Sun 9:30am-4pm


“Happiness is a gift and the trick is not to expect it, but to delight in it when it comes.” ~ Charles Dickens UPBEAT TIMES, INC. • October 2016 • 27


THE MORTGAGE COACH


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