UPBEAT TIMES, INC. • APRIL 2017 • 27


THE MORTGAGE COACH


TM


SANTA ROSA, CA. ~ Spring is in the air, or is that the pollen count? Te time for gardening and late evening BBQs has begun. Tis also marks the beginning of the home buying season. Te main problem this season is there’s not enough in- ventory.


With


home values up, sellers can sell with equity to spend. With the lack of inven- tory, many potential sellers are reluctant to list their property for fear that they can’t find a re- placement property.


It’s more


of a “musical chairs” syndrome that is keeping those listings off the block. What I’ve seen lately is pur-


chase offers being accepted with a contingency to find a re- placement property. Te loan process is always more chal- lenging when closing multiple escrows simultaneously. For those first-time home-


buyers trying to get into the housing market, it seems more overwhelming with the scar- city of inventory. With no rich family tree willing to giſt you


“Sometimes you just have to jump in a mud


puddle because it’s there. Never get so old that you forget about


having fun.” Tom Giaquinto


Sunset near Boston Harbor, Olympia, Washington February 12, 2017. ~ P.A.D.


I heard Einstein got along well with his parents ... relatively speaking. UPBEAT TIMES, INC. • APRIL 2017 • 27 No Down Payment Required! by Barry O'Meara barryo@stearns.com


the down payment, the future seems pretty bleak. However, I am here to explain one loan program that re- quires no down payment. USDA has a


loan program funded through the Department of Agriculture that to


is help


designed under-


served areas, typically outside city limits. Once


considered Farm Loans, these loans are not for the farm but for the home. Tis loan pro- gram may work for you. If you are looking for a home outside city limits. Eligible properties are: Windsor and north, east of Oakmont, and west of Fulton Rd. Te program requires the home to be owner occupied. Investor purchases are not al- lowed.


It has income restric-


tions that vary from county to county. In Sonoma County, the top


annual income limit is $94,750 for a household of 4 and $125,050 for a household of 5 or more.


In Mendocino and


Lake Counties the income lim- it is $75,650 for up to 4 house-


hold members and $99,850 for 5 or more. Te USDA program does have a required minimum credit score of 640. If you have been a victim of the economic downturn that resulted in a Bankruptcy, foreclosure, or short sale, you only need to wait three years before you are eligible for this program. With seller or lender credits, you could move into a home for less than what you might pay to move into a rental.


In-


stead of paying your landlord’s mortgage you would be paying for your own mortgage. You would be taking pride in own- ership and building a founda- tion for your future. With many of these gov-


ernment sponsored programs like FHA, VA and USDA, they come with a huge fund- ing fee. Tese are fees paid by the borrower to the agency that insures the loan. Tese fees can be financed. FHA has a funding fee of 1.75% of the loan amount. VA loans have a funding fee but it varies de- pending on your eligibility. VA loan provides a 100% financing with no monthly mortgage in- surance but you must be active military or a veteran. USDA has a funding fee of 1% of the


loan amount. Tese funding fees can be financed into your loan amount making your fi- nancing 101% of the purchase price. Te fees go directly to the agency insuring the financ- ing.


USDA home loans provide


huge savings for first time homebuyers purchasing in eligible areas.


No required


down payment allows you to take advantage of home own- ership NOW! Lower funding fees reduces the amount you are financing and greatly re- duces your Annual Percent- age Rate (APR). Te lower monthly mortgage insurance will improves monthly hous- ing expense compared to FHA. For more information on the program and legibility visit the USDA web site at http://eligi- bility.sc.egov.usda.gov/eligibil- ity/welcomeAction.do


Sports Trivia


The first World Series was played between Pittsburgh and Boston in 1903 and was a nine-game series. Boston won the series 5-3.


4


The New York Yankees have won 26 World Series titles, which is more than any other team.


Former Yankees right fielder Mickey Mantle holds the record for most career home runs (18) and RBI (40) in World Series history.


Baltimore Orioles shortstop Cal Ripken, Jr. didn’t miss a game in 16 years. He played in 2,632 consecutive games from April 30, 1982 to Sept. 19, 1998.


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