16 • AUGUST 2017 • UPBEAT TIMES, INC. Pieces of Summer! by Barry O'Meara • barryo@stearns.com


SANTA ROSA, CA. ~ Patched together like a fine quilt, sum- mer pieces together events and activities in which to wrap fond memories that we can hold


onto lifetime. for a Sonoma


County has so much to offer. A simple staycation can be memorable experience. We have passed the midpoint of the year, and now dive head-first into August. From fair- time to market- time there is always something to fill your days and evenings. Summer gardens and farmer’s market, help to keep one’s pan- tries and baskets filled with fresh produce. August is also the final month before school


starts. Tere is still some prime home buying season leſt. Sonoma County home sales continue to rise, and the me- dian price rose to $627,000 for June, per Rick Laws from Pacific Union In- terna- tional. Rick Laws is


the


Press Democrat’s local source for watching market trends and keeps a pulse on our local


housing market. Tis is good news if you own your home, but a little worrisome if you are trying to get into your first home. It seems the concept of affordability is a moving target. Unless you win the lottery or


have some generous relative bestow on you a massive for- tune, you will need financing to achieve home owner- ship. Aſter cial


the finan-


debacle of


2008, lenders have become much more cautious when making lending deci-


sions. With Consumer Finan- cial Protection Bureau (CFPB) signed into law in 2010, a new set of restrictions and guide- lines were set into motion to prevent another financial ca- tastrophe. Tese rules and regulations limited the interac- tion of the appraiser and loan originator. All appraisals had to be ordered through an Ap- praisal Management Company (AMC). Tis oſten can make the loan process challenging. On November 20, 2013, the CFPB issued its final rule for lending, integrating RESPA and TILA into TRID.


Even


though TRID did not go into effect till almost 2 years later, TRID has


set the standards


that all loans need to be dis- closed, and the time frame within needs to occur.


If any


of these steps are missed, it could jeopardize the funding of that loan. Tis part of the rule is known as Know Before You Owe. Debt-to-income ratio is an


important rule. Tis sets the standard for how the under- writer will calculate your in- come and the amount of debt you can handle. Te standard rule has been that 45% was the max you could get approved for.


Recently this ratio has


202 West 7th St. Santa Rosa, CA 95401 707-545-7528


16 • AUGUST 2017 • UPBEAT TIMES, INC.


been increased to 50%. When trying to qualify for a home loan, sometimes we need to add income to make your ra- tios work. Tis can be done by adding a relative to the loan for additional income, or add-


... continued on page 19 “Always be looking for what you can appreciate in the moment.” ~ Stevie Puckett


THE MORTGAGE COACH


TM


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