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The Upbeat Times Entertains, Educates & Inspires! T


The Mortgage Coach


he Harvest is on! Grapes are being crushed and back yard gardens are get-


ting harvested. October is one of my favorite months. Short- er days, cooler evenings and vineyards


turn to bril- liant fall col- ors signaling the seasonal changes.


Tis is a fun time in So- noma Coun- ty - Harvest fair, pump- kin patches, baseball


play-offs, the World Series and my fa- vorite, Halloween. Tis is also the tail end of the traditional home buying season. Realtors work hard to get their clients into contracts, competing for those limited listings. Fall is in the air! Tis October one of my fa-


UPBEAT TIMES, INC. • October 2018 • 25 Where’s the Beef? by Barry O'Meara of Santa Rosa, CA • barryo@stearns.com


vorite loan programs will be making some changes. Tese changes will greatly improve financing abilities for first time homebuyers. Tis program is the USDA 100% loan program. USDA has a loan program funded through our Depart- ment of Ag- riculture that is designed to help under- served areas, typically out- side city lim- its. Once con- sidered Farm Loans, these loans


are not


for the farm but for the home. If you are looking


at a home outside city limits, this loan program may work for you. Eligible properties are north of Windsor and all of east and west county. Te program does require the home to be owner occupied. Investor pur- chases are not allowed. It does


Upbeat Times in Victoria, British Columbia!


have income restrictions that vary from county to county. In Sonoma County that


top annual income limit is $123,500 for a family of 4 and $163,000 for a family of 5 or more.


For Mendocino and


Lake Counties the income lim- it is $82,700 for up to 4 family members and $109,150 for 5 or more. Te program has a mini- mum credit score of 640. If you have been victim of the eco- nomic turndown that resulted in a Bankruptcy, foreclosure or short sale, you only need to wait three years. With seller or lender credits, you could move into a home for less than what you might pay to move into a rental.


Instead of paying your


landlord’s mortgage you would be paying your own mortgage. You would be taking pride in 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 funding fee. Tis is a fee paid by the


Art is making


something out of


Heather Hagle and her husband Scott Biswell in Victoria, British Columbia, Canada. They are in front of the Victoria Parliament Building ~ Linda Hagle


nothing and selling it.


Frank Zappa All truly great thoughts are conceived by walking. ~ Friedrich Nietzsche UPBEAT TIMES, INC. • October 2018 • 25


borrower to the agency that insures the loan. FHA has a funding fee of 1.75% of the loan amount. VA loans have a fund- ing fee but it varies depending on your eligibility. Te loan provides a 100% financing 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%. Tese funding fees can be financed into your loan amount. Te fees go directly to the agency insuring the financ- ing.


Te other improvement to


the USDA program will be re- ducing the monthly mortgage insurance. Te mortgage in- surance will go from .50% of


... continued on page 27 JOKES & Humor # 6


There was this man in a mental hospital. All day he would put his ear to the wall and listen. The doctor would watch this guy do this day after day. So the doctor finally decided to see what the guy was listening to, so he put his ear up to the wall and listened. He heard nothing. So he turned to the mental patient and said, “I don’t hear anything.” The mental patient said,


“Yeah, I know. It’s been like that for months!”


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