Upbeat Home & Real Estate The Mortgage Coach B


uds bursting, the vine- yards come back to life. Living in this


county, we are graced with vineyards filled with brilliant green rows, and blossoming or- chards. Brilliant yellow mustards and orange pop- pies carpet our hills. They rip- ple along the landscape, fram- ing our country roads. Spring is in the air, and the


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 flowers - nothing sells better than curb appeal!


In March, the median home prices went up 2.9 % over February coming in at $638,000. This is 6.9% lower than just a year ago, when the median price was $685,000. These numbers are accord- ing to The Press Democrat, as gathered from Compass Real Estate brokerage, and com-


by Barry O'Meara of Santa Rosa, CA • barryo@stearns.com Finding Affordability!


piled by Rick Laws of Santa Rosa.


This is an indication that the market is stabilizing. More home buyers are coming back into the mar- ket. Don’t worry about another housing bubble. As we ride the rollercoaster of a constantly evolv- ing market, lend-


After several months of declining sales, March saw an uptick in the number of sales.


help qualify. This could be no different than owning a home with roommates. Sometimes it takes a village to buy a home.


Qualifying for a home


loan requires a down pay- ment and documented income that shows a Debt-to-Income (DTI) that


is within under- writing guidelines.


No cash and no funny money. All funds used in the trans- action needs to be sourced - “seasoned funds”.


Funds


ing rules are back in check, and no loan closes without the underwriter’s watchful eye. These sustainable values re- flect a healthy economy, and strong job market. Finding affordability is still the challenge. What monthly payment can you live with, or better yet, get a good night’s sleep? Often it will take more than one income to qualify for a mortgage. Consider in- come from a “non-occupying co-borrower” or occupants purchasing a property as “ten- ants-in-common” (TIC) to


need to be deposited in a bank or brokerage for at least two statements, with no large de- posits.


Gift funds are allow-


able. Do not be too quick to deposit the gift funds, unless you are prepared to source the gift funds. Have gift funds wired to title during the trans- action. This will require less paper trail.


Income must be docu-


mented. If you are salaried employee or hourly wage earner, your income is easy to document with paystubs and w-2s. The self-employed will require taxes and they must be the same taxes filed with IRS. Yes, the lender will check. Depending on the loan program and the automated underwriting’s findings, you could need one to two years taxes and all forms and sched-


ules. No stated income, un- less you want to pay higher fees and higher interest rates, but that is another story. Qualified income can be challenging. It depends on the loan program.


There is


one loan program that will allow you to qualify with roommate income. If you have a history of at least 12 months of share rental with roommates, we can count that income towards your qual- ifying income. Again it will need to be documented and the roommate would need to have a rental agreement for the new property.


This loan


program will allow as little as 3% down payment. Having roommates is another way to find affordability. Owning a home is a great way to accumulate wealth. Even with fluctuating mar- kets, historically home values go up over time. Paying on a mortgage is a forced savings plan. Each payment is paying down principal and building equity.


As Sonoma County blos- soms throughout spring, stake out your claim on this para- dise we call home and get a piece of the rock.


Weird Facts & Fun Trivia - 6 The name Pacific originates


from the Latin word ‘pace’ which means peace. Ferdinand Magellan, a Portuguese explorer, named the ocean ‘mar pacifico’ in 1521, which means peaceful sea.


Typhoons are a type of storm that includes strong wind, rain, and thunder. Typhoons occur in the Pacific Ocean’s northwest region, These storms are also referred to as tropical cyclones.


There are 55 countries bordering on the Pacific Ocean including Canada, the United States, China, Australia, Japan, and Mexico.


Musical Notes


...continued from page 11


horns. Check out the schedule at healdsburgjazzfestival.org. Mother’s Day and gradua-


tions are occasions worthy of musical giſts, whether it be a favorite CD or music down- load or better yet, a live con- cert!


ABOUT Shekeyna:


Shekeyna Black is a friend and Upbeat Times Entertainment


Manager and owns A Miracle Production. She produces and promotes bands, concerts,


festivals and events throughout Northern California. Have an event? She’s the one to contact!


If you learned how to make a cloud, your time is not wasted.


Bob Ross


Photo by P.A.D. Pg 26 • MAY 2019 • UPBEAT TIMES, INC. Patience is not simply the ability to wait - it’s how we behave while we’re waiting. ~ Joyce Meyer


B. O’Meara


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