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November 12th, 2009
How To Rent Your Home From Fannie Mae
Fannie Mae Has Announced A New Program That Allows Troubled Homeowners To Rent Their Own Homes.
According to the Wall Street Journal, Fannie Mae announced that it will consider allowing troubled homeowners to rent their homes as an alternative to losing them in foreclosure or eviction.
The program that was structured to allow borrowers to transfer the deed of their property to Fannie, allows the homeowner to stay in the home, offering them greater security and time to search for other housing options.
The borrower must still qualify for the program and show that they have enough income to pay fair market rent for the home. In most situations the borrower will be able to sign up to a 12 month lease, before being required to move out.
The “deed for lease” program will still damage the borrowers credit score, but it is not as damaging as a regular foreclosure.
Some details about the program:
1. The home must be held my Fannie Mae. Fannie has a site that will allow borrowers to look up their home and determine if their loan is held by Fannie Mae. Fannie Mae Loan Look Up Site
2. The program is NOT available to homeowners who are not currently delinquent on their mortgage payments. The current owners, also have to demonstrate that market rent would not exceed 31% of their income in order to qualify for the program.
3. According to Fannie Mae, it is unlikely that the tenants would be able to buy their home back at the end of the lease. What is more likely to happen is that Fannie might offer to extend the lease or put the home up for sale to the most qualified buyer. It is not likely that the tenant would qualify to buy the home back since their credit scores will be greatly effected by the delinquency.
4. If Fannie determines that the borrower can in fact afford their current mortgage, they will not be eligible for the program. Fannie does not anticipate having people intentionally default, due the program guidelines.
5. If there is a 2nd lien holder on the property, that lien must be released before Fannie will be able to complete the lease back.
This is a fairly complicated program and not everyone will qualify. But if you you think you might qualify here are some additional resources for you to use. Click here for a full list of rules and regulations, Fannie Mae’s FAQ, Borrower Instructions.
November 5th, 2009
House Passes Extension of Tax Credit for Home Buyers
According to the California Association Of Realtors the Senate has voted 403 to 12 to extend and expand the Home Buyer Tax Credit
Great news was just released out of the senate! With a 403 to 12 vote the US House of Representatives has voted to extend the home buyer tax credit. With this vote they also approved expanding the parameters to include existing homeowners and not just first time home buyers.
As the the credit stands now, it will be extended through April 30, 2010, with a possible 60-day extension.
The bill is currently written to offer first time home buyers a tax credit of up to $8,000, while also offering existing homeowners a reduced credit of up to $6,500. In order to qualify for the $6,500 tax credit, existing homeowners must have lived in their current residences for at least five years. Additionally, the bill increases the qualifying income limits from $75,000 for a single tax payer to $125,000 and for tax payers filing jointly the income limit has been increased to $225,000. The purchase price of the home can not exceed $800,000
There were some additional provisions of the bill, that allow tax payers to claim credit on purchases completed in 2010 on their 2009 income tax returns. In the event that the tax payer stays in the home for 36 month after the purchase they will not have to repay the credit.
For an interesting side by side comparison of the changes click here.
If you have been thinking about buying a home, now is a great time to take advantage of the low interest rates, low prices and now the extended tax credit. For more information about buying or selling your home, call or email us, we are happy to help!
November 2nd, 2009
Market Statistics For Rancho San Pasqual Beat Escondido Averages
Rancho San Pasqual Market Data seems to suggest that the neighborhood is doing better than other neighborhoods in its same zip code.
It is that time again, the first of the month always interests me, because I get to look at numbers, statistics and market trends. This month I found it interesting to note that the homes in Rancho San Pasqual have faired better than most others in their same zip code.
As of November 1, 2009, there are only 4 homes for sale Rancho San Pasqual. Of the 4 that are available 2 have been on the market for under 45 days and the other 2 have been on the market for over 150 days. The 2 that have been on the market longer than 150 days are short sales and more than likely have offers on them and are simply waiting for the bank to approve a sale.
At the same time in the rest of the 92027 zip, for homes similar in age and size, there are 42 homes for sale, with an average market time of 60 days. Additionally, Rancho San Pasqual has 9 homes in “contingent” or “pending” status. Indicating that these home have offers accepted by sellers and are pending bank approval or are in escrow.
Taking the Year to Date numbers is another interesting find. Rancho San Pasqual is averaging a sale price of $481,507 where as the rest of the zip code is averaging a $367,000 sale price. Homes in Rancho San Pasqual are selling in an average of 45 days vs 61 days for other neighborhoods.
Why does Rancho San Pasqual continue to beat other similar neighborhoods month after month? Maybe it is the special feel you get when 
you enter the gated golf course community. Surrounding Eagle Crest Golf Course, the scenery is one of serenity and calm. Maybe it is the lovingly maintained tree lined streets and cul de sacs with neighbors in their yards greeting each other. Maybe it is the inviting Olympic size pool and playground, or maybe it is the award winning San Pasqual Union School, that kids (pre school-8thgrade) can walk to. Whatever it is, people are finding that this area has something that others do not offer.
Come see for yourself, take a drive, or view one of the homes for sale. One such home is a beautiful 4 bedroom home, located at 2230 Golden Oak Place , on a great cul de sac, boasting a 3 car garage, custom designed backyard with fire pit, upgraded gourmet kitchen and more. Click here to see a video tour of this home.
For more information about this home or others in the area, call or email me directly. I would love to introduce you to this fabulous hidden community. You won’t be sorry!
September 15th, 2009
Chardonnay Hills Market Update
A quick review of the Year To Date market statistics for Chardonnay Hills show an optimistic outlook. In evaluating the market trends for Chardonnay Hills, there are positive signs that the market is shifting.
Some of the highlights include a reduced average market time and lower inventory. Year to date, the average market time for homes sold in Chardonnay Hills is 37 days, as compared to an average of 75 days in 2008.
There is 1 homes in the “back-up” status, which indicates that there is an accepted offer, but the sellers are waiting for an approval from their lender. These sales tend to have a longer average market time, than a sale that does not require a lenders approval.
There are 4 homes “pending” in escrow, these homes were on the market for an average of 34 days!
See Chart Below
Just SOLD
