With Cheryl Washington the Time is Now

Cheryl Washington is the Director of Internet Real Estate Client Services for Prudential California Realty. Cheryl specializes in Relocation, eCommerce and Internet Real Estate Services. She provides an invaluable service to her Internet clients (buyers and sellers), and the Prudential California Realty Sales Professionals.

Cheryl manages, coordinates, disburses and cultivates various Internet prospects that find their way to Prudential California Realty via multiple website sources such as, Yahoo! Real Estate, Zillow, Trulia, LendingTree, RealxReferral, RealtyTrac and many others. Cheryl’s job is to place all prospects with an “expert” Real Estate sales and/or lending professional that will best fit the clients’ needs.

Cheryl ensures you work with the best Lenders and Real Estate Short Sale and Foresclosure Specialists.

Cheryl has over twenty-five years of relocation, real estate sales and eService experience. She is a psalmist, singer, writer and poet, has lovely adult children, sings for International New Wave Missions Ministries and Warriors of Valor, as well as other types of venues.

First Time Buyers – Tax Credit for Closing Costs

HUD: Tax Credit Can Be Used on Closing Costs

FHA-approved lenders received the go-ahead to develop bridge-loan products that enable first-time buyers to use the benefits of the federal tax credit upfront, according to eagerly awaited guidance from the U.S. Department of Housing and Urban Development on so-called home buyer tax credit loans that was released today.

Under the guidance, FHA-approved lenders can develop bridge loans that home buyers can use to help cover their closing costs, buy down their interest rate, or put down more than the minimum 3.5 percent.

The loans can’t be used to cover the minimum 3.5 percent, senior HUD officials told reporters on a conference call Friday morning.

Thus, buyers applying for FHA-backed financing with an FHA-approved lender that offers a bridge-loan program can get a bridge loan to bring down the upfront costs of buying a home significantly but would still have to come up with the minimum 3.5 percent downpayment.

There remain many sources of assistance for buyers needing help with the 3.5 percent downpayment, including many state and local government instrumentalities and nonprofit lenders.

In addition, some state housing finance agencies have developed their own tax credit bridge loan programs, so buyers in states whose HFAs offer such programs can monetize the tax credit upfront to cover all or part of their downpayment. These programs are separate from what HUD announced today.

The first-time homebuyer tax credit was enacted last year–and improved upon earlier this year–to help encourage households to enter the housing market while interest rates are low and affordability is high. The credit is worth up to $8,000 and is available to households that haven’t owned a home in at least three years. The credit does not have to be repaid, and is fully reimbursable, so households can get their credit returned to them in the form of a payment.

Women and Money

Prudential Financial: Women and Money

My Money Story: Lisa B.

A Dad’s Money Lesson for His Four-Year-Old Daughter

For whatever reason—I call it a dad’s intuition—my husband took it upon himself to begin teaching my daughter about money on her fourth birthday.

He bought her a pink piggy bank, and had her place a crisp one-dollar bill in the slot at the top. He told her that by “saving your pennies” (Lindsey loves to collect things) she could collect enough money to buy something she wanted like that new soccer ball, and perhaps put a portion in the church collection to help those less fortunate. “And if you save for a long, long time, you could one day buy your own car or even help pay for college!” dad exclaimed.

Well Lindsey was ecstatic, both at the sight of her gift and the thought of having some guided authority on what to do with it. (We neglected to tell her she needs to be 17 before she can even think about driving.) “Wow! Thank you, Dad,” she stated with a hug and a kiss. Unknowingly, Lindsey was thanking dad for a whole lot more: her first life lesson on the value of saving and investing for the future.

More Women & Money coming soon!

Cheryl Washington

Your Real Estate Hook-Up
209-513-1169

 

2008 Housing Bill Highlights

2008 Housing Bill

 

The Housing Bill has been signed by the President. There is a tremendous amount of discussion about the new Bill and the possible positive and negative ramification on New Home Sales, Resale’s, Mortgages and Foreclosures. Here are some highlights of the Bill.

 

·         The Bill takes effect October 1^st 2008

·         Tax Credit for 10.00% of the purchase price up to a maximum of $7,500 for First Time Home Buyers (have not owned a home in the last 3 years) to stimulate demand among first time buyers. The tax credit is actually an interest free loan. If you decide to take the tax credit you have to pay it back over a 15 year period in the form of a tax increase of $500 per year.

·         Permanently increase “conforming loan” limits. The bill would permanently increase the cap on the size of mortgages guaranteed by Fannie and Freddie to a maximum of $625,500 from $417,000. The FHA maximum loan limits for certain high-cost areas would also increase to $625,500.

·         This Bill eliminates all seller-funded down payment assistance programs for FHA loans, like Nehemiah. This will certainly eliminate some potential buyers from the market. In Las Vegas this type of program represents as much as 50% of the sales for some of the major home builders, so the loss of this program will surely impact all sales in the Las Vegas market.

·         FHA minimum down payment will be increased from the current 3.00% to 3.50%.

·         FORECLOSURES – This piece is a little tricky but I will try to explain the nuts and bolts of it as I understand them. The bill encourages lenders to forgive some of the debt owed on a mortgage down to 90% of the homes current appraised value on homes purchased between January, 2005 and June, 2007. Example – You purchased a home for $400,000 and put a 5% down payment of $20,000. You got an ARM loan and now the payment has gone up. You currently owe $380,000 and now it is only worth $300,000 based on a current appraisal. Under this law the lender could forgive everything you owe above $270,000, which is 90% of the current $300,000 value. The lender would forgive $110,000 in debt and you could pay off the loan for $270,000. That allows you to find a new lender that will underwrite and approve a new FHA mortgage.                                                                         

·         SO WHAT IS THE CATCH YOU ASK – Lenders won’t sign off on a workout unless they think that they’ll lose less money on that than they would by allowing a home to go through the costly foreclosure process. The FHA Mortgage Insurance Premium on these loans is expected to be a hefty 3.0% upfront and 1.5% annually. Also, if you decide to use this program you will have to share your home-price appreciation with FHA. If you sell the house or refinance the loan in one year or less from the time you refinanced into the FHA loan, FHA gets 100% of the house price appreciation. The FHA’s cut decreases by 10% each year for the next 5 years, but never drops below 50% of the appreciation, no matter how long you own your home. Is it pricey? Yes. Is it better than losing a home? Definitely.

Call or Email for free assistance with buying or selling property!

Cheryl Washington
Your Real Estate Concierge
209-513-1169
Relocatewithcheryl@yahoo.com

House passes housing bill

The House is expected on Wednesday to pass a $300 billion housing rescue bill aimed at helping troubled homeowners avoid foreclosure and supporting mortgage giants Fannie Mae and Freddie Mac.

If the bill is then passed by the Senate and signed by President Bush, who today withdrew his threat to veto the legislation, thousands of at-risk borrowers will be able to refinance their unaffordable old mortgages into new, low-cost fixed-rate loans insured by the Federal Housing Administration.

The Congressional Budget Office estimates that 400,000 borrowers with $68 billion in loans may benefit from the program – but the bill allows for as many as one or two million borrowers to participate in the program.

Here’s what homeowners need to know.

Who’s eligible?

Qualified borrowers must live in their homes and have loans that were issued between January 2005 and June 2007. Additionally, they must spending at least 40% of their gross monthly income on all household debt to be eligible for the program

They can be up-to-date on their existing mortgage or in default, but either way borrowers must prove that they will not be able to keep paying their existing mortgage – and attest that they are not deliberately defaulting just to obtain lower payments.

Before a homeowner can get an FHA-backed mortgage they must first retire any other debt on the home, such as a home equity loan or line of credit. Borrowers are not permitted to take out another home equity loan for at least five years, unless it’s to pay for necessary upkeep on the home.

To get a new home equity loan, borrowers will need approval from the FHA, and total debt cannot exceed 95% of the home’s appraised value at the time.

View Listings Here

Cheryl Washington
Your “Hook-Up” to the best Realtors in the Valley
Mobile: 209-513-1169
relocatewithcheryl@yahoo.com

Buying a Home – Getting Started

Financing Your Home

Most real estate professionals and mortgage lenders recommend pre-qualifying for a loan before selecting a home to purchase. This process will help you:

• Determine the price range you can afford
• Understand the types of loans you qualify for
• Determine what your monthly payment will be
• Estimate the downpayment and closing costs

The Loan Process

Try pre-qualifying for a mortgage with our in-house lender, or let your REALTOR® help you to select a mortgage lender. Once you have made your decision, these are the steps of the process:

• Application – All pertinent documentation is obtained. Fees and down payments are discussed, and the borrower will receive a Good Faith Estimate (GFE) and a Truth-in-lending statement (TIL), itemizing the rates and associated costs for the loan.
• Documentation – If not already completed in the pre-qualification stage, your REALTOR® will order all necessary supporting documentation. Once inspections are completed, your Associate will order an appraisal on the property. As it comes in, documentation is checked for any irregularities.
• Loan Submission – Once all the necessary documentation is in, your completed file is submitted to a lender for approval.
  
• Loan Approval/Underwriting – Loan approval, or underwriting, generally takes 24 to 72 hours. All parties are notified of the approval and any loan conditions that must be received before the loan can close.
  
• Closing – Once all parties have signed the loan documents, they are returned to the lender. If all the forms have been properly executed, the lender sends the loan funds by wire transfer. At this point, the borrower finishes the loan process and actually buys the house.

 

Let me assist you with choosing that “just right Realtor” that will make your property search and lending choice easier.  Let me be your “hook-up” for your real estate needs.

Cheryl Washington
”Your Real Estate Concierge”
Mailto:relocatewithcheryl@yahoo.com
Mobile: 209-513-1169

 

Your Relocation Specialist

My Vision:

To be the most innovative provider of real estate services in the Southern and Central California Valleys. My deep commitment to community, my reputation of integrity and trust, make working with me and Prudential California Realty the real estate company of choice for those seeking the highest quality of resources, support and service.

My Mission:

I believe that my success is a direct result of valuing people over market share. I will continue to grow and in that process will invite those who share my belief of extraordinary service to join us. I celebrate diversity and strive to include all in the process of the American Dream – home ownership.

Whether selling, buying or investing; and even becoming a Sales Professional – Let me be your “hook-up” to the best Sales Professionals in Real Estate.  Need a lender?  I got those too!

Cheryl Washington  “Your Real Estate Concierge”
209-513-1169

Mailto: relocatewithcheryl@yahoo.com