Focus On Davis, CA Real Estate » Mortgage Info

Down Payment Grant Money Available!

Carmen Isais — Wed, 02 Feb 2011 20:37:23 +0000

CHF Grant Program - Download the Flyer Here!

Having blogged now for years on this site, steady readers will know it is not often I mention loan programs. One reason for that is that with so much changing in the loan market, I consider it best to meet and confer with a loan profesional, as it is thier job to keep up to date.

I am making the exception to my rule, however, because I am very excited about a downpayment assitance program available, and I want my clients and future clients to know about it.

My friend and business partner, Debbi Kunesh with Vitek Mortgage is pleased to offer the California Housing Finance (CHF) Platinum Program for low to moderate income individuals and families.

Important things to note:

The grant money does not require any repayment
Proceeds may be used for downpayment, closing costs and prepaids
No second lein (because again, this money does not need to be paid back)

CHF Grant Program - Download the Flyer Here!

To learn more about the CHF grant for home buyers call me, Carmen Isais, at 530.601.1003 or Debbi Kunesh at 916.761.1156 and let her know you read about free money on FocusOnDavis.com.

Carmen Isais

Professional negotiator and Real Estate Mediator. Have Questions? Let's Talk. (530) 601-1003

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Take Control of Your Credit with the Credit Fairy

Carmen Isais — Wed, 04 Feb 2009 22:05:12 +0000

If you are actively looking to buy a home in the city of Davis, we’ve probably met. I’m out there, holding Open Homes almost every weekend and I get to meet a lot of great people, including First Time Home Buyers.

Many of the first time homebuyers I speak with are still unaware of how important your credit score plays in the loan and home buying process. Some comments I hear are that credit is not important if you bring home a big paycheck, credit is less important than earning potential, or that certainly their credit is good because they have so much of it. All of these statements, are flat out wrong.

The best thing I can do as a Realtor (read: I am not a credit and loan specialist), is set the record straight where I can, and send them to trusted Mortage and Loan experts.

I also like to share good resources when I find them…

The Ad Council in cooperation with the Civil Rights Education Fund and others have put together a no-nonsense website explaining how credit works, how to damage it, and how to fix your credit too. It has a clever little name too, Credit Fairy.org. Take a look and send me feedback. But, if you have a specific question, feel free to ASK ME, Carmen Isais. I have answers or know how to get them.

Carmen Isais

Professional negotiator and Real Estate Mediator. Have Questions? Let's Talk. (530) 601-1003

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Mortgage Calculator

Carmen Isais — Tue, 27 Jan 2009 06:01:30 +0000

Carmen Isais

Professional negotiator and Real Estate Mediator. Have Questions? Let's Talk. (530) 601-1003

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Considering Foreclosure? Read This First.

Carmen Isais — Sat, 08 Nov 2008 23:19:27 +0000

Written by Carmen Isais

More and more lately the calls I am receiving from would be and past clients has to do with Foreclosure. Anyone who knows me knows that I make an effort to be positive. That being said, more people than I might care to admit are living on the edge of financial chaos. For some of these individuals, property ownership has become a financial burden and they call me with the same question. “What are the alternatives to foreclosure?”

While each case is different, here are my first two usual answers:

Contact the Lender

Before you walk away from your property, have a short sale or decided to return the deed to the bank in lieu of foreclosure, contact the holder of the note (the bank) to see what can be done that is in the best interest of all concerned.

In this market the lenders are more receptive to working out a new payment plan then to have another property on their books. Moreover, what looks good to you in the short term may appear differently when the market does come around and you were wishing you still had that property to sell.

Consider a Short Sale

If you are current on your mortgage and can remain so while your home sells, consider the short sale of your property before jumping ahead to foreclosure or deed-in-lieu of foreclosure.

Why?

Simply put, it makes more financial sense for YOU. Period.

Under the Fannie Mae Announcement 08-16 (released 06/26/2008), short sales or those engaging in pre-foreclosure sales will be cleared to borrow on another home via Fannie Mae in just two years from completion date of the short sale.

This may be painful, but two years is far preferable to the alternative of 5 to 7 years if the home goes to foreclosure and 4 to 7 years if one opts for deed-in-lieu of foreclosure.

One Important Note:

If you are wondering how an Short Sale will effect your credit score as opposed to how a foreclosure will effect it, know that all these alternatives ( foreclosure, short sales, and deeds-in-lieu of foreclosure) are all “not paid as agreed” accounts, and considered the same by your FICO® score. This is not to say that these may not be better options for you from a financial perspective, just that they will be considered no better or worse for your FICO score.

Contact a Realtor…

… to help you through the process.
… to answer your questions.
… to talk to the bank on your behalf.
… to market and sell your home, NOW, before foreclosure is your only option.

In most cases of foreclosure I have personally seen, one common denominator has been a lack of resources. That is, the homeowners I know who have gone straight into foreclosure were simply not away of what alternatives where available to them. But, you are reading this article, so you don’t have the luxury of claiming ignorance.

Seriously…

These are all painful choices, I know. And it is easy to avoid facing and dealing with an overwhelming situation. But, reaching out immediately can save you years of struggling and financial moratorium. If you or someone you know is facing the possibility of foreclosure, call me today at 530.601.1003 or otherwise contact me, Carmen Isais, I can help.

Carmen Isais

Professional negotiator and Real Estate Mediator. Have Questions? Let's Talk. (530) 601-1003

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Five Ways to Grow Your Credit Score

Carmen Isais — Sun, 30 Mar 2008 01:09:34 +0000

Written by Carmen Isais

“It is a buyer’s market out there.” How many times have you heard that statement over the last several months? While, yes, it is true, that the recent market decline ion home prices has made property ownership a tangible reality for many people who were at one time priced out of the housing market, also true it that the same catalyst that has created the housing market decline is what is now over correcting and keeping so many new buyers out.

To put it simply, money is hard to come by. The good news is HOMES ARE SELLING. The American Dream is still for sale… to qualified buyers. Let’s get you qualifying with some of these tips.

Pay down you credit cards: How much? According to my Mortgage Broker friends, paying down you cards by slightly more than 50%, and keeping the balances under this amount can add up too 100 points to your score.
Avoid “same as cash” offers: Offered many times as furniture stores and electronic depots, these type credit lines are considered higher risk than conventional credit cards will will effect your credit rating accordingly. Does this that mean you should never take advantage of these, sometimes, very good offers? No, just know how it works, and perhaps wait until after the close of escrow to open this type account.
Pay your bills on time: Seems like a no brainer, but you’d be surprised. If you’re the well meaning but disorganized type, ask you bank about automatic bill payments that go out electronically. This can save you time, hassle, and your credit score.
Pay off debt, don’t just move it: I know that saying yes to that Zero percent interest rate seems like a good idea, but unless you are going to close out the first card (but wait, now you’ve just closed part of your credit history!), this could come back to bite you. Why? Having too much available credit on multiple cards is more likely to lower your score than having the same amount of debt from fewer companies.
Keep your cards open: Don’t close unused cards, and in fact, use then every once in a while for small purchases that you pay off at the en of the month. This will help retain and build a longer credit history.

For more help or ideas on reaching your real estate goals and how improving your credit can get you there… call me, Carmen, who can get you connected to just the right person. I’m here to help. 530.601.1003 .

Carmen Isais

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Conforming Jumbo Rates, Something to Think About

Carmen Isais — Fri, 14 Mar 2008 03:56:03 +0000

Posted by Carmen Isais
Written by Steve Goldstein

First Northern is a direct Freddie lender meaning we have a direct channel for information on the new Conforming Jumbo programs – in fact we have multiple channels due to our correspondent relationships with other Freddie and Fannie lenders. Some brokers may not have full access to rates and pricing yet, but here at FNB we’re ready to do business with you. Now.
Following are today’s rates for 30yr fixed rates loans:

Owner-occupied: 6.875%, to 85% LTV with PMI + 700 fico, to 70% with 660 fico.
Investment: 7.375%, to 55% LTV with 660 fico.
(APR varies. 5yr, 15yr and interest-only terms also available.)

Remember, with a loan at the new Conforming Jumbo limit: 20% down payment + $580,000 loan = $725,000 purchase price.

Spring is here, let’s get the party started.

Steve Goldstein

Licensed Mortgage Specialist
530-297-3909
First Northern Bank — Real Estate Lending Department
624 2nd Street (next to the historic Varsity Theater)
Davis, CA 95616

Carmen Isais

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