Brian Ripp

First-time home buyers wanting to take advantage of the state's $10,000 tax credit may have less time than originally expected. California set aside $100 million to help home buyers purchase newly built homes, hoping to jump start the residential-construction market. According to state officials, the tactic has worked well and is helping to get home buyers into the market. However, there only is approximately 20 percent of the program's funding remaining.

California is imposing a 90-day moratorium on housing foreclosures under a new law that takes effect Monday, June 15th.

The law is expected to make lenders try harder to keep borrowers in their homes.

Loan companies must prove they tried to modify the delinquent loans before they can begin foreclosing.

But supporters acknowledge the California Foreclosure Prevention Act won't stop thousands of foreclosures from eventually happening.

There have been more than 365,000 foreclosures in California since early 2007.

Brian Ripp, CRS, GRI, Broker - your Bay Area Realtor

www.BrianRipp.com serving Fremont, Newark, Union City & surrounding communities. Real Estate & Property Management.

Real Estate Market Weekly Update Webcast: http://realtytimes.com/REUv/BrianRipp

If you are purchasing a home, obtaining a loan is a big part of the process. Before you choose a mortgage lender, you may want to talk to a few lending institutions and ask them some questions. Then use the information you gather as a basis for comparing loans and choosing the one that's right for you. Here are some questions to consider:

What documents will I need to provide? You will need to provide proof of income and assets, but the amount of necessary paperwork will vary somewhat from lender to lender.

How much time will it take to process my mortgage loan application? It typically takes between 30-90 days, however, the actual time will be determined by how soon the lender can receive an appraisal of the property, verify your information, and obtain a credit report.

What is the lowest acceptable down payment? The amount of the down payment will determine whether you need private mortgage insurance (PMI) and will be a factor in the interest rate and loan terms you can receive.

What is the annual percentage rate? Keep in mind that after the lender's fees are added, the rate may be higher than what you were initially quoted. Ask if you can lock in the rate for a specific time period.

Getting a mortgage is just one step on the road to becoming a homeowner, but with a qualified real estate professional on your side, you'll achieve your dreams in no time.

Brian Ripp, CRS, GRI, Broker - your Bay Area Realtor

www.BrianRipp.com serving Fremont, Newark, Union City & surrounding communities. Real Estate & Property Management.

Real Estate Market Weekly Update Webcast: http://realtytimes.com/REUv/BrianRipp

Before closing escrow on your new home, it may be wise to walk through the house for a final look. This gives you the chance to make sure that everything is still as it was when you agreed to buy the home. Usually this walk-through is an informal procedure and not a contingency of your contract.

The walk-through is your chance to check that the sellers completed all the repairs as promised. It also gives you a chance to get important information about the house from the sellers. This might include something as detailed as how to program the automatic sprinklers or something as simple as what time the mail is typically delivered. This may be the last time the sellers are available to you, so it is your chance to make sure you are comfortable with all the mechanics within the home.

Even though a final walk-through is optional for you, take advantage of it because it's a great opportunity to get first-hand details of the house. Additionally, if there is a problem with the property, you and the seller can discuss it and figure out how it will be remedied before sitting down at the closing table.

Brian Ripp, CRS, GRI, Broker - your Bay Area Realtor

www.BrianRipp.com serving Fremont, Newark, Union City & surrounding communities. Real Estate & Property Management.

The surrounding neighborhood is just as important because it can have a big impact on your lifestyle -- safety, available amenities, and convenience all play their part, according to the National Association of Realtors (NAR).

NAR also says you can keep your home value stable if you find the right neighborhood.

And you can find the right neighborhood by getting information direct from the best sources -- rather than from second hand and often incomplete data bases professing to offer you one stop shopping for all your neighborhood checking needs.

* Make a list of the activities -- movies, health clubs, churches -- you engage in regularly and stores you visit frequently. See how far you would have to travel from each neighborhood you're considering to engage in your most common activities.

* Check out the school district. The education department in your town can provide information on test scores, class size, percentage of students who attend college, and special enrichment programs. Even if you don't have children, a house in a good school district will be easier to sell in the future.

* Check crime. Ask the police department for neighborhood crime statistics -- not only the level of crime, but also the type -- burglaries, armed robberies -- any trends of increasing or decreasing crime and the location of crime.

* Look for economic stability. Your local city or county economic development office can tell you if income and property values in a neighborhood are stable, rising or falling, the percentage of homes to apartments. Apartments don't necessarily diminish value, but they can indicate transient populations. Check for vacant businesses or homes.

* Consider resale value. A local real estate agent or trade association can give you information about price trends, inventories, selling times and other information that can indicate how well your home's value will hold up.

* Hit the streets. Narrow your focus to several neighborhoods and do a "walk-through" of each. Pick a warm day when people are out and available for chatting. Look for tidy, well maintained homes, quiet streets and other indicators of neighborhood stability.

Brian Ripp, CRS, GRI, Broker - your Bay Area Realtor

www.BrianRipp.com serving Fremont, Newark, Union City & surrounding communities. Real Estate & Property Management.