Kathleen Davis

I work a lot with first time home buyers. I provide a number of services from education, meeting with them face to face, going through the process with them thoroughly, listening about their concerns, and just keeping them informed as we go through the process.

My questions is to First Time Home Buyers or those thinking about buying?

• Where do you look for you information about purchasing?
• How do you find your Mortgage Professional?
• What do you look for in your Mortgage and Realtor Professionals?
• Are you interested in First Time Home Buyer classes offered in your local area?
• What information are you not getting and want?
• How do you want that information given to you?

I'm very interested in working with you but really want to know what you need, how you want the information, and how you pick.

Looking foward to hearing from you all.

We all need to have some fun once in awhile. Connect with those in our industry whether Realtor or Affiliate and just relax!

I want to extend an invitation for all of you to come out and join Women's Council of Realtors on June 24th for our Annual Golf Tournament. It's a fantastic time with a day full of golf, food, raffles, and other fun fun things! This is a beautiful golf course and June is a great time to be outside.

• Where: Livermore, CA Poppy Ridge Golf Course www.poppyridgegolf.com
• Date: Wed June 24th
• Price includes: Lunch, Dinner, Green Fees, cart, range balls, scoring, and 5 raffles tickets all for $150 per person

The best part! YOU DON'T EVEN HAVE TO KNOW HOW TO GOLF and you can bring FAMILY ,FRIENDS, CO-WORKERS, WHATEVER! Make it a time for you to re-connect with golf buddies or others in your life.

This is a day of fun to contribute to WCR to help support their education, leadership, and community activities.

Come join the fun!

Download the registration form from the website: http://wcrsac.org/Wcrsac/WCR_Golf.html Look at the sponsorship opportunities to be recognized on a regularly basis by WCR and during the tournament.

Call me with any detail and to get the registration form: Kathleen (925) 474-1129 or kdavis@ccmclending.com

Thank you for your support and I'm looking foward to seeing you all there.

I wanted to share with you a website that California is using to track the $10K tax credit and also how to apply for it. Remember this is for new homes only and is allocated to the first 100K people who apply for it. Currently looks like no one has received the credit but $25.5M people have applied for it. They started accepting applications on March 1^st but they will begin mailing credit notices on May 1^st. The credit is given over 3 years on their state income taxes. http://www.ftb.ca.gov/individuals/New_Home_Credit.shtml

Remind your clients of the Federal $8K tax credit for this year. Even if they already filed their 2008 taxes they can send in a amended return to get the credit. This credit is given all at once not over a period of time and they do not have to pay it back. Here is some information from the IRA on the credit: http://www.irs.gov/newsroom/article/0,,id=204671,00.html

The $7500 tax credit from last year is paid back after 2 years over a 15 year period. Here is the IRS information site for the 2008 $7500 tax credit and the needed form 5405: http://www.irs.gov/newsroom/article/0,,id=187935,00.html

Other Reasons why to Buy now!

FHA: only 3.5% down up to purchase price of $729,950

VA: 0% up to $417K with no mortgage insurance

Payment for a home probably less than payment on Renting. Owning gives you tax benefits too!

Home prices lowest since early 2000's

2^nd homes are great right now! Rates are just as low as primary residence rates AND low low prices

Lowest Rates now don't wait for the inflation to hit!: This cannot hold forever. With the Trillions of dollars being put into the economy by the government inflation will have to introduce itself and that will mean increased interest rates. Rates are being artificial pushed down right now but that will all come to end at some point.

See Rates are going down and the lowest since 1994 and you can go back even further to see they are the lowest since 1975...

Jan 09: 5.05

Feb 09: 5.1

Mar 09: 5.07

Apr 09 so far avg: 4.85

Carefully floating today.... Bonds ticketed down the last few days so slight increase in rates but we are seeing them ticket slightly up so far today.

Few updates today!

•1) IRS released on March 18^th that First Time Home Buyers that want to take advantage of the $8K tax credit for purchases in 2009 but have already filed or will not close before the April 15^th tax deadline have options:

•a. File amended 2008 tax return if already filed

•b. Get an extension which is good for 6mns than file

•c. File now amend later

•d. Claim the tax in 2009

Here is the IRS release http://www.irs.gov/newsroom/article/0,,id=205416,00.html I have a full flyer on this credit so contact me if interested.

•2) We are all aware of the State Budget and how it is affecting our local schools. Many of you go to the various marketing meetings where you have heard the School Superintendents talk about the budgets cuts they will have to make and the probability of a parcel tax to be instituted.

We have stepped up to help! Cherry Creek Mortgage 2009 School Support Program. For every loan Cherry Creek closes in 2009 we will donate $200 in the name of the borrower to the school, either public or private, of the borrower's choice. The money can be designated to go to a specific class, sport, or other activity or just to the school as a whole. We are very excited about this because Cherry Creek knows how important our schools are.

•3) City closing cost assistance programs. There are a lot of City/County assistances out there for buyers to help pay for closing costs. Here is just one.

City of Dublin made a presentation yesterday at the Housing Opportunities Counsel Meeting yesterday at Bay East. Here are just some highlights of the program:

•1) First Time Home Buyers for a primary residence

•2) Income limits are set at 120% of the Area Median Income

•3) Eligible for up to 10% of the sales price

•4) Funds can only be used for closing cost but can be used to buy down the rate

•5) Buyer must have 3% of their own funds going into the down payment

•6) Max sales price is $632,500

•7) Must be a home in Dublin

The terms are a 30 year fixed deferred loan payable upon sale of the property or possibly due at a refinance (case by case).

Current interest rate is 3.5% which accrues over the life of the loan.

At time of sale Dublin will either get the amount given plus the accrued interest or 10% of any appreciation whichever is great.

Now I know the Equity Sharing is a bit of a stickler and is being re-visited by Dublin. However the program is still very viable in that they can get up to 10% of the purchase price to help them buy a home.

Equity will be slow growing for awhile.

Dublin has $300K available right now to this program.

If they don't use it by June of this year they lose it. $500K was allocated to the program for this year I think we would all like to see programs like this stay around so keep it in mind.

There isn't much happening per say in the market with respect to interest rates. We are still in a carefully floating mode.

There is a lot of talk about AIG, the Fed purchasing another $700B in mortgage back securities, US home prices rose 1.7% in January (1^st monthly increase in a year), existing home sales came in stronger than expected at 4.72M versus the 4.45M estimated, and we have the Mark to Market vote on April 2nd. This vote on how this Mark to Market reporting could have a huge impact on the markets. I will keep you posted.

I have attached an article that was in the Wall Street Journal on Thursday on why Mortgages of 5% maybe near the bottom. This would be a good article that talks to why interest rates will be at 5% for awhile.

http://online.wsj.com/article/SB123750531250489895.html Under 5% Mortgages May Be Near The Bottom

Have a great day.