Get the Picture? The credit crunch has made for stricter underwriting standards which in turn has caused a lack of available funds for buyers. The good news is that the statewide median price of a single family home in September 2008 has declined to $316,480.
Qualified buyers today must keep in mind that the stricter lending standards will probably translate into more documentation to produce and longer escrows. But in the end the goal of home ownership can be realized. Just be patient and dig in for the ride.
Keisha Hosea is a local Market Expert and Realtor in Chino Hills, California with Keller Williams Realty, She is the Team Director and CEO of KASI Homes. She has been a local resident for over 22 years and enjoys volunteering with the City of Chino Hills in her spare time. You may call her direct at (909) 261-6377 for further questions on this information or any other real estate advice.
The days where a homeowner needs to be two to three months behind on a mortgage payment before the lender will engage in a workout option are slowly coming to an end. Fannie Mae is revising its approach to loans. Servicers of the company's loans will be required to inform borrowers that if they are "reasonably" certain that changes in their income will cause them to miss mortgage payments, they might qualify for an advance loan modification -- before they fall behind. This could prove to have an extremely positive impact on keeping homeowners in their homes.
Should a borrower qualify, a trial period of reduced payments, usually for four months. If they make payments on time during the trial, the modified mortgage terms could be made permanent. Each case will be reviewed individually and servicers will examine income, credit reports and other documentation to ensure that borrowers weren't faking income shortages just to get a lower payment.
Keisha Hosea is a local Market Expert and Realtor in Chino Hills, California with Keller Williams Realty, She is the Team Director and CEO of KASI Homes. She has been a local resident for over 22 years and enjoys volunteering with the City of Chino Hills in her spare time. You may call her direct at (909) 261-6377 for further questions on this information or any other real estate advice.
On December 15, 2008, Brian Faith, Managing Director at Fannie Mae issued a statement regarding their new policy regarding tenants residing in foreclosed properties. The new policy will allow tenants in Fannie Mae-owned foreclosed properties to stay in their homes if they can make their rental payments. For tenants who would prefer not to enter into a lease, we will continue to offer monetary support for the transition to a new residence as an alternative option. As a result, it is estimated that between 7,000-10,000 families have been able to stay in their homes as a result of the foreclosure and tenant eviction suspension. The aim is to keep as many people as possible in their homes; including tenants.
Keisha Hosea is a local Market Expert and Realtor in Chino Hills, California with Keller Williams Realty, She is the Team Director and CEO of KASI Homes. She has been a local resident for over 22 years and enjoys volunteering with the City of Chino Hills in her spare time. You may call her direct at (909) 261-6377 for further questions on this information or any other real estate advice.
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As a full-time Realtor it is my joy to help home sellers and home buyers throughout Chino Hills, Diamond Bar and the Inland Empire in Southern California achieve their Real Estate goals.
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