A new loan program was brought to my attention today. A loan program with NO MONEY DOWN and NO PMI!
USDA Rural Development may be able to help some of today's buyers. USDA Rural Development has partnered with local lenders to help them extend 100%+ financing opportunities to rural individuals and families
Here is a list of Program Benefits : 
Here are the eligibility requirements as show on the USDA Rural Development website:
Occupy the property as your primary residence.
Do not own an adequate home.
Do not have sufficient cash for a 20% down payment plus pay typical loan closing and relocation expenses.
Be a U.S. citizen, a U.S. non-citizen national or a "qualified alien".
Provide stable and dependable income for repayment ability.
Have a credit history that indicates a willingness to meet obligations as they become due.
Have an adjusted household income that is within Rural Development guidelines based on the number of persons who will occupy the home.
To determine if the property is located in an area eligible for the USDA Rural Development loan program, go to http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do. Make sure to use the link "Single Family Housing" under "Property Eligibility".
For more information on this loan program, please feel free to contact Beth Gewerth with Mason McDuffie Mortgage. You can reach Beth at (916) 730-2499.
The Mode & DurhaM Team in Elk Grove, CA
So far one of our local athletes is coming home with Gold! 
Not since 1932 has the National Anthem been played for women's discus. 6 foot, 4 inch at the Summer Olympics. Stephanie Brown Trafton of Galt, CA, threw the night's best at 212 feet, 5 inches. It was her first throw of the night and held up as the best.
Stephanie trains on her own at Sacramento City College and works 20 hours a week in information technology services for an environmental consulting firm. Her Olympic hero is Mary Lou Renton, "I had a Mary Lou Retton leotard that I wore all the time, and I grew out of it quite quickly," she said.
And now, Stephanie Brown Trafton has been named USATF's Athlete of the Week after winning the gold medal in the women's discus throw at the 2008
I am sure that Stephanie's hometown of Galt, CA is very proud of her!
Lori mode, The Mode & DurhaM Team in Elk Grove, CA
I have been really enjoying the Summer Olympics this year. My favorite sports at the Summer Olympics are swimming, gymnastics, track and field and soccer. I have found it interesting that we have several area athletes at the 2008 Summer Olympics in Bejing and thought you might find it interesting also. Thank you to The Sacramento Bee and Channel 3 for keeping up with these athletes!
A few of these athletes are writing their own blogs from Bejing and I have included links below to those blogs. I have also tried to include links to other information about each of the athletes. Hope you enjoy this!
Stephanie Brown Trafton - track and field - 
Stephanie is an Olympic discus thrower from Galt, CA
Career highlights: Runner-up, 2004 U.S. Olympic Trials; 2004 Olympian; Third place, 2008 U.S. Olympic Trials; 2008 Prefontaine Classic champion.
James is an Olympic fencer from Rio Americana High School
Career highlights: Bronze medalist, Junior Olympics, 2001; Finalist, Louisville Junior World Cup, 2002; Finalist, Logrono, Spain Junior World Cup, 2003; Silver medalist, Pan American Games, 2007; Finalist, Moscow Grand Prix, 2008.
Derek Miles - track and field -
Derek is an Olympic pole vaulter from Bella Vista High School 
Career highlights: 2008 U.S. Olympic Trials champion; finished third in 2004 U.S. Olympic Trials and seventh in 2004 Olympic Games in Athens; 2003 U.S. Indoor Champion.
You can see Derek at the Olympics - Aug. 20, 5:40 a.m.; Aug 22, 4:55 a.m. PDT
Dmitry is a Folsom resident and is active with the Sacramento Capitals
Career highlights: Currently the 30th-ranked male player in the world; reached doubles semifinals of the French Open, 2008; has won four singles and two doubles titles; reached fourth round of Wimbledon in 2005 and 2006; helped Russia win Davis Cup in 2006.
Amy is an Olympic high jumper from Isleton, CA 
Career Highlights: She has finished ranked #1 in the U.S. three times, and been ranked no lower than 3rd in the nation for each of the last ten years. Amy has been ranked in the yearly top 10 in the world on five occasions. Her honors include two Olympic games, in Atlanta 1996 and Sydney 2000.
Jill Camarena - track and field
Jill is a Olympic shot putter from Woodland High School
Career highlights: Third in 2004 and 2008 U.S. Olympic Trials; 2008 Olympian; U.S. Outdoor champion, 2006; U.S. Indoor champion, 2005, 2006 and 2007; NCAA Outdoor runnerup, 2004.
Kara Lawson - Women's basketball 
Kara is a member of the Olympic women's basketball team and a point guard for the Sacramento Monarchs. Kara also is a television sports analyst for ESPN and The Sacramento Kings.
Stephanie Cox - Women's soccer
Stephanie is a defensive player on the US Women's National Soccer Team and played at one time for Elk Grove United Soccer Club
Career highlights: The captain of the U.S. squad at the 2006 FIFA U-20 Women's World Championship in Russia ... Had 34 international caps for the U.S. U-19s/U-20s ... At 21 years old, she was the youngest member and only player with college eligibility on the 2007 Women's World Cup Team
Here are a couple of other local athletes that are competing in the 2008 Summer Olympics:
Casey Weathers - born in Elk Grove - U. S. Baseball team - pitcher
Mary Whipple - born in Sacramento, lives in Orangevale - U. S. Rowing team
Chloe Sutton - resides in Roseville - Swimming - 10K
For a complete list of Olympic athletes by sport, go to - http://teamusa.org/athlete/usoc_athletes
Hope you are enjoying the Summer Olympics as much as I am. And make sure to pay special attention to your local athletes!
The Mode & DurhaM Team in Elk Grove, CA
Here's the latest Statistical Summary for the Elk Grove, CA Real Estate market, based on data pulled this evening from California Metrolist
Active Listings:
There are currently 1117 single family homes for sale in the Elk Grove area - this includes 95624, 95757 and 95758 zip code areas)
Price Range - $108,900 to $5,950,000
2 bedroom, 1 bathroo.m, 858 square feet - 7 bedroom, 7 bathroom, 10,360 square feet
Average - 4 bedroom, 3 bathroom, 2271 square feet.
Average asking price - $358,795
Median asking price - $295,000
Average days on the market - 86 days
Of these 1117 single family homes for sale, 233 of them are REO's or Bank Owned Homes and 629 are Short Sale listings (REO active listings are lower than month while short sale listings have increased from last month)
Pending Sales:
There are currently 645 pending sales in the Elk Grove area.
Price Range - $118,900 to $2,395,000
2 bedroom, 1 bathroom, 957 square feet - 9 bedroom, 7 bathroom, 5,034 square feet
Average - 4 bedroom, 2.70 bathroom, 2,170 square feet
Average asking price - $283,804
Median asking price - $269,900
Of these 645 pending sales in the Elk Grove area, 441 of them are REO's or Bank Owned Homes.
Sold Listings - June 1, 2008 through June 30, 2008
There were 246 single family homes sold and closed from 6/1/08 - 6/30/08 in the Elk Grove zip code areas.
Price Range - $168,000 to $700,000
2 bedroom, 2 bathroom, 974 square feet - 6 bedroom, 5 bathroom, 4,108 square feet
Average - 4 bedroom, 2.63 bathrooms, 2,122 square feet
Average Sales Price - $290,425
Median Sales Price - $270,000
Average Days on Market - 46 Days
Average List Price to Selling Price Ratio - Home sellers got an average of 98.82% of asking price for their Elk Grove area single family home.
Of the 246 single family homes that closed escrow in June 2008, 179 of them were REO's or Bank Owned homes.
Search all homes for Sale in the Elk Grove area here
The last couple of months in Elk Grove have been interesting....the market has been changing again! Is it improving? Have we hit the bottom? What in the world is actually going on?
While we still have a whole supply of REO properties to hit the market in the Elk Grove area (zip codes - 95624, 95757 and 95758), there certainly has been another shift in the market. Homes are selling quickly with multiple offers and for over list price in some instances. Take for example a home we had listed...
8642 Adamston Way, Elk Grove 95624 4 bedroom, 3 bathroom, 3668 square feet...This was a Countrywide REO, and was listed for $383,900 which was approximately $111.00 a square foot! Within 1 day of going on the market we had multiple offers and it ended up selling for $410,000! It closed escrow on May 8, 2008.
Maybe the graph below will help you to understand the shift a little.,,,take a look at the curve. We have very quickly started an uphill climb as far as CLOSED sales!
Now, this does not mean that our prices are going up...What it means is that the banks are now pricing their REO listings at prices that are causing them to sell very quickly! Our prices have come way down...take a look at the statistics below on the 95624 zip code area, comparing the same 3 month period for the past 3 years.
Here is February 15, 2006 through May 17, 2006
And February 5, 2007 through May 17, 2007
And now today, February 17, 2008 through May 17, 2008
Notice how the average prices have been declining but now are SOLDS are increasing while the days on the market has also declined since 2007!
What does this all mean to you? If you are a buyer, NOW IS A GREAT TIME TO BUY! Prices haven't been this affordable for years and interest rates are great! As a buyer, you need to make sure your Real Estate agent is staying up on the market, watches the statistics, and knows the values in the neighborhoods you are interested in. You should be on an automatic email system where you get emails daily of new listings that match your criteria...that way you will know about these great deals as so as they come on the market.
To get on our automatic email update system, email us at Lori@ModeandDurhaM.com.
To get a FREE list of REO properties, go to www.AllElkGroveHomes.com.
For more information on how to purchase REO properties, Tips on Buying REO properties...Part 1, Tips on Buying REO properties...Part 2 and Tips on Buying REO properties...Part 3
The Mode & DurhaM Team in Elk Grove, CA
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The team of Lori Mode & Bruce Durham, Is A Full Service Real Estate Team Serving Buyers & Sellers in Sacramento County. Specialties Include Resale, REOs, 1st Time buyers & Investor Buyers and Sellers.
Lori Mode and Bruce Durham of Keller Williams offer unsurpassed service to buyers and sellers of real estate in the greater Sacramento area. Lori and Bruce have a combined 45 years of experience in the real estate industry and their team is both experienced and energetic in helping buyers and sellers with new and resale residential single family and investment properties.
Meet Our Team -
Lori is a native of Sacramento, CA and has lived and worked in the Elk Grove area for over 30 years. Prior to real estate she worked as Branch Manager/Escrow Officer for area title companies for 20 years. She is a life time member of the Sacramento Association of Realtors Master's Club, serves on her Market Center's Agent Leadership Council and is Chairperson of the MC's Technology Committee. Lori is an active community member including serving as a Board Member on both the Elk Grove Piranha's Swim Team and the Elk Grove United Soccer Club and participaing in several other community organizations.
Bruce started in the real estate industry as General Manager for a property management company. This position steered him toward obtaining his real estate license and when the company was sold, on the advise of a friend, moved to Sacramento. Locally, he has worked for Great Western Real Estate in the early 1980's, then Coldwell Banker for over 12 years and currently Bruce is with Keller Williams Realty. Bruce is also a member of Sacramento Association of Realtor's Master's Club and has previously served on Keller Williams Realty's Agent Leadership Council.
Lori and Bruce have been business partners for 13 years in the Sacramento real estate industry.
Susan Easter, Accredited Buyer's Representative
Susan has been a resident of Elk Grove for over 18 years. Prior to choosing a career in real estate at Keller Williams, Susan was in retain management and merchandising for both Macy's and Gap, Inc. Susan obtained her designation as Accredited Buyer's Representative in December 2005 and has been with Keller Williams since the opening of their Elk Grove Market Center.
To search the entire MLS for not only Sacramento County, but also surrounding counties of El Dorado, Placer and Yolo Counties. Please browse through our website for area information, school information, area market statistics, and more! There you can also receive a free online valuation of your home or sign up for free emailed MLS alerts and very timely market condition reports. Make sure to visit often for updated information.
As an Elk Grove real estate team, we focus on residential resale, including homes for first time home buyers, move up buyers and investors. We work with both buyers and sellers on single family homes, condominiums and investment properties including duplexes, triplexes and fourplexes.
Buyers and Sellers need lots of information, whether buying or selling a personal home or investing in real estate. A big part of our job as a real estate professional is to make sure they get what they need so intelligent informed decisions can be made. We provide a variety of information through our website at www.AllElkGroveHomes.com, through our Market Analysis, our Free Reports for buyers and sellers, our market updates, and area statistics. We have weathered the ups and downs of the real estate market in the Sacramento area for over 20 years and know how to consult with our clients to get them what they want in the time they want. 
I was referred to Lori and was instantly impressed by her knowledge and experience in the real estate field. Lori was the best Realtor EVER! She was very knowledgable of the neighborhoods I was interested in. She was helpful, friendly, etc. etc. THANK YOU!
Kirsten Bosch, 4248 U Street, Sacramento, CA 95817
Lori and Bruce made the selling of our home on Lakepoint Drive in Elk Grove a painless transition. We were not looking forward to a long and tedious selling process and we were amazed at how quickly and efficiently the home SOLD. Their expertise and marketing techniques were very effective and we are very satisfied that we selected them to represent us! Thanks again for a job well done!
Jim & Cathy Eckman, 6711 Arboga Way, Sacramento, CA 95831
Our Realtors, Lori Mode & Bruce Durham, were extremely helpful in helping us buy our first home. We will be working through them again when buying our second home!
Ryan & Christine Goodwin, 9387 Soaring Oaks Way, Elk Grove, CA 95758
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
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James Williams - fencing
Dmitry Tursunov, tennis