Sacramento Housing and Redevelopment Agency has funds available now for Sacramento County First Time Homebuyers!
The Mortgage Credit Certification Program is being offered by Sacramento Housing and Redevlopment Agency to help home buyers purchase homes in areas within the cities of Sacramento, Elk Grove, Folsom, Isleton, Galt, Citrus Heights, Rancho Cordova and the Cunty of Sacramento. This program reduces the amount of the Federal income tax you pay, thus giving you more available income to qualify for a mortgage and to make your monthly mortgage payments.
To be eligible for this program, you must be a firt-time home buyer, meaning you cannot have had an ownership in a principal residence at any time in the past 3 years. You must also occupy the home and not exceed the Income and Purchase Price Limitations. The maximum purchase price for non-targeted areas is $453,293 and for targeted areas it is $554,025. Your maximum annual gross income for this program for non-targeted areas for a 1 or 2 person household it is $72,800 and for 3 or more, it is $83,720. For targeted areas, your maximum annual gross income is $87,360 for 1 or 2 person households and $101,920 for 3 or more person households.
With this Certificate Program, you will receive a tax credit for 20 percent of the annual interest you pay on the mortgage loan. The amount of the credit will not be more than your annual federal income tax liability after all other credits and deductions have been taken into account. Your ability to take full advantage of the tax credit will depend on your individual tax liability.
Sacramento Housing and Redevlopment Agency also is offering a Credit Certificate Program for real estate owned (REO) homes in areas within the cities of Sacramento, Elk Grove, Folsom, Isleton, Galt, Citrus Heights, Rancho Cordova and the County of Sacramento.
You may obtain a mortgage credit certificate by contacting Beth Gewerth of Mason-McDuffie Mortgage at (916) 730-2499 or send email to bgewerth@mmcdcorp.com. For more information regarding other first-time home buyer programs, make sure to give Beth a call!
First-time home buyers, NOW is the time to buy. With historically low interest rates, very affordable home prices, federal tax credit of $8,000 and now funds available from SHRA once again, you cannot afford to wait.
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The Mode & DurhaM Team in Elk Grove, CA
Elk Grove, CA March 2009 Market Statistics (edit/delete)
It seems as though the Spring Market hit early this year! 
With incredible interest rates, very affordable prices and the the tax credits available, buyers are out there!
Here's the latest Statistical Summary for the Elk Grove, CA Real Estate market, based on data pulled this morning, March 31st 2009 from California Metrolist
Active Listings:
There are currently 916 single family homes for sale in the Elk Grove area - this includes 95624, 95757 and 95758 zip code areas) . This active listing count is down by approximately 30% from 1 year ago.
Price Range - $104,000 to $5,950,000
2 bedroom, 1 bathroo.m, 917 square feet - 7 bedroom, 7 bathroom, 10,350 square feet
Average - 4 bedroom, 3 bathroom, 2277 square feet with an average price of $289,155.
Average days on the market - 57 days! This is down by almost 30 days from just 2 months ago!
Of these 916 single family homes for sale, 152 of them are REO's or Bank Owned Homes . This number has dropped by almost 50% from this time last year. 615 are Short Sale listings - this number is up by 10% over this time last year.
Pending Sales:
There are currently 512 pending sales in the Elk Grove area.
Price Range - $59,900 to $655,000
2 bedroom, 1 bathroom, 832 square fee - 6 bedroom, 5 bathroom, 5,400 square feet
Average - 4 bedroom, 3 bathroom, 2,225 square feet
Average asking price - $251,409 and Median asking price - $239,000 with the average days on the market of these pending sales being 56 days.
Of these 512 pending sales in the Elk Grove area, 287 of them are REO's or Bank Owned Homes.
Sold Listings - March 1, 2009 through March 30, 2009 
There were 190 single family homes sold and closed from 3/1/09 through 3/30/09 in the Elk Grove zip code areas.
Price Range - $98,100 to $531,000
2 bedroom, 1 bathroom, 858 square feet - 7 bedroom, 5 bathroom, 4529 square feet
Average - 4 bedroom, 3 bathrooms, 2,198 square feet
Average Sales Price - $248,903
Median Sales Price - $239,950
Average Days on Market - 25 days
Average List Price to Selling Price Ratio - Home sellers got an average of 101.05% of asking price for their Elk Grove area single family home.
Of the 190 single family homes that closed escrow in December, 2008, 143 of them were REO's or Bank Owned homes.
For more information on market statistics or prices in the Elk Grove area, contact The Mode & DurhaM Team at (916) 405-5765 or Lori@ModeandDurhaM.com.
To check the value of your home, go to www.AllElkGroveHomes.com.
Search all Sacramento homes here!
The Mode & DurhaM Team in Elk Grove, CA
Meet Nina and Oscar....first time homebuyers....recently married....
decided NOW is the time to buy their first home in the Sacramento area. We started looking at REO's and a few short sales together. They wanted at least a 3 bedroom, 2 bathroom, within a certain radius of school and work. They did not want to spend over $200,000 and they going to finance through FHA.
We looked at homes together for several months and wrote a lot of offers. Unfortunately for Nina and Oscar, although there is a large inventory of REO's and Short Sales in the Sacramento area right now, there also is a lot of buyers. We quickly found out how competitive this price range is, especially if the home is in good condition and clean. We put in several offers and got beat out by other buyers with either higher prices or better terms - cash and large downpayments.
So we had to come up with another game plan...we started looking at homes that they could finance with an FHA 203K streamline loan to do the improvements they would need to do to make their new home "livable". We found one...wrote an offer...it was accepted...and then the fun started! Trying to figure out what they needed to do and what they wanted to do with the FHA 203K Streamline loan was a challenge. The home needed appliances...oven & range, microwave and dishwasher, but it also was in need of a new roof, new flooring, new windows, and Nina and Oscar wanted a new master bathroom, new kitchen counters and more. Did I mention the $4000+ termite inspection? The outside siding has a lot of dryrot in it - someone had actually painted over all the dryrot....imagine that. I think Nina felt like finding contractors, meeting them, putting bids together, and going through samples became a second job! But she got it done, turned everything into the lender and we closed escrow last Friday! The purchase price was $170,000 plus the FHA Streamline for the improvements and an Energy Efficient Mortgage for all new dual pane windows.
These are pictures of their new home as it is today, but the work starts tomorrow! I will be following their progress through the construction and then will bring you pictures of their new home after completion!
The smiles on their faces when they got their keys to their new home and project were wonderful. It's what my job is all about! Make sure to stay tuned as I bring you updates of their progress over the next few weeks turning this REO listing into their dream home!
For more information on the FHA 203K rehab financing, make sure to read FHA 203K Streamline loans.
Want to know what the Elk Grove area real estate market is doing these days? Make sure to read Is It Still a Buyer's Market?
LOOKING FOR FIXERS???? BANK OWNED LISTINGS????
Contact The Mode & DurhaM Team at (916) 405-5765
Make sure that you know about the bank owned/REO listings as soon as they come on the market. Sign up today to receive daily email notifications of the REO listings. Contact The Mode & DurhaM Team today, to register for these email notifications.
For more information on how to purchase Bank Owned/REO properties:
For part 1 - Buying a Bank Owned home, For part 2 - Buying a Bank Owned home, and For part 3 - Buying a Bank Owned home
Search all Sacramento homes here!
The Mode & DurhaM Team in Elk Grove, CA
Here is the calendar of upcoming 2009 Camden neighborhood association events. If you live in the Camden area and haven't attended these events before...make sure to come out!
Saturday, April 4th - Annual EASTER EGG Hunt at Mix Park
Lots of fun for the kids, looking for eggs and winning prizes
Rain Date for Easter Egg Hunt - April 11th
April 25th - Laguna Creek Clean-Up
May 17th - MUSIC IN THE PARK 2:00 - 6:00 at Mix Park
June 6th - Annual Camden-wide Yard Sale - Starting at 8:00
Camden Association is looking for new members & new volunteers. Send email to info@CamdenCentral.com.
Camden Passage is a community of custom, semi-custom and production homes surrounding Camden Lake with miles of walking/running/biking trails, nature areas, greenbelts and several parks.
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The Mode & DurhaM Team in Elk Grove, CA
According to the Sacramento Bee this morning in an article titled "Some Sacramento homebuyers walk away from big loans", Ryan Jessup, a past client of ours, just walked away from his Victorian home because he was upside down on his mortgage. Ryan did not just walk away from his home...
we actually sold it as a Short Sale just a few months ago. Ryan's mortgage was with Wells Fargo Bank, we had the home on the market for approx. 3-4 months, found a buyer, negotiated the short sale with Wells Fargo and closed the sale. I just spoke to Ryan a few minutes ago and he is much happier that he was able to sell this home through the short sale process rather than just walking away.
The affect on Ryan's credit is definitely less than it would have been if he had allowed Wells Fargo to foreclose on the property. It did affect his credit but if keeps his credit clean for the next 18-24 months, he should be able to purchase another home. Ryan's hope is that at that point the market is still very affordable and he will own a home again. The bank also did not take the "hit" that they would have had they gotten this home back through foreclosure...they would have not received payments for anywhere from 6 - 10 months, the market was still declining and there are costs for the bank to process the foreclosure. Wells Fargo actually took a hit of approximately $50,000 compared to an estimated $100,000+ if they had completed the foreclosure proceedings and then sold this home as an REO. In this case, the bank saved thousands and thousands of dollars, the seller avoided foreclosure and the buyer got a good deal on a home they love.
The important thing to remember is that there may be options to homeowners instead of just walking away and allowing the bank to foreclose on the mortgage. Homeowners may be able to negotiate a modification of their existing loan or may be able to sell their home through the short sale process.
If you a re having problems making your payments and want to consider your options, call us at (916) 405-5765 or vist our website at www.ModeandDurhaM.com. For more information on the short sale process make sure to check out Who is Eligible for a Short Sale? , Are There Any Credit Consequences to a Short Sale?, Your Monthly Payments and a Short Sale, and Short Sales - how long does the process take?
Search all Sacramento homes here!
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
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