Terry L Bursky

This is great news! Interest rates are so low and more REO's for the market soon. The First Time Buyer Credit extension and now the "Move-Up" credit of $6,500. What better time is it to buy? CENTURY 21 Award and Wells Fargo have joined together to create GreenPath financing. With over 1700 different types of loans.

This was on the C.A.R. page this morning -

In the third quarter of 2009, nearly two-thirds (64 percent) of California's households could afford a home at an entry-level price of $247,150. The monthly mortgage payment including interest, taxes, and insurance (PITI)-based on a 10 percent downpayment and the prevailing mortgage rate of 4.79 percent-added up to $1,450. That is $340 less when compared to a year ago, when the entry-level home was priced at $290,490, the mortgage rate was 5.30 percent, and the monthly (PITI) was $1,790. The First-time Buyer Affordability Index is 9 points higher than the third quarter of 2008 when only 55 percent of the households were able to afford a home. While this affordability index only goes back to 2000, other affordability measures indicate that affordability has been at a historically high level in 2009 even compared to the 1980s and 1990s.

Buyers if you are not in a position to buy now, talk with your banking institution and find out how to get yourself ready to purchase a home before you are outpriced again. Please remember to get at least 2-3 quotes from different lenders on rates and fees, these are negotiable. Your REALTOR can help you in that area as well, by referring lenders they have worked with in the past. The choice is yours. So, now is the time to start planning before the mad rush in early springtime.

Here it is the extended tax credit for homebuyers! It's been approved, the extension of the $8,000 first-time homebuyers tax credit for homes under $800,000 through April 30, increased the income ceiling for eligibility to $125,000 for individuals and $225,000 for couples, and introduced a new $6,500 credit for existing homeowners that have lived in their current homes for at least five years and now want to "move up."

This is great news! Get ready and start planning your goals. Homeowners with equity can now take advantage of the low prices and receive the $6,500 if in escrow by April 30th. Interest rates are low, low, low right now. If you missed moving up a few years ago and thought you were outpriced, now is the perfect time to get that second chance.

As REALTORS we're here to help people in their real estate needs. Whether it's finding a new home or keeping the one they currently have.

Beware of Foreclosure Rescue Scams - Help Is Free!

• Beware of anyone who asks you to pay a fee in exchange for a counseling service or modification of a delinquent loan.
• Scam artists often target homeowners who are struggling to meet their mortgage commitment or anxious to sell their homes. Recognize and avoid common scams.
• Assistance from a HUD-approved housing counselor is FREE.
• Beware of people who pressure you to sign papers immediately, or who try to convince you that they can "save" your home if you sign or transfer over the deed to your house.
• Do not sign over the deed to your property to any organization or individual unless you are working directly with your mortgage company to forgive your debt.
• Never make a mortgage payment to anyone other than your mortgage company without their approval.

This is a time for many people facing hardship that need understanding and help for a way out. Keeping their dignity and saving as much of their credit as possible. Legal advice and a tax preparer are always advised before moving forward on a short sale. Communication with your lender is the first step. You should know your options as soon as possible, always have a Plan A,B and C.

www.MakingHomeAffordable.gov has a lot of information I think could be very valuable to homeowners who think they have nowhere to turn. If you find yourself facing a true hardship and need more assistance I'm here to help. You'll have a strong team behind you. CENTURY 21 sells a home every minute of the day.

Has anyone heard of this program and has first hand knowledge of it the working for your clients?

The HOPE for Homeowners program was authorized by the Economic and Housing Recovery Act of 2008. Since the President signed this vital legislation into law on July 30, 2008, the HOPE for Homeowners Board of Directors has worked diligently to develop and implement the program as directed by Congress. The Board was charged with establishing underwriting standards to ensure borrowers, after any write-down in principal, have a reasonable ability to repay their new FHA-insured mortgage.

The HOPE for Homeowners program begins today and ends September 30, 2011. The program is available only to owner occupants and will offer 30-year fixed rate mortgages - so the borrower's last payment will be the same as the first payment. In many cases, to avoid what would be an even costlier foreclosure, banks will have to write down the existing mortgage to 90 percent of the new appraised value of the home.

Read more about HOPE for Homeowners at www.hud.gov/hopeforhomeowners.

With the economy where it is today and unemployment climbing California REALTORS have a great opportunity to protect their buyers in case of job loss. Mortgage Protection Program is offered to buyers who have used or will use a C.A.R REALTOR from April 2, 2009 thru December 1, 2009. The benefit program pays up to 6 months of mortgage payments. One or both of the homeowners on the loan. For details on this great plan please read more information on the C.A.R. website www.car.org or http://bit.ly/w3lmZ It's yet another way we can give our buyers a little peace of mind by doing business with a REALTOR whose a member of C.A.R.