Borrowers with bad credit can now buy sooner with FHA

You may still be able to purchase a new home

If you think that you are unable to purchase a new home because you had a short sale or foreclosure recently I may have good news for you!

The Federal Housing Authority has announced it is shortening the waiting periods for homeowners with negative marks on their credit, such as a short sale, deed-in-lieu, foreclosure or even bankruptcy to buy again with an FHA loan.

Instead of the mandatory 3 years before qualifying for a new loan, buyers may be able to purchase in just 12 months!

The new deal is part of the FHA's "Back to Work - Extenuating Circumstances Program".

The program has pretty strict requirements. Potential borrowers must:

1.) Prove that the foreclosure or short sale was caused by what the FHA calls an "economic event" -- a loss of income and/or employment, that was beyond the control of the borrower must have caused an income reduction of at least twenty percent six months or more.

2.) Borrowers must prove that they have "fully recovered" from the "economic event" that led to the event and must prove that their credit was good before the "economic event", meaning that their credit report was free from derogatory credit issues. Borrowers must also show that since the event the borrower has maintained  satisfactory credit over the past twelve months.

3.) Borrowers must also complete at least one hour of one-on-one counselling from a HUD-approved counsellor at least thirty days but no more than six months before applying for an FHA loan.

After meeting all the requirements, borrowers can qualify for an FHA loan, which allows them a mortgage with just 3.5% down.

What's Your Sherman Oaks Home Worth?

 Click below to learn all about the New Sherman Oaks Home Value Website!

New Website Answers the Oft Asked Question "What's My Sherman Oaks Home Worth?"

Sherman Oaks Home Values Are UP!

Sales prices have appreciated 13.4% over the last 5 years in Sherman Oaks. 

The *median sales price for Sherman oaks Properties sold from May 13th to July 13th was $665,000. This is an increase $26,000 or 4.1%, compared to the previous quarter and an increase of 15.7% compared to the previous year. The average listing price for Sherman Oaks homes was $1,059,497 for the week ending August 28th, which is an increase of $45,848 or 4.5%, compared to the previous week and an increase of $20,238 or 1.9%,  compared to the week ending August 7th. Average price per square foot for Sherman Oaks CA was $402, an increase of 22.2% compared to the same period last year.

Want to know what the value of your Sherman Oaks home is. Visit http://www.WhatsMyShermanOaksHomeWorth.com to find out. Use our quick and easy tool and in 2 easy steps you will have all the information you need delivered to your inbox.

*The median sales price is the midway point of all the properties over a dtermined period (monthly, yearly, quarterly, etc.) So if there were 101 properties sold during a particular month the median house price would be the house price in the middle. (50 properties over that price and 50 homes under that price).

New Website Answers the Question: What's My Studio City Home Worth?

Heather Farquhar, a Top Producing Realtor in Studio City, announced the launch of her new website designed to help Homeowners in Studio City to determine the value of their home http://www.WhatsMyStudioCityHomeWorth.com.

Heather hopes that Studio City Homeowners wanting to know what their Studio City Home Is worth will find the comprehensive tools on this new website useful and easy to use. "I have tried to make it as easy as possible," Heather said, "in two easy steps a Studio City homeowner can have a Comparative Market Analysis delivered to their inbox without even having to talk to a Realtor." This tool, known as "The Market Snapshot" will then send an updated CMA monthly.

"Everyday I hear the same questions," Heather continued, "How's the real estate market? Do you think I can sell my home and make some money? Is it a good time to buy? I developed this website to help answer these questions. Using this tool will show sellers market trends in Studio City, it charts live market activity including sold homes, an interactive map, active listings, how many home are on the market and days-on-market. This is information that used to be available only to Realtors now I have put it at your fingertips."

Check out Heather's new site. You have nothing to lose and a wealth of information to be gained.

Check it out here: http://www.WhatsMyStudioCityHomeWorth.com

Call-For-Action: Tell Congress Tax Reform Should Do No Harm

NAR has issued an important Call-for-Action and C.A.R. strongly urges every California REALTOR® to take action on it TODAY.
The U.S. Senate will soon be considering tax reform options and has adopted a “Blank Slate” approach that initially eliminates every provision in the tax code, including the mortgage interest deduction and all those that encourage real estate ownership and investment.

Senators must submit their tax reform priorities to Senate leaders by July 26th. REALTORS® need to make their voices heard now so real estate provisions are on the top of the Senators' lists.

When approaching tax reform, Congress needs to be careful not to adversely affect the unique legacy of homeownership and real estate investment. It is precisely this legacy that has contributed to our country’s historical prosperity and the revitalization of today’s economy.

REALTORS® must stand united that tax reform should above all “Do No Harm” and encourage Congress to retain tax provisions vital to real estate.
Please respond to NAR’s Call-for-Action TODAY using this link HERE 
Please contact Rian Barrett at rianb@car.org with any questions.

Looking For Something to do On Saturday/Sunday Night?

This Saturday: June 22, 2013 in Studio City

Free Movie at Beeman Park: The Studio City Neighborhood Council is sponsoring this free movie night from 7:30 p.m.- 10:30 p.m. with a screening of Despicable Me starting at around 8 p.m. Bring a picnic basket or buy refreshments at the snack bar. Studio City Recreation Center, 12621 Rye Ave., Studio City. 

This Sunday: June 23, 2013 

Concert on the Green: Groove with The Marshall Tucker Band  on Sunday at 6 p.m.  It’s FREE! Bring a picnic and chairs. Warner Center Park, 5800 Topanga Canyon Blvd, Woodland Hills.

California Senate Leadership seeks to punish homeowners and REALTORS® for opposing $75 recording tax

LOS ANGELES (May 23) – This morning the Senate Appropriations Committee approved Senate Bill 30 (R. Calderon), which would extend existing provisions of state law protecting homeowners from having to pay income tax on a "short sale."  SB 30 is sponsored by the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.).
However, in a surprise amendment, SB 30 was linked by the committee to another bill that REALTORS®, as well the county recorders, assessors and title industry, oppose.  That measure, Senate Bill 391 (DeSaulnier), would establish a $75 per document recording tax to fund an affordable housing trust fund.  C.A.R. is opposing SB 391 because it unfairly adds to the cost of recording real estate documents.  The amendment holds SB 30 hostage to the passage of SB 391.
"Families that are forced to make the difficult decision to sell their home as a short sale are already in financial trouble.  And, that financial trouble may be due to a serious illness and/or loss of employment.  They simply can’t afford to pay an additional tax on money they’ve never actually received," stated C.A.R. President Don Faught.  "I'm outraged -- as should the voters of California -- that the Senate leadership would approve linking the fate of SB 30 to that of SB 391, effectively holding California property owners hostage."
Short sales have become an increasingly important alternative to foreclosure for homeowners "underwater" on their mortgage.  Without special protection, federal and state law would view the debt forgiven by a lender in a short sale as income and, as a result, that “income” would be taxed.  In recent years, state and federal law has been amended to keep this “phantom” income from being taxed, but California protections have not been extended.  Consequently, C.A.R. is sponsoring SB 30.
While SB 391 does not apply to sale transactions, the measure applies anytime a home/property owner records a document (e.g., refinancing, transferring into or out of a trust, liens, quit claim deeds, etc.).  C.A.R. is an aggressive advocate for affordable housing, but believes it is bad policy to fund affordable housing at the expense of home/property owners who need to record real estate documents.  The amendment to SB 30 attempts to extort support for the new tax on homeowners in SB 391.