Stimulus update

Ok,
Here is the latest on the foreclosure prevention plan from D.C.:

• Eligibility for refinancing incentives is limited to home owners who are underwater by no more than 5 percent.
• Financial incentives apply only to home owners whose mortgage is a conforming loan backed either by Fannie Mae or Freddie Mac.
• Lenders participate voluntarily and can receive financial incentives for lowering borrowers' mortgage burden to no more than 31 percent of their household income. Borrowers can get a financial incentive to participate as well.
• Borrowers who are current can participate, but they must show approaching hardship that could derail their ability to meet payments in the future.

Need more information?

Go to our website http://www.robertandchristy.com/ and click the tab "Homeowners Assistance" then on the left click "Save My Home", we have articles on Loan modifications, how to handle pre-foreclosure issues, and more information.

God Bless!

Robert & Christy

An update on Whatsupp

Ok, its been awhile since we've blogged. Been working with a lot of Buyer's and have been very busy. So we've thought we share with you "Whats up" in the local market.
Despite what you read, in our local Market of Corona, Norco, Riverside, Chino, Chino Hills, etc. has very:

• Low Inventory (Homes For Sale)
• This has resulted in Multiple Offers.

In Corona, Homes have been going for 1%-3.5% above asking price (data compiled from MLS for homes priced under $400k).

Corona's Down Payment Assistance Program
Although they haven't actually closed a deal yet on any homes that have used this program incentive, this last weekend at a seminar the city stated that the funds for this program are almost all allocated. The buyers who have the funds allocated have 45 days to find a home.

Stimulus
Lenders have tough new rules and are trying to figure this out themselves.
The biggest Alert is:
Under the new guidelines, buyers with down payments of less than 25 percent will be charged a three-quarter point add-on penalty, no matter how high their credit score. This is beginning April 1.