Real Estate Information

Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development, said that the Federal Housing Administration is going to permit its lenders to allow homeowners to use the $8,000 tax credit as a downpayment.

Secretary Donovan said that important changes, which the National Association of Realtors^® has been calling for, will help consumers purchase a home. “We all want to enable FHA consumers to access the home buyer tax credit funds when they close on their home loans so that the cash can be used as a downpayment,” Donovan said. According to Donovan, the FHA’s approved lenders will be permitted to “monetize” the tax credit through short-term bridge loans. This will allow eligible home buyers to access the funds immediately at the closing table.

Contact us for more details!

Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development, said that the Federal Housing Administration is going to permit its lenders to allow homeowners to use the $8,000 tax credit as a downpayment.

Secretary Donovan said that important changes, which the National Association of Realtors^® has been calling for, will help consumers purchase a home. “We all want to enable FHA consumers to access the home buyer tax credit funds when they close on their home loans so that the cash can be used as a downpayment,” Donovan said. According to Donovan, the FHA’s approved lenders will be permitted to “monetize” the tax credit through short-term bridge loans. This will allow eligible home buyers to access the funds immediately at the closing table.

Contact us for more details!

3 Things to Avoid When Preparing to Purchase Fresno, CA Real Estate

If you are thinking about buying Fresno, CA real estate in the near future, there are three activities you should avoid. These are normal things we all do from time to time, but are unwise when contemplating a new mortgage application.

1. Change careers: This is different than just changing jobs. If you have recently gotten a new job in the same field, at the same or better pay, and your past history shows long, solid employment, all should be fine. Changing careers entirely is more of an issue. You have no history of steady employment and income in the new field.  Since you're new to the field, you may be bringing in less income than in your previous career.  That's why a recent career change makes your mortgage application less appealing to a loan officer.
2. Open new bank accounts: When you apply for a loan for Fresno, CA real estate you need to provide bank statements for several months. Although your money is still in your possession, moving it to new bank accounts generates a series of big withdrawals and deposits which gives an image of instability.  If you have withdrawn large amounts of money and not redeposited it,  that looks even worse.  Even if you invested the money in something solid, you no longer have the cash and thus appear less solvent.
3. Buy Big Ticket Items: The reason for this is simple. When reviewing a loan application for Fresno, CA real estate one of the biggest things a lender takes into consideration is your debt-to-income ratio.  Purchasing expensive items on credit can negatively impact your debt-to-income ratio.  Wait until after you've closed on your home to buy new furniture or appliances.
4. The Nazaroff Team strongly suggests using a local lender to use in the purchase of your Fresno, Clovis, CA home. Need direction in selecting a good reputable lender – contact The Nazaroff Team and we will point you in the right direction.

Thinking of buying a home?  The Nazaroff Team can help you get financing and buy the home of your dreams.  Give us a call today at 559-440-6601 or email Bill at bill@nazaroff.com

KEYWORDS: Fresno, Clovis, Kerman, Madera real estate

loan officer: http://en.wikipedia.org/wiki/Loan_officer

apply for a loan: http://www.homeloanbasics.com/articles/PurchasingAHome/WhatNotToDoWhenApplyingforaHomeLoan/

debt to income ratio: http://www.lendingtree.com/mortgage-loans/advice/qualifying-for-a-loan/calculating-debt-to-income/

Buying Your First Fresno, Clovis, Kerman, CA area Home

Is this a good time for first time home buyers to consider a Fresno, Clovis, Kerman, CA area home? It's a familiar question with the economy in the state it is in. Here are a few reasons why a home is still a great investment for first time home buyers.

Pride of Ownership

This will never go away no matter what the economy is like. Owning your own home is the American dream for a reason.  It just feels good to take care of a Fresno, Clovis, Kerman, CA area home that's yours and yours alone.

Tax Incentives

Owning your own home is one of the best tax deductions. The new stimulus plan makes that tax incentive better than ever before. Not only can you deduct your interest payments on your tax forms this year and for every year during the life of your mortgage, the stimulus plan allows a huge homebuyer tax credit of $8,000 for homes purchased in 2009 by first time home buyers.
MUST close by November 30, 2009

Your property taxes are deductible too. Many first time home buyers understand that they can deduct the mortgage payment interest but don't realize they can declare their property tax as well for an even bigger yearly deduction.

Equity

Yes, even now, you will begin to build equity with each year you're in your new home. Equity improves your credit worthiness and gives you options for loans in the future if you need them.

Take the first step toward buying a new home and contact me.  We'll help you find the perfect place for you and your family. And, we'll help you get it at a great price.  Call Judy Nazaroff now at  559-440-6602 or email Judy at Judy@Nazaroff.com.

Keyword: Fresno, Clovis, Kerman, CA areas home

LINKS:

Homebuyer tax credit:  http://www.realtor.org/government_affairs/gapublic/american_recovery_reinvestment_act_home#taxcredit

Tax deductions: http://www.alllaw.com/articles/tax/article3.asp

Property Taxes: http://www.neamb.com/lifeplan/homelive/hb_tax.jsp

C.A.R. launches mortgage protection plan for first-time home buyers
The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) today launched the C.A.R. Housing Affordability Fund Mortgage Protection Program (C.A.R.H.A.F. MPP), for first-time home buyers.

Through the Housing Affordability Fund Mortgage Protection Program, first-time home buyers who lose their jobs due to layoffs may be eligible to receive $1,500 per month, for six months, to help make their mortgage payments. A qualified co-buyer also can participate in the program, and receive a monthly benefit of $750 per month for up to six months.  Program benefits also include coverage for accidental disability and a $10,000 death benefit. 

C.A.R.’s Housing Affordability Fund is dedicating $1 million toward its Mortgage Protection Program, and estimates that as many as 3,000 families will benefit from the program this year.

 

To qualify for the Mortgage Protection Program, applicants must:

·          Be a first-time home buyer – someone who has not owned a home in three or more years

·          Open escrow April 2, 2009, or later, and close on or before Dec. 31,   2009

·          Use a California REALTOR® in the transaction

·          Purchase the property in California

·          Be a W-2 employee (cannot be self-employed)

 

To apply for the program, home buyers must request an application for the H.A.F. Mortgage Protection Program from their REALTOR®.

With the economy slowing lenders now more than ever are being picky on what buyers they give home loans to in the Fresno, CA Real Estate area. Lending guidelines are changing DAILY with some programs becoming more restrictive and others loosening their guidelines.

Veterans Administration loans are one of the few 100 percent loans out there left ( for ex and current U.S. military). FHA just moved their middle credit score requirement from 580 to 620. With FHA you have to put 3.5% down minimum. The down payment can be in the form of a gift but you have to source the funds (meaning the lender has to see where the funds came from and be convinced the money is NOT a loan that must be repaid in disguise). Conventional loans have higher credit score requirements and are currently requiring at least 5 percent down. This is going to change in April 1, 2009 to 25-30% down required.

Most people only check the credit score company for their area. Lenders pull what is called a tri-merge credit report which has a credit score from Trans Union,Equifax,and Experian. They will take the average of the 3 scores to go by for lending purposes. This is why it is CRITICAL to pull all 3 reports and check for errors. Statistics say over 80 PERCENT of credit reports have errors on them. By staying on top of credit and pulling it now we can work on fixing errors to get you the best interest rate and loan terms and also look at ways to boost your credit score. NOTHING is more frustrating than putting all the time in to find the perfect home only to find with your credit you can't buy or that it will take months to fix the problem.   

When buying homes in the Fresno,CA Real Estate Area sellers will not take your offer seriously without a mortgage approval.

Getting things in order to buy a house in Fresno,CA

There's more to buying a home than you might first think. Sure, a major part of the process is finding a home in Fresno,CA offer a price on it if it meets your needs. It is important to prepare for the purchase prior to taking any of these steps.

If you've gone through the process of buying before, chances are you don't know as much about the home buying process as you think you do. you could still brush up on your knowledge even though you just recently purchased a home. The best thing you can do to ensure a smooth real estate transaction, before being prepared for buying a home.

You don't have to spend weeks or months learning the process of buying a home in Fresno,CA. You won't have to buy manuals or books or go to expensive seminars. most of the things that you need to learn about buying a home, you can learn from the comfort of your own home by using the internet. The best piece of advice anyone can give you when you are buying a home is to learn about the process beforehand.

Before you even think about contacting a real estate agent, you need to first define your reason for buying a home. Forgo the stereotypical reasons for buying a home and look at what you really want. Otherwise, it may well just end up being money wasted. When you can clearly articulate your reason for buying a home, the shopping process is a lot easier.

Take a hard look at your finances. This is one part of the preparation that should not be neglected. Because buying a home is such a large financial undertaking, it is imperative that you understand what your budget looks like. you need to make sure that you can afford your monthly payment on your mortgage. Before that you need to qualify for a mortgage. Even after you have purchased the home you should have some breathing room in your budget.

Educate yourself on the mortgage process. There are a number of mortgages available to potential buyers. Look into where they are from and you will know where you can get them. A mortgage that meets your needs is just as important as the house that you are using it for. There is a great online resource that will help people with all their home buying needs, and free advice that will answer all their questions, and then some.com is a fantastic asset.

Know how much you can afford to pay for a mortgage. By looking at your monthly income and expenditures, you can use the amount left over to determine the amount you can afford to pay for a mortgage.

When buying a home you need to decide what you want and what you need. There may be things you want that you don't need that you can add later after your home purchase. Before we come to a decision it is better to recognize that the two are not one and the same. A need is something that you require from a home. You cannot live without it. A want is something you desire in your home. Realizing the difference is important in the eventual home you buy and the amount spent.

The preparation you put into buying a home will have a major effect on your home shopping experience. Take the steps necessary to make sure we, can help you discover the home you both require and desire.

There is a lot of free information available to you about buying, selling or investing in Fresno,CA real estate. For information thats about the Fresno,CA real estate market including current homes for sale, property values and more please visit the most complete website online dedicated to everything http://www.FresnoHomeListings.com  One important thing in the real estate market, and buying a home, don't be talked into something you can not afford. We would be happy to answer any questions you may have about buying a home. Call us at 559-432-8220 or email me at Bill@Nazaroff.com

Don’t Get “Pre-Qualified!

If you're looking to get the very best house you're capable of getting for the least amount of money you'd like to spend in the Fresno market. Then make sure you are in the strongest negotiating position possible. Price is only one bargaining chip in the negotiations, and not necessarily the most important one. Buyer strength and length of escrow are usually critical to sellers.

In the past it was our policy to suggest to potential buyers that they try to get qualified for a loan before they apply for it. This means that you spend a few minutes on the phone with a lender who asks you a few questions. Based on the answers, the lender pronounces you “pre-qualified” and issues a certificate that you can show to a seller. When dealing with certificates that hold no value, sellers are becoming more wise, so let me explain why! None of the information has been verified! Oftentimes-unknown problems surface! Glitches on the credit report due to any number of reasons both accurately and inaccurately, down payments that have not been in the clients’ bank account long enough, etc,some of the problems we’ve seen include recorded judgments, child support payments due.

When you're "pre-approved," your offer is seen as coming from a stronger starting position. This happens AFTER all information has been checked and verified. You are actually APPROVED for the loan and the only loose end is the appraisal on the property. This process takes anywhere from a few minutes to a few days depending on your situation. It’s VERY POWERFUL and a weapon we recommend all our clients have in their negotiating arsenal.

It is an advantage to be a renter when competing with buyers who already own their home because their financing can be dependent on selling their current home. 2. Play the Game of Nines

Before house hunting in the Fresno market, develop a list of about 9 items you want in your new location Think of nine things you don't want in a house, then write them down. We call this “NINE OF THIS AND NONE OF THAT”. You may utilize this list like a scoring guide in order to rank all the properties you check out. The one with the biggest score wins! This helps avoid confusion and keeps things in perspective when you’re comparing dozens of homes. When house hunting in the Fresno market, keep in mind the difference between “SKIN AND BONES”. The BONES are things that cannot be changed such as the location, view, size of lot, noise in the area, school district, and floor plan. Easily changed surface finishes like carpet, wallpaper, color, and window coverings,the SKIN represents. Buy the house with good BONES, because the SKIN can always be changed to match your tastes. Think of the house you are viewing as empty, without furniture. Consider each house on its underlying merits, not the seller’s decorating skills. Third: A good agent will show everything available that will meet your requirements. You should not make a decision on a house until you have seen enough to pick the best one. Your agent may not provide the complete list of homes for sale. By sitting with your agent at the computer  you can ensure for yourself that they will.  get the home you really want instead of whatever the agent has chosen to let you take a look at.

In 2003 - 2004, properties in Fresno usually a few days after listing,were selling quickly. In this type of market, agents recommended that their customers place an offer instantly if they were interested in the home. At that moment, it was a sage opinion. Only homes that are very under priced, and you'll know the ones that are, usually have this sense of urgency. Remember the dangers of waiting too long; the property could be sold before your bid arrives. If you really like a house, get an offer written and make sure your agent writes in the proper clauses to get you out of the offer.

Let's not forget that when making your consideration, also remember to do research into the SCHOOL DISTRICTS that are located in the same area. For more information about schools in the Fresno market you can go to our website found at www.FresnoHomeListings.com  Information is available on every school; such as class sizes, % of students that go on to college, SAT scores, etc.

D. No need to respond to advertising.

A word of caution – agents in the Fresno market make the phone ring by creating ads Many of the homes have some drawback that’s not mentioned in the ad, such as traffic noise, power lines, or litigation in the community. What’s not mentioned in the ad is usually more important than what is. This is why we think it prudent for you to take great care when going over advertisements. Not you in most cases,and remember that the person writing the ad is representing the seller. The most important thing you can do is have someone on your side looking out for your best interests. Your own agent will critique the property with an eye towards how well it meets your needs and will point out any drawbacks you should know about.So whether you decide to work with us or not, pick an agent you feel comfortable with and enlist the services of that agent as a buyer’s broker. Then you become a client with all the rights, benefits, and privileges created by this agency relationship, and you’re no longer just a shopper. Did you know that many homes are sold WITHOUT A SIGN ever going up or an AD EVER BEING PUT IN THE PAPER? People who stick to a sole agent are the ones who find the fantastic deals out there. When an agent hears of a great buy, who do you think he’s going to callQuestion: His client, who he has a legal obligation to work hard for you, or someone who just called on the phone and said “keep your eyes open”? To get the most bang for your buck, buy property in the Fresno market.  Our highest recommendation is find yourself an agent you're comfortable with and stick with him or her for all your real estate market needs.

There is a lot of free information available to you about buying, selling or investing in the Fresno market. To obtain full details about the Fresno real estate market including current homes for sale, property values and more please visit the most complete website online dedicated to everything Fresno,CA real estate. So please feel free to contact us with any of your mortgage questions and we will be more than glad to answer your questions. Call us on at  559-432-8220 or we can be reached by email at  info@nazaroff.com.

Real estate service has rapidly evolved during the past 10 years.  The concept of teams began in 1995 and has taken over in residential real estate.  Buyers and sellers are more likely to get better service from a team compared to the service of a single agent.

The Nazaroff Team in Fresno,CA, offers a housewarming party to their buyers free of charge.  When a buyer hires The Nazaroff Team to help them purchase real estate, the client is asked to compile a list of their closest friends and family.  The Nazaroff Team sends out invitations to the client''s list and invites them to celebrate the new home.  The Nazaroff Team covers the cost of food, and desert. 

The housewarming parties are usually a raving success with 20 - 50 guests in attendance.  The housewarming parties give the new owner a chance to celebrate their new home with close family and friends without any expense or difficult preparation.  The Nazaroff Team enjoys giving back to the client and meeting new people.  Providing complimentary housewarming parties is one way The Nazaroff Team distinguishes itself from smaller real estate teams and single real estate agents, along with offering their free moving truck.