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Below you will find the information you need to contact the leaders in the United States of America: To find your Senator, click here. To find your Representative, click here. Or call the Capitol Switchboard at 202-224-3121. House Speaker Nancy Pelosi Email: sf.nancy@mail.house.gov Phone: 202-225-4965 Senate Majority Leader Harry Reid Email: senator_reid@reid.senate.gov Phone: 202-224-3542 President Barack Obama To Email President Obama, click here. Phone: 202-456-1111 Homeland Security Secretary Janet Napolitano Mail: Department of Homeland Security Washington, DC 20528 Phone: 202-282-8495

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FHFA  Mission Statement:  To promote a stable and liquid mortgage market, affordable housing and community investment through safety and soundness oversight of Fannie Mae, Freddie Mac and the Federal Home Loan Banks. Report released June 23, 2009 Interest rate report released June 25, 2009  HOUSE PRICE INDEX FREQUENTLY ASKED QUESTIONS  FANNIE MAE AND FREDDIE MAC Loan Modificaitons Up By More Than 50 Percent in First Quarter Monthly Payments Reduced for Homeowners House Price Calculator Calculate the current estimated dollar value of your home using FHFA's House Price calculator

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The 11-06-09 to 4-30-10 Tax Credit Guide WHO IS ELIGIBLE AND FOR WHAT: 1st TIME HOMEBUYER (non-home owner in the last 3 years) can obtain a tax credit of up to $8,000 or 10% of the purchase price of a home whichever is less ($75,000 sales price would have a max credit of $7,500) depending on their income. Single taxpayer – income limit is $125,000. A partial tax credit can be given up to a max income of $145,000. Joint filers – income limit $225,000. A partial tax credit can be given up to a max income of $245,000. If either spouse has owned a home in the last 36 months, neither qualify for the tax credit. A child (18 years or older) buying with a parent as a co-mortgagor is eligible as long as they meet the other requirements. CURRENT OWNERS can obtain a tax credit of up to $6,500 if they have owned and occupied a primary residence for a period of FIVE CONSECUTIVE years during the last EIGHT years. Income limits are the same as for 1st time homebuyers. MAXIMUM PURCHASE PRICE: The maximum sales price is $800,000. NEW DEADLINES: In order to qualify for the credit, all CONTRACTS need to be in effect no later than APRIL 30th, 2010 and CLOSE no later than JUNE 30th, 2010. Members of the armed forces stationed outside the U.S. on official duty for 90 days from 1-01-09 to 4-30-10 can sign contracts before 4-30-11 and close before 6-30-11. MORE ELIGIBILITY Restrictions – No tax credit due. People buying their home from a BLOOD relative (STEP-relative is o.k.), not using the home as a primary residence, selling the home before the end of the year, nonresident aliens, and those whose home financing comes from tax-exempt mortgage revenue bonds (does not apply for a home purchased in 2009). Claudia Kim 925.474.1115 ckim@ccmclending.com

Loan limit extensions signed into law November 6, 2009 - President Obama late Friday signed a congressional resolution to extend through 2010 the current conforming loan limits of $417,000 for most areas in the U.S. and $729,750 for high-cost areas, including many in California.  The resolution was part of a broader piece of budgetary legislation that will prevent a government shutdown. Both C.A.R. and NAR have long advocated making permanent higher conforming loan limits.  As a result of C.A.R.’s and NAR’s efforts, a provision of the Housing and Economic Recovery Act of 2008 included temporarily raising the conforming loan limits.  Last week’s actions effectively extend the higher conforming loan limits for Fannie, Freddie, and FHA loans through 2010. The conforming loan limit determines the maximum size of a mortgage that Government Sponsored Enterprises (GSEs) Fannie Mae and Freddie Mac, and the Federal Housing Administration (FHA) can buy or “guarantee.” Non-conforming or “jumbo loans” typically carry higher mortgage interest rates than conforming loans, increasing monthly payments and hampering the ability of families in California to purchase homes by making them less affordable.

Thinking of halting payments on house? Some homeowners underwater on their houses—who owe more on their mortgages than their homes are worth—wonder what would happen if they were to stop paying their mortgages. When lenders do not receive payments, the first action taken by the lender is to report the missed payment to the credit bureaus by the first day of the next month. Sometimes this can happen in as little as two weeks from the due date, depending on when the payment is due. Generally, this action will leave a negative mark on a credit report and decrease the homeowner’s credit score by as much as 200 points. Because of the negative mark on the homeowner’s credit report, within the next 30 days, homeowners can expect their other creditors to take note of the late payment and to take action. Credit card issuers may raise interest rates, lower credit limits, or close credit card accounts. The borrower’s auto insurance, student loans, and other forms of credit also may change, as these are tied to the borrower’s credit score as well. If the homeowner does not pay for 90 days, the lender likely will start calling, trying to persuade the homeowner to enter into a loan modification. If a loan modification cannot be agreed upon between the homeowner and the lender, and the homeowner continue missing payments, the homeowner likely will be served with a foreclosure notice. After the foreclosure notice is received, the lender asks a court to issue a judgment against the homeowner, and a county sale is arranged. Homeowners at risk of defaulting on their mortgages, or those who already are behind, should contact their lender immediately to work out a repayment plan and/or loan modification. To read the full story, please click here: http://www.modbee.com/business/story/913445.html To view additional articles, which also may be of interest to clients in the market for a new home loan, loan modification, or mortgage refinance, please visit the following: Home equity loan market remains very tight To read the full story, please click here: http://www.latimes.com/business/la-fi-home-equity2-2009nov02,0,4592192.story More walk away from homes, mortgages To read the full story, please click here: http://www.usatoday.com/money/perfi/housing/2009-11-02-voluntary-foreclosure_N.htm U.S. Mortgage Rates Fall for First Time in Four Weeks To read the full story, please click here: http://www.bloomberg.com/apps/news?pid=20603037&sid=acRxZuA0m8yE

HIGHER, NON JUMBO LOAN AMOUNTS EXTENDED March 10, 2009 - For those who are considering taking advantage of the $8,000 tax incentive for first-time homebuyers, there is some more good news that could make doing so easier and more accessible. An extension is now officially in place on the higher loan limits for mortgages in the tier that lies just below what is considered a "jumbo" loan. First established last year, and now extended through the end of 2009, limits on this additional tier provide opportunities for many who are looking to either refi or, better yet, take the plunge into first time home ownership and grab a piece of the highly publicized $8,000 tax incentive. Here are some key points about this higher loan limit extension, announced by the Fair Housing Finance Agency: The non-jumbo, middle tier of home loans begins at loan amounts greater than $417,000 for single-unit homes. The top end for this tier is $729,750 for single-unit homes. The rates for these loans will again be slightly higher than conforming loan rates, but less expensive than the standard "jumbo" loan rates.  This higher limit on the non-jumbo tier is available in 250 counties across the United States.

FHFA ANNOUNCES "NEW" CONFORMING LOAN LIMITS November 12, 2008 - The Federal Housing Finance Agency (FHFA) on Friday announced that the "new" conforming loan limit for 2009 will remain at $417,000 for most areas in the U.S., unchanged since 2006. Loan limits for high-cost areas, including California, are capped at $625,500, down from the previous $729,750 limit. Loan limits for many areas of the state do not reach this lower threshold and are dramatically reduced from 2008. "Although price declines mean that the total number of homes eligible for conforming financing has increased, we're disappointed that the $729,750 limit stipulated in the Economic Stimulus Act of 2008 signed in February was not made permanent," said 2008 C.A.R. President William E. Brown. "The reduction in the loan limit to $625,500 will negatively impact both the interest rates and the availability of funds for jumbo mortgages. We hope Congress will make the $729,750 limit permanent before the end of the year as one of the provisions in an economic stimulus package." The conforming loan limit determines the maximum size of a mortgage that Government Sponsored Enterprises (GSEs) Fannie Mae and Freddie Mac can buy or guarantee. Non-conforming or jumbo loans typically carry a higher mortgage interest rate than a conforming loan, increasing the monthly payment and negatively impacting affordability for households in California.

Fannie and Freddie will have lower loan limits in 2009 Be aware that the maximum loan limits for 2009, are changing by county– lower in most cases: Alameda, Contra Costa, San Mateo: $625,500     1 unit $800,775     2 units $967,950     3 units $1,202,925  4 units San Joaquin, Solano, Stanislaus: $417,000     1 unit $533,850     2 units $645,300     3 units $801,950     4 units It is not clear what the exact deadline will be to fund loans above these figures to $729,750, the current "agency jumbo" limit.  Some lenders are saying they won’t fund loans past 12/10/08.  We hope some will fund through the end of December 08.

HPS Program The Homeownership Preservation Subsidy (HPS) Program provides grants that member financial institutions can use to restructure or refinance mortgage loans for eligible low- and moderate-income homeowners at risk of foreclosure because of unaffordable increases in their monthly payments for adjustable rate mortgage loans. Only members of the Bank may submit HPS applications. Funds may be used to: Provide relief to customers when an existing loan held by the member can be restructured or refinanced to remain affordable for the homeowner Facilitate homeownership preservation for low- and moderate-income households - Income Limit Chart Maintain existing customer relationships Achieve community investment goals The Bank will match up to $1 for every $2 contributed by the member for mortgage loan restructuring or refinancing, up to a maximum of $25,000 per homeowner.   Nonprofit or community-based organizations may participate by identifying eligible homeowners and by offering post-purchase homeownership or credit counseling programs, which all HPS participant homeowners are required to complete.  Call Joanne at 510-429-4800 for more information and assistance in utilizing this program for a home purchase.

WISH Program The Workforce Initiative Subsidy for Homeownership (WISH) Program provides grants to qualified homebuyers through our members. The program is designed to help people living in high-cost areas to purchase homes near their work. Only Bank members may submit applications. Participants must complete a mortgage assistance program administered by a public or private entity. The household income of the homebuyer at the time of approval in the mortgage assistance program is 80% or less of the HUD area median income. Income Limit Chart Homebuyers must contribute at least 1% of the purchase price from their own funds. Participants must complete homebuyer counseling. Under the WISH Program, the Bank will provide up to $15,000 per household, matching up to $3 for every dollar contributed by the homeowner toward the purchase of the home. Call Joanne at 510-429-4800 for more information and assistance in utilizing this program for a home purchase.

VA Clarifies New Loan Limits:   The Department of Veterans Affairs has published a notice clarifying the Veterans' Benefits Improvement Act of 2008.  This legislation changed the VA home loan guarantee program including permanently increasing the VA loan limits. According to NAR, the VA has determined that beginning January 1, 2009 the high cost loan limit price in high cost areas including California will be $1,094,625.  For more information please refer to the VA circular about loan limits by clicking here.

State of the Mortgage Market There is nothing more important for REALTORS® to know today than the availability of mortgage financing for their clients. With all the misinformation rampant in newspapers and magazines and on the radio, TV and the internet many, many people believe that there are no mortgage loans available or that qualification requirements are so tough that hardly anybody can qualify. Nothing could be further from the truth. However, in this market every REALTOR® needs a loan officer who can offer all the products that are still available in order to maximize their opportunities to earn a commission. It is true that underwriting standards have tightened and that many conventional loan programs, especially for loans over $729,750 require more down payment. Here is the rundown on the mortgage loan programs that we see as being the most REALTOR®/client friendly in today’s real estate market: FHA:  Loans to $729,750 with only 3% down and make sense underwriting guidelines. You MUST understand and make use of FHA financing. VA:Nothing down to $729,750, a small down payment required to $1,000,000 and reasonable underwriting you should ask every potential client if they are a veteran. There will be lots of veterans returning over the foreseeable future so this is a niche you must consider. CalHFA:A great program until 9-23-08 when CalHFA eliminated the HiCAP, 35 and 40 year loans, and raised their interest rate considerably above FHA and conforming conventional loans. We can still use the ChDAP 2nd combined with an FHA first to do 100% financing for those borrowers who are under the ChDAP income limits. CalSTRS:A great program for teachers that only requires 3% down with an 80% first and a 17% second (the 2nd’s payments are deferred for 5 years.) 1. Conforming Conventional Loans to $417,000: interest rates are still attractive for borrowers with a minimum of 15% down in declining markets. 2. Jumbo Conforming Conventional Loans between $417,000 and $729,750: Available at slightly higher interest rates to 85% LTV in most cases in declining markets. 3. Jumbo Conventional Loans Above $729,750 to $1,000,000: Available with generally 25% down and to $1,500,000 with 30% down. Interest rates are considerably higher. 4. Non-owner Occupied Investor Loans: Still available to 80% (but costs are high – both rate and fees). 5. Reverse Mortgages (for prchase transactions): This is a new and important niche for you to know about. Cherry Creek is having a Reverse Purchase Mortgage Seminar on Thursday October 9th at 9:30 A.M. in Pleasanton. Call me if you would like to attend. Please give me a call if you would like more details on any of these programs!   Claudia Kim, Loan Officer, Cherry Creek Mortgage Claudia has more than 30 years experience originating Conventional, FHA and VA loans Call Claudia at 925-474-1115 or toll-free at 800-325-2062 X 1115           Click image to visit Claudia's web site 4301 Hacienda Dr. Ste. 120 - Pleasanton, CA 94588

Get ready to buy by learning how to build your credit. 1) Make a budget This is a first step in learning how to monitor your finances and avoid making costly mistakes, like bouncing a check or paying lots of interest on credit cards because you can't pay off your balance. List all your expenses, including tuition, books, school supplies, food, gas (if you have a car), your cell phone bill, entertainment, and miscellaneous costs. Then decide if you're going to get a job to help offset your costs. If you do decide you will work and take classes, move quickly - the best part-time jobs usually go fast. Aside from the money a part-time job pays, it also helps you avoid having too much unstructured free time - time which tends to go to waste. 2) Learn how credit works If you have ever watched a two-year-old child at play, you know that people are more vulnerable at some ages than they are at others. Just as two-year-olds are prone to touching hot stoves because they don't know the danger, so too are 18-24 year olds vulnerable to causing pain by using credit unwisely. Students, do yourself and those who care for you a favor and learn how credit works before you start using it. There's plenty of useful and free information available in the credit education section of myFICO.com. 3) Use credit with care Students are vulnerable to developing bad spending habits and abusing credit cards. If you're a parent or a student, you should know that credit card trouble is common among college kids these days. Don't let yourself fall into this trap. A Nellie Mae survey of college undergrads in 2000 revealed some disturbing numbers: Average credit card debt per student was $2,748 Thirteen percent had credit card debt between $3,000 and $7,000 Nine percent had more than $7,000 in credit card debt Credit cards are the most expensive way to buy on credit if you consistently carry balances from one month to the next. Use your new card sparingly and get a feel for how interest charges affect the balance from month to month. After a month or two it will become clear that if you can't pay off the balance in full, you should at least limit it to an amount you can pay down quickly so as to minimize interest charges. Once you understand this basic concept, your odds of getting into credit card trouble will be greatly reduced. If you find yourself running up balances on credit cards to pay for everyday expenses, you should probably consider getting a student loan (or some other form of longer-term loan) to pay these expenses instead. You'll still be living on borrowed money, but at least you'll be paying less to do so. Finally, when starting out, try to limit the number of credit card accounts you open. This will make it easier for you to manage your credit card use and cut down your odds of getting into trouble. By using credit cards responsibly, you'll minimize your borrowing costs, get a good start on building your credit history and be more financially secure when you graduate. 4) Check your FICO scores at least once a year Once you've built enough of a credit history, you will have FICO scores. Lenders will use your FICO scores to determine the interest rates you'll pay when you borrow. If you're college-bound or in college now, get used to checking your FICO scores and credit reports at least once a year. myFICO offers two products that give you instant online access to all three of your FICO scores and credit reports - FICO Deluxe and Suze Orman's FICO Kit Platinum. Either product will help make you a more savvy consumer and build awareness of how your money habits affect your FICO scores.  Reprinted with permission © 2005 Fair Isaac Corporation. 901 Marquette Avenue, Suite 3200. Minneapolis, MN 55402. (612) 758-5200. All rights reserved. Fair Isaac, FICO, and myFICO are trademarks or registered trademarks of Fair Isaac Corporation in the United States and/or in other countries. Other products and company names herein may be trademarks of their respective owners.

~ Ask myFICO ~

Q. Does the number of inquiries shown in my credit reports affect my FICO score? A. Each of your credit reports show all the times that businesses have asked to see your credit report. But the only ones considered by FICO scores are credit checks by lenders in response to your own credit requests, such as a mortgage application. Businesses also check your credit before sending you promotional offers and in the normal course of managing your account with them. Those types of inquiries, as well as your own credit report checks, are ignored by the FICO score. Q. How does the "middle score" idea work? A. Many lenders want to see your FICO score from all three national credit bureaus before approving your loan application. Since the credit bureaus don't share information, your credit report information can differ between the bureaus, causing your FICO scores also to differ. Some lenders may look only at the lowest FICO score, while others may look at the highest FICO score. Accepting the middle score is a compromise that many lenders choose to make. Q. Do credit repair companies really work? A. No one can "repair" your credit rating or your credit report. Services that claim they can fix bad credit or artificially raise your credit score are promising results they can't deliver. You can review your own credit reports, identify any incorrect information, and contact the credit bureaus directly to have your reports corrected or updated—without paying anyone. If you purchased a FICO Score Report and believe there is an error in your credit file, just login to the myFICO.com Member Center and open your report. At the bottom of any page of your report, you’ll find instructions to file your request for investigation with the credit bureau. The bureau must investigate and respond to you within 30 days.

For information on buying or selling east bay homes, please contact me at 510-429-4800 or send me a note on the   form.  Thank you, Joanne P.S.  Be sure to add us to your favorite places. ~ Joanne L. Gardiner, Broker, e-PRO Realtor Advantage Realty 3205 Whipple Road - Union City, California 94587 (510) 429-4800 San Francisco Bay Area  ~ San Francisco East Bay Real Estate