Weekly Update

Here is a link to my weekly "REAL ESTATE NEWS CHANNEL":Click Here

This week's segments are full of interesting and useful information that I think you will enjoy whether you are a buyer, seller, homeowner, or renter.

Some of the topics covered this week are:

Real Estate Outlook - The economy's messages for real estate in the past week have been just about as mixed as you can get.

Mortgage Moment - Jan Demas discusses making "Mortgage Payments online".

Market Condition - Kihei, Hawaii, fueling a healthy housing market is super healthy job growth--reported in the last few year at 17.94%.report local experts.

Ask the Expert - "My grandfather is giving me his home. There is a $20,000 mortgage balance. The lender says that I cannot get a loan unless my grandfather sells the house to me for at least the $20,000 value. He says my grandfather can "give" me the equity. Do I have to do it this way?"

Video of the Week - This week's amazing video.You can also tour my latest listing as well as view some of my personal favorites.

I hope you enjoy this week's show.

If you have any comments, please e-mail (FoeSale@JacquelineElbert.net) them to me.

My Weekly "REAL ESTATE NEWS CHANNEL"

Here is the link: Click Here

This week's segments are full of interesting and useful information that I think you will enjoy whether you are a buyer, seller, homeowner, or renter.

Some of the topics covered this week are:
Real Estate Outlook - If you are a value investor and you're looking for affordable markets where property values are defying the national downtrend then check out a new report from the federal government.
Mortgage Moment - Jan Demas discusses "Negative Ammortization".
Market Condition - Seattle, WA, prices are up nearly 5% from this time last year, a result of more buyers than sellers in the market at this time, report local experts.
Ask the Expert - "I inherited property along with my stepmother & would now like to sell; however, I have not been able to locate her for six years. The court named me as overseer of the property & anything that pertains to the property including all decisions must be communicated through me. Can I sell without her consent?"
Video of the Week - This week's amazing video.You can also tour my latest listing as well as view some of my personal favorites.

I hope you enjoy this week's show. If you have any comments, please e-mail (ForSale@JacquelineElbert.net) them to me.

www.YouFinallyFoundIt.com

Changes To The ACORN Program

Here is an update on some changes that have taken place on the ACORN program.

With all of the scrutiny on 100% financing that has come about, Bank of America and ACORN have made some changes to their program. They have gone back to a 3% down payment requirement and 620 credit score for ACORN.

The following is more information about the ACORN Loan Program

• ACORN Housing Corporation (AHC) is a nonprofit subsidiary of the Association of Community Organizations for Reform Now (ACORN).
• Up to 97% loan-to-value.
• No PMI required.
• Down payment (If applicable) can come from gift or down payment assistance programs.
• Seller can contribute up to 3% toward closing costs, escrows and prepaid items.
• 620 Credit score required for 1-2 unit properties, 660 for 3-4 unit properties.
• $500 minimum investment from buyer/borrower.
• 30-year and 40-year fixed rate products and 10/30 fixed rate Interest only product.
• Applicants’ income may not exceed the 80% of median income for each County/State. KC Metro 80% LMI = $52,560.00 (variations for each County & State).
• Available in the following States:
  Arizona, California, Connecticut, DC, Florida, Georgia, Illinois, Kansas, Maryland, Massachusetts, Missouri, Nevada, New Mexico, New Jersey, New York, Oregon, Pennsylvania, Rhode Island, Texas, Virginia, & Washington
• Primary residence only. Eligible property types include single-family homes, townhomes, condos, modular homes and two- to three-unit properties.
• Allows for higher debt and housing ratios and the use of undocumented income.
• Homebuyer education required and provided by ACORN.
• For more information and instructions go to http://www.acornhousing.org/.

Good news: Bank of America still has their Community Accommodation 80/20 loan for low to moderate income borrowers that have no down payment. In addition they may do down payment assistance programs and grants to help ACORN applicants find the 3% down.

For more information about mortgages or buying/selling a home, email me at SellIt@SellThisDamnHouse.com

Advantages & Disadvantages of Selling Your Home in the Winter

Advantages

Smaller Housing Inventory: Because the holidays are traditionally slower selling season and sellers are just as busy as buyers at this time of year, few homes are put on the market towards the end of the year. In addition, many previously listed properties are taken off the market as a temporary measure. While the number of active buyers is lower during the winter, sellers also face less competition.

Serious Buyers: People who are willing to rearrange their holiday schedule and brave the elements to shop for a home in general tend to be motivated, serious buyers. In many cases buyers at this time of year are invigorated by the promise of impending year-end bonuses. The demands of the season in large part also eliminate false alarms casual buyers from who are “just looking”. In addition, many buyers want to buy before the end of the year for tax purposes.

Disadvantages

Bad weather: Potential homebuyers are only human, so naturally winter’s stormier conditions can convince many consumers to stay indoors.

Shorter days: Most buyers prefer to view homes in the full light of day, even when casually looking at houses and neighborhoods by car. With fewer daylight hours in the winter, homebuyers are usually limited to weekends for in-person showings.

Busy schedules: Time is at an absolute premium during a season of shopping for presents, attending holiday parties and traveling to visit relatives. Most people don’t feel they can spare time during these months to shop for homes or plan the move to a new home.

If you have questions or are interested in selling your home, email me at Sellit@SellThisDamnHouse.com or call (816.520.3620) I would love to help.

Jacqueline McCroy Elbert
RE/MAX Realty Suburban
http://www.SellThisDamnHouse.com/
http://www.realestateforspecialneeds.com/

Why Good Credit Is So Important....

Effective Dec. 3, 2007, a change in conventional loan programs and PMI that is going to have a significant effect on many of homebuyers!

This affects everyone with a credit score below 680. Unless your FICO score is at least 680 or you are putting put 30% down, your interest rate will be higher. PMI companies assign letter grades to a person’s credit score. The difference between an "A" and an "A-" pricing is significant.

Example: 100% financing on a $200,000 loan and the Buyer(s) has a 659 credit score:
PMI before change: $160
PMI after change: $236

Give me a call (816.520.3620) or drop me an email (ForSale@JacquelineElbert.net) if you have questions about this or any other Real Estate matters.

Thanx-
Jacqueline McCroy Elbert
RE/Max Realty Suburban
http://www.SellThisDamnHouse.com
http://www.JacquelineElbert.com