Fremont Real Estate and Beyond

The City of Fremont would like to share the following information regarding two new housing programs funded by the Alameda County Measure A1 Housing Bond. The AC Boost Program provides financial assistance to middle-income working households to purchase a home in Alameda County. The program offers shared equity loans of up to $150,000 to first-time homebuyers who live, work, or have been displaced from Alameda County. For more information, view the  AC Boost Flyer . The Renew Alameda County (Renew AC) Program helps homeowners make renovations necessary to stay, grow, and thrive in their homes. Renew AC provides 1% interest loans from $15,000 to $150,000 to qualified homeowners. For more information, including how to qualify, visit  Renew Alameda County Flyer .

Starting next year, Fannie and Freddie will not be able to retain any capital.  This was part of the terms of their bailout package in 2008.  Why is this important? It means starting next year taxpayers will probably have to foot the bill if they incur any losses.  It's important to remember that Fannie and Freddie back about 40 percent of the nation’s home loans. There are a few lawmakers and private industry titans getting together to brainstorm on how to deal with this.   More info here-- https://www.bloomberg.com/news/articles/2017-03-28/fannie-freddie-fix-is-focus-of-senators-push-across-party-lines

I mentioned in an earlier post that the FHA was planning to decrease their annual premiums for first time home buyers.  News just broke that the Trump Administration reversed this and will no longer be available. No explanation was given for the sudden move. More details here-- http://www.sfgate.com/news/article/Trump-administration-overturns-Obama-s-10872216.php

Federal Housing Finance Agency (FHFA) announced the development and implementation of Fannie Mae and Freddie Mac’s new Flex Modification program which will replace the Enterprises’ current Home Affordable Modification Program (HAMP®) which expires at the end of the year.  The program incorporates elements of a joint white paper developed by the U.S. Department of the Treasury in conjunction with the U.S. Department of Housing and Urban Development (HUD) and FHFA titled Guiding Principles for the Future of Loss Mitigation. Terms of the program included a 20 percent payment reduction for eligible borrowers. A high percentage of those who are at least 60 days delinquent would be eligible; the modification could also be an option for those who are current or less than 60 days delinquent in certain situations. More info here-- https://www.nar.realtor/articles/gse-announce-new-modification-program

A sweeping federal lawsuit is accusing Fannie Mae, the government-sponsored enterprise (GSE), of neglecting foreclosure properties in predominantly minority neighborhoods but not in predominantly white neighborhoods.  This lawsuit may put Brokers and Real Estate Agents who listed these properties in the crosshairs of the Fair Housing Act. More info-- https://www.inman.com/2016/12/06/sweeping-racial-discrimination-lawsuit-against-fannie-mae-could-have-repercussions-for-agents-and-brokers/

Fannie and Framework have partnered up to provide home buying classes. The $75 fee includes a 4hr online course and one-on-one assistance from a professional homeownership advisor whose only job is to help you become a successful homeowner. More details here-- https://homeready.frameworkhomeownership.org/

An interesting article from the Wall Street Journal saying Fannie Mae may do away with paystubs and would allow lenders to use employment and income information from a database maintained by credit bureau Equifax to verify borrowers’ ability to handle a loan, rather than relying on the traditional documentation process of collecting physical copies of pay stubs and tax data. The move is expected to make the mortgage process easier for borrowers and lenders alike. More info here-- http://www.wsj.com/articles/need-a-home-mortgage-fannie-says-forget-the-pay-stubs-1445333580

Fannie and Freddie are usually a nebulous topic for most people.  An interesting interview came up today on Marketplace about Fannie and Freddie and how they are integral to the mortgages made today. U.S. mortgage giants under the microscope | Marketplace.org  

Starting Sept. 14, HUD is including a mandate that instructs lenders to inform borrowers when they first meet to get a home inspection prior to purchasing a home. The mandate will be added to the HUD/Federal Housing Administration Single Family Policy Handbook and will include a document called "For Your Protection, Get a Home Inspection." HUD has asked the American Society of Home Inspectors to provide buyers with information about why they should get a home inspection, why the FHA does not guarantee the value or condition of a new home, and information on radon gas testing and other safety and health issues.

HomePath just announced an education program for first time home buyers.  Those who complete the program will be eligible for up to a 3% closing cost assistance when they purchase a Homepath property.  More details can be found here-- https://www.homepath.com/ ready_buyer.html

News came out today via the National Association of Realtors that any foreclosed property sold by Fannie and Freddie Mac will need to give top priority to owner occupant home buyers. Couple of requirements that need to be made-- -The lender needs to do everything possible for the owner to stay in the property. -In the event the property becomes and REO (or foreclosed property), the owner occupant home buyers will only be considered in the first 20 days of the sale.  After 20 days, investors will have the opportunity to purchase the property. http://www.fhfa.gov/Media/PublicAffairs/Pages/Non-Performing-Loan-%28NPL%29-Sale-Requirements.aspx

No flashy posters to post today, but I just thought I'd throw out some great sites to find your next dream home or investment property.  I don't get paid by any of these sites, they're just great resources that I use. Redfin (my alma mater!) This shows *most* of the homes for sale.  The East Bay MLS has a quirk where if the listing agent doesn't click a certain button, it doesn't appear on any of the websites that pull from the MLS (i.e. Redfin/Zillow/Trulia/etc.). New Home Source Great website for new construction homes. REO homes that give preference to owner occupied home owners or first time home owners.  HUD homes require buyers to have agents who have a HUD license (I do!) Fannie Mae Freddie Mac HUD REO bank multiplexes HUD