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Christina Joy (C.J.) Workman
Christina Joy (C.J.) WorkmanTransaction Coordinator
Christy Quaresma
Christy QuaresmaMarketing Manager
Harold Penner
Harold PennerBroker, GRI, CRS

Penner Team

Led by top selling real estate broker, Harold Penner, the Penner Team was voted #1 Satellite Office by Guarantee Real Estate. This talented group produces over $25 million in sales annually and specialties include short sales, investment properties, relocations, luxury home sales and even property management services.

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Refinancing Hope for Homeowners in Distress

Posted by Harold Penner on Tuesday, July 13th, 2010 at 6:13pm.

October 2008 -   New Refinancing Plan
 

On October 1, 2008, the FHA “Hope for Homeowners” plan was implemented. If you meet the guidelines outlined below you may be eligible to refinance your current mortgage. One key condition, however, is that your current lender of your mortgage must agree to absorb the loss of the difference between the current loan balance and 90 % of the current market value.

Borrowers must meet the following eligibility criteria:


  • Home must be occupied by the owner of the property
  • Their mortgage must have originated on or before January 1, 2008;
  • Their mortgage debt-to-income must be at least 31 percent;
  • They cannot afford their current loan;
  • They did not intentionally miss mortgage payments; and
  • They do not own second homes.

Features of FHA-insured loans under the new program include:

  • 30-year, fixed rate mortgage;
  • Maximum 90 percent loan-to-value ratio;
  • No prepayment penalties;
  • $550,440 maximum mortgage amount;
  • Extinguishment of any subordinate liens; and
  • New home appraisals from FHA-approved appraisers.

If you believe you may qualify for this refinancing opportunity, you should start by contacting your current lender. Explain why believe you qualify and ask whether they would consider this refinancing option.

For more information visit: www.HUD.gov

FHA New Loan Changes
For those interested in buying a home, October 1, 2008 brought changes to the minimum qualifications for new FHA loans. These changes include:

  • Minimum down payment for FHA Loans – raised to 3.5% from 3%
  • Currently up front mortgage insurance premiums raised to 1.5%. Previously, borrowers with good credit scores could qualify for 1.25%.
  • The largest change is the elimination of non-profit contributions being admissible for down payment assistance. While programs such as the Nehemiah program are actively lobbying against this change, these third party programs can no longer be combined with an FHA loan.


To receive recommendations regarding qualified FHA lenders or to learn more about purchasing a home, please contact our office at (559) 322-7777 or email hpinfo@homesinfresno.com


SEPTEMBER 2008 MARKET STATISTICS - Fresno and Madera Counties
  • Average Price of Sold Homes in September '07 vs. '08 - $315,940 vs. $206,451
    (35% Decrease)
  • Sold Homes in September '07 vs. '08 - 724 vs. 350 (Over twice the amount of 2007)
  • # of Foreclosures and Pre-Foreclosures Sold in September '07 vs. '08 - 51 vs. 451 (Increased by 9 times)
  • Avg. Loan Percentage Rate in October '08 – 6.375% (30 Year Fixed)

 

ImageFEATURED LISTING

 2370 E. Fir Ave.

  • $288,500
  • 3 Bedrooms
  • 2 1/2 Bathrooms
  • 1,745 sq. ft.

Custom Backyard Landscaping! A Gary McDonald built home, with corian countertops and whirlpool tub, across from the community pool and spa. Elegant, solid oak front door, tile roof, custom backyard landscaping with 2 trellis, an arbor, fountain and tuff stuff custom shed.

 

 

ImagePENNER TEAM NEWS!

Smittcamp Suburbia!

Blake and Cherie decided this month to make the leap and leave country life for a new home! Their past home, while surrounded by peach orchards, was already bursting at the seams with the addition of little Aubrey.

Their new digs are less than a minute from work and within 5 minutes of both sets of grandparents. And there is plenty of room to grow. They will be leaving many memories, but are looking forward to plenty of pool parties and play dates in the future.

We'll keep you posted though on whether their country dogs adapt quite as well to the city life! 

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