Updated executive home 4 bedrooms and 2 full baths in Diablo Shadows neighborhood of Walnut Creek, California.  Home has large office on ground floor with lots of built-ins. Hardwood, Travertine and wall to wall carpets.  Kitchen and bathrooms have been remodeled.  Top Walnut Creek schools.  This video was made with the permission of listing agent, Catherine Larson of ReMax for one of my clients. Priced at $819,000

 We all know someone in our County that has worked in real estate , construction and financial services.  These incentive will help get people back to work in one of the biggest employment bases in our area.  Besides housing, think of the other areas that will need development or improvement.  Roads bridges, schools and other infrastructure that supports development.

In 2006 there were over 10,000 housing starts int he San Francisco East Bay Area.  Year to date, there have been only 1769.  These efforts by our cities and county are very admirable and shows certain creativity of our government.

FHA 203K home loans provide buyer’s with the ability to include the repairs of the house into the loan amount.

Buyers and sellers have access to a great number of trend and statistics that give their real estate agents the ability to provide accurate information of a specific market.  This Video about real estate in Walnut Creek California is a good example.

Walnut Creek California has foreclosure opportunities in all price ranges.  We were not hit as hard as other parts of California, but there are opportunities for the home buyer that want to buy a “fixer.”  Many of the bank owned homes in the Walnut Creek area are in the higher end.  $750,000 up to $2,000,000.

According to  California Housing Finance Agency in Sacramento, more than 400,000 households may be assisted by this program that help families struggling with their mortgage stay in their homes in California.  Here’s the qualifying breakdown.  Let’s see if this will help people in Contra Costa County.

The homeowner must qualify for the 2009 Moderate income limits.  Contra Costa County income limits are $75,000 for 1 person, $85,700 for 2 people, $96,450 for 3 people and $107,150 for a family of 4.  These income limits are pretty good.  They’re much better than the post 2008 income limits that rarely included homeowners in the  Greater San Francisco Area.

The borrower does not need to be a CalHFA borrower.  California is currently talking to major lenders that have done business in California to become part of this program.

There has to be reasonable hardship, loss or reduction of income, disability.  I’m sure there will be documentation to support the homeowners claim.

The borrower must be able to support the modified payments and satisfy all guidelines and borrower’s mortgage must be delinquent and in imminent default.  (I’m not sure what step in the  process this is.)  Lenders may interpret this on their own.

Your mortgage has to be an original first mortgage, in other words, the loan you purchased your home with, not a refinance.  That’s called non-recourse in California.  The loan amount may not exceed $729,500 and your property has to be owner occupied and  in good condition.

Here’s an interesting fact: THE LOAN HAS TO BE ORIGINATED BEFORE  JANUARY 1, 2009.  Most of the hardships I see are loans originated before 2009, as these were the no qualification, adjustable high balance loans that got many of my clients into trouble as they adjusted.

I hope this program helps people in Contra Costa County as well as other parts of California.  I’m glad to see more options for homeowners.