Lake County Real Estate Blog

Mortgage information- Shining Starr Funding- 866-280-0020

2010-10-06T13:39:00.000-07:00

We are a FHA,VA approved lender offering FHA,VA,Conventional and USDA loans.You will agree that it is a great feeling to be able to save and close tricky deals.Everybody can do the easy loans .The issue is with loans that fall outside the box.We also , cannot do loans that fall outside our box.However, we can fit in a lot of loans in our guidelines/box.I give below brief program guidelines with some scenarios of loans that we have recently closed.
We also assign Buyer Leads .Our only interest is the loan transaction.New program with updated details provided below.
Our Loan Products

FHA,VA,Conventional and USDA Loans

We APPROVE a lot of loans that other lenders will say NO To.

Some great examples:

Below 620 ficos down to 580.
203Ks to 580 fico
Half (½%) Down Loans
USDA Zero Down Loans
VOE Loans allowed ( For Wage earners only)
20% + return ( within 90 days) on flipping allowed for FHA
Multiple Investment properties OK
No FICO/No active credit borrowers OK ( with non traditional tradelines)
HUD properties with $100 down
95% conventional financing in restricted markets

RUN YOUR SCENARIO NOW!!!
Use the above link to our Instant Online Pre Qual Estimator.The loan scenario will be run through several loan programs and results provided instantly about the pre qualification amount and any associated concerns.
Buyer Leads

Channel front dream home in desirable Lands End!

2010-10-05T23:03:00.000-07:00

Michelle Perry & Tiffany Peng | Lakefront Homes | (707) 349-4230

2609 Lagoon, Lakeport, CA

Channel front home in desirable Lands End!

2BR/2BA Single Family House

offered at $359,000

Year Built	1979
Sq Footage	1,248
Bedrooms	2
Bathrooms	2 full, 0 partial
Floors	Unspecified
Parking	2 Car garage
Lot Size	8,712 sqft
HOA/Maint	$0 per month

DESCRIPTION

You will feel right at home when you walk in to this channel front home in Lands End Subdivision in the outskirts of Lakeport. Enjoy fishing from your dock or your large deck with Gazebo or jump in your boat and go for a spin on the lake.

This home is nice inside and out and has all the luxuries of home but works well as a vacation home for the family. Beautiful stone fireplace, open floor plan and much more.

see additional photos below

PROPERTY FEATURES

- Central A/C	- Central heat	- Fireplace
- High/Vaulted ceiling	- Walk-in closet	- Living room
- Dining room	- Dishwasher	- Refrigerator
- Stove/Oven	- Attic	- Laundry area - inside
- Balcony, Deck, or Patio	- Yard

OTHER SPECIAL FEATURES

- Boat dock with electronic lift! Large deck for entertaining!!

ADDITIONAL PHOTOS

Photo 1	Photo 2
Photo 3	Photo 4
Photo 5

Contact info:

Michelle Perry & Tiffany Peng

Lakefront Homes

01080167

(707) 349-4230

For sale by agent/broker

Equal Opportunity Housing

Posted: Oct 5, 2010, 9:39pm PDT

Commercial Lending

2010-10-05T14:43:00.000-07:00

Good Morning,

This is about making life easier for you. Commercial Loans are not easy but our mission is to help you through the process in four steps:

We have dozens of reps staffing the telephones from 7am to 4pm PST Monday through Friday to help you with this process.
No auto- attendants.
Even if you just have an Executive Summary of your project, please give us a call.
We can help structure the transaction or get to an educated denial quickly so that you can work on the right loans.

Construction?
Refinance?
Note been called?
Purchase?
Pure business loan?

We can help with every scenario so that you can work on the right loan. There are no upfront fees for the qualification period. No fees for qualification and fast answers will make you a hero with your Client quickly.

Jennifer Bese

Commercial Lending Capital Inc

291 Corporate Terrace Circle

Corona , Ca 92879

www.c-lending.com

Phone: (951) 715-0084

Buy your family their vacation dream home now!

2010-10-05T00:04:00.000-07:00

What better time could it be to invest in a vacation home on the lake for your family at half the cost it was
just 5 years back.
Invest now and when the market turns reap the wealth. We have a great selection of vacation and waterfront
homes for you to choose from. There are some fabulous waterfront properties on the market right now starting out around $150,000 to the million dollar range, there is something for everyone.
Contact Michelle Perry or Tiffany Peng for more information 707-349-6699.

FHA Home Loan Changes

2010-09-07T15:25:00.001-07:00

Jacie Casteel
Senior Loan Officer
Sterling Mortgage
Phone: 707-263-5142
Fax: 707-263-5162
jcasteel@sterlinglakecounty.com

It's official: FHA was just given authority to change the amount charged to borrowers for both the Up Front and the Annual Mortgage Insurance premiums...and change them they did.

This will impact how you write up your FHA purchase agreements, as well as any monthly payments you might estimate for clients – so I wanted to get word on the new guidelines to you right away.

The new premium amounts will be effective on all FHA case numbers assigned on or after October 4, 2010 – so your clients that already have an FHA transaction in process won't be impacted, but new FHA clients who come into process on or after October 4th will be subject to the new guidelines.

Here's what you need to know:

The Up Front Mortgage Insurance premium is now 1.0 % for all standard FHA programs, including on purchase money mortgages. This is a significant change from the 2.25% Up Front Mortgage Insurance typically in place on FHA 30 year Fixed Rate transactions.
...but don't break out the party hats just yet – the Annual Mortgage Insurance premium is now .90% for LTV's greater than 95% on 30 year loans...and this is also a significant change from the .55% we've been accustomed to using when we calculate the monthly payment.
There are different annual premium amounts for lower loan to values and for 15 year terms, so call me for more details if needed. And by the way, FHA now has the authority to raise the Annual Mortgage Insurance premium “at will”...up to 1.55%...so I'll be keeping closely tuned to any changes and will be sure to keep you informed.

And if you have any other questions about how these changes will impact your clients, call or email me anytime. I'm always happy to review your clients' situations, and help them secure the home of their dreams.

Sincerely,

Jacie Casteel
Sterling Mortgage
Phone: 707-263-5142
jcasteel@sterlinglakecounty.com

You are receiving this email as a result of your ongoing business relationship with Jacie Casteel. While beneficial to a wide audience, this information is also commercial in nature and it may contain advertising materials.

UNSUBSCRIBE. In the unlikely event you decide that you would not like to receive this information, please reply to this email with "Remove" in the subject line.

Jacie Casteel
Sterling Mortgage
526 Lakeport Blvd
Lakeport, CA 95453

© Copyright 2010. All About News, Inc.

Most frequently asked questions about the First Time Home Buyer Tax Credit!

2010-03-29T19:29:00.000-07:00

First-Time Home Buyer Tax Credit
Frequently Asked Questions About the Home Buyer Tax Credit
The American Recovery and Reinvestment Act of 2009 authorizes a tax credit of up to $8,000 for
qualified first-time home buyers purchasing a principal residence on or after January 1, 2009 and before
December 1,2009.
The following questions and answers provide basic information about the tax credit. If you have more
specific questions, we strongly encourage you to consult a qualified tax advisor or legal professional
about your unique situation.
Who is eligible to claim the tax credit?
First-time home buyers purchasing any kind of home--new or resale--are eligible for the tax credit. To
qualify for the tax credit, a home purchase must occur on or after January 1, 2009 and before December
1, 2009. For the purposes of the tax credit, the purchase date is the date when closing occurs and the
title to the property transfers to the home owner.
What is the definition of a first-time home buye•
The law defines "first-time home buyer" as a buyer who has not owned a principal residence during the
three-year period prior to the purchase. For married taxpayers, the law tests the homeownership history
of both the home buyer and his/her spouse.
For example, if you have not owned a home in the past three years but your spouse has owned a
principal residence, neither you nor your spouse qualifies for the first-time home buyer tax credit.
However, unmarried joint purchasers may allocate the credit amount to any buyer who qualifies as a
first-time buyer, such as may occur if a parent jointly purchases a home with a son or daughter.
Ownership of a vacation home or rental property not used as a principal residence does not disqualify a
buyer as a first-time home buyer.
3. How is the amount of the tax credit determined?
The tax credit is equal to 10 percent of the home's purchase price up to a maximum of $8,000.
Are there any income limits for claiming the tax credit?
Yes. The income limit for single taxpayers is $75,000; the limit is $150,000 for married taxpayers filing a
joint return. The tax credit amount is reduced for buyers with a modified adjusted gross income (MAGI)
of more than $75,000 for single taxpayers and $150,000 for married taxpayers filing a joint return. The
phaseout range for the tax credit program is equal to $20,000. That is, the tax credit amount is reduced
to zero for taxpayers with MAGI of more than $95,000 (single) or $170,000 (married) and is reduced
proportionally for taxpayers with MAGIs between these amounts.
What is "modified adjusted gross income"?
Modified adjusted gross income or MAGI is defined by the IRS. To find it, a taxpayer must first determine
"adjusted gross income" or AGI. AGI is total income for a year minus certain deductions (known as
"adjustments" or "above-the-line deductions"), but before itemized deductions from Schedule A or
personal exemptions are subtracted. On Forms 1040 and 1040A, AGI is the last number on page 1 and
first number on page 2 of the form. For Form 1040-EZ, AGI appears on line 4 (as of 2007). Note that AGI
includes all forms of income including wages, salaries, interest income, dividends and capital gains.
To determine modified adjusted gross income (MAGI), add to AGI certain amounts of foreign-earned
income. See IRS Form 5405 for more details.
If my modified adjusted gross income (MAGI) is above the limit, do qualify for any tax credit?
Possibly. It depends on your income. Partial credits of less than $8,000 are available for some taxpayers
whose MAGI exceeds the phaseout limits.
Can you give me an example of how the partial tax credit is determined?
Just as an example, assume that a married couple has a modified adjusted gross income of $160,000.
The applicable phaseout to qualify for the tax credit is $150,000, and the couple is $10,000 over this
amount. Dividing $10,000 by the phaseout range of $20,000 yields 0.5. When you subtract 0.5 from 1.0,
the result is 0.5. To determine the amount of the partial first-time home buyer tax credit that is available
to this couple, multiply $8,000 by 0.5. The result is $4,000.
Here's another example: assume that an individual home buyer has a modified adjusted gross income of
$88,000. The buyer's income exceeds $75,000 by $13,000. Dividing $13,000 by the phaseout range of
$20,000 yields 0.65. When you subtract 0.65 from 1.0, the result is 0.35. Multiplying $8,000 by 0.35 shows
that the buyer is eligible for a partial tax credit of $2,800.
Please remember that these examples are intended to provide a general idea of how the tax credit might
be applied in different circumstances. You should always consult your tax advisor for information
relating to your specific circumstances.
How is this home buyer tax credit different from the tax credit that Congress enacted in July of 2008?
The most significant difference is that this tax credit does not have to be repaid. Because it had to be
repaid, the previous "credit" was essentially an interest-free loan. This tax incentive is a true tax credit.
However, home buyers must use the residence as a principal residence for at least three years or face
recapture of the tax credit amount. Certain exceptions apply.
How do claim the tax credit? Do need to complete a form or application?
Participating in the tax credit program is easy. You claim the tax credit on your federal income tax
return. Specifically, home buyers should complete IRS Form 5405 to determine their tax credit amount,
and then claim this amount on Line 69 of their 1040 income tax return. No other applications or forms
are required, and no pre-approval is necessary. However, you will want to be sure that you qualify for
the credit under the income limits and first-time home buyer tests. Note that you cannot claim the credit
on Form 5405 for an intended purchase for some future date; it must be a completed purchase.
10. What types of homes will qualify for the tax credit?
Any home that will be used as a principal residence will qualify for the credit. This includes single-family
detached homes, attached homes like townhouses and condominiums, manufactured homes (also
known as mobile homes) and houseboats. The definition of principal residence is identical to the one
used to determine whether you may qualify for the $250,0001 $500,000 capital gain tax exclusion for
principal residences.
11. read that the tax credit is "refundable." What does that mean?
The fact that the credit is refundable means that the home buyer credit can be claimed even if the
taxpayer has little or no federal income tax liability to offset. Typically this involves the government
sending the taxpayer a check for a portion or even all of the amount of the refundable tax credit.
For example, if a qualified home buyer expected, notwithstanding the tax credit, federal income tax
liability of $5,000 and had tax withholding of $4,000 for the year, then without the tax credit the taxpayer
would owe the IRS $1,000 on April 15th. Suppose now that the taxpayer qualified for the $8,000 home
buyer tax credit. As a result, the taxpayer would receive a check for $7,000 ($8,000 minus the $1,000
owed).
12. purchased a home in early 2009 and have already filed to receive the $7,500 tax credit on my 2008 tax returns.
13.
14.
15.
How can claim the new $8,000 tax credit instead?
Home buyers in this situation may file an amended 2008 tax return with a t040X form. You should
consult with a tax advisor to ensure you file this return properly.
Instead of buying a new home from a home builder, hired a contractor to construct a home on a lot that
already own. Do still qualify for the tax credit?
Yes. For the purposes of the home buyer tax credit, a principal residence that is constructed by the
home owner is treated by the tax code as having been "purchased" on the date the owner first occupies
the house. In this situation, the date of first occupancy must be on or after January 1, 2009 and before
December 1, 2009.
In contrast, for newly-constructed homes bought from a home builder, eligibility for the tax credit is
determined by the settlement date.
Can claim the tax credit if finance the purchase of my home under a mortgage revenue bond (MRB) program?
Yes. The tax credit can be combined with the MRB home buyer program. Note that first-time home
buyers who purchased a home in 2008 may not claim the tax credit if they are participating in an MRB
program.
live in the District of Columbia. Can claim both the Washington, D.C. first-time home buyer credit and this new
credit?
No. You can claim only one.
16. am not a U.S. citizen. Can claim the tax credit?
Maybe. Anyone who is not a nonresident alien (as defined by the IRS), who has not owned a principal
residence in the previous three years and who meets the income limits test may claim the tax credit for a
qualified home purchase. The IRS provides a definition of "nonresident alien" in IRS Publication 519.
17. Is a tax credit the same as a tax deduction?
No. A tax credit is a dollar-for-dollar reduction in what the taxpayer owes. That means that a taxpayer
who owes $8,000 in income taxes and who receives an $8,000 tax credit would owe nothing to the IRS.
A tax deduction is subtracted from the amount of income that is taxed. Using the same example, assume
the taxpayer is in the 15 percent tax bracket and owes $8,000 in income taxes. If the taxpayer receives an
$8,000 deduction, the taxpayer's tax liability would be reduced by $1,200 (15 percent of $8,000), or
lowered from $8,000 to $6,800.
18.
19.
bought a home in 2008. Do qualify for this credit?
No, but if you purchased your first home between April 9, 2008 and January 1, 2009, you may qualify for
a different tax credit. Please consult with your tax advisor for more information.
Is there any way for a home buyer to access the money allocable to the credit sooner than waiting to file their
2009 tax return?
Yes. Prospective home buyers who believe they qualify for the tax credit are permitted to reduce their
income tax withholding. Reducing tax withholding (up to the amount of the credit) will enable the buyer
to accumulate cash by raising his/her take home pay. This money can then be applied to the
downpayment.
Buyers should adjust their withholding amount on their W-4 via their employer or through their quarterly
estimated tax payment. IRS Publication 919 contains rules and guidelines for income tax withholding.
Prospective home buyers should note that if income tax withholding is reduced and the tax credit
qualified purchase does not occur, then the individual would be liable for repayment to the IRS of
income tax and possible interest charges and penalties.
Further, rule changes made as part of the economic stimulus legislation allow home buyers to claim the
20.
21.
22.
tax credit and participate in a program financed by tax-exempt bonds. Some state housing finance
agencies have introduced programs that provide short-term credit acceleration loans that may be used
to fund a downpayment. Prospective home buyers should inquire with their state housing finance
agency to determine the availability of such a program in their community.
The National Council of State Housing Agencies (NCSHA) has compiled a list of such programs, which
can be found here.
The Secretary of Housing and Urban Development has announced that HUD will allow "monetization" of the tax
credit. What does that mean?
It means that HUD will allow buyers to apply their anticipated tax credit toward their home purchase
immediately rather than waiting until they file their 2009 income taxes to receive a refund. These funds
may be used for certain downpayment and closing cost expenses.
Under the guidelines announced by HUD, non-profits and FHA-approved lenders will be allowed to give
home buyers short-term loans of up to $8,000.
The guidelines also allow longer term loans secured by second liens to be used by government
agencies, such as state housing finance agencies, to facilitate home sales.
Housing finance agencies and other government entities may issue tax credit loans, the funds of which
home buyers may use to satisfy the FHA 3.5% downpayment requirement.
In addition, approved FHA lenders will also be able to purchase a home buyer's anticipated tax credit to
pay closing costs and downpayment costs above the 3.5% downpayment that is required for FHAinsured
homes.
More information about the guidelines is available on the NAHB web site. Read the HUD mortgagee letter
(pdf) and an explanation of the FHA Mortgagee Letter on Tax Credit Monetization (pdf). An FAQ about
monetization (pdf) is available at the NAHB web site.
If I'm qualified for the tax credit and buy a home in 2009, can apply the tax credit against my 2008 tax return?
Yes. The law allows taxpayers to choose ("elect") to treat qualified home purchases in 2009 as if the
purchase occurred on December 31, 2008. This means that the 2008 income limit (MAGI) applies and the
election accelerates when the credit can be claimed (tax filing for 2008 returns instead of for 2009
returns). A benefit of this election is that a home buyer in 2009 will know their 2008 MAGI with certainty,
thereby helping the buyer know whether the income limit will reduce their credit amount.
Taxpayers buying a home who wish to claim it on their 2008 tax return, but who have already submitted
their 2008 return to the IRS, may file an amended 2008 return claiming the tax credit. You should consult
with a tax professional to determine how to arrange this.
For a home purchase in 2009, can choose whether to treat the purchase as occurring in 2008 or 2009,
depending on in which year my credit amount is the largest?
Yes. If the applicable income phaseout would reduce your home buyer tax credit amount in 2009 and a
larger credit would be available using the 2008 MAGI amounts, then you can choose the year that yields
the largest credit amount.
NAHB is providing the information on this web site for general guidance only. The
information on this site does not constitute the provision of legal advice, tax advice,
accounting services, investment advice, or professional consulting of any kind nor
should it be construed as such. The information provided herein should not be used as
a substitute for consultation with professional tax, accounting, legal, or other competent
advisers. Before making any decision or taking any action on this information, you
should consult a qualified professional adviser to whom you have provided all of the
facts applicable to your particular situation or question. None of the tax information on
this web site is intended to be used nor can it be used by any taxpayer, for the purpose
of avoiding penalties that may be imposed on the taxpayer. The information is provided
"as is," with no assurance or guarantee of completeness, accuracy, or timeliness of the
information, and without warranty of any kind, express or implied, including but not
limited to warranties of performance, merchantability, and fitness for a particular
purpose.
1201 15th Street, NW
Washington, DC 20005
202-266-8200
800-368-5242

Channel front Homes in Lake County California

2010-02-05T23:40:00.000-08:00

Own your own channel front home right now at the lowest prices in years. Like to fish, boat, sail, ski, or
any other type of water sport. Lake County is know for its Catfish Derby and Bass tournaments as well as year around fun and activities for the whole family. Channel front homes ranging from $85,000-500,000, make your family happy and buyer them the vacation home of their dreams.

Lake County Real Estate, its time to invest!

2010-02-04T23:26:00.000-08:00

The Lake County real estate home values continue to decline but sales for the area have picked up slightly. With the REO Banks continuing to flood the market with more foreclosures we are seeing a lot more investors bringing money to the table again. The prices on these foreclosed homes have been lower than similar properties that are not foreclosures therefore driving down the market value.
The real estate industry has changed drastically over the last few years with REO's and short sales being the majority of the sales.
Waterfront property seem to still be in demand even though the over all sales is down, there are still a large number of buyers who realize there may never be a time like this again and are taking advantage of buying these fabulous deals on the lake front and channel front homes that are priced extremely low right now.
Just a few years back is was very hard for families to afford a vacation home but since the prices are about 50 percent of what they used to be people are finding them more affordable.
Lake County is still one of the most desirable locations to find the perfect vacation home or retirement home.
There are so many things to do, fishing, wineries, boating, water sports, camping, small country town events and more. Please come and visit you won't want to leave.

Fantastic Deal on Lakefront Cabin in Lakeport

2010-02-04T10:55:00.000-08:00

Michelle Perry | CPS Lakefront Homes | 707-349-4230

North Lakeport, Lakeport, CA

Beach front property on Clearlake, no tullies, grassy yard, pier, dock and boat house. Vacation cabin, large lot and lots more!

2BR/1+1BA Single Family House

offered at $349,000

Year Built	1953
Sq Footage	1,200
Bedrooms	2
Bathrooms	1 full, 1 partial
Floors	2
Parking	2 Uncovered spaces
Lot Size	.20 acres
HOA/Maint	$0 per month

DESCRIPTION

Lakefront family vacation home on Clearlake in desirable Lakeport area, 2 homes to choose from both the same price! One house is on a single lot 2bed 1 and half bath,(this one) on a single lot with breath taking views, great water and grassy yard, nice usable beach for kids and family, dock pier and boat house. Second home next to this one has same amenities except no dock, pier but is on a double lot with 80 feet of beach front. This is the best deal in Lake County must see will go fast!!!! Serious buyers call: Michelle Perry or Tiffany Peng at 707-349-6699 or 707-349-4230/ 349-2389 for showings and more details. Listing will go up for sale this week. Get in first on showings!!!

see additional photos below

PROPERTY FEATURES

- Fireplace	- Family room	- Stove/Oven
- Balcony, Deck, or Patio	- Yard

OTHER SPECIAL FEATURES

- Fantastic water amenities

ADDITIONAL PHOTOS

Photo 5	Photo 2
Photo 3	Photo 4
Photo 1	Photo 6

Contact info:

Michelle Perry

CPS Lakefront Homes

01080167

707-349-4230

For sale by agent/broker

Equal Opportunity Housing

Posted: Oct 25, 2009, 11:58am PDT

Our New Blog

2010-01-22T13:33:00.001-08:00

Look here for great real estate tips, featured properties, and more.