Wisdom & Wit

On Tuesday, Jan 11, the Fremont City Council voted to join the California FIRST financing program. As reported in last week's issue, California FIRST is a voluntary program that provide loans to homeowners to finance energy efficiency upgrades. The loans are repaid through a special property tax...

On Friday, Jan. 15 NAR sources in Washington D.C. indicated that FHA is about to announce the following changes to its purchase finance programs. Borrower Issues: Borrowers will be unable to finance upfront premiums; Seller concessions will be reduced from 6% to, possibly, 3%; Borrowers must have...

The San Leandro City Council adopted a Climate Action Plan (CAP) at their meeting on Monday (Dec. 21). In response to significant input from Bay East members the Council removed the Residential Energy Conservation Ordinance (RECO) that was part of the original version of the CAP. The RECO was rep...

On Monday (Dec. 21), the Livermore Historic Preservation Commission held the first of two meetings about establishing a Historic Preservation overlay zone. If approved, special regulations regarding additions, remodeling, paint colors and demolition would be applied to "historic" properties in t...

Good From Nov. 6, 2009 to April 30, 2010 Who is Eligible and for What:First-Time Homebuyer (defined as a non-homeowner for the last three years)A first-time homebuyer can obtain a tax credit of up to $8,000 of 10% of the purchase price of a home, whichever is less, depending on their income. For...

FHA has just issued a new Mortgagee Letter spelling out the new guidelines on condominiums. They are as follows:SPOT APPROVALS: Due to the volatility of the condo market, FHA will allow spot approvals until February 1, 2010.CURRENTLY APPROVED CONDOS: All currently approved projects stay on the l...

On Tuesday, October 20 the Pleasanton City Council rezoned three vacant parcels in the Hacienda Business Park near the Pleasanton BART station to allow for mixed-use development. Two of the three parcels are located on Gibraltar Avenue across from the Sienna town home development. The third parc...

NAR is stepping up pressure on Congress to extend the $8,000 home buyer tax credit. Their strategy includes a nation-wide call-for-action which more than 450,000 REALTORS® have answered by either calling or emailing their elected officials. NAR is also placing ads in Washington D.C. newspapers a...

Faced with a $4.2 million budget deficit, the Newark City Council will place a 3.9 percent utility tax on the November ballot. If approved by the voters the 3.9 percent tax will be applied to electricity, gas, telephone and cable television services. Revenue from the tax will pay for police and f...

On Thursday, July 30, the Federal Reserve Board's Truth in Lending "Regulation Z" took effect and applied new disclosure requirements for both new mortgages and refinancings.  Among other things, lenders must now provide good-faith estimates that include loan costs within three business days of r...