Senate Bill Would Allow Some Homeowners to Modify Loans

In the news this week:

* Sen. Barbara Boxer of California has authored a bill to allow an estimated 2 million homeowners to refinance at a significantly lower interest rate, which she says will save families thousands of dollars and boost the economy. The senator said the Helping Responsible Homeowners Act would allow responsible homeowners to modify their loans by easing restrictions that keep them locked into their present mortgage payments. Unlike the current loan modification plan that helps only those homeowners who are behind in their payments, it is designed to help those who continue to make their mortgage payments on time, but whose homes have lost value.

* In response to accusations by some prospective borrowers that certain lenders were refusing to make loans to new mothers still on disability after giving birth, the Federal Housing Administration has started an investigation into the lending practices of some mortgage lenders. While lenders have every right to ascertain the incomes of borrowers to determine eligibility, they cannot use pregnancy or short-term disability to deny a mortgage. They can, however, document the borrower’s intent to return to work and their ability to qualify for the loan. The FHA is also reviewing Fannie Mae and Freddie Mac’s underwriting guidelines to make sure the Fair Housing Act is being properly observed.  

* HUD’s FHA condo/town home requirements have changed. As of July 1, the entire complex or development must have FHA approval from HUD for an FHA mortgage loan to be approved on a single unit. Your agent can check of the current status online by signing up for an account at www.clarusfhaapproval.com.

*The goal for 72 percent of Americans is to own their own home, according to a recent survey by the National Housing Pulse Survey. This could be a window of opportunity for prospective first-time homeowners. Rates are extremely low, down payments are still 3.5 percent on FHA loans and home prices are the lowest they have been for several years.                                                                              

This Week in La Mesa Real Estate Activity

Eighteen new single-family homes and four condos/town homes came on the market this past week.

My picks of the week are:

5800 Severin Dr., a big tri-level home with pool and view listed by Laura Sullivan of the La Mesa Coldwell Banker, and 6709 Rolando Knolls Dr., a cute little home on a quiet street in a well-established family neighborhood. Listed by Joe Southwick of Re-Max Associates.

Coup of the week is the listing at 10383 Bonnie Lane, listed for $2,290,000. This home has been on the market for some time with several different agents. The owners saw one of Steve Porter’s Pacific Sotheby’s signs, recognized that it was an international company and called him to list the house. Way to go Steve! Steve is a third-generation San Diegan with more than 30 years experience and countless ties to the La Mesa community and an all-around good guy.  If anyone can sell a $2 million-plus property in the East County, he will.

Another local agent, Lisa Cupp of Coldwell Banker La Mesa, is making her mark in an entirely different way. She will be using her real estate skills and technical expertise to find a new home for a military family on the popular TV show House Hunters. It is scheduled to air July 25 at 8 p.m. on HGTV.