Happy New Year!

Merry Christmas

FHA Changes Borrower Guidelines

There are new and more stringent qualifications for today's most popular lending program, FHA. The new guidelines require borrowers to have more money down, higher qualifying credit scores, and lower debt-to-income ratios. Intero's CEO, Gino, goes over the details.

This Week's Realty Times Report

There continues to be good news in real estate, both nationally and locally. Our experience is that when residential real estate goes on the market in Gilroy and the surrounding areas, and is priced right, it sells. Checking in with Realty Times this morning, the national report reflects the same condition.

Realty Times reports that Lawrence Yun, NAR chief economist, said the tax credit is a significant factor. "We can't underestimate just how powerful a catalyst the first-time home buyer tax credit has been for the housing sector," he said. "It's given buyers the confidence they needed to get off the fence and take advantage of extremely affordable housing conditions. The buying conditions this year are the most favorable on record dating back to 1970, but the tax credit is allowing buyers to set aside any reservations about waiting for a better deal."

See what else Realty Times is reporting.

We're Thankful for YouTube videos

Here's one kind of YouTube Thanksgiving video:



And here's another:



Aren't you thankful for both? HAPPY THANKSGIVING

More to be Thakful For...

Thanksgiving Week brings news about the continuing recovery of the real estate market, which Team Patereau is thankful for. How about you? Read on.

Congress Passes Homebuyer Tax Credit II

The House of Representatives voted overwhelmingly to pass legislation containing an extension and expansion of the homebuyer tax credit, completing Congressional action and sending the tax credit to President Obama for his signature.

The $8,000 homebuyer tax credit for first-time buyers, due to expire in this month, will be extended through April 30 of next year and buyers will have an additional two months, until the end of June, to close. First-time buyers who are in process of making a purchase will no longer need to worry about qualifying for the $8,000 credit if they close after the November 30 deadline. The new legislation increases the income limit for couples with income up to $225,000, a nearly $55,000 increase above the level in existing law.

For the first time, the new legislation makes buyers who already own a home eligible for a credit. A $6,500 maximum credit will be available to existing homeowners who have lived in their current residence for five of the prior eight years. The legislation limits eligibility for the existing homeowner credit to homes worth $800,000 or less.

Read the full story at Real Estate Economy Watch.

Happy Halloween!

Legacy of Gilroy Statue Unveiling

This video and those that follow are from the Legacy of Gilroy Public Arts project that was unveiled on October 17th. There was two hours of video and these are edited for different audiences. Enjoy!

If you would like to embed these videos in your website, please feel free. If you would like a DVD of any or all of the parts and pieces, put your request in the comment section and Team Patereau will contact you about the small fee and where they can be picked up.

Cleaning Up the Mortgage Industry

Several new laws were recently enacted to help clean up the mortgage industry. Gino explains them in this week's Intero Insider.