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NOTE:  If you are having problems viewing the video, click on the link below.

http://www.thinkbigworksmall.com/mypage/player/tbws/23088/1386722

Federal Housing Administration (FHA) Commissioner David Stevens announced a set of policy changes to strengthen the FHA’s capital reserves, while enabling the agency to continue to fulfill its mission to provide access to homeownership for underserved communities.  These changes that have been enacted, are guiding the FHA to manage its risk, while continuing to support the nation’s housing market recovery. 

The FHA will propose to take the following steps:  increase the mortgage insurance premium (MIP); update the combination of FICO scores and down payments for new borrowers; reduce seller concessions to three percent, from six percent; and implement a series of significant measures aimed at increasing lender enforcement. 

*Mortgage insurance premium (MIP) will be increased to build up capital reserves and bring back private lending.  Ultimately, if approved by legislative authority, this shift will allow for the capital reserves to increase with less impact to the consumer, because the annual MIP is paid over the life of the loan instead of at the time of closing. This is set to go into effect in the spring.

For more information, visit http://portal.hud.gov/portal/page/portal/HUD/press/press_releases_media_advisories/2010/HUDNo.10-016

*Update the combination of FICO scores and down payments for new borrowers.  New buyers will now be required to have a minimum FICO score of 580 to qualify for FHA’s 3.5% down payment program.  New borrowers with less than a 580 FICO score will be required to put down at least 10%. This is set to go into effect in the early summer. 

*Reduce allowable seller concessions from 6% to 3%.  The current level exposes the FHA to excess risk by creating incentives to inflate appraised value.  This change will bring FHA into conformity with industry standards on seller concessions.  This is set to go into effect in the early summer.

*Increase enforcement on FHA lenders.  These changes will hold lenders more accountable and ensure that they are in compliance with FHA guidelines and standards.  This is effective immediately.  Currently, you can view lender performance rankings on Neighborhood Watch and the HUD websites.

VOTE “APPROVE” (YES)

ON BOND ISSUE #2

An “Agreement in Principle” has been signed by the Board of the Shoreline Historical Museum and the Shoreline School District Board.

The Museum retains ownership and use of the historic Ronald School.

This agreement is contingent on passing the Bond Issue.

THE SHORELINE HISTORICAL MUSEUM ENDORSES THE APPROVAL OF BOND ISSUE PROPOSITION #2

PLEASE “APPROVE” BOND ISSUE PROP. #2 ON FEBRUARY 9, 2010

For further information, visit http://www.shorelinehistoricalmuseum.org/

Lucy is welcomed by proud parents Todd and Ann and big sis Stephanie!

Thinking of buying or selling? 

Repeat Buyer $6,500 Tax Credit Expires April 30th!

If you have been hearing about the first time homebuyer tax credit for the past year but thought it wouldn’t apply to you since you are not a first time homebuyer, but rather a current homeowner who is considering moving up or possibly downsizing?  Think again! 

In November of 2009 the government launched a new program offering a tax credit of  $6,500 for qualified REPEAT homebuyers who sign a binding purchase contract by April 30th, 2010.  A qualified REPEAT homebuyer is one who has owned and occupied the same home for at least five consecutive years of the eight years prior to the new purchase date.  

Even better, this is a tax credit and not a tax deduction!  This means, the $6,500 is a dollar for dollar reduction in what the taxpayer owes.  For example, if you owed $6,500 in income taxes but are eligible to receive the $6,500 tax credit, you would owe nothing to the IRS.

It’s a double-whammy! The $8,000 1st Time Homebuyer Tax Credit Benefits both Buyers AND Sellers!

Click Here for the Homebuyer Tax Credit quick reference guide

Visit www.federalhousingtaxcredit.com for further information.

Now is still a great time to buy with prices down as much as 15% from their peaks, the $8,000 first time homebuyer tax credit for buyers who have not owned a home in the last three years has been extended, and now some homeowners who have owned their home for at least five years may qualify for a new tax credit! 

Please contact us for further details!

http://www.youtube.com/watch?v=LX4kzqZq8Os

Click here

Read our previous blog here http://www.chuckcady.com/Blog/DADU

Chuck Cady would like to thank everyone who participated and supported Team Wendy in this year's 2009 Alzheimer's Memory Walk at the Seattle Center.  With your support, Team Wendy raised over $2,500.00 to help in the fight against Alzheimer's!__________________________________________________________________

Memory Walk is the Alzheimer Association's national signature event and the largest national fund-raising event for Alzheimer's disease.  More than just for fund-raising, Memory Walk is designed to raise awareness about the disease. Proceeds from the Memory Walk go directly to fund local programs and services designed to improve the lives of those affected by Alzheimer's.

Currently more than 5 million Americans have Alzheimer's, and 78 million baby boomers are at risk – unless we find a way to change the course of the disease.

For the millions already affected by the disease, the Association offers care, education, support and resources in communities nationwide.  You can make a donation to help the Alzheimer's Association advance research into prevention, treatments and a cure for Alzheimer's by visiting the following link:  http://www.alz.org/join_the_cause_donate.asp

2009 Memory Walk - Seattle Center

Here's the top-10 list:

1. Seattle (tie)

1. Washington DC (tie)

2. New York

3. Portland, OR

4. Austin, TX

5. San Jose, CA

6. Denver, CO

7. Durham, NC

8. Dallas, TX

9. Chicago

10. Boston

AUGUST

·        Watering chores are what will eat up your garden time this month. Remember the basics; water early in the morning. Water the soil, not the leaves. Water deeply and occasionally shallow and often. When running the sprinkler, set out a pan so you can gauge just how much you’re applying.

·        If mature plants are flopping, tie them up or use plant supports or stakes (criss-cross like an X with ends inserted in the soil) to keep them upright and to prevent smothering neighboring plants. If an annual is struggling, at this point, just pull it up and pitch it.

·        If a perennial is sickly or looking otherwise awful, cut it back to just a few inches. It will come back this year or next spring with healthier growth.

·        If whitefly is a problem, spray the affected plants for several mornings in a row to reduce the problem.

·        If your lawn is turning brown, that’s because it’s gone dormant. You have two choices: Allow it to continue in its dormancy by not watering, or bring it out of dormancy with good, regular waterings. Don’t bring it out of dormancy repeatedly though, it is very stressful on your grass.

·        Continue to mow your lawn high (3 inches) regularly, your best defense against weeds.

SEPTEMBER

·        Early fall is an excellent time to plant perennials, container trees and shrubs, and roses. This month however, it can still be hot. Do the planting on a cool, overcast, or rainy day to prevent heat stress.

·        Halt fertilizing of roses and perennials. It will only encourage tender new growth that will get zapped this winter.

·        Although this time of year it’s tempting to forget about weeding, keep up with it! There’s an old saying: One year’s seeding means seven year’s weeding.

·        Even now, keep dead-heading! You’ll have more flowers longer, not to mention a nicer-looking garden.

·        Throwing a sheet of non-plastic material will help guard your plants/vegetables from harsh winter frost.

·        It’s time for birds to establish their food sources. If you haven’t already, put out your bird feeding equipment.

OCTOBER

·        October is the ideal month for planting spring-blooming bulbs. These include tulips, daffodils, and hyacinths. You can plant them through November too, just as long as the ground isn’t frozen.

·        Weed perennial and shrub beds and add more mulch (but never more than 3 inches). The mulch will prevent erosion during fall rains.

·        Leaves, leaves and more leaves! Composting is a fantastic way for dealing with them; it’s low cost, doesn’t smell or attract animals and it improves your soil beautifully! Just remember to cover with a tarp to prevent too much moisture.

**The most important time to fertilize your lawn is in the fall to help your lawn develop a strong root system. Do this after a couple rains when it starts turning green again, or if your lawn has been watered regularly all summer… proceed at will. Now the lawn is ready to grow again, and is looking for the nutrients it needs to recover from summer damage.

·        Go green and help it stay green! Organic fertilizers are easily bio-degradable and hence do not cause environmental pollution. On the other hand, chemical fertilizers contaminate land and water which is a cause of diseases for human beings and extinction of a number of plant, animal and insect species.

   Does it look like a “cottage” to you?

Seattle plans to abolish single family zoning! Currently, the Mayor and City Council are planning a “defacto Re-zone” of the entire city of Seattle. They want to allow two homes on single family lots, called “DADU’S” (Detached Auxiliary Dwelling Units). The city prefers to call them “cottages”…a euphemism I guess.

It is my concern that 95% of home owners in Seattle will only find out about this after the City Council has inked the “Re-zone”…that’s too late! If you are interested in preserving your back yard privacy and quality of life in your neighborhood, you need to act now. Most importantly, let your elected City Council members know what you think of this idea, good or bad.

We have provided the following links to learn more about the “Re-zone” of your neighborhood.

 http://www.seattle.gov/dpd/publications/cam/cam116b.pdf

http://www.seattle.gov/dpd/Planning/BackyardCottages/RelatedDocuments/default.asp

You can visit our Zillow profile by clicking on the following link http://www.zillow.com/profile/chuckcadyassociates/.

Some of the other Washington State neighborhoods that made the top 100 are:

Sammamish #12

Newcastle #17

Richland #51

Silverdale #92

You can view the complete article at money.cnn.com or by clicking on the link below

http://money.cnn.com/magazines/moneymag/bplive/2009/snapshots/PL0846355.html

The US HUD Secretary, Shaun Donovan, announced that the Federal Housing Commission (FHA) will allow homebuyers to apply the $8,000 first-time homebuyer tax credit toward the purchase costs of a FHA-insured home.

Currently, this tax credit can only be accessed after filing their tax returns with the IRS. Today's announcement allows Home buyers using FHA-approved lenders to apply the tax credit to their down payment in excess of 3.5 percent of appraised value or their closing costs, which can help achieve a lower interest rate.

You can review the full announcement on the Housing and Urban Development (HUD) website by clicking here.

The following video released by the National Association of Home Builders discusses use of the First Time Homebuyer Tax Credit towards downpayments.

Questions about how the $8,000 Federal Housing Tax Credit works?  Watch the video prepared by the National Association of Home Builders below:

**NOTE-  This video does not yet reflect today's announcement above!**

You can view additional information and driving directions by visiting:

http://www.thirdplacecommons.org/farmersmarket/

________________________________________________________________________________________

In addition to the Farmer's Market, there is a new Bar & Grill set to open its doors this month!  The Lake Forest Bar & Grill will be opening May 21st.  It is located in the old Coco's restaurant at 17535 Ballinger Way NE.

The LFP Bar and Grill is in association with Greenlake, Southlake and Eastlake Bar and Grill ! 

Lake Forest Park, WA 98155
Phone: (206)364-1261 

These latest announcements will make it easier for borrowers to modify or refinance their loans under FHA's Hope for Homeowners Program. The Federal Housing Commissions, Hope for Homeowners, requires the holder of the mortgage to accept a payoff below the current market value of a home, allowing the borrower to refinance into a new FHA-guaranteed loan.  Refinancing into a new loan below the home's market value takes a borrower from a position of being underwater to having equity. 

Under the changes made yesterday, when evaluating borrowers for a Home Affordable Modification, servicers will be required to determine eligibility for a Hope for Homeowners refinancing.

The Second Lien Program announced will work in tandem with first lien modifications offered under the Home Affordable Modification Program to provide a solution for struggling borrowers.  Second mortgages can create significant challenges in helping borrowers avoid foreclosure, even when the first lien is modified.

To read more about these new changes, visit http://www.treas.gov/press/releases/tg108.htm or http://makinghomeaffordable.gov.