March 13, 14 Homebuyer Fair L A Conv. Ctr.

The Southern California Home Buyer’s Fair, open 10 a.m. to 5 p.m., Saturday, March 13, and 11 a.m. to 4 p.m., Sunday, March 14, features more than 50 educational “how-to” seminars designed to help home buyers navigate today’s real estate market with confidence and peace of mind. Seminar topics range from understanding home prices and monitoring and fixing credit to applying for a mortgage and the importance of the home inspection. Several of the sessions also will be offered in Spanish.

The event is free to the public. In addition, the first 200 attendees each day will receive a free movie ticket (one ticket per person).

C.A.R. also has created a consumer fact sheet about the event. Please visit http://www.homebuyersfair.com/ for more information.

Is Your Lender following Home Afford Guidelines?

Visit the loan look up center to see if the loan is owned or guaranteed by Fannie Mae or Freddie Mac. If the loan is a Fannie Mae or Freddie Mac loan, call (800)-7Fannie (732-6643) or (800) Freddie (373-3343), as appropriate, describing the specific inconsistency.

FHA 90 day anti fliipping out for 1 year

The Dept. of Housing and Urban Development (HUD) announced Friday it will eliminate for one year the Federal Housing Administration (FHA) 90-day anti-flipping rule.

FHA’s anti-flipping rule generally prohibits insuring a mortgage on a home owned by the seller for less than 90 days. That rule already has been waived for certain transactions, including REOs. Beginning Feb. 1, buyers may use FHA-insured financing to purchase properties resold through private developers and investors. This one-year waiver will give FHA buyers access to a broader array of recently foreclosed properties.

Under the temporary waiver, all transactions must be made at arm’s-length and may require additional documentation of improvements and justification of certain price increases. Additional documentation may include a second appraisal and a property inspection ordered by the lender.

FHA Tightens up loan costs--even though $8000 tax credit still in place

Yes the $8,000 tax credit is still in place but look closely at the details.
KEEP THIS IN MIND
• The FHA is federally mandated to maintain reserve funds at 2 percent or greater. As of November,
the agency reported that its fund had declined to .53 percent. The funding is used to cover losses on
mortgages insured by the FHA that go into default.
• Loans insured by the FHA generally are less expensive to borrowers because of the lower down
payment requirements. However, these loans also have fees, such as up-front mortgage insurance.
To help the agency raise its cash reserves, the FHA is increasing the up-front mortgage insurance
premium from its current 1.75 percent to 2.25 percent. HUD released a Mortgagee Letter today
making the premium increase effective in the spring.
• The agency also is raising the minimum credit score requirements. Currently, borrowers with FICO
scores as low as 500 have been approved for FHA-insured loans. Under the policy changes, new
borrowers will be required to have a minimum FICO score of 580 to qualify for the FHA’s 3.5 percent
down payment program. New borrowers with less than a 580 FICO score will be required to put down
at least 10 percent. FHA expects this to take effect in early summer once it passes the normal
regulatory process.
• The new policy also will reduce the amount of money sellers can provide to home buyers at closing to
3 percent, down from its current 6 percent, of the home’s price. The change brings the agency in line
with industry standards and removes the incentive to inflate appraisals. The FHA expects this to take
effect in early summer after it passes the normal regulatory process source cnn money and fha web site.

January Fun Things to do in Santa Monica and the Westside

Have Fun and Everything Else will Fall into Place

Brought to you by Your Neighborhood Realtor, Maralee Grantham see also on blog maraleegrantham.com

THEATRE/ CONCERTS: LA Theatre Works 1/21-23 University of Notre Dame visiting company presents RFK: A Journey to Justice 7:30
except Sat 7 pm $36.;UCLA Royce Hall Los Lobos 1/30 8 pm $40, 28;: Thurs., Jan 21 THURSDAY EVENINGS WITH L.A. OPERA — The
fourth of a free series of presentations about five upcoming operas (before heading out to see them) is Behind the Scenes in Opera, 7 p.m. at
the Main Santa Monica Public Library, 601 Santa Monica Blvd., Santa Monica, (310) 458-8600 or www.smpl.org/.; Miles Theatre: 1/ 8 to 2/ 6,
Santa Monica’s landmark theater hosts an eclectic line-up of music every Friday and readings of Pulitzer Prize-winning
American dramas every Saturday night beginning at 8pm. Come as early as 7pm to warm up and get a snack-1/9 hear Thornton
Wilder's "The Skin of Our Teeth", local singers song writers 1/22 and Guitar 1/15.)located at Wilshire and Lincoln
FUN ,FUN: Voice Your Opinion a la London's Hyde Park, stand on an especially provided soap box every Sunday in Palisades Park
(intersection of Ocean Av. and SM Blvd)., Santa Monica 10 am to noon; SM Outdoor Antique Market, 1/24 this month held on 4th Sunday, 6
am to 3 pm at Airport in the lot at Bundy and Airport Ave. Ph 323 933 2511, admission $7 early in from 6 to 8 then $5; Support the SM Malibu
School system attend the John Muir school Ocean Park Blvd. and Lincoln, high end flea market. 1st and 3rd Sat. of Month 8 am to 3 pm
contact Diana Rogers 310 570 6483, $1 admission; Read Your Poetry or Prose weekly on Thurs. at the Novel Café 212 Pier, SM, 310 396
8566. Griffith Park Observatory new First Fri each month 1/8, free programs, info 213 473 0800;; UCLA Live Los Lobos Sat 8 pm 1/30
$40.213-473-0800
ENVIRONMENT: Green Garden Academy SM Public library Sats. 10-1; City of Santa Monica Green Living Workshop begins Mon. 1/11 at
SM Yoga 7:15-8:45pm 1640 Ocean Park; Beach clean up Sat.'s 9 am-11, to find the schedule and sign up e mail: WLAM Surfrider
[webmaster@surfriderwlam.org]; SM Library Green Living Workshop 7 to 8:30 pm, Wed. 1/13; Green Garden Workshop SM Public Library
Sat.'s 10 am to 1 pm www.sustainablesm.org/landscape..
VOLUNTEER: PACT (positive alternative choices today) teach work ethics or mentor young people 310 313 4119, www.pactla.org, M-Fri.
1pm-6 pm, located in Mar Vista.
SERENITY: Jan 1/5-1/17 Women's in Retreat at Serra Malibu, 3401 Serra rd. 310 456 6631 If you have not driven past the gate, do it- see
the neighborhood, beautiful Retreat Center, great view!; Martin Luther King Day 1/18 join Santa Monica College for a multi ethnic
inspirational program at SGI, 525 Wilshire Mon. begins 9 am.
DANCE: Salsa, Meringue etc. Joslyn Park Aud. Wed. 1/13-3/3, 8:30-9:30 pm $48 res.; Wed. Weekly Dance Lessons, Salsa Rumba etc. at
SM Bay Women's Club 1210 4th St. 310 487 0911 $10 lesson 7 pm to 7:40 pm
ACTING: Promenade Playhouse, go to a Friday stand-up comedy open mike 9:30pm, take acting classes, evenings learn Meisner,
Strasberg from accredited coaches who bring casting directors promenadeplayhouse.com,(310) 656 – 8070 ext. 17 Promenade Playhouse
continues with stand up comedy Sat.'.s $12, 9 pm
Santa Monica: ICE skating ends 1/31, only $10 skate all day.
DOG Training: Memorial Park $65 res. $72 non-r. Sessions start Sat 9- 10:00 a.m., 1/16 for 5 weeks. Do not bring dog first session.
MUSEUMS: Skirball: 310 440 4500,; Autry and Southwest Museums: SW has Secrets of Braun Research Library Sat., 1/23, 2pm-3, "100
years of collecting", Autry has "Native Women in Film" Sun. 1/24 2 pm; Sun.1/30 "Women n Hard Times lecture continues with Families in the
west".2-4 pm. Continuing is the most amazing collection of Indian baskets and the Yosemite photographic expo comparing landscapes of 100
years ago to the erosion of today; LACMA Jean Paul Belmondo Film Festival 1/15 and 1/16, Fri. 7:30 Mississippi Mermaids and Sat, one at
7:30 and 9:40, 1/22-/23 the epic films of Russian director Andrei Tarkovsky; Getty Thurs 7 pm 1/14 Rembrandt: Draftsman documentary brings
his studio to life; Hammer, Westwood Rembrandt prints Sun 3 pm 1/10.
NETWORKING: Santa Monica Chamber: Wed. 1/13 is Business at Sunset mixer at Studio 1452 on 1452 2nd St. 1/21 State of the City hear
LA county economic Dev Corp speaker and Frank McCourt 1/26 is Speed Networking-well worth attending Networking for Professionalsscratch
them off your list they need to work on their delivery here in Santa Monica; Mar Vista is starting a new chamber. Look for new Mar
Vista Chamber to stimulate business-where is downtown Mar Vista, see Venice Blvd. near Inglewood Blvd. ;Pacific Palisades Chamber
mixer Tues1/12 Pearl Dragon 15229 Sunset Blvd. ;West LA Chamber 1/6 7 am First Wed always a breakfast, Women's Network meeting Tues
1/26 5:30 $25 non-members.
HOMEBUYING: my clients, men and women are finding the "Trilllion Dollar Woman's guide to Make Buying and Remodeling Decisions",
helpful when going through that stressful time.
Maralee Grantham and Associates In Pursuit of Your Dreams
Sotheby’s INTERNATIONAL REALTY maralee@maraleegrantham.com cell 310 570 6100

Before you go to foreclosure user friendly web site

Hard as it is to believe so many homeowners who are behind in their mortgage payments have not even sought help. Another percentage have tried to contact their bank and have been unable to get help.
One great avenue is the government program Hope for Homeowners hopenow.com.
This is a user friendly web site where one can find a self assessment and free counseling help.