ALL THINGS REAL ESTATE
Search for right Realtor is important
Q: This may sound like a stupid question, but how do you go about buying your first house? My wife and I really want to buy our first home, especially now that home prices are going down a little and interest rates are slowly dropping. But we don’t know how to get started. In your column you always suggest using a Realtor, but we don’t know how to find one. We don’t even know if we make enough money to buy a house. How should we get started?
A: Wow, that’s really a very good question.
Those of us who have been around the real estate industry and have owned our own homes for many years often forget we aren’t born knowing how to buy a first home.
The nuances of real prop erty law and finance are very complicated. That’s why you need to have a good Realtor and lender working for you. It’s their job to worry about the fine print. Your job is to find the right people to work with.
body whose desk you can stand in front of if you feel you’re not getting the answers you need.
ASK ANGI
What are some home projects that improve everyday life?
Saving just a little bit of time every day can make a big impact on your life over time. Luckily, there are a few home projects that can help you save time and energy on a daily basis.
There are two ways you can get yourself started on the path to home ownership.
Many buyers start by going to their local bank or mortgage lender and speaking to a loan officer before contacting a Realtor. Lenders can often do some preliminary work to determine the likelihood that you’ll qualify for a loan.
However, a word of warning. More and more buyers are lured by the ever increasing mailings they get from some out of town mortgage lender offering great rates and easy qualifying. My advice is to stay away from them.
You want a lender that is physically located here. Some-
Realtors know which lenders clients and are careful to only lenders, inspectors, and others
right Realtor.
Every Realtor, no matter what company they work for, is an individual. Remember that you are looking for a specific Realtor, not just a company with a name you’re familiar with. Ask friends, co-workers, parents, neighbors, anyone who might be able to give you the names of Realtors with whom they’ve worked and have been satisfied.
Be careful when someone says, “Oh, my friend’s daughter is a real estate agent.” While she may be a great agent, that isn’t a reference.
If you simply can’t find someone who can give you a solid reference to a local Realtor, you can call around and set up appointments to meet with several Realtors. You should be honest with each of them regarding your financial situation and the type and location of the home you’re looking for.
A good place to start is by looking at your daily chores to see what can be automated or made more efficient. For example, if you spend several minutes pre-rins ing dishes every night, it might be time to invest in a new dish washer. Modern dishwashers are both efficient and effective, so there’s no reason to pre-rinse your dishes before throwing them in.
If you spend a lot of time managing your lawn, swapping from grass to low-maintenance ground cover may be a good choice. While grass offers a classic look, it requires regular maintenance that can take up a lot of time. If you don’t enjoy lawn maintenance, or if you don’t just have the time, look into low-maintenance landscaping, like gravel, native plants or turf.
Adding some smart home features to your home is another easy way to save some time. You can get a robotic vacuum/mop to clean your floors or a smart thermostat that automatically keeps your home at a comfortable temperature. If you want to take on a larger project, or if you are already planning a remodel, you have even more options. For example, you can swap out carpet or hardwood flooring (which both require specific cleaning to maintain) for a lower-main-
tenance tile or vinyl flooring. These materials are durable and easy to clean, so you won’t have to spend extra time maintaining your floors. Similarly, you can upgrade from a higher-main-
tenance countertop material, like butcher block or concrete, to a fuss-free, low-maintenance material like quartz.
Tim Jones
Angie Hicks
VLADIMIR STANISIC/ADOBE STOCK Appliance upgrades, smart home automations, and landscaping design changes can make your life easier in the long run.
See Hicks, Page 6
SOLANO REAL ESTATE SCENE
Dream for All lottery opens
The California Housing Finance Agency’s Dream for All lottery opened this week for an estimated 15% to 30% chance to get $150,000 from the state Housing Finance Agency and become partners on an equity share agreement. The $150,000 does not have to be paid back for 30 years, and when you do pay them off, you will simply pay them the $150,000 plus a share of the equity in the home based on the appraised value.
The easiest way to explain this is by simply showing an example of what the numbers might look like.
A first-generation qualified homebuyer wins a voucher in the lottery and then has 90 days to find a home. This buyer buys a home for $750,000, and CALHFA invests $150,000 into the home for a 20% down payment. The owner can sell the home at any time, and when they do, the $150,000 is due plus 20% of the appreciation accumulated.
Let’s assume the home is sold in 10 years for $1 million. The owner would need to pay CALHFA the $150,000 plus 20% of the $250,000 profit. CALHFA gets $200,000, and the first-generation homeowner gets $200,000 in profit plus the equity built from paying the $600,000 mortgage down over the 10 years.
If the home is never sold, a balloon payment is due in 30 years for the $150,000 plus 20% of the equity gained over the 30 years.
This is the best down payment assistance program that I have seen. It sounds complicated, but it is really quite simple. It’s like a loan with no payment or interest that will only cost the homeowner money if they make money.
Visit CALHFA Dream for All to get started or call a local CALHFA approved mortgage company today as the portal closes March 16.
Jim Porter, NMLS No. 276412, is the branch manager and senior loan adviser of Solano Mortgage, NMLS No. 1515497, a division of American Pacific Mortgage Corporation, NMLS No. 1850, licensed in California by the Department of Financial Protection and Innovation under the CRMLA / Equal Housing Opportunity. Jim can be reached at 707-449-4777.
What is a mortgage loan modification?
ERIK J. MARTIN BANKRATE.COM
Amortgage loan modification is a relief option designed for borrowers experiencing long-term financial hardships that make it impossible for them to keep up with payments. The goal is to reduce your monthly payments to an affordable level, helping you stay up to date on the loan – and in your home.
The modification permanently changes your existing mortgage. If approved by your lender, it can lower your interest rate, change the structure of your overall loan or both.
You can’t just get your loan modified because you want to save some money. A mortgage loan modification is a solution for borrowers facing significant financial hardship.
Lenders allow loan modification agreements because the alternative –default and foreclosure – are more costly to their business. In other words, they don’t want the house, but they do want the loan repaid, and a modification helps them accomplish both goals.
Who qualifies for a loan modification?
You can’t just get your loan modified because you want to save some money. A mortgage loan modification is a solution for borrowers facing significant financial hardship.
In order to qualify for a mortgage modification, you’ll typically need to meet these three minimum requirements:
•Provide proof of significant financial hardship that impedes your ability to pay back the loan as it currently exists. Examples can include a longterm illness or disability, the death of an income-providing family member, a sudden hike in housing costs (like property taxes), divorce or a natural disaster.
•Be at least one month behind on your loan or about to miss a payment.
•Live in the home as your
primary residence.
Before approving your loan modification, many servicers will require you to successfully complete a trial period plan. For this period, which typically lasts three or four months, you’ll make payments of the proposed modified amount. If you make them all on time, the modification will likely be finalized.
Types of mortgage modifications
There are several ways to make your mortgage more affordable, and your options could differ based on the type of loan you have.
In general, your lender or servicer might implement one or more of these modification options:
•Cut the interest rate: With a lower rate, you’ll have lower monthly mortgage payments and save on interest in the long run.
•Extend the repayment period: Lengthening the loan term also lowers your monthly mortgage payments.
•Reduce the principal: In some cases, the lender might forgive some of the loan balance to lower your monthly payments. Keep in mind, though, that the IRS treats forgiven debt as income, so you’ll need to report it on your
tax return.
•Convert an adjustable rate to a fixed rate: The interest rate on an adjustable-rate mortgage fluctuates. If it goes up, your monthly payments might no longer fit into your budget. Swapping to a fixedrate mortgage gives you more financial stability.
Keep in mind that some modifications might save you money in the short term, but not necessarily in the long term. “If the modification means extending the term of the loan – which is often the case – you will pay more interest,” says Seth Bellas, a producing branch manager for Canopy Mortgage in Michigan.
“A common modification is taking the amortization of the loan from 30 years to 40 years, which would mean you are paying the principal at a slower rate, and thus paying more interest.”
However, if the modification helps you stay in your home, you might not mind that trade-off.
Mortgage modification programs
There are different modification programs for different types of loans:
•Conventional loans: If you have a conventional mortgage backed by Fannie Mae or Freddie Mac, you might be eligible for the Flex Modification program, which can reduce your monthly payments by up to 20%, extend the loan term up to 40 years and potentially lower the interest rate.
•FHA loans: FHA loan modification options include an interest-free loan for up to 30% of your balance or a 40-year loan extension.
•VA loans: If you have a VA loan, you might be able to roll the missed payments back into the loan balance and work with your lender to come up with a new, more manageable repayment
Jim Porter
ADOBE STOCK
Solano real estate transactions
BENICIA
TOTAL SALES: 7
LOWEST AMOUNT: $457,500
HIGHEST AMOUNT: $1,230,000
MEDIAN AMOUNT: $790,000
AVERAGE AMOUNT: $825,357
79 Carolina Drive - $750,000
12-23-25 [3 Bdrms - 1800 SqFt - 1954 YrBlt], Previous Sale: 01-23-24, $500,000
835 Clifton Court - $985,000
12-23-25 [4 Bdrms - 2040 SqFt - 1984 YrBlt], Previous Sale: 09-22-22, $949,000
473 Edna Court - $790,000
12-26-25 [3 Bdrms - 1579 SqFt - 1978 YrBlt], Previous Sale: 04-05-24, $805,000
510 Hastings Drive - $950,000
12-23-25 [5 Bdrms - 2340 SqFt - 1977 YrBlt]
650 West J Street - $1,230,000
12-22-25 [3 Bdrms - 2035 SqFt - 1956 YrBlt], Previous Sale: 04-03-09, $619,500 1736 Lindo Street - $615,000
12-23-25 [3 Bdrms - 1571 SqFt - 1990 YrBlt],
Previous Sale: 10-11-21, $651,000
565 Lori Drive #19 - $457,500
12-23-25 [2 Bdrms - 939 SqFt - 1983 YrBlt],
Previous Sale: 08-12-13, $215,000
DIXON
TOTAL SALES: 4
LOWEST AMOUNT: $460,000
HIGHEST AMOUNT: $570,000
MEDIAN AMOUNT: $535,000
AVERAGE AMOUNT: $525,000
720 East Creekside Circle - $520,000
12-23-25 [4 Bdrms - 1386 SqFt - 1981 YrBlt],
Previous Sale: 01-20-23, $485,000
1355 West H Street - $550,000
12-23-25 [4 Bdrms - 1696 SqFt - 1978 YrBlt]
315 Holly Court - $460,000
12-22-25 [3 Bdrms - 1648 SqFt - 1990 YrBlt],
Previous Sale: 11-17-99, $159,000
595 Sawyer Court - $570,000
12-26-25 [4 Bdrms - 1619 SqFt - 1976 YrBlt],
Previous Sale: 07-06-20, $450,000
FAIRFIELD
TOTAL SALES: 8
LOWEST AMOUNT: $350,000
HIGHEST AMOUNT: $707,000
MEDIAN AMOUNT: $508,750
AVERAGE AMOUNT: $538,063
2538 Aspire Way - $590,000
12-22-25 [3 Bdrms - 1516 SqFt - 2021 YrBlt],
Previous Sale: 09-02-21, $631,000
1944 Diamond Way - $500,000
12-24-25 [3 Bdrms - 1178 SqFt - 1983 YrBlt],
Previous Sale: 06-02-15, $275,000
2133 Hillridge Drive - $707,000
12-23-25 [4 Bdrms - 2229 SqFt - 1992 YrBlt],
Previous Sale: 06-23-99, $256,000
1306 James Street - $500,000
12-22-25 [4 Bdrms - 1488 SqFt - 1963 YrBlt]
1870 San Pedro Court - $480,000
12-22-25 [3 Bdrms - 1326 SqFt - 1988 YrBlt],
Previous Sale: 10-21-14, $250,000
400 Santa Maria Drive - $517,500
12-26-25 [4 Bdrms - 1563 SqFt - 1968 YrBlt],
Previous Sale: 06-26-20, $435,000
2222 Silver Fox Circle - $660,000
12-26-25 [4 Bdrms - 2551 SqFt - 1989 YrBlt]
1745 Utah Street - $350,000
12-23-25 [3 Bdrms - 1233 SqFt - 1955 YrBlt],
Previous Sale: 10-31-16, $282,500
RIO VISTA
TOTAL SALES: 4
LOWEST AMOUNT: $309,000
HIGHEST AMOUNT: $440,000
MEDIAN AMOUNT: $377,500
Yolo real estate transactions
These are the local homes sold recently, provided by Yolo County Association of Realtors. They can be reached at 530.666.4253 or info@yolorealtors.com.
WOODLAND
1948 Hershey Drive, $565,000
2-17-2026, (3 bdrms - 1,627 sqft - 2004 Yr Blt), Previous Sale 10-31-2014 $311,000 1618 Farnham Avenue, $595,000 2-17-2026, (3 bdrms - 2,040 sqft - 2003 Yr Blt), 513 Cottonwood Street #C2, $370,000 2-18-2026, (3 bdrms - 1,300 sqft - 1999 Yr Blt), Previous Sale 12-3-2019 $268,000 116 Imperial Street $470,000
2-20-2026, (3 bdrms - 1,352 sqft - 1966 Yr Blt)
AVERAGE AMOUNT: $376,000
664 Madere Street - $385,000
12-24-25 [3 Bdrms - 1346 SqFt - 1999 YrBlt],
Previous Sale: 05-04-11, $135,000
501 Marianna Place - $370,000
12-26-25 [2 Bdrms - 1767 SqFt - 2007 YrBlt],
Previous Sale: 11-10-25, $310,000
2335 Melrose Landing - $309,000
12-24-25 [2 Bdrms - 1160 SqFt - 2021 YrBlt],
Previous Sale: 12-14-21, $371,500
17 Shasta Drive - $440,000
12-23-25 [2 Bdrms - 1092 SqFt - 1976 YrBlt],
Previous Sale: 09-09-19, $330,000
SUISUN CITY
TOTAL SALES: 2
LOWEST AMOUNT: $562,000
HIGHEST AMOUNT: $570,000
MEDIAN AMOUNT: $566,000
AVERAGE AMOUNT: $566,000
1314 Lois Lane - $570,000
12-26-25 [4 Bdrms - 1642 SqFt - 1986 YrBlt],
Previous Sale: 03-29-13, $205,000
621 Suisun Street - $562,000
12-23-25 [3 Bdrms - 2074 SqFt - 1927 YrBlt],
Previous Sale: 09-12-24, $567,000
VACAVILLE
TOTAL SALES: 12
LOWEST AMOUNT: $303,000
HIGHEST AMOUNT: $715,000
MEDIAN AMOUNT: $541,000
AVERAGE AMOUNT: $524,083
1173 Araquipa Court - $530,000
12-22-25 [3 Bdrms - 1518 SqFt - 1996 YrBlt],
Previous Sale: 12-15-14, $384,500
231 Ballindine Drive - $629,000
12-22-25 [4 Bdrms - 1722 SqFt - 1987 YrBlt],
Previous Sale: 00/1989, $175,000
These are the local homes sold recently, provided by California Resource of Lodi. The company can be reached at 209.365.6663 or CalResource@aol.com.
970 El Camino Avenue #3 - $405,000
12-26-25 [3 Bdrms - 1200 SqFt - 1966 YrBlt]
418 Gatehouse Drive - $625,000
12-23-25 [4 Bdrms - 2096 SqFt - 1988 YrBlt]
301 Plum Street - $360,000
12-23-25 [3 Bdrms - 1372 SqFt - 1961 YrBlt]
154 Rainier Circle - $303,000
12-22-25 [2 Bdrms - 1152 SqFt - 1964 YrBlt],
Previous Sale: 11-08-10, $169,500
118 Salinas Drive - $710,000
12-22-25 [4 Bdrms - 1944 SqFt - 1978 YrBlt],
Previous Sale: 04-08-25, $575,000
218 San Vicente Court - $542,000
12-22-25 [4 Bdrms - 1432 SqFt - 1973 YrBlt],
Previous Sale: 07-18-19, $460,000
754 Wesley Avenue - $715,000
12-23-25 [4 Bdrms - 1750 SqFt - 1966 YrBlt]
319 North West Street - $540,000
12-23-25 [3 Bdrms - 1580 SqFt - 1961 YrBlt],
Previous Sale: 07-30-25, $423,000
442 Yellowstone Drive - $350,000
12-23-25 [3 Bdrms - 1588 SqFt - 1975 YrBlt],
Previous Sale: 03-27-12, $195,000
355 Zachary Drive - $580,000
12-26-25 [3 Bdrms - 1586 SqFt - 1996 YrBlt],
Previous Sale: 10-29-24, $435,000
VALLEJO
TOTAL SALES: 17
LOWEST AMOUNT: $300,000
HIGHEST AMOUNT: $850,000
MEDIAN AMOUNT: $518,000
AVERAGE AMOUNT: $514,735
141 Albatrosse Way - $620,000
12-22-25 [4 Bdrms - 1684 SqFt - 1985 YrBlt]
1005 Atherton Street - $420,000
12-24-25 [2 Bdrms - 864 SqFt - 1948 YrBlt],
Previous Sale: 08-24-23, $284,000
8842 Blue River Drive - $850,000
12-26-25 [4 Bdrms - 2050 SqFt - 2019 YrBlt],
Previous Sale: 05-27-22, $815,000
228 Carter Street - $360,000
12-22-25 [2 Bdrms - 2242 SqFt - 1928 YrBlt],
Previous Sale: 07-31-25, $375,000
145 Chatham Place - $705,000
12-23-25 [4 Bdrms - 1993 SqFt - 1987 YrBlt],
Previous Sale: 09-16-25, $480,000
293 Cliff Walk Drive - $669,500
12-22-25 [3 Bdrms - 1560 SqFt - 1995 YrBlt],
Previous Sale: 11-22-11, $209,500
1002 Flagship Drive - $695,000
12-22-25 [3 Bdrms - 2617 SqFt - 2006 YrBlt],
Previous Sale: 05-02-16, $475,000
187 Fleet Street - $485,000
12-23-25 [3 Bdrms - 1698 SqFt - 1978 YrBlt],
Previous Sale: 00/1991, $175,000
2936 Irwin Street - $330,000
12-23-25 [3 Bdrms - 936 SqFt - 1942 YrBlt],
Previous Sale: 02-09-08, $255,000
1413 Minahan Way - $533,000
12-26-25 [3 Bdrms - 1574 SqFt - 1952 YrBlt]
802 Ohio Street - $300,000
12-26-25 [6 Bdrms - 2371 SqFt - 1920 YrBlt],
Previous Sale: 03-22-22, $600,000
100 Percheron Court - $525,000
12-22-25 [3 Bdrms - 1474 SqFt - 1983 YrBlt]
124 Purdue Drive - $518,000
12-23-25 [3 Bdrms - 1256 SqFt - 1966 YrBlt],
Previous Sale: 06-26-25, $340,000
1634 Severus Drive - $520,000
12-24-25 [4 Bdrms - 1441 SqFt - 1977 YrBlt],
Previous Sale: 02-04-10, $168,000
345 Steffan Street - $415,000
12-23-25 [2 Bdrms - 802 SqFt - 1941 YrBlt],
Previous Sale: 10-30-18, $330,000 2821 Webb Street - $480,000
12-23-25 [3 Bdrms - 1015 SqFt - 1952 YrBlt],
Previous Sale: 10-07-25, $275,000
443 Wolfe Street - $325,000
12-24-25 [3 Bdrms - 1638 SqFt - 1955 YrBlt], Previous Sale: 03-08-16, $300,000
1550 Paradise Valley Drive, $470,000
2-20-2026, (4 bdrms - 1,666 sqft - 1990 Yr Blt), Previous Sale 4-27-2019 $390,000 876 Walker Street, $710,000
2-20-2026, (5 bdrms - 2,543 sqft - 1999 Yr Blt)
602 Harvard Court, $894,000
2-20-2026, (4 bdrms - 2,874 sqft - 1980 Yr Blt), Previous Sale 2-15-2005 $620,000
ESPARTO
26825-26829 Woodland Avenue, $660,000 2-19-2026, (2 bdrms - 1974 Yr Blt), TPLX
From Page 2
You need to get a feeling for their experience, how much time they would be willing to devote to you, how easily you can get a hold of them if necessary, and what steps they plan to take to help you buy your house. Once you’ve talked to three or four Realtors, you should be able to choose the one who best suits your personality, goals and comfort level.
I don’t care what anyone says, buying a home, especially your first home, is much
more than a business transaction. It is emotional. Very emotional. You need someone to walk down that road with you. And that someone has to be a Realtor you are comfortable with and whose advice you trust.
Finally, once you’ve found that Realtor don’t be quick to jump ship on them. There will be times when the process will seem frustrating. But if you
picked the right Realtor, he or she will stick with you right through the close of escrow. Good luck.
Tim Jones, Esq., is a real estate attorney in Fairfield. If you have any real estate questions you would like to have answered in this column, you can send an email to AllThingsRealEstate@ TJones-Law.com.
The Garden Guy makes it his charge to keep up with pro ducers from Texas to New York, keeping my fingers on what is hap pening regarding hot new flowers and cre ative recipes for baskets, containers and land scape designs. One of my favorites is Rowe Farms in Jacksonville, Texas.
Rowe Farms always starts off their posts saying, “Feeling Blessed,” which rubs off on their followers fairly quickly. They have a great habit of showing what’s headed out on the trucks, including the destination. It’s kind of like showing a T-bone steak to a hungry cowboy, or the Garden Guy!
represent 69 awards so you can imagine this basket will be flying off the shelf at its retail destination in Houston.
The Prime Time recipe is called triadic harmony for its design of colors. This refers to three colors equally distant apart on the artist’s color wheel. Another way to look at it would be like three-part harmony in a church ensemble. If you added a fourth color also equally distant, this would create quadratic harmony. When it comes to choosing flowers for color partnerships, you’ll find it isn’t an exact
science if you are doing it yourself. Your garden center inventory may present challenges. This is where closeness may fit perfectly. It will be fun regardless, so you may want to familiarize yourself with the color wheel. Even if you don’t want to create your own, buying the already-perfect basket or container will be rewarding. Perhaps you think the Prime Time recipe is a little rich or saturated for your color palette. Then you might like what my neighbors Dave and Cynthia did. In a rectangular concrete planter, they used Supertunia
A recent post showed what was headed to Houston: A Proven Winners recipe called Prime Time was front and center making my heart race. Prime Time features three award-winning Supertunia petunias: Mini Vista Indigo, Mini Vista Scarlet and Mini Vista Yellow. Those three petunias
REAL ESTATE
3 ways to refresh a home entryway
STATEPOINT
Curb appeal is all about first impressions, and your home’s entryway plays an important role in that. This spring, consider making a splash where it counts with these three entryway updates:
Add potted plants or planters
Flank the entryway with colorful potted flowers, lush greenery, or even small topiaries to create a fresh and inviting look. This will provide a wonderful transition between the outdoors and your home’s interior.
Refresh outdoor lighting
Good lighting will not only boost visibility and safety for household members and guests, it can also enhance the beauty of your entryway. Replace outdoor light fixtures for a cozy evening ambiance. If it’s not time to replace fixtures just yet, simply cleaning them can go a long way toward sprucing up the space and improving illumination.
Mortgage
From Page 3
schedule. You can also request a 40-year extension to your loan term.
•USDA loans: With a USDA loan, you can modify your mortgage with an extended term of up to 40 years, reduce the interest rate and receive a “mortgage recovery advance,” a one-time payment to bring the loan current.
How to apply for a loan modification
If you need a mortgage loan modification, follow these steps to apply for one with your servicer:
Upgrade to a modern entry door
Transform the entire look of your entryway by installing a sleek, modern entry door. Consider options with glass panels for natural light or bold designs that make a statement. The new 2026 Ensemble Entry Door Trends Collection exclusively from Renewal by Andersen was made to help you find an entry door that feels just right. The collection prioritizes aesthetics without compromising durability, enhanced security or comfort. From earthy neutrals to modern minimalism, nature-inspired details to quiet luxury, there are countless ways to refresh your space with an Ensemble entry door. In fact, the collection offers over 38 panel styles, over 20 colors and stains, a variety of glass and grille options, and multiple hardware finishes, giving you the flexibility to create a front entrance that suits your style and stands up to real-life use.
To explore the collection, visit: renewalbyandersen.com.
to a higher rate or add costs in the form of penalties, fees or processing charges, says Rick Sharga of CJ Patrick Company, a California-based real estate consulting firm.
5. Keep track of your new payments. Make sure you understand the new monthly payment, when it’s due and any long-term implications for your finances.
Alternatives
A mortgage modification may not always be the best solution. If you are facing financial hardship, consider these alternative options as well:
loan modification can hurt your credit score unless your lender reports your mortgage “paid as agreed” to the credit bureaus. Make sure to ask your servicer about this when looking into a loan modification so you know what to expect.
1. Review your circumstances: Before contacting your loan servicer, consider whether the hardship requires a longor short-term solution. If you foresee being able to repay your current mortgage in the future, your servicer might offer you another relief option instead.
2. Organize documentation proving financial hardship: In addition to providing your servicer with bank and other financial statements to show reduced income, put together a letter explaining the circumstances of the hardship.
3. Contact your servicer: Contact your servicer’s loss mitigation department and ask for a loan modification. Keep a careful record of the representatives you interact with, and get everything in writing. If your request is denied, you might be able to ask for a second review if you applied at least three months before your home’s foreclosure sale.
4. Review the terms carefully: If your request is approved, compare the total payments under your original loan to the total payments under the mortgage modification. You’ll want to avoid a temporary reduction, with the reduced amount added back onto your balance later. In addition, avoid any modifications that are interest-only and adjust
•Forbearance: Mortgage forbearance is a short-term solution in which the lender agrees to suspend or reduce your monthly payments for up to one year. Interest will continue to accrue during this period. Once the forbearance ends, you’ll be put on a repayment plan.
•Refinance: You might consider refinancing if interest rates have fallen since you got your loan. Refinancing can help you lower your monthly payment permanently, either by reducing the loan’s rate or extending its repayment term. However, if you’re at the point of considering a modification, you likely won’t have the income to qualify – or the savings to pay for closing costs.
•Short sale: Short sales involve selling your home when the balance of your mortgage is more than the home’s value (often called being “underwater”). Your lender will need to approve this type of sale, and it can have tax implications.
•Deed in lieu of foreclosure: This is a last-resort option where you give up the deed to your home in exchange for the lender releasing you from the loan payments. This allows you to avoid the severe credit damage of a foreclosure, but still means you lose the home.
FAQs
• Does a loan modification affect my credit score? Yes, a
• Can you refinance after doing a loan modification? Yes, it’s possible to refinance after a loan modification – but you may have to meet certain requirements. “The guidelines vary across the different loan types,” says Matt Hackett, SVP and head of operations for Equity Now, a Dallas-based mortgage servicer. “In some instances, a lender may look for 12 months of on-time payments after a modification before you can refinance. This varies, however, and is also based on whether you were paying on time before the modification.”
• What are loan modification scams? Unfortunately, there are mortgage loan modification scams out there designed to take your money with the false promise of preventing foreclosure. “Scam artists offer to act as an intermediary between the homeowner and the lender,” says Bellas. “Some of the tactics they use include asking you to sign your title over to them, or telling you to stop making payments to your current lender.” A scammer might also request money upfront or encourage you to sign paperwork that is intentionally confusing. If you are asked to do any of these things, consider it a red flag.
Key takeaways
•A loan modification is a longterm mortgage relief option for borrowers experiencing financial hardship, such as loss of income due to illness.
•A modification typically changes the loan’s rate, term or both to make monthly payments more affordable.
•If you’re seeking to modify your mortgage, you must provide proof of hardship to your mortgage lender or servicer.
STATEPOINT MEDIA
Manufactured homes
An affordable path to homeownership
STATEPOINT
Does homeownership feel out of reach? A manufac tured home is an affordable alternative that you may not have considered before.
What is a manufactured home?
Rather than building on site, a manufactured home is built in a factory on a permanent steel frame and transported to your property, where it will be affixed to a perma nent foundation.
A new category of factory-built homes blends the affordability of manufactured housing with the appearance and financing advantages of site-built homes. They are nearly indistinguishable from sitebuilt homes aesthetically and are constructed using the same building materials. Safety and quality are top priorities in their construction; they are inspected to meet or exceed U.S. Department of Housing and Urban Development Code in such areas as durability, energy efficiency, thermal and electrical systems and fire resistance.
Offering affordability
House Price Index, a manufactured home appreciates in value similar to a site-built home.
Titling considerations
A manufactured home may make homeownership possible for more American families. The average price of a new, singlesection factory-built home today is around $200,000 including the land, versus more than $500,000 for a new site-built home.
Fortunately, this affordability does not come at the cost of quality. The process of building manufactured homes in a factory is quick, efficient and cost-effective, which accounts for their relatively low cost. It also does not come at the cost of long-term pay-off. According to the U.S. Federal Housing
Depending on who owns the land you live on, you can title your home as real property or personal property (also called chattel or home-only). Real property, often called real estate, refers to land and any structures affixed to the land. Personal property is a broader category that covers any property you own that is movable, such as vehicles, tools, furniture and other belongings. If you are buying a manufactured home to install on land that you already own or are planning to purchase, it can be titled as real property once the home is affixed to the land. If you are renting a site in a manufactured housing community or leasing on private land, you will likely need to title the home as personal property.
While titling the home as personal property can be quicker and save you money on real estate taxes, it’s important to know that some lenders will only provide
Feature updates that can redefine a living room
METRO
Spring is widely cherished as a season of rejuvenation. As winter winds down, many people embrace the arrival of spring blooms and the regrowth of grass on the ground and leaves on the trees, which can breathe new life into landscapes that might have grown a bit stale in previous months.
require as much time, effort and money as the alternatives.
financing for the purchase of real property. To widen your financing options and improve your chances of landing a better interest rate, loan terms and protections in the face of hardships (such as following natural disasters or changes in your financial situation), consider a manufactured home as real property.
There are mortgage products specifically designed for buyers of manufactured homes, including some low-down payment options. For example, Freddie Mac’s CHOICEHome loans offer financing for factory-built homes titled as real property with a down payment as low as 3% of the purchase price. Speak with your lender about which financing option best suits your circumstances.
To learn more about manufactured homes, and for additional insights into making homebuying more affordable, visit myhome. freddiemac.com.
While often overlooked, manufactured homes offer both quality and value, and may be an affordable option to get you into a home of your own.
That same staleness can affect a home’s interior as well. Home interiors can benefit from periodic updates in much the same way a landscape benefits when spring blooms return. As homeowners seek to refresh their living spaces, they can consider these features to redefine their living rooms.
• Fireplace: A wood-burning fireplace is undeniably a game changer when looking to redefine a living space. But such a project could be a significant undertaking in a home that does not already feature a wood-burning fireplace. Homeowners who want to add a wood-burning fireplace can reinvent a living room, but they will likely need to adhere to building codes, secure permits and even consult with an engineer to ensure such an addition does not affect the structural integrity of the home. A gas-powered fireplace is a less demanding project, but will also require some extra work if homeowners need to connect a gas line where no such line currently exists. A plug-in electric fireplace can create a new ambiance and will not
• Coffered ceiling: A coffered ceilings can immediately redefine the impression people get of a living space. Coffered ceilings feature a series of rectangular, square or octagonal grids that are typically accentuated by molding. Coffered ceilings provide a luxurious and even historic aesthetic, making them an ideal addition for homeowners looking to redefine an existing space.
• Windows: New windows are another option when homeowners are hoping to redefine a living room. Modern windows are energy-efficient, so replacing aging windows may help homeowners combat rising energy costs. If a yard is a notable feature of a home’s exterior, new windows that accentuate the view from a living space can quickly redefine how residents and guests see the room. Permits may be necessary if you’re expanding existing windows, but that can be worth it if you’re able to design the space around the view. All that extra natural light also may reinvent the feeling people get upon entering the space.
• Wallpaper: Interior design specialists note that wallpaper is making a comeback. Wallpaper can be used to draw attention to a wall in much the same way bold colors are chosen for accent walls. Wallpaper on an accent wall can feature a bold pattern or a strong color to add a sense of personality to a room that might be lacking if the walls are currently painted in neutral colors.
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