Real Estate Resources – Links

California Housing Finance Agency, CalFHA:
California Housing Finance Agency (CalHFA) has supported the needs of renters and first-time homebuyers by providing financing and programs that create safe, decent and affordable housing opportunities for low and moderate income Californians. Established in 1975, CalHFA was chartered as the State’s affordable housing bank to make low interest rate loans through the sale of tax-exempt bonds. A completely self-supporting State agency, bonds are repaid by revenues generated through mortgage loans, not taxpayer dollars.

Credit Score:
Prior to applying for a loan it’s a good idea to review your credit report. You can get your free credit score here. This is a reliable web site where you can obtain a copy of your credit score.

Federal Housing Administration:
Generally known as "FHA", is the largest government insurer of mortgages in the world. A part of the United States Department of Housing and Urban Development (HUD), FHA provides mortgage insurance on single-family, multifamily, manufactured homes.

The Neighbor Next Door Initiatives are a collection of FHA’s home sales programs designed to help communities and promote homeownership in Redding and Shasta County.

FHA loan guidelines:
FHA Mortgage Insurance
Down Payment Grants
FHA Tips For Homeowners

Making Home Affordable Plan:
The Obama Administration has introduced a comprehensive Financial Stability Plan to address the key problems at the heart of the current crisis and get our economy back on track. A critical piece of that effort is Making Home Affordable, a plan to stabilize our housing market and help up to 7 to 9 million Americans reduce their monthly mortgage payments to more affordable levels.

Mortgage Forgiveness Debt Relief Act and Debt Cancellation (IRS):
If you owe a debt to someone else and they cancel or forgive that debt, the canceled amount may be taxable.

The Mortgage Debt Relief Act of 2007 generally allows taxpayers to exclude income from the discharge of debt on their principal residence. Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a foreclosure, qualifies for the relief.

This provision applies to debt forgiven in calendar years 2007 through 2012. Up to $2 million of forgiven debt is eligible for this exclusion ($1 million if married filing separately). The exclusion does not apply if the discharge is due to services performed for the lender or any other reason not directly related to a decline in the home’s value or the taxpayer’s financial condition.