Archive for February, 2010
NorCal – John Frank Memorial Run
Random Thoughts, Run-Bike-Hike
Next weekend the NorCal – John Frank Memorial Run is taking place in Redding. Runners from all over the region will be taking part in the 1, 3 and 10 mile races on March 6th starting from the pavillion area of Lake Redding Park at the Diestelhorst Bridge. From the 1 mile Grade School Challenge, 3 mile fun run to the 10 mile PA/USATF Road Championship there is something for every level of runner to enjoy.
The event is hosted by SWEAT, a great group of local running enthusiasts who go to great lengths to share their love of running with the Redding community. SWEAT hosts open to anyone fun runs throughout the year including the Frosty Fun Runs and Sunset Run Through the Trees where you can meet up with a fun bunch of locals and get some exercise. You don’t need to be a competitive runner to have a good time at these events either. From runners to jog/walkers everyone gets to share in a positive experience in a supportive and communal environment.
If you’re interested in participating in the NorCal – John Frank Memorial Run you can register at Fleet Feet on Hilltop through the 5th and on race day at the event from 7 to 9:30 am.
Sphere: Related ContentDetails and Mapping for Redding Neighborhood Stabilazation Program (aka C4-HAP)
Buying REO Homes, First Time Buyers
The City of Redding is referring to the C4-HAP program as the Neighborhood Stabilization Program (NSP). Here is a link to online mapping service to determine if an REO property is located in an approved census tract. City of Redding tracts are; 101-1, 101-2, 103-1, 103-2, 106-1, 106-2, 106-3, 107.01-1, 107.01-2, 107.01-3, 108.01-1, 108.01-2, 108.01-3, 108.02-1, 108-02-2, 108.02-3, 110-1, 110-2, 110-3, 110-5, 110-6, 113-1, 113-2, 113-3, 113-4, 114-1,118.01-1, 118.01-2, 118.01-3 and 118-1.
A few more details;
- Home must be bank owned
- Maximum C4-HAP loan-up to 40% of purchase price, max $65k
- C4-HAP Loan – 30 year, 0% interest, forgiven over 5 years.
- Occupancy – Must be used as primary residence.
- Max Purchase Price – $190,000
- Anti-Displacement – Home must be vacant at time offer made.
- Appraised Value – Purchase price must be 1% below appraised value based on an appraisal through Shasta County (No cost to applicant)
- Eligible Homebuyer – Applicant can’t be on title to any real property as of the date of eligibility determination.
- Primary Loan – Must be a 30 year fixed rate, impound account mortgage.
- Credit History – All collections and judgements must be paid prior to close of escrow.
- Homebuyer Class – 8 hour homebuyer class mandatory prior to close of escrow.
- Housing Expense Ratio - Total mortgage payment must be at least 26% of applicants monthly gross income.
- Long-term Debt Ratio – Total mortgage payment combined with all other long term debt payments cannot exceed 49% of applicants monthly gross income.
- Condition of Home – Must be inspected by Housing Program staff, must meet HQS standards and applicable building codes, all repairs must be completed prior to close of escrow, section 1 pest clearance required, some lead based paint requirements on pre- 1978 homes.
Update on C4-HAP Process
Buying REO Homes, First Time Buyers
In my last post regarding C4-Hap I expressed my concern that requiring a valuation by County appraiser prior to submitting purchase offer would cause an unacceptable delay resulting in lost opportunities for buyers. Sounds like the powers that be ultimately came to the same conclusion. Here is an email I received that updates process;
Here is the process:
1) C4HAP applicant receives an eligibility letter
2) They find a house
3) The realtor makes an offer with language that the purchase price shall be contingent on the appraised value of the property. Per the regulations, the purchase price must be 1% below the appraised value. The County has an appraiser that will be doing the appraisals on a 48-hour turn around. The County is paying for this appraisal and is used for the purpose of determine the purchase price. It does not replace the appraisal you will do for their primary mortgage. The lender will obtain their own appraisal just like normal.
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