first time buyers: California Home Buyer Tax Credit - The skinny on AB 183... - 04/01/10 08:50 AM
I have gotten at least a dozen emails with questions from buyers over the last week about the new State of California Home Buyer Tax Credit.
So yes, you probably saw on the news that Governor Schwarzenegger signed AB 183, allocating approximately $200 million for home buyer tax credits. The bill allocates $100 million for qualified first-time home buyers of existing (resale, previously occupied) homes, and $100 million for purchasers of new construction (previously unoccupied) homes. Again, the definition of a first time buyer is one that has not owned a home in the last 3 years.
The State of California … (1 comments)

first time buyers: Sacramento Home Buyers having trouble getting into contract on a house? The solution may be a more creative Realtor! - 03/15/10 08:51 AM
If you read my blog post about my little vacation from last week, you will know that I closed a buyer transaction in Garden of the Gods. I wanted to share a little success story about how this transaction came to be, but wanted to wait until after the close of escrow as to not jinx the outcome!If you are a Sacramento area home buyer, you will know that certain price ranges and certain neighborhoods are extremely competitive - often with properties getting multiple competing offers. My buyer clients were planning to relocate from the bay area to Sacramento, and specifically … (0 comments)

first time buyers: Another 3 seconds of fame on Fox 40 news... - 01/31/10 04:34 PM
If you follow me on Facebook or Twitter, you probably already know that Fox 40 reporter Chris Biele interviewed one of my buyer clients on Friday at my office. The story he did was about opportunities for first time home buyers in the Sacramento real estate market (e.g. affordable home prices, tax credit, etc.), and in turn the opportunities available to renters given that so many folks are vacating their rentals in favor of buying a home. I am shown for a few seconds while my buyer client is interviewed, and the exterior of one of my Garden of the Gods … (6 comments)

first time buyers: Sacramento Real Estate Statistics - December 2009 - 01/26/10 01:21 PM
Hmm. Is it just me, or do the median price statistics in Sacramento County sure seem to look pretty flat for the last year? If you look at the median price in December 2008 vs. that of December 2009, you will actually see an INCREASE of about 5.1%! Perhaps now we have enough data to think this little trough we saw from last January to April was not a fluke - and stability is here to stay? Time will tell. I can tell you that most of the transactions I have been representing for both buyers and sellers, (in all price … (2 comments)

first time buyers: HUD's proposed changes to FHA lending programs...and what this means for Sacramento home buyers and sellers... - 01/20/10 12:26 PM
The US Department of Housing and Urban Development (HUD) announced today that it is planning to make some changes to its FHA loan program. Hmm...the announced changes include:
Mortgage insurance premium (MIP) will be increased to build up capital reserves and bring back private lending. Per HUD's press release, "the first step will be to raise the up-front MIP by 50 bps to 2.25% and request legislative authority to increase the maximum annual MIP that the FHA can charge." This change will supposedly take place this coming Spring 2010. Eventually, they plan to shift this from an up-front fee increase to … (0 comments)

first time buyers: City of Elk Grove First Time Home Buyer Downpayment Assistance Program - 01/19/10 05:35 PM
Are you a first time home buyer seeking to purchase a home within the City of Elk Grove limits? Well you are in luck! The City of Elk Grove has received grant money from the US Department of Housing & Urban Development (HUD) "Neighborhood Stabilization Program." The program affords eligible first time home buyers up to $60k in the form of low interest, payment-deferred loan toward their downpayment and closing costs!!Of course there are several buyer eligibility requirements...among the requirements are that the home must be a bank-owned/foreclosed single family home, within the city limits, and the buyer's income must be … (3 comments)

first time buyers: Thinking about buying a Sacramento Condo? See if the community you love is FHA or VA lending approved... - 01/11/10 03:49 PM
I have received several inquiries over the last few months from buyers seeking to purchase condos in Sacramento. Those buyers are enticed by the idea of home ownership for an affordable price, low maintenance living, community amenities (clubhouse, swiming pools, tennis courts, fitness centers), and more. There are many benefits to living condos...heck, the first home I bought at age 19 was a condo.Many of the buyers who have been contacting me are seeking to use FHA or VA loan programs in order to make their purchase. UGH. Nothing frustrates me more than having to tell excited would-be condo buyers that … (1 comments)

first time buyers: Short Sale Sellers - think twice before you list your short sale with a family member Realtor.... - 12/30/09 05:05 AM
If you follow me on Facebook or Twitter, you will already know that I am experiencing a little frustration regarding a short sale I am negotiating for another agent. Because I am so well-versed in short sales and they require a special expertise, there are several other Lyon Real Estate agents who engage me to negotiate their short sale listings...our arrangement usually is that I am paid a percentage of the listing agent's commission from the transaction, and just deal with the lender loss mitigation reps. The other agent is responsible for all other pieces of the transaction like dealing directly … (6 comments)

first time buyers: California Association of Realtors "Mortgage Protection Program" is extended through 2010! - 12/22/09 03:05 PM
Early this year, I blogged about a program from the California Association of Realtors called the Mortgage Protection Program. C.A.R. announced today that the program is going to be extended through 2010!Through the C.A.R. Housing Affordability Fund, the Mortgage Protection Program (CARHAFMPP) affords first-time home buyers who lose their jobs due to layoffs up to $1,500 per month for up to six months to help make their mortgage payments. A qualified co-buyer also can participate in the program, for a reduced monthly benefit of $750 per month for up to six months in the event of a job loss.I have enrolled … (2 comments)

first time buyers: Buying or Selling a Short Sale with a Fannie Mae loan? Fannie Mae will no longer be postponing Trustee Sales! - 12/19/09 05:32 AM
I received an alarming email yesterday from my favorite Escrow officer...she forwarded me a memo from their legal department:"One of our escrow officers received a correspondence yesterday on a FNMA (aka, Fannie Mae) short sale escrow that indicated that FNMA has implemented a new policy effective today, 12-15-2009 that they will no longer postpone trustee sale dates. FNMA is requesting that the short sales are closed before the sale date. If they can not close the short sale before the Trustee Sale date, the property will go to Trustee sale and be foreclosed."What exactly is a Trustee Sale, you ask? A … (4 comments)

first time buyers: Obama signs HR 3548 - Extends and Expands Home Buyer Tax Credit...what does this mean for Sacramento buyers? - 11/07/09 04:07 AM
If you follow me on Twitter, you will already know that HR 3548 has been signed by President Obama...There was language added into this bill that extends and expands the home buyer tax credit! As part of its plan to further stimulate the U.S. housing market, this legislation:
Extends the First-Time Home Buyer Tax Credit of up to $8,000 to first-time home buyers until April 30, 2010 (with another 60-day extension for buyers who are in contract as of this date, and who close escrow on or before June 30, 2010). A "first-time home buyer" is a purchaser and spouse may … (0 comments)

first time buyers: A bad escrow officer can cause LOTS of headaches in your transaction... - 10/01/09 09:26 AM
ARRGGHH! If you follow me on Facebook, you will know that I have been experiencing great frustration this week surrounding delays to the close of escrow. What was the problem, you ask? A completely incompetent (or lazy, apathetic...all of the above) Escrow Officer.This Escrow Officer, who shall remain nameless along with her company, caused major frustration and unnecessary delays to the closing of the transaction. Just for the record, the escrow holder is a neutral 3rd party that handles the money in the transaction.Loan documents were delivered by the buyer's lender the afternoon of Thursday, September 17th. The loan officer excitedly … (0 comments)

first time buyers: Sacramento Short Sale Extension drama ends happily - with a closed escrow!! - 09/09/09 11:39 AM
I am happily eating a celebratory frozen yogurt right this second...I just received confirmation from Placer Title that one of my short sale listings has closed! If you have been reading my blog over the last couple weeks, you will know that I have been feverishly working to get an extension on a Natomas short sale that was supposed to close by August 31st, but the buyer could not perform and get her lending in time. There was a Trustee Sale set for September 8th (yesterday), and I had been repeatedly told by the short sale lender (Aurora Loan Servicing) that … (3 comments)

first time buyers: How Sacramento Home Buyers Should Select a Lender... - 07/30/09 11:55 AM
Most of my buyer clients ask me for a referral to a loan officer as they start their loan pre-approval process. Before I divulge who I recommend, I would like to describe what buyers should look for in their ideal lender. Over the last 90 or so days, there have been several new laws and regulations that affect how the lending process functions. There are several critical pieces that buyers should look for in a lender that will make things run more smoothly in your purchase transaction. Ideally you will choose a direct lender (not a broker). One that lends its … (0 comments)

first time buyers: Quoted in a Sacramento Bee article about Sacramento home buyers starting their search online... - 07/30/09 11:52 AM
If you follow me on Twitter or Facebook, you will already know that earlier this week I chatted with Jim Wasserman of the Sacramento Bee for an article he was writing about home buyers who use the internet to start their home search.You can view the article that appeared on the front page of today's Sacramento Bee here.It's funny to see a 20-minute conversation distilled down to a couple sentences. Most of my clients initially find me online...this year's closed transactions to date are of similar proportion to last year in 2008. Today's article focused mainly on home buyers, however many … (0 comments)

first time buyers: What's wrong with this water heater?? - 06/30/09 12:00 PM

If ya'll follow me on Twitter, you will already know that this afternoon I went to a home inspection. Turns out the venting for this water heater is not connected to it in any way. Gotta love bank owned homes!
I can not emphasize enough the importance of getting a qualified professional set of eyes (a home inspector) to check out the home you are looking to purchase. Most buyers will not think to open up whatever closet the water heater is hiding in to look at it...and most would not know what they are looking at anyway. My client … (2 comments)

first time buyers: California New Home Purchase Tax Credit...going, going...almost gone... - 06/22/09 12:56 PM
In a press release, the California Franchise Tax Board stated that almost all of the California New Home Purchase Tax Credit has been allocated already. There was a limited amount of money available for this tax credit, and it was available for new construction purchases by first time buyers in California between March 1, 2009 - February 28, 2010. We are only 4.5 months in...THIS IS NOT TO BE CONFUSED WITH THE FEDERAL TAX CREDIT! The federal tax credit of up to $8,000 is still available to those who qualify and purchase their home prior to December 1, 2009.
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first time buyers: Hmm...$0 down, $0 out of pocket...how this Sacramento first-time buyer did it with a VA Loan!! - 06/17/09 02:06 PM
I had to share a success story from a closing I had earlier this month. I represented a buyer for the purchase of a 1910 Midtown Sacramento home. The buyer used a VA loan to make his purchase. Fast forward to the end of the story - he purchased his home for $0 down, and $0 out of pocket...and gets to take advantage of the $8,000 federal tax credit for first time buyers! What!?This story is so fantastic for a couple reasons...the first reason is that there is a bit of a stigma attached to VA lending programs. Why? Mainly because … (0 comments)

first time buyers: Annoyed with the Giants...and First Time Buyers... - 05/15/09 05:43 PM
In light of the fact I am completely annoyed that the Giants' bullpen somehow managed to blow their 3 run lead this evening, rather than watch the rest of the game, I have decided to write a blog instead. I had a really long day and was hoping to relax in front of the tube and watch the Giants win...but I find blogging very therapeutic, so here we are.So lately, the vast majority of my buyer clients have been first time home buyers. This is truly an exciting time to be a first time buyer! Why?In many cases, your monthly mortgage … (2 comments)

first time buyers: HR 600 - New Seller-Funded Downpayment Assistance Legislation Introduced this week! - 01/16/09 04:00 PM
This evening I received an email from the Nehemiah Corporation that new legistation was introduced in Congress this week that is intended to reform and re-introduce seller-funded downpayment assistance programs (Nehemiah, Ameridream, etc.).HR 600 apparently replaces last year's HR 6694. Seller funded downpayment assistance programs were eliminated by provisions in HR 3221. If you would like to express support for HR 600 to your local lawmakers, you can visit DPAGroundswell.org.
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Erin Stumpf (Attardi), 916-342-1372 / DRE# 01706589 Sacramento, CA (Coldwell Banker)

Erin Stumpf (Attardi)

916-342-1372 / DRE# 01706589 Sacramento, CA

Sacramento, CA

More about me…

Coldwell Banker

Address: 4215 Freeport Blvd, Sacramento, CA, 95822

Office: (916) 342-1372

Mobile: (916) 342-1372



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