Brentwood Press - Index

Brentwood Press - AntiochPress_07.25.08 - Index

6A | THEPRESS.NET COMMUNITY JULY 25, 2008
I’ve told you the past few weeks about
some lending changes going on right now
in regards to renting out your current home
in order to buy another one. In summary,
if you don’t have 30% equity in the home to
be rented out, the lender may not use the
rent you will be receiving as income, which
means your debt ratio will probably be too
high to get approved. But let’s say that you
DO have 30% equity in your current home,
so you are going to stick to your plan of
renting out your current home. There is
another change that FNMA has made to
the underwriting rules that you should be
aware of.
In the past, some lenders may have
let you get by with running what is called a
“rent roll” on your current home to determine
what your home should rent for, and
then using that number in their calculations
of your debt ratio. Then once you
move out, you put your home up for rent,
find a renter and sign them up on a rental
agreement.
MORE CHANGES
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The Antioch Press, Brentwood Press,
Discovery Bay Press, Oakley Press and Pittsburg Press
are newspapers of general circulation.
The Brentwood Press has been adjudicated as a newspaper of
general circulation for the City of Brentwood, Delta Judicial District,
County of Contra Costa on Sept. 25, 2002 (N02-1273) and is published
at 248 Oak Street, Brentwood, Ca. The Oakley Press has
been adjudicated as a newspaper of general circulation for the City
of Oakley, Delta Judicial District, County of Contra Costa on June
2, 2003 (N03-0477) and is published at 3805 Main Street, Oakley,
Ca. The Antioch Press was adjudicated as a newspaper of general
circulation for the City of Antioch and County of Contra Costa by the
Contra Costa Superior Court on November 28, 2006 (MSN06-1617)
and is published at 909 H Street, Antioch, Ca.
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Brentwood / Discovery Bay Offices
248 Oak St. Brentwood, CA 94513
Phone (925) 634-1441 Fax (925) 634-1975
Well, that is changing right now. Many
lenders are now going to start enforcing the
new FNMA rules which require two critical
pieces of documentation. First is the actual
signed lease agreement between you and
your tenant. The second is proof that you
have received the tenant’s security deposit
and deposited it into your bank account.
They are taking these steps because far
too many people have “dummied up” lease
agreements for fictional renters in the past.
Just so you know, if anyone recommends
you do something like that, it is loan fraud,
with some heavy potential penalties.
Note: Not all lenders are implementing
all these new FNMA rules yet, but I’d
be surprised if it doesn’t become very standard,
very soon.
If you have questions on this or any
other real estate topic, call me at (925) 240-
MOVE (6683). To search the MLS for free
and view virtual tours of homes for sale, go
to: www.SharpHomesOnline.com. Sharp
Realty
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Photo by RIchard Wisdom
A personal watercraft (PWC) rider heads up Indian Slough Tuesday, past
the scene of an accident that claimed the life of another PWC user and
injured her son last weekend.
Delta fatality still
under investigation
by Ruth Roberts
Staff Writer
The cause of a fatal boat collision last
weekend that claimed the life of a Discovery
Bay woman and injured her teenage son
remains under investigation, according to
Jimmy Lee, Contra Costa County sheriff
spokesman.
The accident involving a 23-foot ski boat
and a personal watercraft (PWC) occurred
at approximately 4 p.m. on July 19 in Indian
Slough at the entrance to Discovery Bay. The
PWC was carrying Jill Hullen, 47, and her
14-year-old son. Hullen’s son, whose name
was not released, was airlifted to Children’s
Hospital in Oakland, and treated for a
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broken collarbone and facial lacerations. He
was released Tuesday and is reportedly back
home in Discovery Bay.
An autopsy revealed that Hullen, whose
body was found approximately 50 feet from
shore by divers three hours after the accident,
died from injuries sustained by a propeller.
None of the seven passengers on the ski boat
were injured.
Whether Jill Hullen or her son was
driving the PWC at the time of the accident is
still under investigation, according to Marine
Patrol Sgt. Doug Powell, who noted that it’s
legal for anyone between the ages of 12 and
15 to drive a vessel if an adult is present. Both
see Fatality page 15A
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