Only the loan-ly...

The U.S. economy is in massive turmoil, stocks look like they’re in free fall, and most of my friends are putting their money under their mattresses. The news says the credit markets are frozen.

There can’t be any way to get a home loan now, right?

Well, not exactly. While lending standards have gotten tougher (long overdue, in my opinion), there are lenders out there making loans.

Earlier this week I asked Susan Weber Pomelia of Residential Pacific Mortgage for her take on the lending market. Here's the skinny:

1. Make sure you pre-qualify before you fall in love with a house.
Lenders are much more stringent about down payments, verifying income, and credit scores. While a very few lenders are willing to make 90% loans, most are requiring at least 20% cash down.

2. Be prepared to provide two years of tax returns, W-2’s and other financial documentation.
Lenders want to see a ratio of no more than 45% of income going to total debt (including credit cards, car loans, etc.). The days of stated income/no documentation loans are over.

3. Manage your credit carefully to keep your credit scores high.
This is a good idea any time.

If you have specific questions about financing or buying a home in the San Francisco Bay Area, please email me at Vision Real Estate.

Welcome to my neighborhood(s)...

According to Wikipedia, San Francisco residents have 100+ distinct neighborhoods or developments to call home. How many can you name?

Alamo Square
Anza Vista
Ashbury Heights
Balboa Park
Balboa Terrace
Bayview
Bernal Heights
Buena Vista
Castro
Cathedral Hill
Cayuga Terrace
China Basin
Chinatown
Civic Center
Clarendon Heights
Cole Valley
Corona Heights
Cow Hollow
Crocker-Amazon
Diamond Heights
Dogpatch
Dolores Heights
Duboce Triangle
Embarcadero
Eureka Valley
Excelsior
Fillmore
Financial District
Fisherman's Wharf
Forest Hill
Forest Knolls
French Quarter (Belden Place)
Glen Park
Golden Gate Heights
Haight-Ashbury
Hayes Valley
Hunters Point
India Basin
Ingleside
Ingleside Terraces
Inner Sunset
Islais Creek
Jackson Square
Japantown
Jordan Park
Laguna Honda
Lake
Lakeside
Laurel Heights
Little Hollywood
Little Russia
Little Saigon
Lone Mountain
Lower Haight
Lower Pacific Heights
Lower Nob Hill
Marina District
Merced Heights
Merced Manor
Midtown Terrace
Miraloma Park
Mission Bay
Mission District
Mission Dolores
Mission Terrace
Mount Davidson
Nob Hill
Noe Valley
North Beach
NoPA (North of the Panhandle)
Oceanview
Outer Mission
Pacific Heights
Park Merced
Parkside
Polk Gulch
Portola
Portola Place
Potrero Hill
Presidio
Presidio Heights
Richmond District
Rincon Hill
Russian Hill
Safeway Heights
Saint Francis Wood
Sea Cliff
Sherwood Forest
Silver Terrace
South Beach
South of Market
South Park
Sunnyside
Sunnydale
Sunset District
Telegraph Hill
Tenderloin
Treasure Island
Twin Peaks
Union Square
University Mound
Upper Market
Visitacion Valley
Vista del Mar
West Portal
Western Addition
Westwood Highlands
Westwood Park

San Francisco's incredible diversity is just one reason I'm a real estate agent. For my full story, visit my website.