New Home Finder

By Marilyn Kennedy Melia CTW FEATURES In this price-spiraling housing market, the only way many have been able to purchase is with a cash gift from family or friends. Now, with higher interest rates squeez- ing affordability further, buyers need another boost to reach mortgage approval. But this time it's not cash, but a good-faith promise that's needed. "More buyers are using a guarantor," notes Rick Palandri of First Centennial Mortgage. Also known as co- signers or non-occupant borrowers, a guarantor "has joint liability for the note with the borrower," read rules from Fannie Mae, a government- sponsored agency that purchases mortgages. While carrying re- sponsibility for timely mortgage payments, a guarantor is often not listed on the deed, and has no ownership in the home. Usually, it's a buyer who is close to fully qualifying on his own who can benefit from a guarantor, who offers his own good financial pro- file as added security to a lender. Bruce Biggers of Planet Home Lending in Rockford, Illinois, adds that a guarantor can often help borrowers qualify for a lower inter- est rate on the purchase than they would receive otherwise. In many cases, the expectation is that the homebuyer adheres to a budget and makes his payments responsibly. "Guarantors are usu- ally parents or close relatives," explains Tina Pecoraro of Nationwide Mortgage Bankers, Inc. "The assumption is that the special connection will drive the borrowers to go above and beyond in fulfilling their obliga- tion." Still, the guarantor's financial profile must be strong. "Lenders often require guarantors to have access to substan- tial cash reserves in the form of (home) equity or near-zero mortgage ob- ligations on their home," Pecoraro says. While parents are often amenable to being a guarantor, they might not want to share their personal money matters with their adult children. The lender, however, needs to review the same income and asset state- ments for both borrower and guarantor. "Some tell me 'I don't want my kids to know my finances.' I tell them to send it to me separately," Biggers says. This keeps the process moving and upholds the financial privacy of the guarantor. Getting a boost from a mortgage guarantor By Metro Fireplaces are useful features in a home. Fire- places are sources of am- bient heat and also add style to indoor spaces. Fireplaces can com- plement just about any interior style. Fireplaces can be traditional and burn wood or connect to a home's natural gas supply for on-demand ambience. What's more, fireplaces may come in vented or ventless variet- ies, depending on home- owners' preferences and what is allowed by community building codes. That means a chimney or flue may not be needed — expanding the list of rooms where a fireplace can be in- stalled. Certain trends have emerged among fireplace fans in recent years. Here's a look at what's getting consumers fired up about these home decor elements. • Minimalist style: Many fireplaces are de- signed in neutral colors with minimal trim that directs focus on the fire and not the appliance. When the fireplace is not in use, it blends in with surroundings and will not compete for attention with other design ele- ments. • Convertible fireplaces: Homeown- ers can choose between open or sealed fireplaces. A convertible fireplace enables homeowners to have the best features of these options. A con- vertible fireplace can be converted to wood from gas or the opposite, in as little as 30 minutes. • Nature-inspired materials: Natural stone continues to be a material of choice in fireplace surrounds. Light colors work well for a fireplace, and also fit with today's lighter- color interior design preferences. Natural stone also works per- fectly with both contem- porary and rustic decor. • Vintage fireplaces: Vintage continues to be a buzzword in 2022, and the choice to go vintage also applies to fireplace styles. A room decorated in vintage ele- ments can be comple- mented with a vintage fireplace or one de- signed to look vintage. • Integrate into wall decor: Fireplaces that are built right into a wall save space. One can have a television and a fire- place on the same wall. These types of fireplaces work well in modern home designs. Other fire- places may be built into bookshelves or other wall features. Fireplaces can im- prove the appeal of a home. Various trends are popular this year, making fireplaces highly coveted features. Fireplace trends help create attractive, comfortable rooms Welcome to Ellis, a new master- planned community now selling in Tracy. Explore family-friendly neighborhoods paired with a modern lifestyle, featuring out- door social spaces and play- groundsplusaplanneddogpark, aquatic park and on-site market- place with shopping and dining. Follow @LiveAtEllis on Facebook and Instagram for news and up- dates! 57TRACY ELLIS NewHomesfromthe$800,000s EllisTracy.com/New-Homes Welcome to Bristowe - the newest addition to the North Village mas- ter planned community! Bristowe at North Village features single and two story homes ranging in size from approximately 1,815- 3,344 sq. ft. Four different floor plans offer 4-5 bedrooms, 2-4.5 bathrooms, and room options to customize your new home. North Village is close to com- mute routes, shopping, schools, and recreation. Find your dream home at Bristowe at NorthVillage! Located at 225 Gannet Street, Vacaville, CA 95688. 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Shopping and dining are just a short walk away at the Southport Town Center, including a Nugget Market. The Tides at Newport is located off I-80 at Lake Washing- ton Blvd. Open daily 10AM-6PM 60 WEST SACRAMENTO THE TIDES AT NEWPORT Only 4 Homes Left! (916) 572-0636 seenohomes.com Lavender, Crestada & Iris offer single-family home designs with 1,438-2,971 sq. ft., 3-5 bedrooms and options for every stage of life, such as Next Gen®— The Home Within a Home® designs for those in search of extra space. Each home boasts added value with our Everything's Included® program, which adds popular upgrades and features at no ad- ditional cost. 61 WOODLAND LAVENDER, CRESTADA & IRIS From the High $500,000s (916) 304-9711 Lennar.com/Sacramento Reservedfor your New Home C ommunity . ContactSandyLekat slek@bayareanewsgroup.com H8 BAY AREA NEWS GROUP 001 Homes | Advertising Section

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