My Bio

Michele Dillingham has been writing the First Lady of Finance™ column in the Sunday Home section of the Sacramento Bee and focuses on financing homes in California since 1997. Michele has been in the real estate industry for over 20 years working both as a lender and previously as a Real Estate Agent.

Having worked closely for years with local, state, and federal agencies on special loan programs, Michele gained extensive knowledge on first time buyer programs. Appearing on a local radio talk show, the host, referring to this knowledge, introduced her as the “First Lady of Finance”, which stuck and then became the name of her column.

Michele has joined the Vitek Mortgage Group where she works as a Senior Loan Consultant. She does loans for all borrowers, from first time buyers to buyers seeking jumbo loans. In addition, Michele gives seminars to buyers and Real Estate Agents on lending and special programs.

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4 comments so far

  1. Anon

    December 27th, 2009 at 4:08 pm

    Hi Michele,

    What can I do to buy a house or qualify for it. My husband and I own a house, and he file for divorce on late August, I have had moved out and he’s living in the house and will keep it. So, I’m asking to be release of the home loan. He want to keep the house and have source of income to up keep the mortgage payment. He’s trying to modify the home loan, and stop making house payment, (the property is underwater financially speaking), I being in the same job for over 17 yrs and have a good credit with the exception of the house issues.

    I’m in Sacramento, CA. and I can put a 5-7% down payment. but I can not get a bank/lender to approve me for a loan, because my name is attached to the house my husband is living in. In April my credit score was 790, now because he stop making house payment, my credit score is 650.

    I would like to buy a single family home to move in, and I am ready to purchase as soon as I get a bank willing to work with me. I need to know what to do. In the divorce petition stated that my soon to be ex-husband will keep the house as well as the loan obligation. Please help, I need to know what to do to get a new/fresh start.

  2. Fred Fenton

    January 31st, 2010 at 11:26 am

    Howdy Michele,

    I read you Bee articles all the time. Your comment today “If you owe $1,000, you could possibly get $7,000 back as a refund”. Why possibly instead of would?

    My best,

    Fred

  3. Chris

    January 31st, 2010 at 4:55 pm

    Please talk about the tax consequences of a Short Sale or Repossession, etc. I owned a rental house that was repossessed, and my CPA says I am going to pay taxes on the difference of what I owed and what the bank sold it for. If this is true not mny people know about this and it is going to be HUGE burden/problem.

    I am interested in a new home loan, but because of the foreclosure it will be difficult for me to get a loan. I have no debt other than $100,000 on my home. I want to buy about a #300,000 home and will put $250.000 down. I will need $50,000 and had a reat credit score until the repo. My credit score is now about 668, and I have never been late in the 10 years I have owned this house. What can I do? Thank you. Chris

  4. Radhika

    February 2nd, 2010 at 12:30 pm

    l read the article about the lastest government credit .And l would like to know if l would be eligible for the credit, if l purchased my home in 2007?

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