Please.......Stay away from the elastomeric paints and the such. This stuff will seal your house way too much and once you do it you have to stick with just this material in the fiture.
This is what to do.....
First wash the house down with TSP or bleach......This will kill the mold spores and what-not.
Then contact "La-Harbra Products" in Anaheim, California (on Lincoln Avenue). Ask then for a color chart for their fog coats.
This is the material you should use. It is really only the lime cement and pigments (stucco without the sand). You then use a garden (Hudson type) sprayer to apply it.
When doing it this way you wone have to worry about it for a very long time. No peeling paints. No sealing problems. And a good natural stucco color.
We used this stuff all the time when I lived in Cal. We would have to color coat two houses a day (yep, it's true). When doing this kind of production you will create what we call "brun" marks. These are caused by apply wet stucco to stucco that has set a little, causing a burn marks and the juncture.
The fog coat covers this and gives the wall a great even color.
Brian Ewing Ewing Restoration http://www.ornamentalplaster.com/Index/index.html