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CalHFA Dream For All Shared Appreciation Loan Program

CalHFA Dream For All Shared Appreciation Loan Program is a path-breaking progarm for California first-time home buyers. This is to be used in conjunction with the Dream For All Conventional first mortgage. Upon sale or transfer of the home, the homebuyer repays the original down payment loan, plus a share of the appreciation in the value of the home (details below). How Can I Qualify for CalHFA Dream For All Shared Appreciation Loan Program? Be a first-time homebuyer. Occupy the property as a primary residence; non-occupant co-borrowers are not allowed. CalHFA borrowers must…
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VA Loan Funding Fees Reduced for 2023 Loans

VA Loan Funding Fees have been reduced for 2023 loans. The new funding fee applies to loans closing on or after April 7, 2023. Reduced funding fees apply to loans made to purchase or construct a dwelling with a Downpayment of five percent or more of the purchase price.   What kind of Downpayment is Required for VA Loans? If you qualify, you can get a VA loan with no down payment. Even the funding fee is added to the loan amount on top of the 100% loan with a 0% down payment.…
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FHA Annual Mortgage Insurance Premiums Reduced for 2023 Loans

FHA annual mortgage insurance premium was reduced today for loans endorsed on or after March 20,2023, per the latest announcement. What is FHA Mortgage Insurance Premium? FHA (Federal Housing Administration) loans are insured by Housing and Urban Development. To insure the lenders against default, it charges insurance premiums from the borrowers. There are two kinds of insurance premiums - Upfront Mortgage Insurance Premium (UFMIP) and Annual Mortgage Insurance Premium (MIP). How much is FHA's Upfront Mortgage Insurance Premium (UFMIP)? FHA's UFMIP is 1.75% of the loan amount. So, if you are borrowing $400,000,…
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Top Reasons Why Your Home Mortgage Fell Through

You've found the home of your dreams. You even have preapproval for the mortgage. Suddenly, the bottom falls out, and the lender pulls the mortgage. You are wondering why your home mortgage fell through. What could you have done to prevent this outcome? Can you get things back on track? Read this post to learn about some top reasons home mortgages fall through. Reasons Why Your Home Mortgage Fell Though Low Appraisal Value Your lender won't give final approval for the mortgage until after an appraisal. The appraiser will look at the house,…
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Ultimate Guide to Closing Your First Real Estate Transaction

Ultimate Guide to Closing Your First Real Estate Transaction Closing your first real estate transaction is a big deal. It comes with a mix of excitement and nervousness. You want to close the deal, but you know a lot goes into the process. Once you have secured funding and made a purchase agreement, it is time to start the closing process. This post will cover some of the things you need to know about closing on your first real estate deal. Closing Your First Real Estate Transaction Open the Escrow Account An escrow…
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Understanding a 3-2-1, 2-1, and 1-0 Buydown Mortgage

Understanding a 3-2-1, 2-1, and 1-0 Buydown Mortgage is extremely important in the 2023 housing market with elevated rates and lower affordability. Understanding 3-2-1 Buydown Mortgage A 3-2-1 buydown mortgage starts at 3% lower than your note rate in year 1, 2% lower in year 2, and 1% lower in year 3.  So, if you get a rate of 6%, your first-year monthly payment will be calculated at 3%, second year at 4%, third year at 3%, and then goes back to your note rate (i.e. 6%) for the rest of the term…
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Will The Mortgage Rates Go Down in 2023?

Will the mortgage rates go down, go up, or remain the same in 2023? Every potential homebuyer probably wants to know the answer to this question. Current Mortgage Rates The latest primary mortgage market survey (PMMS), released by Freddie Mac, showed that mortgage rates went up and 30 Year Fixed mortgage rates averaged 6.12%. The 15 Year Fixed mortgage rates averaged 5.25%. Note that these rates are for conforming mortgages with loan amount limits of $726,200. High Balance loans (loan amounts higher than base conforming limits) typically have higher interest rates. What is…
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Single Family vs Multi-Family

Single Family vs Multi-Family: Which is the Best Investment? It’s no secret that investing in real estate can be a smart financial move. Real estate investments can generate reliable income and be a way to build wealth. If you plan to invest in real estate, you might wonder about single-family vs. multi-family properties. Both can be beneficial, but they also have pros and cons. This post will cover some of the issues to consider when deciding between multi-family and single-family investing. Single Family vs. Multi-Family Properties Cash Flow Multi-family properties tend to have…
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Top 10 Hottest Real Estate Markets in 2023 Part 2

Even with a bit of a slowdown in 2022, there are still hot real estate markets. This post is part two of 2023 hottest real estate markets. You can click here to see the five markets in part one. The NAR picked these markets as the ten with the most potential in 2023. Let’s look at the remaining five markets on the list. 2023 Hottest Real Estate Markets Hottest Real Estate Markets in South Carolina - Charleston-North Charleston, South Carolina Median home prices in Charleston are high at over $530,000 in November of 2022.…
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Top 10 Hottest Real Estate Markets in 2023 Part 1

It’s no secret that the national real estate market experienced a bit of a cooldown in 2022. According to a report from the NAR, sales slowed from 6.1 million in 2021 to 4.43 million in 2022. The report also looked at some of the hottest real estate markets in 2023. Because much of the national market has slowed, that does not mean there are no markets to watch. This two-part post will look at the hottest markets for 2023. The Hottest Real Estate Markets in 2023 Atlanta-Sandy Springs-Marietta, Georgia The Atlanta metro area…
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