Buy A Home One Year After Foreclosure, Bankruptcy or Short Sale

If you had a Foreclosure, Bankruptcy, Short Sale or a Deed in-lieu - you may now be able to qualify for a mortgage to buy a home one year after that incident. Federal Housing Administration (FHA) recently announced "Back to Work" loan program that would help some borrowers in California and rest of the country to buy a home quicker than earlier imposed waiting restrictions. Apply now for this loan program How Can I Qualify for "Back to Work" Program? You may be eligible for an FHA insured mortgage if You can document…continue reading →

First Time Home Buyer Free Web Workshops

As part of Home Ownership Workshop (HOW) for first time home buyers, I am conducting a series of four webinars where I will talk about all aspects of home buying. The entire series is free. Find below the topics I would be covering along with a link to register for each of them. If you register and not able to attend, we will email you a recorded version of the webinar. Of course, I encourage you to attend the webinar live, because that way you can ask me questions during the webinar. Webinar…continue reading →

The ABC’s of Home Inspection – What’s Included, What’s Not?

What is home inspection? A home inspection- is a limited examination of a home's condition and is done when a home is put on the market for sale. State Laws do not require to have a home inspection or the number of inspectors you should bring. But even if the seller has done an inspection and given you an inspection report and disclosures, it is in your best interest to get a general inspection done. How much does home inspection cost? General inspections are relatively inexpensive costing between $200 and $600 depending upon…continue reading →

Home Ownership Basics: Ways to Hold Title

Title to real property may be held by individuals, either in Sole ownership or in Co-ownership. Co-ownership of real property occurs when the title is held by two or more persons. There are several variations of how a title may be held in each type of ownership. The following brief summaries reference seven of the more common examples of Sole ownership and Co-ownership. Sole Ownership 1. A Single Man/Woman - A Man or Woman who is not legally married. 2. An Unmarried Man/Woman - A Man or Woman who having been married is…continue reading →

Demystifying the Home Purchase Contract: Understand the Nuances

The process of purchasing a home is often much more complex than the average individual expects it to be. Items involved in your purchase contract can have a significant impact not only on the success of your purchase transaction, but on your stress level as well. Below, I have listed out some of the important items you should be aware of, that require you to make decisions as a home buyer in entering into a purchase contract. Loan or Financing Contingency Loan contingency is the period of time the seller is giving you…continue reading →

FHA + CHDAP = 0.5% Downpayment Loan For CA First Time Home Buyers

By combining an FHA loan with California Homebuyers Downpayment Assistance Program (CHDAP), First Time Home Buyers in California can buy a home for as less as 0.5% downpayment. Here's how it works: We do FHA Loan as the first mortgage of 96.5% Loan-to-Value Ratio (LTV) and combine that with 3% second mortgage provided as part of CHDAP. CHDAP is a deferred payment second mortgage which becomes due in full when you refinance or sell the home. However, CHDAP may be resubordinated in some cases at the time of refinance and hence may not…continue reading →

Employment News Causes Biggest Single Day Increase In Mortgage Rates

Hope you had a "happy 4th". Now say hello to the "unhappy 5th". The Mortgage Backed Securities (MBS) market saw fireworks of a completely different kind. The market went down by an unprecedented 200 basis points - the steepest single day fall in modern MBS history. In simple terms - we saw the biggest single day increase in mortgage rates. Within two weeks, we have now witnessed biggest weekly increase and biggest single day increase in mortgage rates....ever!! Mortgage rates move in the opposite direction to MBS. When MBS go down in price,…continue reading →

MBS Blood Bath – Worst Week For Mortgage Rates On Record

Mortgage rates just witnessed the worst week on record. During last 3 days, rates were changing on an hourly basis. Just when I thought I have seen it all, we get a week like this. Its a loan officer's worst nightmare come true. In last seven days I had already written two posts on mortgage rates. I had no plans of writing another till next week. But I couldn't let a news like this go unreported. Mortgage Backed Securities (MBS) that directly impacts the mortgage rates went down by a jaw dropping 314…continue reading →

Mortgage Rates Rise To The Highest Level In 18 Months On Bernanke Statement

Mortgage rates continue its relentless rise. After reaching historical lows at the end of April, the rates have increased for 7th straight week. Today's statement by Fed chairman Ben Bernanke further worsened the market. By end of the day, rates were at a 18 months high with outlook of more worsening in sight. Mortgage rates rise and fall based on how mortgage backed securities (MBS) trade on Wall Street. After Bernanke's statement the MBS went down by a whopping 120 basis points - one of the largest single day drop in recent times.…continue reading →

30 Year Fixed Mortgage Rates Rise For Sixth Consecutive Week

30 Year Fixed Mortgage Rates for California and rest of the country increased for sixth consecutive week. After touching a low of 3.35% in early May, the 30 Year Fixed Rate is at 3.98% according to Freddie Mac weekly mortgage survey. During the same time period, 15 year fixed has moved from 2.56% to 3.10%. Both rate options are at 0.7 points and applies to conforming loan balance under $417,000. Mortgage Bankers Association's (MBA) survey which is usually more accurate in my opinion reported a higher rate. According to MBA, the average interest…continue reading →