Qualifying For FHA Loans To Become Tougher, Costlier

Last month FHA announced increase in mortgage insurance premium and prolonging cancellation of mortgage insurance (read the full report here). But looks like those steps are not enough to restore FHA's reserve requirements as mandated by congress. FHA commissioner and government are proposing/considering several new proposals that would make qualifying for FHA loans tougher and costlier. Let's look at some of these proposals: Down payment on loan amounts over $625,500 to be increased by 1.5%. From 3.5% it would be raised to 5%. FHA is also considering eliminating loan amounts over $625,500 altogether,…continue reading →

2013 FHA Loan Limits For California(CA), Oregon(OR) And Washington(WA)

Federal Housing Administration (FHA) recently announced 2013 maximum loan limits for California, Oregon and Washington FHA mortgages. While the "floor" and maximum high-cost limit remained the same nationally, for some counties the loan limits changed. Every county will at least have the "floor" as their loan limit, also called FHA's minimum loan amount limit per below. One-unit applies to Single family residence (SFR), Condominiums and Townhomes. One-Unit: $271,050 Two-Unit: $347,000 Three-Unit: $419,425 Four-Unit: $521,250 For high-cost areas the maximum FHA loan limits for 2013 would be: One-Unit: $729,750 Two-Unit: $934,200 Three-Unit: $1,129,250 Four-Unit:…continue reading →

California Mortgage Rates Increase For The Week – Outlook Gets Worse

According to Mortgage Bankers Association's (MBA) weekly mortgage application survey, mortgage rates for California borrowers (and rest of the country) increased for the week ending December 14, 2012 from the last week. The mortgage rates increased for 30 year fixed mortgages for both conforming and FHA loans. To make matters worse points (also called origination fee) increased as well. However, the rates for 15 year fixed mortgages went down slightly. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,500 or less) increased to 3.50% from 3.47%, with points…continue reading →

Jumbo 80/10/10 Loan (10% Down Payment) up to $1.7 Million

If you are planning to buy a high-priced home (say at or under $2 Million), but do not have 20% down payment and still want to avoid super-expensive mortgage insurance (PMI), we have just the right loan program for you. How does an 80/10/10 loan work? Usually, a 2nd mortgage or a Home Equity Line of Credit (HELOC) is offered up to 90% of the home value. Such kind of loans are popularly known as 80/10/10 loans, where the first mortgage is 80 percent of the home value, second mortgage or HELOC is…continue reading →

VA Home Loans Eligibility Requirements, Rates, Loan Amounts and Funding Fees

Veterans Affairs (VA) home loans are mortgages that are insured by the VA. The loans are made by mortgage lenders and banks. Service members, veterans, - and eligible surviving spouses may qualify for VA home loans. Note that this post is ONLY about home purchase loans utilizing VA loans - same guidelines may not apply for VA refinance or Interest Rate Reduction Loans (VA IRRLs). Who qualifies to get a VA Home Loan? Eligibility is based on the veteran's length and type of military service. Generally speaking, VA determines that veterans who fulfill…continue reading →

Conventional Loan Limits for 2013 Announced; Jumbo Limits to $625,500

The Federal Housing Finance Agency (FHFA) announced last week that the maximum conforming loan limits for mortgages acquired by Fannie Mae and Freddie Mac in 2013 will remain at existing levels. In most of the country, the loan limit will be $417,000 for one-unit properties. The loan limits are established under the terms of the Housing and Economic Recovery Act of 2008 (HERA), and are calculated each year. Get a live mortgage rate quote in seconds - no SSN required The following chart contains the general loan limits for 2013: The following chart…continue reading →

Buying a Home After Short Sale, Foreclosure, Bankruptcy or Charge Off

Mortgage Meltdown of 2007 and rapid depreciation in real estate prices post that, resulted in financial crisis for a lot of homeowners. As a result of which, several of them went through a foreclosure, short-sale or bankruptcy. If you are one of those you must be trying to find out - how soon you can buy a house again. By the end of this post, you would know when you can qualify for mortgage - conventional loan, VA Loans or loans insured by Federal Housing Administration (FHA). When do I qualify for a…continue reading →

12 Ways To Go Green In Your Home

Today, it is easier than ever to create an environmentally friendly home. There are so many different ways and simple steps you can take at home, to help greenify your house and help the environment at the same time. Switch all of the light bulbs in your house to compact fluorescent light bulbs. Cfl's use much less energy than regular light bulbs. If you don't want to switch all of them, just switch out the bulbs in your home that you use the most. Switch out appliances that you use the most, to…continue reading →

A Slew Of New Guidelines Can Clip Mortgage Origination By 20%

Since the mortgage meltdown of 2007, the industry has been hit with a slew of regulations. While consumer advocates think much still needs to be done, industry insiders and some outside experts thing the pendulum has swung too much on the other side and is impacting the housing recovery. A recent study by American Action Forum estimates that new regulations would not only hinder qualified borrowers from access to loans, but also result in 20 percent fewer loans than otherwise would be made. Some of the major guidelines and regulations in recent years…continue reading →

Fremont Mortgage Lender- Get Rate Quote For Refinance or Purchase

Looking for a top rated Fremont,CA mortgage lender/company to get a no closing cost rate quote for refinance or home purchase? You have reached the right place. Arcus Lending is a direct lender and has been featured on several national media like NBC, CBS, FOX, ABC, Yahoo! News among others. We have a perfect 30/30 rating on Google Places and 5 start rating on Yelp. We offer FHA, VA, Conventional, Jumbo, VA and Homepath loans. Our loan options include Fixed Rate loans (30, 20, 15 and 10), ARM (5, 7 and 10 year…continue reading →