The Federal Housing Administration (FHA) recently announced the agency's new schedule of loan limits for 2018, with most areas in the country to experience an increase in loan limits in 2018. In fact, 3011 counties in the country will see an increase in loan limits for 2018, while 223 counties will see no change (compared to 2017). In high-cost areas of the country, FHA's loan limit ceiling will increase to $679,650 from $636,150. FHA will also increase its floor to $294,515 from $275,665. Low-Cost Area: The FHA national low-cost area mortgage limits, which…
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Mortgage Programs
Reduce Interest & Pay-Off Mortgage Faster – All In One Loan
Do you want to reduce interest cost, pay off your mortgage faster without making a significant difference to current spending or saving habits? If your answer is yes, then the revolutionary new loan, called "All in One" is your answer. The two biggest problems with conventional mortgages are: The majority of the payment in the initial years goes towards interest, substantially increasing the total cost of borrowing. A $500,000 mortgage at 3.5% will have an interest cost of $308,000 in 30 years. That cost goes up to ~$360,000 at 4%. Most 30-year loans take…
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15 or 20 or 30 Year Fixed – Which Mortgage is Right for You?
While most mortgage lenders and borrowers focus on the omnipresent 30 year fixed rate mortgage, other mortgage terms do exist. Many of them offer lower interest rates in addition to the added benefit of paying off your loan quicker. So, is the 30 year mortgage always the right choice? Are there drawbacks to choosing the status quo? I’ll let you decide. Get PreApproved for a Mortgage 30-Year Mortgages Drawbacks When it comes down it, 30-year mortgages have some drawbacks, with the most obvious one being the long amortization period. They also come with the…
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30 Year Fixed vs. 15 Year Fixed – Which One Makes More Sense?
If you are planning to get a purchase or refinance loan in California, this post will help you decide between a 30 Year Fixed and a 15 year Fixed mortgage. Benefits of a 15 Year Fixed Mortgage Huge savings in interest cost: The biggest benefit of a 15 year fixed loan is the amount of interest you save. If you were thinking of getting a home purchase loan in California, today's average rates are around 4.375% on a 30 year fixed and 3.375% on a 15 year fixed for high balance conforming loan…
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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…
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Is HARP-3 For California Homeowners On It’s Way? #MyRefi
Refinancing help for underwater California homeowners whose loan is not backed by Fannie Mae or Freddie Mac may soon become a reality. Unofficially billed as HARP-3, it is one of the top priorities of Obama government. Obama government is considering expanding the Home Affordable Refinance Program (HARP) to include homeowners who are underwater but whose mortgage is not backed by government sponsored enterprise (GSE) namely, Fannie Mae and Freddie Mac. According to Core Logic, at the end of June 2012, about 22% of all homes or around 10.8 million homes were underwater meaning…
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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,…
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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:…
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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…
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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…
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