2019 Conforming Loan Limits for all the Counties in California

Conforming and High Balance loan limits for most California counties went up for 2019. Base conforming loan limit went up to $484,350 and the High Balance loan limit went up to $726,525. See below the list of all counties in California with 2019 loan limits for 1, 2, 3, and 4 Unit properties. Alameda County: 1 Unit - $726,525 2 Unit -$930,300 3 Unit -$1,124,475 4 Unit - $1,397,400 Alpine County: 1 Unit - $484,350 2 Unit - $620,200 3 Unit -  $749,650 4 Unit - $931,600 Amador County: 1 Unit - $484,350…continue reading →

2019 Conforming Loan Limits for 1, 2, 3, and 4-Unit Properties

Federal Housing Finance Agency (FHFA) recently announced new and improved 2019 loan limits for Conforming and High Balance mortgages. As a result of generally rising home values, the increase in the baseline loan limit, and the increase in the ceiling loan limit, the maximum conforming loan limit will be higher in 2019 in all but 47 counties or county equivalents in the U.S. Here is the link to a PDF file with 2019 Conforming and FHA Loan Limit for every county in the US For a Map showing 2019 Loan Limit for every…continue reading →

Do Higher Mortgage Rates Mean ARM Loans Are Now Better?

Are rising mortgage rates and housing prices bringing back the Adjustable Rate Mortgage (ARM) loan? Well, they never completely went away, but they’re making a comeback. Sort of. Before the mortgage melt-down, at the peak of the market in June 2005, ARM loans accounted for 77%  of all loans made in the US according to CoreLogic. They accounted for only 4% of all the loans in the US by the end of 2016. Quite a swing but not surprising. Fixed rates were under 4% for a long time, and there wasn’t a good…continue reading →

Can I Buy A Home Before Selling My Current Home?

If you have lived in your current home for a few years and thinking of moving up, i.e. buying a bigger and better home, the question that you are most likely thinking is - "Can I buy that home before selling my current home?" Advantages of Selling before Buying: You won't have to qualify for two mortgages at the same time. You will have more cash to put down on the new home (assuming you have built some equity in your current home). Since you would know exactly how much you netted from…continue reading →

New FHA Loan Limits for 2018; Limits to increase in >3,000 counties

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…continue reading →

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…continue reading →

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…continue reading →

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…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 →