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 →

Good News about Principal Reductions and Underwater Mortgage Refinances

After years of a declining housing market and no solutions in sight, there are two terms that are making the light of day: Principal reduction and Underwater mortgage refinance. As everyone knows, the housing recession began in 2007 when housing values started falling and homeowners could not sell their homes. Then people who were over their heads in mortgages they could not afford started defaulting on their loans. The rest is housing meltdown history. Now, five years later, it appears that a few members of the calvary are riding in with principal reductions…continue reading →

Bay Area Conforming and FHA Jumbo Loan Limits are Going Down

Bay Area Conforming and FHA Mortgage Jumbo Loan Limits are Going Down in less than 4 weeks. Watch the Video below that talks about the FHA and Conforming Jumbo Loan Amounts going down to $625,000 and how will that impact Mortgage Financing for Home Purchase/refinance and Real Estate Prices in the area. Be sure to contact me at 408.615.0655 should you need more information.continue reading →