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 →

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…continue reading →

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 →

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 →

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