Mortgage Rates at the highest levels in 10 months – Over 5% Now

30 Year Fixed, 15 Year Fixed and 5/1 ARM California Mortgage Interest Rates continue to rise.According to Freddie Mac Primary Mortgage Market Survey® both long- and short-term mortgage rates rose last week too. 30-year fixed-rate mortgage (FRM) averaged 5.05 percent with an average 0.7 point for the week ending February 10, 2011, up from last […]

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CalHFA helps California First Time Home Buyers to buy with 1% Down Payment

CalHFA 1st mortgage + CHDAP 2nd mortgage = 99% LTV or 1% downpayment loan for California First Time Home Buyers. Here’s how it works: CalHFA (California Housing Finance agency) FHA loan offers financing up to 96.5%. California Homebuyer’s down payment assistance program (CHDAP) provides a deferred payment junior loan (2nd mortgage) up to 3% of […]

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FHA extends 90 day flip rule for California Mortgages

FHA today extended the 90 day flip rule for California FHA Mortgage Loans. In an effort to continue stabilizing home values and improve conditions in communities experiencing high foreclosure activity, Federal Housing Administration (FHA) today extended FHA’s temporary waiver of the agency’s ‘anti-flipping rule.’ The extension announced today is intended to accelerate the resale of […]

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Will a good Rental Payment history improve your Credit Score?

Very soon a good Rental Payment History will help you improve your credit score. Experian recently announced, it is now incorporating positive rental data from its RentBureau Division into the traditional credit file, opening a new avenue for the estimated 50 million underbanked consumers which can include everyone from college students and recent graduates to […]

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How to calculate Debt-to-Income (DTI) Ratio For My California Mortgage?

Debt-to-Income (DTI) Ratio is one of the many new mortgage related terms many First-Time Home Buyers in California will get used to hearing. DTI is a component of the mortgage approval process that measures a borrower’s Gross Monthly Income compared to their credit payments and other monthly liabilities. Debt-to-Income Ratios are designed to give guidance […]

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Is Mortgage Insurance (MI) Tax Deductible and other FAQs about MI

Is Mortgage Insurance (MI, also called Private Mortgage Insurance PMI) tax deductible in California? We will address this question and some other FAQs about Mortgage insurance in this post? Q. What is mortgage insurance (MI) tax deductibility and how does it work? A. The law provides for an itemized deduction on federal tax returns for […]

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What is causing the spike in California Mortgage Rates?

California mortgage rates have gone up every single week for last 5 weeks – now up ~.75%. (Get the mortgage rate update in this post). It all started with Fed announcing Quantitative Easing 2. The big question is why so sudden and why so steep! There are several possible reasons: Markets are increasingly more optimistic […]

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California Mortgage Pre-approvals from one month back are worth nothing

It’s time to revisit the pre-approval amount that you qualified for your mortgage application, if that was done more than 2 weeks back.  The biggest reason – the mortgage rates have spiked by ~.75% in just over 4 weeks. Last week Freddie Mac released the results of its Primary Mortgage Market Survey, which found that […]

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California Mortgage Rates rise for the 4th straight week – Now up .50%

California Mortgage Rates rise for the 4th straight week – Now up .50% Freddie Mac today released the results of its Primary Mortgage Market Survey, which found that once again, both fixed- and Adjustable mortgage rates rose this week. This was the fourth week in a row where fixed-rate mortgage rates were up. 30-year fixed-rate […]

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2011 FHA maximum Loan Limits announced for Bay Area Mortgages

The maximum FHA loan limits for most Bay Area counties (the ceiling) by property size for fiscal year 2011 are as follows: One-Unit $ 729,750 Two-Unit $ 934,200 Three-Unit $ 1,129,250 Four-Unit $ 1,403,400 Properties located in the counties of Santa Clara, San Mateo, Alameda, San Mateo, Contra Costa, San Francisco, San Benito and Santa […]

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