California-Mortgage-Credit-Certificate

Mortgage Credit Certificate (MCC) Programs in California

The Mortgage Credit Certificate (MCC) program can make home ownership more affordable for California first time homebuyers. What is a Mortgage Credit Certificate? A Mortgage Credit Certificate gives qualified home buyers a dollar for dollar tax credit for part of the mortgage interest paid each year.  It directly reduces a homeowners federal income tax liability. [...]

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NHF Sapphire Assistance Program

NHF Sapphire Grant Down Payment Assistance Program

The NHF Sapphire down payment assistance program is a California homebuyer grant for moderate income individuals and families who can qualify for a mortgage but need assistance with down payment to closing costs. Sapphire provides up to 5% of the loan amount in the form of a grant to meet your down payment assistance requirement [...]

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HUD 184 home loan california

HUD Section 184 Native American Indian Home Loan

The HUD Section 184 Native American Indian Home Loan Guarantee program is an exclusive low down payment no  mortgage insurance mortgage program for California Native American Indian Entities, Families, Native Alaskans, Native Hawaiians, and Federally Recognized enrolled Tribal Members. Congress established the HUD Section 184 Native American Home Loan program in 1992 to faciliate home [...]

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CalHFA Sales Price Limit

CalHFA Sales Price Limit Drops Unexpectedly

CalHFA announced new maximum sales price limits for new construction and resale homes throughout California in.  in many counties throughout California, like Riverside County and San Bernardino County, there was a huge 25% drop in sales price limit. Riverside County and San Bernardino County went from a max sales price limit of $461,539 down to [...]

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foreclosure-wait-period-mortgage-bankruptcy

Waiting Period After Foreclosure and Mortgage in Bankruptcy Reduced

Fannie Mae reduced the waiting period for borrowers who foreclosed after discharging the mortgage debt through bankruptcy to just 4 years!  Details can be read in Fannie Mae’s Selling Guide SEL-2014-10. Previously, homeowners who included a mortgage in bankruptcy were forced to comply with the foreclosure and/or deed-in-lieu of foreclosure waiting period of 7 years.  [...]

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conventional-wait-period-qualify-short-sale-4-years

Waiting Period to Buy Again After Short Sale is Extended to 4 Years!

Fannie Mae quietly surprised the lending world and announced that starting August 16, 2014, the waiting period to qualify and buy after short sale has been EXTENDED to 4 years when using Conventional financing. Boomerang buyers who short sold will no longer be able to use Conventional financing and buy in as little as 2 [...]

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HAWK to Reward Buyers, Reduce FHA Mortgage Insurance Premiums

FHA Commissioner Carol Galante announced the HAWK (Homeowners Armed With Knowledge) pilot counseling program that will reward FHA borrowers with reduced mortgage insurance premiums. The HAWK for New Homebuyers is a HUD approved home ownership counseling program that will reward qualified first time home buyer particpants with reduced Up Front Mortgage Insurance Premiums (UFMIP) as [...]

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