HAWK to Reward Buyers, Reduce FHA Mortgage Insurance Premiums

FHA Commissioner Carol Galante announced a possible HAWK (Homeowners Armed With Knowledge) pilot counseling program that will reward FHA borrowers with reduced mortgage insurance premiums. The HAWK Homeownership Counseling Program is a HUD approved home ownership counseling program that may reward home buyers with lower/reduced Up Front Mortgage Insurance Premiums (UFMIP) and reduce the FHA [...]

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Student Loan Debt and Mortgage Qualifying: What You Need to Know

When applying for a mortgage to buy a home, it’s important to know how student loan debt, even if it’s deferred or in forbearance, can impact how much loan you will qualify for. Unfortunately, there is a lot of misinformation on the Internet by ‘financial experts’ and even from other mortgage loan officers about how [...]

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California Teacher Home Loan & Assistance Programs

California’s Teachers, Educators, and School District Employees have several home mortgage and home buyer assistance programs besides the suspended CalSTRS Teacher home loan. Below is a brief summary and complete list of Teacher home loan and home buyer down payment assistance programs in California. Extra Credit Teacher Home Purchase Program The ECTP home buyer assistance [...]

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CalHFA Increases Maximum DTI Ratio Limit to 45%

Good news!  The California Housing Finance Agency (CalHFA) just announced they will increase the maximum DTI ratio from 43% to 45% that is allowed on CalHFA first lien and down payment assistance silent second mortgage programs.  See CalHFA Bulletin 2014-06 The Consumer Financial Protection Bureau (CFPB) recently put into place QM regulations that limited the [...]

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MyCommunity Mortgage

The MyCommunity Mortgage (MCM) Program

What is a MyCommunity Mortgage? The MyCommunity Mortgage® is a Fannie Mae low down payment affordable lending program that gives borrowers access to flexible underwriting guidelines and discounted private mortgage insurance (PMI) rates for moderate income home buyers. Many mortgage banks don’t offer the MCM program end even fewer loan originators take the time to [...]

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CityLIFT Down Payment Assistance for the Inland Empire

The CityLIFT Down Payment Assistance (DPA) program provides $15,000 to eligible home buyers for Inland Empire’s Riverside County cities of Corona, Riverside, Moreno Valley, and San Bernadino County cities of Fontana and San Bernardino. The $15,000 CityLIFT funds are actually a ‘soft second’ mortgage which are then forgiven (free money) after the borrower has occupied [...]

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How to Refinance an Exploding CalSTRS Teachers Loan

Teachers who purchased using the CalSTRS 80/17 Teacher Home Loan can now use the new CalPATH Teacher Loan program to refinance and consolidate their soon to be exploding CalSTRS mortgage and avoid a train wreck waiting to happen. The CalSTRS 80/17 home buying program was discontinued in September of 2011, as mentioned in this announcement, [...]

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