Temecula First Time Home Buyer (FTHB) assistance loan programs do exist and funds are still available for home buyers in the city of Temecula, CA and surrounding communities. In fact, if you meet the minimum credit score requirement, and your qualifying income doesn’t exceed the income limit, some home buyer assistance programs DON’T even require [...]
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First-Time Home Buyer Credit Checklist
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PMI Private Mortgage Insurance: Frequently Asked Questions & Answers
Private Mortgage Insurance (PMI) is often stigmatized and perceived as a bad thing when comes to buying or refinancing a home. This may be due to the misconceptions and/or general lack of understanding about what PMI is, how it works, and lack of awareness about the benefits of using PMI to finance a home. Home [...]
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How To Buy A Home In California [infographic]
Below is an infographic that provides a clear visual about buying a home in California. The next step is to find out: How Much you qualify for (determined by your debt-to-income ratio) How much qualifying income you have What credit score is needed (and what your mortgage credit score is) What to expect for in [...]
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FHA is Increasing Down Payment, Fees, and Changing Qualifying Guidelines Again
FHA issued this press release and mortgagee letter announcing they may increase the FHA minimum down payment requirement on jumbo loans, increasing the annual (monthly paid) FHA mortgage insurance premium (MIP), changing qualifying guidelines to reduce how much a borrower qualifies for, and making the annual MIP FHA mortgage insurance premium PERMANENT for most borrowers. [...]
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Eight Ways to Use Your Tax Refund When Buying a Home in California
If planning to buy a home in California, you should consider these eight ways of how to use of your tax refund before blowing that money at the casino. FACT: Using your IRS tax refund for a down payment on a home or to pay closing costs is allowable and an acceptable source of funds [...]
Delayed Financing Cash-Out Refi for Investment Home Buyers
The Delayed Financing cash-out refinance program, often called the ‘Buy & Refi’ loan, was created for real estate investors who purchase homes with all cash and grants them an exception to qualify for a cash-out refinance just one day after buying the home. Fannie Mae’s Delayed Financing program will help cash buyers avoid waiting the [...]
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Taxpayer Relief Act of 2012 Extends the Mortgage Debt Forgivness Act
Congress finally passed the American Taxpayer Relief Act of 2012 that extends the Mortgage Forgiveness Debt Relief Act of 2007 to December 31, 2013. The Mortgage Forgiveness Debt Relief Act exempts people from paying taxes on certain types of mortgage loan debt that was canceled or forgiven by their lender as a result of a [...]
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