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, 2914, 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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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 [...]

Continue Reading 0, Mountain West Financial & Brad Yzermans are not affiliated with or representing FHA, VA, CalHFA, USDA, FNMA or any other government agency. All content copyright © 2014, Mountain West Financial, Inc., a Temecula-Murrieta-Menifee-Corona, CA Mortgage Lender/Banker. NMLS #164997