The California FHA Streamline refinance loan program is primarily designed to reduce the interest rate and payment for current FHA mortgage borrowers and simplify (streamline) the refinancing process using common sense qualifying guidelines. An FHA insured streamline refinance is easier to qualify for than a regular FHA loan. Streamline FHA Refinance – Key Features & [...]
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USDA Rural Streamline Refinance Pilot Program – Guidelines
The USDA Rural Housing Guaranteed home loan program announced a new USDA Streamline Rural Refinance Pilot program to make refinancing easier and faster. Why the changes? It’s part of President Obama ‘s plan to help reward responsible homeowners. The new USDA streamline refinance pilot program will give California homeowners the opportunity to reduce their interest [...]
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Extenuating Circumstance to Buy After BK, Foreclosure or Short Sale
To qualify for a mortgage and buy again soon after a foreclosure, short sale, or bankruptcy, an acceptable extenuating circumstance is needed. If you don’t have an acceptable extenuating circumstance, you need to either wait-it-out, purchase a home with all cash, or come up with a large 35-50% down payment and find a private/hard money [...]
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Qualify and Buy a Home Again After a Short Sale in California
Qualifying for a mortgage to buy a home again after a short sale in California is something you should plan for before you short sell your home. In California, the required waiting period or how soon you can buy again after your short sale will depend on the mortgage loan program you qualify for. It’s [...]
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FHA 90 Day Flip Waiver Guideline Extended to Dec. 31, 2012
In timely fashion (7 days to expiring), HUD has extended their 90 day flip waiver through December 31, 2012. What’s The Big Hairy Deal? Prior to February 1, 2010, HUD/FHA did not allow a home buyer to use an FHA loan when buying a home from an investor who bought a home, did repairs/renovations, and [...]
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2012 VA County Loan Limits in California Reduced!
The 2012 VA loan lending limit in many California high cost counties has been reduced significantly from last year, but still allows for 100% zero down payment home financing. The new high cost county VA loan limit ranges between $417,000 and $625,500 in California when making zero down payment. VA doesn’t actually impose a maximum [...]
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Buy a Home Again After Foreclosure in CA – Waiting Periods Explained
Since I’m often asked, “when can I can buy again after foreclosure“, I thought it would be helpful to explain the waiting periods required to buy a home again after foreclosure. How soon you can qualify to buy again after foreclosure can depend on the type of loan program you use to purchase. Why? Because FHA, [...]
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