Inland Empire Direct Mortgage Lender | FHA VA USDA HARP 2 Home Loans » Mortgage Guidelines

Extenuating Circumstance to Buy After BK, Foreclosure or Short Sale

Brad Yzermans — Fri, 20 Jan 2012 21:36:24 +0000

To qualify for a mortgage and buy again soon after a foreclosure, short sale, or bankruptcy, you will need an acceptable extenuating circumstance. 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 [...]

Qualify and Buy a Home Again After a Short Sale in California

Brad Yzermans — Tue, 10 Jan 2012 20:22:49 +0000

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 [...]

FHA 90 Day Flip Waiver Guideline Extended to Dec. 31, 2012

Brad Yzermans — Fri, 23 Dec 2011 19:44:23 +0000

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 [...]

2012 VA County Loan Limits in California Reduced!

Brad Yzermans — Wed, 21 Dec 2011 00:34:20 +0000

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 [...]

Buy a Home Again After Foreclosure in CA – Waiting Periods Explained

Brad Yzermans — Thu, 08 Dec 2011 01:15:27 +0000

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, [...]

HR 674 – California VA Guaranteed Loan Funding Fee Changes Again

Brad Yzermans — Wed, 23 Nov 2011 06:02:26 +0000

The VA Guaranteed loan funding fee has changed once again for Active Duty, Veterans, Reservists, and National Guardsman who are buying a home in California. In what could be one of the most confusing back and forth guideline changes since the housing crash of 2008, the Dept. of Veterans Affairs announced today that President Obama [...]

Riverside County FHA Conforming/Jumbo Loan Limit 2012-2013 Restored!

Brad Yzermans — Sun, 20 Nov 2011 06:48:38 +0000

The FHA conforming / jumbo loan limit in Riverside County, California was just restored back to $500,000. Many believe this action was critical in helping the Inland Empire housing market rebound to help more home buyers qualify for FHA’s low interest rate & low down payment mortgage programs. You don’t have to be a first [...]

CA FHA Conforming / Jumbo Loan Limits Restored for 2012 – 2013

Brad Yzermans — Fri, 18 Nov 2011 04:08:14 +0000

Congress agreed to restore, reinstate and extend the jumbo / conforming FHA loan limits to $729,750 for 2012 and 2013 after seeing the negative impact the October 1st loan limit reduction had on the certain high cost housing markets. Restoring the FHA loan limit is considered essential to stabilizing the housing market in many high [...]

No More USDA Home Loan Approvals w/ Bank of America in CA? Did BofA Discontinue All 100% Financing?

Brad Yzermans — Wed, 28 Sep 2011 00:17:16 +0000

Is Bank of America no longer issuing USDA Rural home loan approvals in California? Did Bank of America discontinue all 100% financing mortgage programs in California? I’ve been asked these two questions several times recently from real estate agents and prospective home buyers wanting to purchase a home in the Riverside County USDA eligible areas [...]

California VA Home Loan Funding Fee/Costs Reduced Oct. 1, 2011

Brad Yzermans — Fri, 23 Sep 2011 04:21:04 +0000

The VA home loan funding fee/costs for California Veterans (Active Duty, Reserves and National Guard too) is being reduced starting October 1st, 2011. Both first time and subsequent home buyers who qualify for a California VA home mortgage will benefit from the new Restoring GI Bill Fairness Act of 2011 that lowers the VA funding [...]