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

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 [...]

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

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 [...]

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

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 [...]

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waiting priods to purchase home after bankruptcy

Buying a Home After Bankruptcy – Waiting Periods and Mortgage Guidelines

Did you know that buying a home after bankruptcy in California requires a waiting period before qualifying for an FHA, VA, USDA, or Conventional mortgage program?  And, how soon you can purchase after the bankruptcy (the length of the waiting period) depends on what type of home mortgage loan you plan to use.  Why?  Because [...]

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Mortgage, Community Property State, and the Non-Purchasing Spouse: What You Need to Know

When applying for a government insured mortgage, like an FHA, VA, or USDA loan, home buyers in California are often shocked to hear their non-purchasing/non-borrowing spouse’s debts will count against them.  Why are they shocked? Because they didn’t know about this in advance…..I know, that was too simple:-)  The real shocking part comes when they [...]

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CA Conforming / FHA Loan Limits Dropping Oct. 1, 2011. How Will it Affect You?

If you are a home buyer or home owner in a traditional high-cost area of California, like Riverside, San Bernardino, San Diego, Orange, or Los Angeles county, October 1st could be a very bad day for you.  Starting October 1, 2011, temporary conforming and FHA insurable loan limits will be lowered nationwide. ________________________________________________________ — UPDATE [...]

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USDA Rural Home Loans are Now Charging Monthly Mortgage Insurance for CA Home Buyers

In a surprising announcement, the USDA Guaranteed Rural Development Home Loan Program announced starting October 1st, 2011, they will begin collecting (charging) monthly mortgage insurance of .3%, but their up front mortgage insurance will be reduced from 3.5% to 2%. If you are unfamiliar with the no down payment 100% financing USDA Guaranteed home Loan, [...]

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