California HERO Mortgage Program

CalHERO Home Loan

The CalHERO™ Mortgage is a California real estate reward savings program for Police, Firefighters, Veterans, Nurses, and Teachers when they buy, sell, or refinance a home.  CalHERO is often referred to as a mortgage program for heroes, the hero home loan, or a first responder home loan. The goal of a CalHERO Home Loan is […]

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Home Ready Mortgage

HomeReady Mortgage Program

What is the HomeReady™ Mortgage? HomeReady™ is Fannie Mae’s new affordable financing mortgage program designed to help today’s credit worthy borrowers with low to moderate incomes to purchase a home. Fannie Mae’s goal with HomeReady is to expand access to credit while supporting responsible and sustainable homeownership.  Sustainable ownership is achieved through a comprehensive homeownership […]

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convert primary to rental guidelines

Move Up Buyers Converting Primary to Rental Get Reprieve From Fannie Mae

30% Equity No Longer Required on Departing Primary Residence to Count Rental Income Fannie Mae just announced a MAJOR guideline change for homeowners who want to convert their principle residence to an investment property and buy another primary home.  Effective immediately, move up home buyers with less than 30% equity in their primary residence will now be […]

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FHA loan student loan deferred

FHA No Longer Excluding Deferred Student Loan Payments From DTI Ratios

FHA’s new 4000.1 handbook states lenders can no longer exclude deferred student loan debt payments from a borrowers DTI ratio.  This change in how FHA treats deferred obligations takes effect September 14, 2015, and may significantly reduce how much a buyer qualifies for when using FHA financing. Essentially, deferred loans are no longer treated differently […]

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Golden-state-finance-authority-california-assistance

Golden State Finance Authority Homebuyer Assistance Programs

The Golden State Finance Authority (GSFA) is a California housing finance agency and public entity that supports affordable homeownership with down payment and closing cost assistance programs for low to moderate wage income homebuyers in California. Formerly known as CHF (or CRHMFA – California Rural Home Mortgage Finance Authority), Golden State Finance Authority (GSFA) assistance […]

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SCHFA-Orange-County-Homebuyer-assistance

SCHFA First Home Mortgage Assistance Program

The Southern California Home Financing Authority’s (SCHFA) First Home Mortgage Program provides a 4% down payment assistance grant for first time homebuyers in Orange County, California. The SCHFA homebuyer assistance program is a true first time homebuyer grant that will help eligible buyers in Orange County, CA and Los Angeles County overcome the largest obstacle to buying […]

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FHA-Reduces-Mortgage-Insurance-Premium

FHA Slashes Mortgage Insurance Premium: How Much Will You Save?

President Obama announced the Making Homeownership More Accessible and Sustainable directive that requires the Federal Housing Administration to reduce it’s FHA monthly paid Mortgage Insurance Premium (MIP) by .5%.  HUD Press Release Mortgagee Letter 2015-01 By reducing the FHA MIP, the Government is making FHA financing more affordable with the goal of boosting homeownership to normal levels […]

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