Wednesday, the Federal Reserve released the minutes from its 2-day meeting September 20-21, 2011. The release shows a divided Fed in disagreement about the current U.S. monetary policy. The group reached compromise for new economic stimulus, however, and maintained its commitment to accommodative interest rates. Wall Street reacted tepidly to the minutes and mortgage rates in [...]
USDA is Out of Funds for 2011- But We’re Still Funding USDA Loans
USDA issued a lender notice stating the USDA Rural Housing Single Family Housing Guaranteed Loan Program (SFHGLP) is temporarily out of funds as of October 1, 2011. Even though USDA is still issuing ‘conditional commitments’ subject to the availability of the commitment authority, many lenders are dropping the program, even with buyers in escrow! Fortunately, [...]
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 [...]
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 [...]
Should You Buy A Home With Low or No Down Payment in California?
Just because you can make a down payment, doesn’t mean you should, right? That is why every home buyer in California should see if it makes more sense to buy a home with a low or no down payment loan program before they actually start their home search. Why? Two Primary Reasons: Saving for a down [...]
What’s Ahead For California Mortgage Rates: August 29, 2011
Mortgage rates last week for California home owners and home buyers proved to be another volatile week. Wall Street alternately sought risk and shunned it, causing mortgage-backed bonds to rise and fall rapidly. There was a lot to move markets, too, including banking concerns across Europe, inflation figures within the U.S., and a public [...]
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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