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

Govt. to Increase FHA Down Payment & Costs Again? Should You Purchase Now?

Brad Yzermans — Sun, 29 May 2011 23:24:02 +0000

With our elected officials proposal to increase the FHA down payment requirement to 5%, and FHA wanting to increase the monthly mortgage insurance premium to 1.5%, every prospective home buyer should be asking themselves is now a good time to buy and how would these increases affect me? Prospective home buyers often ask me [...]

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

Brad Yzermans — Thu, 03 Mar 2011 21:16:04 +0000

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, [...]

How to Qualify: FHA Home Mortgage Loan in Temecula-Murrieta-Menifee

Brad Yzermans — Wed, 02 Feb 2011 06:24:04 +0000

Qualifying for a Temecula/Murrieta/Menifee FHA Mortgage is not as difficult as you might think. It starts by gathering the common pre-approval documentation that will be needed by the Loan Officer to complete your loan application and structure your file properly. The three primary criteria that determine if you qualify for a Temecula/Murrieta/Menifee FHA mortgage, and for how much, are these [...]

Important Factors To Consider When Getting Financing On A Foreclosure, Short Sale or New Construction

Brad Yzermans — Sun, 28 Mar 2010 17:54:44 +0000

Short sales, foreclosures and new construction homes all have caveats that need to be considered when pursuing financing. If the guidelines and potential pitfalls are not properly understood, you could face delays in closing or potentially even a denied loan. Short Sales & Foreclosures - Short sales and foreclosures are everywhere. They often represent great [...]

Why Do I Need To Pay A VA Funding Fee?

Brad Yzermans — Sun, 28 Mar 2010 17:24:45 +0000

The VA Funding Fee is an essential component of the VA home loan program, and is a requirement of any Veteran taking advantage of this zero down payment government loan program. This fee ranges from .5% to 3.3% of the loan amount, depending upon the circumstances. For most veterans, on a $150,000 loan, that’s an [...]

Why Do I Need Mortgage Insurance?

Brad Yzermans — Sun, 28 Mar 2010 17:22:24 +0000

Mortgage Insurance, sometimes referred to as Private Mortgage Insurance, is required by lenders on conventional home loans if the borrower is financing more than 80% Loan-To-Value. According to Wikipedia: Private Mortgage Insurance (PMI) is insurance payable to a lender or trustee for a pool of securities that may be required when taking out a mortgage [...]

What's The Difference Between A Single Family, Second Home and Investment Property?

Brad Yzermans — Sun, 28 Mar 2010 16:49:59 +0000

When applying for a mortgage, a borrower’s “Occupancy Type” is a major factor in the amount of down payment required, loan program available and mortgage interest rate. Whether you are purchasing, doing a rate/term refinance or taking equity out of your property through a cash out refinance, occupancy type is always considered by the underwriter. [...]

Calculating Loan-to-Value (LTV)

Brad Yzermans — Sun, 28 Mar 2010 16:43:29 +0000

Understanding the definition of Loan-to-Value (LTV), and how it impacts a mortgage approval, will help you determine what type of loan amount and program you may qualify for. Since the LTV Ratio is a major component of getting approved for a new mortgage, it’s a good idea to learn the simple math of calculating the [...]