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 […]
Buying a home after filing bankruptcy in California requires a waiting period before being eligible to qualify for an FHA, VA, USDA, or Conventional home loan. How soon you can buy again after the bankruptcy (the waiting period) depends on what type of home mortgage loan you plan to use. Why? Because FHA, VA, USDA, […]
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 […]
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 […]
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, […]
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 […]
The Department of Housing & Urban Development (HUD) announced Friday January 28th it will extend the suspension of their rule that prevents FHA from insuring a home loan that’s being used to purchase a home that’s been owned than 90 days by the seller. The extension is good until January 1, 2012. This rule was […]
