Mortgage Rate Recap from Last Week Last week saw rates go up slightly, an average of .125%-.250%, as the MBS (Mortgage Backed Securities) were trading very tightly within a well defined range but lost 69 basis points (ouch). One reason was the lack of economic reports that would normally move the markets, most notably the jobs reports […]
USDA Loan Eligible Rural Areas in Riverside County Have Changed!
Home buyers in Riverside County, California planning to use the popular USDA Rural home loan program are shocked to learn about the upcoming boundary changes that will cause many current USDA eligible rural areas to no longer qualify beginning October 1, 2013. A list of cities and communities no longer eligible for USDA financing in […]
Extra Credit Teacher Homebuyer Assistance Purchase Program
CalHFA resurrected the Extra Credit Teacher Program (ECTP). ECTP is a first time home buyer program that provides assistance in the form of down payment or closing cost money for all teachers, support staff, administrators, bus drivers, food service, and janitors. UPDATE: The CalHFA ECTP down payment assistance program for teachers has been discontinued and […]
CalPLUS w/ ZIP (Zero Interest Program) FTHB Assistance Loan
The CalPLUS with ZIP (Zero Interest Program) home mortgage loan is a CalHFA down payment assistance program to help California home buyers even if they aren’t first time buyers. The CalPLUS w/ ZIP mortgage program comes in two flavors. CalPLUS Conventional – up to 97% LTV CalPLUS FHA – up to 96.5% LTV, Both assistance loan […]
FHA New ‘Economic Event’ Extenuating Circumstance to Buy Again Sooner
FHA reduces the foreclosure, short sale, bankruptcy waiting period to buy again with their Back to Work – Economic Event acceptable extenuating circumstance to help boomerang buyers qualify and buy again in as little as 12 months. This provision essentially waives the regular two or three waiting period FHA had in place prior to this […]
2013-2014 CHDAP Income Limits – California Homebuyers Downpayment Assistance Program
The 2013-2014 CalHFA CHDAP maximum income limits have been updated and surprisingly increased in all 58 counties of California when used with FHA, VA, USDA and Conventional financing! CHDAP (California Homebuyers Downpayment Assistance Program) provides a silent second deferred interest loan (up to 3% of the sales price) that California first time home buyers can […]
Worried California Home Buyers and Aggressive Tactices Taken to Win the Deal
The California real estate and housing market has made a dramatic shift over the last 6-9 months. As a result, first time home buyers in California are experiencing more stress and becoming more worried about buying a home. Harris Interactive and Trulia conducted a poll and found 7 concerns home buyers have when attempting to […]