The California Housing Finance Agency (CalHFA) significantly revised their guidelines to reduce how much a first time homebuyer can qualify for when using their 3% California Homebuyer’s Downpayment Assistance Program (CHDAP). 3/21/2014 CalHFA NEWS UPDATE: CalHFA just announced a reversal and now set the new maximum DTI ratio at 45%! CalHFA Program Bulletin #2013-06 […]
Acceptable Sources for a Down Payment When Buying a Home
Saving up for a down payment or finding acceptable/allowable sources of down payment money when buying a home is a common obstacle that delays or prevents many people from qualifying to purchase a home. With a little thinking outside the box, you may have access to down payment money that you aren’t even aware of. […]
Temecula First Time Home Buyer Assistance Programs
Temecula First Time Home Buyer (FTHB) assistance loan programs do exist and funds are still available for first time home buyers in the city of Temecula, CA and surrounding communities. In fact, if you meet the minimum credit score requirement, and your income doesn’t exceed the household limit, some Temecula home buyer assistance programs DON’T […]
PMI Private Mortgage Insurance: Frequently Asked Questions & Answers
Private Mortgage Insurance (PMI) is often stigmatized and perceived as a bad thing when comes to buying or refinancing a home. This may be due to the misconceptions and/or general lack of understanding about what PMI is, how it works, and lack of awareness about the benefits of using PMI to finance a home. Home […]
How To Buy A Home In California [infographic]
Below is an infographic that provides a clear visual about buying a home in California. The next step is to find out: How Much you qualify for (determined by your debt-to-income ratio) How much qualifying income you have What credit score is needed (and what your mortgage credit score is) What to expect for in […]
FHA is Increasing Down Payment, Fees, and Changing Qualifying Guidelines Again
FHA announced they may increase the FHA minimum down payment requirement on jumbo loans, increasing the annual (monthly paid) FHA mortgage insurance premium (MIP), changing qualifying guidelines to reduce how much a borrower qualifies for, and making the annual MIP FHA mortgage insurance premium PERMANENT for most borrowers. UPDATE: ==> View current FHA mortgage insurance premiums […]
Eight Ways to Use Your Tax Refund When Buying a Home
If planning to buy a home in California, you should consider these eight ways to maximize the use of your tax refund before blowing that money at the casino. FACT: Using your IRS tax refund for a down payment or to pay closing costs is allowable and an acceptable source of funds to purchase a […]