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, […]
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 […]
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 […]
Just because you can make a down payment, doesn’t mean you should. That is why every home buyer in California should analyze whether 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 payment […]
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 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, […]
California mortgage interest rates improved again last week. The combination of global economic uncertainty plus a dour outlook from the Federal Reserve pushed mortgage bonds to highs for 2011, and drove mortgage rates below their all-time lows. Bonds were volatile, driven by the stock market’s gyrations. On 4 consecutive days, the Dow Jones Industrial Average […]
