FHA is the single hottest loan in Northern California. With a limited amount required down (3.5%) and more relaxed income and asset requirements FHA is the way most new Homebuyers are going. As of October 4th the cost of having an FHA loan will INCREASE MONTHLY for the first 5 years. Let’s look at [...]
Category | Home Purchase
If you are looking to purchase a home you will at some point fall in love with a shortsale. Shortsales are a bit like a “bad boy/girl.” You know you should not be with them but sometimes you just can’t resist. Generally priced below the market they can be extremely tantalizing. If you do find [...]
Shortsale Definition: A sale of a property for less than the current amount owed on it. Nuts and Bolts: A home buyer cannot make their payment and owes more than the house is worth. They list the house with a Realtor for sale. A buyer makes an offer and the seller accepts. The Realtor now [...]
Better score = lower rate 5 tips for better credit 1) Keep all balances on credit cards below 30% of available credit 2) Never pay late. If you are disputing a cell phone bill; pay and then dispute. Cell phone companies report to collection companies fairly quickly and this can hit your score fast and hard. [...]
If you are purchasing or refinancing a home with a loan (not FHA) DO NOT BUY ANYTHING WITH YOUR CREDIT CARDS. As of June 1st Fannie Mae is requiring lenders to check the borrowers credit right before funding. If anything changes on your credit your loan that you already have signed loan documents on could [...]
In this market it is key to work with a lender that is well informed and has your best interest at heart. Unfortunately, not every buyer is so fortunate. Today I was surprised when a person I was pre qualifying told me they were leaving their job in 3 weeks and they had no other employment [...]
California first time homebuyer tax credit of up to $10,000. Governor Schwarzenegger signed AB 183 into law, offering a First Time Homebuyer Tax Credit to home buyers buying their first home or purchasing newly construction, previously unoccupied homes. The credit will be extended from May 1, 2010 to December 31, 2010. Last year, funds for [...]
Introducing: The Ready Bell 5% down conventional loan As the market changes we are constantly looking for new loan products to help buyers get into homes faster and with as little trouble as possible. With recent changes to FHA we have determined it is crucial to have a conventional loan that competes with FHA. FHA [...]
If you are thinking about purchasing a new home, don’t wait until you find the perfect home to get prequalified! Make sure your credit is healthy and find out how much you can qualify for before you find the home of your dreams. This helps insure that you not only choose a home in the [...]
