Author Archive

Buyer provided Documents- Why do we need more stuff for pre-approval?


Issuing a Pre-Approval letter involves correctly analyzing three different but critical components of the File: 1. Credit 2. Income 3. Debt Each of these areas is very complex. If questions arise when documents provided by Buyers are being reviewed, it’s in the best interests of the Buyer and the Agent representing them that we as a Lender get clear cut…… Read More »

DO’s and DON’Ts when Buying a Home


Buying a new home should be an exciting time in one’s life. Yet, many people are overwhelmed by the requirements for obtaining a mortgage. Fortunately, most stress-causing issues are totally avoidable! Over the years, I’ve witnessed many buyer actions that were ultimately harmful to their mortgage process. However, a little foresight and preparation can result in time saved, less paperwork,…… Read More »

100% Financing getting cheaper

       USDA Guidelines & Rules / USDA Income Eligibility / USDA Property Eligibility / USDA Zero Down Loans

The USDA home loan (also known as the Rural Development mortgage) in Riverside County California and other areas is getting cheaper! Per a recent announcement, Effective October 1, 2016, both the upfront guarantee fee and the annual fee (paid monthly) will be reduced with USDA mortgages. This new fee structure will remain in place until September 30, 2017, the end…… Read More »

FHA temporarily makes it easier for Condos to be Approved


About time HUD loosened things up with regard to Condos so buyers can buy them with FHA financing. Thus far it’s been a fairly lengthy and tricky process that HOA’s have had to endure to get a Condo project approved and as a result, for many homebuyers, a Condo is not an option if they need FHA financing. Today’s announcement…… Read More »

New Downpayment Assistance program released for CA Homebuyers!


California Housing Finance Agency Launches New Mortgage Assistance Program Helps first-time homebuyers with down payment and closing costs SACRAMENTO, October 19, 2015 – The California Housing Finance Agency has launched the MyHome Assistance Program for first-time homebuyers who may need help with down payment or closing costs when purchasing a home. Buyers can receive up to 5% in assistance, low…… Read More »

qualifying for a USDA Loan in California with debt ratios over the published limit

       USDA Guidelines & Rules / USDA Income Eligibility / USDA Zero Down Loans

You can buy a home in Winchester CA and other areas with zero downpayment, 100% financing using a USDA loan. But getting a USDA loan for purchasing a home in California such as Winchester California can be fraught with difficulties if you don’t prepare well for underwriting. There are several important points you ought to address before applying: 1. List…… Read More »