Category Archive : Uncategorized

DO’s and DON’Ts when Buying a Home

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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 »

FHA temporarily makes it easier for Condos to be Approved

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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!

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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 »

Waiting periods after Bankruptcy, Foreclosure or Short Sale

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How long do I have to wait after Bankruptcy, Foreclosure or Short Sale to get a mortgage? Just like there are different ball games, each with different rules, mortgage loan products come with different guidelines when it comes to waiting periods since major derogatory credit events  : Bankruptcy, Short sale or Foreclosure. And just like you wouldn’t apply softball rules when…… Read More »

FHA versus Conventional – FHA losing ground? maybe not

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FHA is a home loan program insured by HUD and in 2008, about a year after the real estate and the economy as a whole took a downward turn and Private mortgage money virtually disappeared from the industry, FHA’s market share of all insured mortgages soared to about 72% . In 2009 FHA accounted for 25% all home loan originations……. Read More »

Fannie Mae announces a new 3% down loan for 1st time homebuyers

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This is great news December 08, 2014 Fannie Mae Announces 97 Percent LTV Option for First-Time Homebuyers Lower down payment enables qualified borrowers to access credit Callie Dosberg 202-752-3117 WASHINGTON, DC – Today, Fannie Mae (FNMA/OTC) announced an option for qualified first-time homebuyers that will allow for a down payment as low as three percent. Building upon Fannie Mae’s successful…… Read More »

How much can seller pay towards Buyer’s closing costs on a VA loan?

       Uncategorized / VA Loans

There’s much misunderstanding in the Lending industry, even amongst Loan Officers and Underwriters regarding how much the Dept of VA allows a Seller to contribute. The confusion arises from misinterpreting  the VA’s definition of “Seller concessions”. You see, in the VA’s eyes, the term seller concession does NOT apply to normal closing costs- it is anything other than normal closing costs…… Read More »